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Regional Economic Impact of the Northern Virginia Workforce System

Regional Economic Impact of the Northern Virginia Workforce System. December 15, 2011. Outline . Regional Economic Trends Economic Impact Summary. Outline . Regional Economic Trends Economic Impact Summary. NOVA Total Employment (quarterly): 2006:Q1 to 2011:Q1.

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Regional Economic Impact of the Northern Virginia Workforce System

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  1. Regional Economic Impactof the Northern VirginiaWorkforce System

    December 15, 2011
  2. Outline Regional Economic Trends Economic Impact Summary
  3. Outline Regional Economic Trends Economic Impact Summary
  4. NOVA Total Employment (quarterly): 2006:Q1 to 2011:Q1 Data Source: Virginia Employment Commission
  5. NOVA Total Employment (YoY): 2006:Q1 to 2011:Q1 Data Source: Virginia Employment Commission
  6. NOVA Employment Change by Major Industry Category: 2009:Q1 to 2010:Q1 Losers: Const. -4,941 Info. Serv. -4,167 Retail Trade -1,944 Wholesale Trade -1,944 Accom. & Food Serv. -1,864 Trans. & Warehousing -1,851 Gainers: Public Admin. +4,201 Healthcare +2,780 Prof. & Tech. Serv. +1,092 Data Source: Virginia Employment Comm.
  7. NOVA Employment Change by Major Industry Category: 2010:Q1 to 2011:Q1 Losers: Info. Serv. -1,831 Retail Estate -274 Gainers: Prof. & Tech. Serv. +7,185 Public Admin. +4,547 Accom. & Food Serv. +4,133 Retail Trade +3,564 Healthcare +3,111 Data Source: Virginia Employment Comm.
  8. Unemployment Rate: October 2006 to October 2011 Data Source: Virginia Employment Commission
  9. NOVA Unemployment: October 2006 to October 2011 Data Source: Virginia Employment Commission
  10. Outline Regional Economic Trends Economic Impact Summary
  11. FY 2011 NOVA Workforce System Job Placements
  12. Economic Impact: WIA, BRAC, VASAVOR, and PRC Programs Assumptions: A total of 783 individuals exited from these programs and were placed into jobs in FY 2011. Consumption expenditures are derived using data from the U.S. Department of Labor’s “2009 Consumer Expenditure Survey.” All consumption expenditures were made within Northern Virginia. Economic impact is based on a “representative year” and no attempt is made to phase placements in based on actual job start data.
  13. Economic Impact: WIA, BRAC, VASAVOR, and PRC Programs
  14. Economic Impact: WIA, BRAC, VASAVOR, PRC, and Core Programs Assumptions: A total of 1,667 individuals exited from these programs and were placed into jobs in FY 2011. Consumption expenditures are derived using data from the U.S. Department of Labor’s “2009 Consumer Expenditure Survey.” All consumption expenditures were made within Northern Virginia. Economic impact is based on a “representative year” and no attempt is made to phase placements in based on actual job start data.
  15. Economic Impact: WIA, BRAC, VASAVOR, PRC, and Core Programs
  16. Benefit/Cost Ratio In FY 2011, the cost associated with the WIA, BRAC, VASAVOR, PRC, and Core Services programs was $4.6 million. Comparing this cost to the benefits derived from these programs allows us to calculate a benefit/cost ratio. For the WIA, ARRA, BRAC, VASAVOR, and PRC programs that benefit/cost ratio is 4.7. If Core Services are added, the benefit/cost ratio rises to 8.4.
  17. ARRA Job Placements
  18. Economic Impact: ARRA Program Assumptions: A total of 260 individuals exited from these programs and were placed into jobs in FY 2011 and FY 2011. Consumption expenditures are derived using data from the U.S. Department of Labor’s “2009 Consumer Expenditure Survey.” All consumption expenditures were made within Northern Virginia. Economic impact is based on a “representative year” and no attempt is made to phase placements in based on actual job start data.
  19. Economic Impact: ARRA Program
  20. Outline Regional Economic Trends Economic Impact Summary
  21. Summary In FY 2011, NOVA continued to slowly recover from the 2007-2009 recession. However, stubbornly high unemployment drove increased demand for the Northern Virginia Workforce System’s job placement and career training services. Number of individuals enrolled in WIA, ARRA, and other services increased from 1,928 in FY 2010 to 1,985 in FY 2011.
  22. Summary In FY 2011: 783 individuals were placed in jobs through the WIA, ARRA, BRAC, VASAVOR, and PRC programs. 884 were placed in jobs through Core Services. These newly employed individuals received $52.4 million in salaries and wages and generated an estimated $49.8 million in new consumption expenditures.
  23. Summary The total economic impact on NOVA from those new consumption expenditures is estimated to be: $38.4 million in economic activity within the region. An additional 268 jobs. $6.3 million in additional tax revenue (federal, state, and local).
  24. Summary Comparing these economic benefits to the $4.6 million in costs associated with these programs allows us to calculate a benefit/cost ratio. For the WIA, ARRA, BRAC, VASAVOR, and PRC programs that benefit/cost ratio is 4.7. If Core Services are added, the benefit/cost ratio rises to 8.4.
  25. Summary Cumulatively in FY 2010 and FY 2011, 260 individuals were placed in jobs through the ARRA program. These newly employed individuals received $12.0 million in salaries and wages and generated an estimated $11.1 million in new consumption expenditures.
  26. Summary The total economic impact on NOVA from those new consumption expenditures is estimated to be: $8.8 million in economic activity within the region. An additional 61 jobs. $1.4 million in additional tax revenue (federal, state, and local).
  27. Thank You Dr. A. Fletcher Mangum Managing Partner 804-771-5338 fletcher@mangum-consulting.com
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