Upcoming Events: October 26-29, 2014 CoreNet Global North American Summit

Event Date: October 26-29, 2014

Location: Gaylord National Resort & Convention Center

Exhibition Booth Number: 1934

CoreNet Global’s “One Summit a Year” Model in North America comes to Washington D.C!


More than 2000 corporate real estate professionals are expected to gather for top notch peer-to-peer education, networking and the opportunity to meet with the service providers and community leaders who make their lives easier every day. Get solutions to your biggest problems, build relationships that will stick with you throughout your career and impart your own lessons-learned over three days of high-impact education and networking.

Conference Website:CoreNet Global North American Summit


Upcoming Events: October 19-22 IEDC Annual Conference: Steering Towards the Future: Convergence, Connectivity, and Creativity

Event Date: October 19-22, 2014

Location: Fort Worth Convention Center

Exhibition Booth Number: 315

Big Data: Raising the Bar in Site Selection

Since the recession there has been an unprecedented convergence of inter-disciplinary research experts such as economists, geo-spatial experts, data scientists and sociologists who are coming together to understand shifting labor supply and demand and how labor trends impact communities. As a result, site selectors, economic developers and prospecting companies are designing innovative approaches that uncover hidden geographies of opportunity at the hyper-local level, from sub markets within urban areas to rural gems. In this session, industry experts and economic developers will dive into real-world examples and share how they are helping companies from multiple sectors identify the right community for their organization based on labor cost, availability and sustainability.

What you will learn:

• How companies are using new and expanded data sources to influence site selection decisions
• Tips for improving the positioning of your community within the new site selection landscape
• Strategies for working with local partners to access important data requested in the site selection process

Moderator:Amy Fobes, Principal and Founder, geoCommunica, Dallas, TX


Josh Bays, Principal, Site Selection Group, LLC, Dallas, TX
Christine Chmura, PhD, President & Chief Economist, Chmura Economics & Analytics, Richmond, VA 

Conference Website: IEDC 2014 Annual Conference


Upcoming Events: October 7-9, 2014 VEDA Fall Conference: Governor's Conference on Economic Development

Event Date: October 7-9, 2014

Location: Hilton Richmond Hotel and Spa

 Conference Website: 2014 VEDA Fall Conference

Session I on Wednesday, October 8th, 2014 at 8:30 AM:

Dr. Chris Chmura

How Labor Availability is Changing the Conversation Around Deal Flow

Some description

Chris Chmura is the President, Chief Economist, and Principal of Chmura.

Chris Chmura is the President and Chief Economist for Chmura Economics & Analytics, a quantitative research and economic development and workforce consulting firm located in Richmond, Virginia, that she founded in December 1999. She is a quoted source on regional and national trends in the media throughout the Mid-Atlantic and Southeast, as well as national publications such as the Wall Street Journal. She writes a monthly column on the economy for the Richmond Times Dispatch.




Economic Impact: Health care and construction jobs will be fastest growing in region

If you are looking for work during the next decade, consider health care and construction jobs.

Those two industries should see the fastest-growing employment in the Richmond area.

The health care and social assistance sector should grow an average 2.5 percent a year in the Richmond area during the next 10 years compared with an average 1.2 percent for all industries, according to analysis by Chmura Economics & Analytics.

That translates into a need for 24,480 more health care workers over the next 10 years.

In addition to that, 19,168 people will be needed in that sector to take the place of people who retire or leave the industry.

Skill sets that will be needed in the Richmond health care sector include:

• personal care aides (2,884 new positions expected with an additional 469 positions replaced);

• registered nurses (2,043 new positions expected with an additional 2,248 positions replaced);

• home health aides (1,843 new positions expected with an additional 786 positions replaced); and

• nursing assistants (1,173 new positions expected with an additional 1,140 positions replaced).

Employment at health care firms consistently outpaced the overall economy during the recession and since it ended.

In contrast to health care, employment in construction saw a larger percentage contraction during the recession than any other major sector.

Looking ahead, Chmura Economics & Analytics expects employment in that sector to grow at the second-fastest pace in the Richmond area as recovery in the construction industry builds momentum.

Employment at area construction firms is expected to grow an average 2.7 percent a year in the next decade, adding 20,568 jobs with an additional 7,632 positions for retirements or transfers to new positions.

The largest openings related to construction are expected to be:

• construction laborers (1,470 new positions expected with an additional 1,268 positions replaced);

• carpenters (927 new positions expected with an additional 560 positions replaced); and

• electricians (753 new positions expected with an additional 666 positions replaced).

Aside from growth in health care and construction-related occupations, bookkeepers, accountants, first-line supervisors, and sales representatives are expected to expand by the largest number of jobs in the metro area.

On the flip side, the largest number of area job losses are expected at the U.S. Post Office as it continues to grapple with the fast pace of communication over the Internet.

Job opportunities currently are better in the Richmond area compared with the state, which is still struggling with federal spending cuts.

Nonfarm employment rose 2.1 percent in July in the Richmond area from the same month a year ago, while it rose 0.6 percent in the state during the same time period. National employment grew 1.9 percent over the same period.

As we celebrate achievements of workers this Labor Day, we should also look at what jobs will be here in the future. Students, take note.


State-Level Gross Domestic Product (GDP) Now Available by Quarter

State-level gross domestic product (GDP) is now available by quarter. Previously, the U.S. Bureau of Economic Analysis (BEA) only provided state-level GDP on an annual basis. The agency’s news release explains “These new statistics provide a more complete picture of economic growth across states that can be used with other regional data to gain a better understanding of regional economies as they evolve from quarter to quarter.”

Below is a dashboard showing the quarterly annualized percent change in GDP by state from 2005Q2 through 2013Q4. Use the bar in the middle of the page to slide through time or select a specific quarter from the dropdown menu. You can hover over any state for more detailed information, and the percentage change for the United States is summarized in the bar chart below the map for comparison purposes. One note on interpretation: U.S. GDP by state excludes federal military and civilian activity located overseas (it cannot be attributed to a particular state), so a summation of quarterly GDP by state for the nation will differ somewhat from the GDP in the national income and product accounts (NIPAs).

This format in the link above makes it easy to see, for example, that while GDP in the fourth quarter of 2013 increased or was unchanged over the quarter for the nation as well as in 49 states, it decreased 3.0% in Mississippi. More data are available from the BEA, including 21 industry sectors—check it out and let us know what you think.