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Iowa's Workforce and the Economy

Iowa's Workforce and the Economy. Iowa Workforce Development. Iowa and U.S. Unemployment Rates January 2011. Source: Labor Market and Workforce Information Division, Iowa Workforce Development. Region 12 Unemployment Rates January 2011 .

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Iowa's Workforce and the Economy

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  1. Iowa's Workforce and the Economy Iowa Workforce Development

  2. Iowa and U.S. Unemployment RatesJanuary 2011 Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  3. Region 12 Unemployment RatesJanuary 2011 Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  4. Region 12 Unemployment Rates - 2010 Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  5. Unemployment Benefits - 2010Region 12 Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  6. 2010 PopulationRegion 12 Source: U.S. Bureau of the Census, Decennial Census.

  7. Population 1950-2010Region 12 Source: U.S. Bureau of the Census, Decennial Census Counts.

  8. Average Weekly Wage – Region 12(Fourth Qtr 2009-Third Qtr 2010 Source: Quarterly Census of Employment and Wages, Iowa Workforce Development. 2010 refers to year ending September 30, 2010.

  9. Highest-Paying Industries in Region 122010 Average Annual Wage Source: Quarterly Census of Employment and Wages, Iowa Workforce Development. 2010 refers to year ending September 30, 2010.

  10. Lowest-Paying Industries in Region 122010 Average Annual Wage Source: Quarterly Census of Employment and Wages, Iowa Workforce Development. 2010 refers to year ending September 30, 2010.

  11. Status of the Iowa Economy in 2010 • Consumer spending strengthened in fourth quarter. • Housing remained weak; home sales in Iowa dropped slightly to 30,389 in 2010 from 31,795 in 2009. • The recovery is dependent on hiring in the private sector due to cutbacks in state and local government.

  12. Effects of the Recession • Long-term unemployment • Bankruptcies • Foreclosures • Budget shortfalls in state and local governments • Slow hiring due to uncertainty

  13. Reasons for Long-Term Unemployed • Hiring in Iowa has been suppressed for over two years. • Layoffs have hit workers in middle-skilled jobs the hardest; many will need to retrain for new jobs. • The housing crisis has limited mobility for unemployed persons.

  14. Manufacturing Began Rebuilding in 2010 • Hiring has occurred in Iowa’s major durable goods plants (Alcoa, Deere, Rockwell Collins, Winnebago). • Manufacturing grew at a faster pace in the Midwest in 2010 than in the U.S. • Iowa’s strong agricultural economy is also fueling some of the demand.

  15. Manufacturing Employment by MSAThird Qtr 2009 – Third Qtr 2010 Note: The Sioux City MSA is defined as Woodbury County, IA; Dakota County, NE; Dixon County, NE; and Union County, SD.

  16. Signs of a Recovery • Housing has begun to stabilize. • Business investment is strong. • Consumer spending has strengthened. • Household wealth has improved due to the rally in the stock market. • Initial claims for Unemployment Insurance (UI) dropped in 2010. • Average weekly hours worked increased in 2010, particularly in manufacturing.

  17. Top Growth Industries 2008-2018Region 12 Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  18. Hot Jobs 2008-2018Region 12 Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  19. Hot Jobs 2008-2018Region 12 (continued) Source: Labor Market and Workforce Information Division, Iowa Workforce Development.

  20. For further information contact: Ann Wagner, Research Analyst Ann.Wagner@iwd.iowa.gov Iowa Workforce Development

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