Data & Tools for Understanding Our State & Our Local Economies
September 29th, 2009
University of Nevada, Reno
Simulation Scenario #1 - ECONOMIC DEVELOPMENT SCENARIO
Situation & Setting
A consulting economist must create a last-minute economic profile of the host county for a last minute presentation to the local economics club in Washoe County, Nevada, after the original speaker booked was unable to make it to the meeting.
You have been asked by a life-long colleague to prepare a last-minute presentation as the keynote speaker for a local economist club (Washoe County, Nevada) luncheon meeting. This call came just after you hopped out of bed in the morning. You have less than an hour to complete this task, but with the help of the NV-REAP site you will be able to get it done in plenty of time. You will even have enough time for a leisurely cup of coffee before the meeting.
NV-REAP can assist greatly with the process of developing this presentation.
Your Assignment
While you have the site open and at your fingertips, go through the following questions and use the site to find out the following information.
On the left menu, click on "Comparative Trends Analysis" followed by "Population"
Click on "Washoe" in the menu of counties to the right of the screen and then select any other county of interest.
Note the strong growth of Washoe County population, paying special attention to Figure 2 and 6. Figure 2 shows the index of population change in Washoe County as compared to state and national growth. Include Figures 2 and 6 in your presentation, using the snip and clip feature or similar method.
Income and earnings growth and structure
Because we know from step 1 above that population growth in Washoe County has greatly exceeded that of national benchmarks, it is especially important to analyze per capita personal income (PCPI), rather than change in absolute income.
On the left menu, click on "Comparative Trends Analysis" followed by "Per Capita Income"
Click on "Washoe" in the menu of counties to the right of the screen and then select any other county of interest.
Evaluate the figures with your group and determine which to add to your presentation. Figure 1 (and the table at the bottom) shows the level of PCPI for Washoe County at $45,410. Figure 2 shows that PCPI has exceeded the state benchmarks over time. Figure 5 shows that the level of PCPI for Washoe County has remained positive, but has certainly moderated from previously high growth rates. Be sure to include Figure 5 in your presentation, and consider whether to use Figures 1 and 2 as well
Scroll to the top of the screen and click on "Return to NV-REAP"
Click on "Major Components of Personal Income" from the left menu, then "Washoe" (to the right)
Figure 2 shows that the components of personal income in Washoe County in 2007 are different those of the state and national benchmarks. Copy Figure 2 to your presentation
We now turn to evaluating the level of local earnings concentration, using location quotients
Scroll to the top of the screen and click on "Return to NV-REAP"
Click "Industry Structure and Performance" from the left menu, then "Industries By County" and "Earnings"
Scroll down to the first table and click "Location Quotient"
This produces a sorted list of location quotients based upon earnings by industry Location quotients greater than 1 indicate that Washoe County has a larger ratio of the share of earnings in the industry relative to the nation as a whole
Note the concentration of services, construction, real estate, retail, and local government employment. Grab this table for your presentation
Employment
Scroll to the top of the screen and click on "Return to NV-REAP"
Select "Comparative Trends Analysis" from the left menu, then "Employment"
Note some growth of employment evident in Figure 1 (absolute) and Figure 2 (index vs. benchmarks). Include at least one of these in your presentation
We now turn to employment by industry profiles for Washoe County
Scroll to the top of the screen and click on "Return to NV-REAP"
Click "Industry Structure and Performance" from the left menu, then "Industries by County" and "Employment"
Scroll down to the first table and click "Percent of Total"
This produces a ranked list of industries, which is a fairly typical mix of employment. Note the large presence of consumption employment, with large levels of retail, health care, and accommodation and food service. Construction and local government also garner a strong share of employment. Consider adding this table to your presentation.
Scroll down to table 3, which shows growth and component measures. Click "average growth rate" to get that measure for the 2002-2007 period. Use the radio buttons to evaluate other measures and select those that your group feels will contribute to the presentation
Finally, we now turn to identifying the highest-average paying jobs in Washoe County
Scroll to the top of the screen and click on "Return to NV-REAP"
Click "Industry Structure and Performance", then "Employment"
Scroll down to the first table and click "Percent of Overall County Average"
Look for sectors that are highly ranked. Choose as a group whether to use this table for your presentation
BRAINSTORM: (time permitting) There is a wealth of data at your fingertips on the NV-REAP site. Browse the modules, and consider whether any of them offer additional information that could embolden your presentation.
CONSTRUCT YOUR PRESENTATION: Be sure to include the following in your presentation:
Population growth graphics
Figures 2 and 6
Income and earnings growth and structure graphics
From Comparative Trends Analysis: Select from Figures 1, 2, and 5
From Major Components of Personal Income: Figure 2
From Industry Structure and Performance: Select a table
Employment graphics
From Graphic Trends Analysis: Select from Figures 1 and/or 2
From Industry Structure and Performance: Select tables
Any other figures and materials you discovered during this scenario.
