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Opportunities and Challenges. OPPORTUNITIES: 1. Vermont Brand Location Imminent Technology infrastructure Manufacturing base Educational institutions Recreation Cultural and Arts Tourists, second home owners bringing dollars into region Key tourism infrastructure

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opportunities and challenges
Opportunities and Challenges

OPPORTUNITIES:

1. Vermont Brand

  • Location
  • Imminent Technology infrastructure
  • Manufacturing base
  • Educational institutions
  • Recreation
  • Cultural and Arts
  • Tourists, second home owners bringing dollars into region
  • Key tourism infrastructure
  • Access to government
  • Healthcare Infrastructure
  • Healthy and health-focused population

CHALLENGES:

  • Lack of Cell Service and Broadband
  • Weak local market/economy
  • Declining workforce population
  • Taxes
  • Declining earned income
  • Finding employment – not enough jobs
  • Lack of investment capital
  • Disconnect between education and jobs
  • Capacity -- Lack of critical mass
  • Declining student enrollment
  • Qualified Workforce recruitment

Source: 2010-2011 SeVEDS Foundation Milestone Meeting Output from Community Leaders

assets and gaps
Assets and Gaps

Economic & Community Assets

  • Precision Technology Driven Manufacturing
  • Logistics
  • Global presence
  • Second Homeowners
  • Natural Environment for Skiing and Outdoor Recreation
  • Concentration of Health and Mental Health Care Facilities

Capacity Gaps

  • Incubators
  • Redevelopment
  • Workforce Development
  • Broadband/Telecom
  • Rail
  • Post VY Planning

Source: 2010 - 2011 SeVEDS Asset Mapping Meetings conducted throughout the region

slide4

Vermont Industry Markets

Source: Vermont Competitiveness: State and Cluster Economic Performance, Porter, Michael E., Harvard Business School, paper presented at National Governors Association Winter Meeting, February 26, 2011

slide5

SeVEDSIndustry Clusters

Based on Asset Mapping, Industry Interviews, and VE Research, the following Sectors appear to present significant opportunities for SE Vermont:

SE Vermont Economic Sectors

Technology Driven

Precision

Manufacturing

Business & Technology Services

High Quality

Post-Secondary Education

Logistics

&

Distribution

Hospitality,

Retail &

Tourism

Healthcare

Niche Markets

- Optics

- Medical

Devices

- Aerospace

- Shared

Services

Center

- Software

& IT

Services

- Environmental

Services

- International

Business

& Culture

Center of

Excellence

- Nursing

& Medical

Admin. Support

- Assembly &

Distribution

Medical

Devices

- NNE Hub

- Passenger

Rail

Gateway

  • - Winter
  • Sports
  • - Fall Foliage
  • - Arts &
  • Cultural
  • Vibrant
  • Downtown
  • Retail

- Mental

Healthcare

- Regional

Health

Services

Source: VE and SeVEDS Asset Mapping and Cluster Analysis

macro economic trends seveds region should consider
Macro Economic Trends SeVEDS Region Should Consider

Demographics – Immigration filled 90% of the job growth over the last 15 years

Workforce – 2018 - 63% of jobs will require beyond high school education

Quality of Place – knowledge workers have a choice, 1st where to live, 2nd where to work, key to attracting and retaining young worker families

On Shoring & Near Shoring – 5M new jobs by 2020, CI share 7,800

Exports – Manufacturing exports to grow 2%-7% to Europe & Japan

US Manufacturing Growth – Driven by low cost energy, rising global wage rates and a reduced risk profile

Food Security – growing local food trends, agriculture science, healthy choices

Healthcare – healthy communities, extension and improved quality of life through health sciences, convergence of product innovation and system design

slide7

Analysis

Trend data shows that the SeVEDS region has been declining as an employment hub over the past ten years. This is evidenced by the absolute decline in number of jobs in the region as well as the quality of the employment regardless of age cohort.

Additional data for the labor shed that serves the SeVEDS region demonstrates that median earnings for those living outside Windham County are far more favorable than for those living in Windham County, whether in Massachusetts or New Hampshire counties.

The perception of overall high educational attainment across a broad spectrum of the local populous in the region is not borne out by the data. In fact, the region is producing a much higher percentage of under-educated younger workers than Vermont or the surrounding regions under age 45. This flies in the face of increasing trends for workers with high demand skills across almost all industry sectors.

The preponderance of an undereducated working age population and the inability of the region to meet workforce demand for high demand middle skill sets results in a staggering decline in the 24-45 age group, which are the primary birthing and family rearing years. This reality calls for a real focus on increasing educational attainment in the region.