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Bo Beaulieu & Michael Wilcox Purdue Center for Regional Development & Extension Community Development Program. Exploring Your Local and Regional Economy – Clinton County September 26, 2014. Presented at the Industry/Business Leaders Luncheon Series -- Frankfort, IN. Something to Ponder.

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Exploring your local and regional economy clinton county september 26 2014

Bo Beaulieu & Michael WilcoxPurdue Center for Regional Development &Extension Community Development Program

Exploring Your Local and Regional Economy – Clinton County

September 26, 2014

Presented at the Industry/Business Leaders Luncheon Series -- Frankfort, IN


Something to ponder

Something to Ponder

The literature on job creation has frequently found that most jobs are created from existing employers, yet many local economic development organizations continue to emphasize new industry recruitment.

Daniel Davis

The Federal Reserve Bank of St. Louis.

May 2011


Focus of today s program

Focus of Today’s Program

  • Examine the economic resources and opportunities that exist in your county/region (but are often overlooked)

    • The stages of your local establishments

    • Regional competitive assets

  • Discuss together ways to build on your local & regional assets

  • Highlight some of the Purdue programs that might be of value to you


A look at the five establishment stages

A Look at the Five Establishment Stages

Clinton County Business

Establishments


Exploring your local and regional economy clinton county september 26 2014

Establishments in Clinton County:

The Five Stages

  • Definition of company stages

  • Stage 0 (self-employed)

  • Stage 1 (2-9 employees)

  • Stage 2 (10-99 employees)

  • Stage 3 (100 to 499 employees)

  • Stage 4 (500+ employees)

  • This table is based on the National Establishment Time Series (NETS) database

  • The definitions for stages are based on research by the Edward Lowe Foundation

  • A firm can have more than one establishment within the same county

Data Source: NETS 2011, Edward Lowe, IEGC, PCRD


Exploring your local and regional economy clinton county september 26 2014

Top Five Sales Establishments by Company Stage, 2011

Data Source: NETS 2011, Edward Lowe, IEGC, PCRD


A look at your working labor force

A Look at Your Working Labor Force


Exploring your local and regional economy clinton county september 26 2014

Clinton County’s Laborshed and Commuteshed

  • Based on strong commuting ties, Clinton County is linked to Tippecanoe, Boone and Howard, IN

  • Cluster analysis is performed for the 4-county region

4,958

7,142

4,961

Source: OTM, LEHD, U.S. Census Bureau


Exploring your local and regional economy clinton county september 26 2014

Key Data on the Region

Data Source: EMSI 2013.2 & Census


A word about industry clusters

A Word About Industry Clusters

  • Industry clusters are groups of similar and related firms in a defined geographic area that share common markets, technologies, worker skill needs, and which are often linked by buyer-seller relationships.

  • Firms and workers in an industry cluster draw competitive advantage from their proximity to competitors, to a skilled workforce, to specialized suppliers and a shared base of sophisticated knowledge about their industry.


Exploring your local and regional economy clinton county september 26 2014

Mature

Star

Emerging

Transforming

Note: Label includes cluster name, LQ 2012 and Employment 2012

Data Source: EMSI 2013.2, industry cluster definitions by PCRD


Exploring your local and regional economy clinton county september 26 2014

How to interpret a bubble chartThe graph’s four quadrants tell a different story for each cluster.

Contains clusters that are more

concentrated in the region and are

growing. These clusters are

strengths that help a community

stand out from the competition.

Small, high-growth clusters

can be expected to become

more dominant over time.

Contains clusters that are more

concentrated in the region but

are declining (negative growth).

These clusters typically fall

into the lower quadrant as

job losses cause a decline

in concentration.

Mature

Top left (strong but declining)

Stars

Top right (strong and advancing)

Emerging

Bottom right

(weak but emerging)

Transforming

Bottom left

(weak and

declining)

Contains clusters that are

under-represented in the

region (low concentration)

and are also losing jobs.

Clusters in this region may

indicate a gap in the workforce

pipeline if local industries anticipate

a future need. In general, clusters in this

quadrant show a lack of competitiveness.

Contains clusters that are

under-represented in the

region but are growing, often

quickly. If growth trends

continue, these clusters will

eventually move into the top right

quadrant. Clusters in this quadrant

are considered “emerging” strengths

for the region.

  • Modified from:http://www.charlestonregionaldata.com/bubble-chart-explanation/


Exploring your local and regional economy clinton county september 26 2014

Mature

Star

Emerging

Transforming

Note: Label includes cluster name, LQ 2012 and Employment 2012

Data Source: EMSI 2013.2, industry cluster definitions by PCRD


Exploring your local and regional economy clinton county september 26 2014

Clinton County Region, Industry Cluster Analysis, 2007-12

L e v e l o f S p e c i a l i z a t i o n

Stars

Mature

  • Machinery Manufacturing

  • Primary Metal Manufacturing

  • Advanced Materials

  • Agribusiness, Food Processing & Technology

  • Manufacturing Supercluster

    • Transportation Equipment Manufacturing

    • Electrical Equipment, Appliance & Component Manufacturing

P e r c e n t G r o w t h i n S p e c i a l i z a t i o n

Transforming

Emerging

  • Arts, Entertainment, Recreation & Visitor Industries

  • Chemicals & Chemical Based Prod.

  • Computer & Electronic Prod Mfg

  • Education & Knowledge Creation

  • Energy (Fossil & Renewable)

  • Glass & Ceramics

  • IT & Telecommunications

  • Mining

  • Printing & Publishing

  • Apparel & Textiles

  • Biomedical/Biotechnical (Life Sciences)

  • Business & Financial Services

  • Defense & Security

  • Fabricated Metal Product Manufacturing

  • Forest & Wood Products

  • Transportation & Logistics


Exploring your local and regional economy clinton county september 26 2014

The Region’s Industry Clusters -- Some Highlights

Data Source: EMSI 2013.2, industry cluster definitions by PCRD

Red numbers in parenthesis are negatives


Exploring your local and regional economy clinton county september 26 2014

Note : ** presents “Star clusters in 2012”

Data Source: EMSI 2013.2, industry cluster definitions by PCRD


Food for thought

Food for Thought

  • What is being done to focus on establishments that are in stages 0, 1 or 2? Should anything be targeted specifically to these establishments?

  • How about goods and services purchased from outside the region? What possibility exists in terms of supplying these inputs regionally?


Purdue programs

Purdue Programs

  • Economic Gardening (targeted to second stage firms)

  • Business Retention and Expansion program

  • Creating a Regional Entrepreneurial System Together


Exploring your local and regional economy clinton county september 26 2014

Purdue Center for Regional Development

Purdue University

Gerald D. and Edna E. Mann Hall, Suite 266

203 Martin Jischke Drive

West Lafayette, IN 47907-2057

https://pcrd.purdue.edu/


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