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1-year Review of 2018 Employment Industry Forecast Louisiana Workforce Commission Division of Economic Development Louisiana State University.

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Presentation on theme: "1-year Review of 2018 Employment Industry Forecast Louisiana Workforce Commission Division of Economic Development Louisiana State University."— Presentation transcript:

1 1-year Review of 2018 Employment Industry Forecast Louisiana Workforce Commission Division of Economic Development Louisiana State University

2 Methodology 1.Baseline statistical model from historical data using the MicroMatrix software (846 regional industry forecasts) 2.Review statistical forecasts by industry –Economic causes of trends –Input from Louisiana driver firms –Economic development projects and major announcements 3.Staffing patterns are applied to convert industry projections to occupations 4.Replacement rates are applied to create total demand 5.In-demand occupations are identified

3 Mid-cycle Review Input from driver firms Major economic events –Economic Development Projects –BP Oil Spill –Health Care Reform Staffing Patterns Replacement Rates

4 Louisiana Driver Firms Number of firms150 Direct Employment218,947 Total LA Jobs Created613,967 Direct Wages$3.2 billion Total LA Sales Created$46.4 billion Driver Firms

5 Region 1 (New Orleans) NAICS 331: Primary Metal Manufacturing

6 Region 1 (New Orleans) NAICS 333: Machinery Manufacturing

7 Region 1 (New Orleans) NAICS 336: Transportation Equipment Manufacturing

8 Region 1 (New Orleans) NAICS 721: Accommodation

9 Region 2 (Baton Rouge) NAICS 321: Wood Product Manufacturing

10 Region 2 (Baton Rouge) NAICS 524: Insurance Carriers and Related Activities

11 Region 2 (Baton Rouge) NAICS 920: State Government

12 Region 5 (Lake Charles) NAICS 336: Transportation Equipment Manufacturing

13 Region 5 (Lake Charles) NAICS 721: Support Activities for Transportation

14 Region 7 (Shreveport) NAICS 333: Machinery Manufacturing

15 Region 7 (Shreveport) NAICS 336: Transportation Equipment Manufacturing

16 Region 8 (Monroe) NAICS 336: Transportation Equipment Manufacturing

17 Region 8 (Monroe) NAICS 325: Chemical Manufacturing

18 Oil Spill Significant short-term impact to industries that depend on the Gulf of Mexico: –Fishing, Shrimping, Oystering, Crabbing –Tourism –Oil and Gas Extraction and Support Activities Long term impacts remain uncertain (much more clarity after one year passes)

19 Health Reform Significant Expansion of Insurance Coverage –16 million uninsured would purchase insurance through exchanges by 2019 –16 million additional people on Medicaid or CHIP by 2019 –Expansions alone would add $164 billion to the federal deficit in 2018 –Per capita, uninsured individuals spend 60% less than insured individuals. For the group that would gain coverage, per capita spending would rise by percent (bringing their per capita spending to 75-90% of those already insured) Significant reduction in reimbursements –Changes to federal spending (including reduced reimbursements) alone would reduce the federal deficit by $116 billion

20 Net Effect of Health Reform? The big negative and big positive effects are likely of similar magnitude Care within Medicare population may decrease while care will increase for the newly insured Downward cost pressure of reduced reimbursements will likely change the mix of workers needed

21 Industry Summary Overall effect of recommended changes is an increase in 2018 forecast for statewide employment of 2,422. New Orleans, Shreveport, and Lake Charles RLMAs had increases in overall forecasted employment relative to the current 2018 forecast. Baton Rouge, Alexandria, and Monroe RLMAs had modest decreases to the 2018 forecast resulting from this year’s review. Total forecasted 2018 employment for the Lafayette and Houma RLMAs remained unchanged after review. Changes recommended to staffing patterns

22 Occupational Changes For Ambulatory Healthcare Services and Hospitals, staffing patterns were changed to reflect: –Shift to allied health professionals –Increased IT staff to support electronic medical records


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