The Role of LMI in the Development of Sector Strategies: Nevada’s Experience Presented to the Workforce Information in Regional Economic Development Conference.

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Presentation transcript:

The Role of LMI in the Development of Sector Strategies: Nevada’s Experience Presented to the Workforce Information in Regional Economic Development Conference April 2008 Department of Employment, Training and Rehabilitation Larry J. Mosley, Director Research and Analysis Bureau Bill Anderson, Chief Economist

Time Magazine Article: “Snake Eyes in Las Vegas” There’s not enough “suckers” for casinos in Las Vegas 1938

Los Angeles Times Headline: “Boom Town Expired with a Sob and Groan” 1905

Major New Properties Palazzo…January 2008 (4,600 jobs) Encore…December 2008 (5,100 jobs) Fontainebleau…Fall 2009 (5,800 jobs) City Center…November 2009 (12,700 jobs) Cosmopolitan…Late-2009 (4,500 jobs) Echelon Place…2010:IVQ (9,500 jobs) Plaza Hotel…2012 (6,300 jobs)

Forecast Highlights 145,000 new jobs through 2010 Leisure and hospitality growth peaks at 8.5% (surpasses 400,000) Construction job growth approaches 5% by end of forecast period Financial services job growth surpasses 3% in ,500 new mining jobs

Team Nevada… Vision—A prepared workforce with skills, education, and training to fulfill businesses’ demands Mission Statement—Develop a holistic workforce development system that improves job training and prepared participants to fill demand-driven occupations

Team Nevada… Focus—Strategically develop and implement a network of businesses, educational institutions, government, and community organizations that will work together to accommodate workforce demands Members—DETR, SWIB, local WIBs, Governor’s Office, University System, Legislators, Economic Development Commission, Dept. of Health and Human Services, gaming industry, manufacturing sector, etc.

LMI Industry Sector Strategies Partners & Stakeholders SWIB Worker & Jobseeker Services Special Population Strategies Community/ Faith-Based Srv. Prov. Business & Employer Services Demand-Driven Worker Pipeline

Targeted Demand-Driven Industry Sectors Gaming and Hospitality (340,000 jobs) Healthcare Services (85,000 jobs) Retail and Support Services (140,000 jobs) Manufacturing (50,000 jobs) Construction (135,000 jobs) Mining (12,000 jobs)

Team Nevada LMI Needs (General) Workforce Demographics…easy Goods and Service Producing Industries…easy Available Labor Force…somewhat difficult for Nevada Current and Future Economic Impact Data…requires impact modeling capabilities

Team Nevada LMI Products/Services… Regional/Sectoral Periodic Briefing Books Sector and Occupational Profiles –better incorporate occupational information into analyses Sector/Industry Research Projects A More Timely and Useful Projections Cycle Economic Impact Analyses using REMI (also useful for profiles and research) Survey Products (vacancies, identification of sector issues, etc.)…requires funding

Team Nevada LMI Products/Services… Support for Business Advisory Groups Support for Roundtable-Type Meetings Public Relations

Contact Information Nevada Dept. of Employment, Training and Rehabilitation Research and Analysis Bureau (775) Bill Anderson, Chief Economist (775)