jobs

More than $1B in new state and local initiatives for clean energy announced

New York City and the state of Illinois have both made moves recently to shift more of their economies to clean energy. Mayor Bill de Blasio and the New York City Economic Development Corporation (NYCEDC) announced a 15-year, $191 million Offshore Wind Vision (OSW) plan to make New York City a leading destination for the offshore wind industry.  Last month, Illinois Gov. J.B. Pritzker signed sweeping legislation offering new incentives for the adoption of clean energy and aim to move it to 100 percent clean energy by 2050. And Massachusetts Gov. Charlie Baker is looking to use American Rescue Plan Act (ARPA) money to establish a clean energy investment fund.

Useful Stats: Top industries by state for net establishment and job creation, 2005-2019

Understanding the industry-level dynamics of business and job creation can help pinpoint which industries in regional economies may be hotspots for innovation activity. This edition of Useful Stats builds on previous SSTI analysis of business and job creation by state and examines data from the Census Bureau’s recently updated Business Dynamics Statistics (BDS) on net establishment and job creation in 2019 at the state and industry levels. The data serves as a useful baseline of where the economy stood prior to the pandemic’s start in 2020. While the national data shows that five industries experienced net establishment losses in 2019, industry trends at the state level vary widely with some states seeing losses across many industries while others experienced losses in only a few. There were also similar national- and state-level trends in net job creation in 2019. This analysis also provides additional context by examining the long-term state trends in these metrics from 2005 to 2019.

Need for new workforce models increases as economy rebuilds

The May jobs report that was released last Friday contained better news than the disappointing numbers from April, with May figures showing 559,000 jobs added and unemployment declining by 0.3 percentage point to 5.8 percent. But the jobs picture remains complicated.

Recent Research: Automation not resulting in greater job loss at the country level

Discussions surrounding automation’s power and the effect it could have on jobs have only increased over time. The current pandemic adds to the debate of whether automation and robotics, which are unaffected by viruses and have the potential for cost savings, could offer a safer bet for industries than human labor. Such are the debates the authors of a new working paper considered in their research examining jobs that were identified in the past as being at risk of elimination through automation.

State of Ohio commits $265 million for new innovation district

Ohio’s governor and other state leaders this week announced the creation of a new Cleveland Innovation District, with the state of Ohio, through the Ohio Development Services Agency (DSA), JobsOhio and the Cleveland Clinic committing a combined $565 million to the new district. The new district will bring together Northeast Ohio’s leading healthcare providers and education institutions with the goal of creating a pathogen center with global reach. DSA is committing to $155 million, $100 million will be in the form of a loan, the terms of which are still being finalized, and an estimated $55 million in Job Creation Tax Credits (JCTC) over a 15-year period. JobsOhio will invest $110 million and an additional $300 million will be invested by Cleveland Clinic.

Technology can lead to better jobs, more prosperity says MIT report

After two years of research on technology and jobs, MIT’s Task Force on the Work of the Future has issued its final report, and the news is hopeful: with better policies in place, more people could enjoy good careers even as new technology transforms workplaces.

Pandemic speeding automation; impact on jobs could worsen inequality

New analysis from the World Economic Forum (WEF) forecasts an 85 million global loss in jobs by the year 2025 due to pandemic-induced increase in technology adoption. While social distancing measures such as remote work have already brought many white collar workers into the “future of work,” the quickened pace of technology adoption and automation across all sectors will create greater employment challenges for lower paid and lower skilled workers. The WEF’s Future of Jobs Report 2020 also indicates that the jobs created to work with these new technologies could reach 97 million by 2025. However, business leaders and the public sector must take action to promote equitable workforce development and prepare all workers for the jobs of the future.

While the bulk of the report takes a global perspective, the WEF also provides several country-specific profiles. The trends in the U.S. profile indicate that 57.6 percent of companies surveyed are accelerating the automation of tasks in response to the pandemic, and 91.5 percent are accelerating the digitization of work processes, while only 44.1 percent are implementing upskilling and reskilling programs. As companies increasingly rely on technology — and the use of technology — to complete essential business functions, displaced workers will face increasing demand for new, technology-based skills.

Manufacturing sector’s economic contributions celebrated while reports caution uneven regional and racial benefits

As Manufacturing Day continues to be recognized throughout the month of October, the Census Bureau issued a press release highlighting the key economic contributions of the manufacturing sector. The release highlighted the increases in the value of shipments and employment in the manufacturing sector from 2017 to 2018, as well as the sector’s nearly 60 percent share of U.S. exports. But a recent report from Policy Matters Ohio and The Century Foundation set a more cautionary note. Analyzing data over a much longer period and focused on four states in the Great Lakes region, the report finds that manufacturing jobs had not yet recovered to pre-Great Recession levels even before the COVID-19 pandemic began, and that the wage advantage of manufacturing has continued to erode compared to other sectors in the region.

Useful Stats: Job Creation by Firm Age, 2014-2018

For years, there have been arguments back and forth on which companies are the greatest job creators. The argument began with advocates for small businesses saying that small businesses were the engine of job creation. In recent years, others have argued that it’s not the size of the business that’s significant so much as the age of the business and that it’s young businesses that create most of the jobs.

Analysis by SSTI of Census Bureau’s Business Employment Dynamics (BDM) data finds a more nuanced picture when examining states’ shares of net job creation by firm age.

Manufacturers' outlook strong; demand for skilled workers grows

In the first quarter Manufacturers’ Outlook Survey for 2019, manufacturers continue to report a positive outlook for their own company and marked nine consecutive quarters of record optimism. However, their top concern remains the inability to attract and retain a quality workforce (71.3 percent cited the inability to attract skilled workers as their top challenge).

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