Professional and Business Services Employment Trends in the Richmond MSA

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1 Professional and Business Services Trends in the Richmond MSA Prepared for Resource Greater Richmond, Virginia

2 Professional and Business Services Trends in the Richmond MSA Key Findings The Professional and Business Services supersector employs more workers in the Richmond MSA than any individual industry sector. This report finds that: The Professional and Business Services supersector makes up 16 percent of all employment in the Richmond MSA. There are more than 22,000 potential employers with operations related to the Professional and Business Services supersector in the Richmond MSA. Cumulatively, the three sectors that make up the Professional and Business Services supersector have outperformed the overall economy in terms of historic job growth over the past five years. However, all positive growth is attributed to the Professional, Scientific, and Technical Services sector. Projected employment growth over the next ten years is positive for all sectors making up the Professional and Business Services supersector. Most high growth occupations related to the Professional and Business Services supersector require a Bachelor s degree. Average hourly wages are generally higher than the average for all occupations. Some wages are lower, particularly those for occupations that do not require a college degree. 1

3 Professional and Business Services Trends in the Richmond MSA What are Professional and Business Services? The term Professional and Business Services refers to a supersector, which is made up by three distinct industry sectors: Professional, Scientific, and Technical Services; Management of Companies and Enterprises; and Administrative and Support and Waste Management and Remediation Services. The supersector includes business operations such as headquarters and regional offices, advertising, public relations, architecture, information technology, staffing, accounting, legal services, scientific research and development, and office administration. Current The three sectors that make up the Professional and Business Services supersector represent 16 percent of all employment in the Richmond MSA. With more than 90,000 workers, employment in this supersector is higher than in any individual sector. Figure 1: Distribution of by Industry Sector, Richmond, VA MSA Real Estate and Rental and Utilities, 0.6% Leasing, 1.3% Information, 1.9% Arts, Entertainment, and Recreation, 2.3% Transportation and Warehousing, 3.4% Other Services, Ex. Public Admin, 3.5% Wholesale Trade, 4.0% Manufacturing, 5.7% Finance and Insurance, 5.8% Agriculture, Forestry, Fishing & Hunting, 0.2% Mining, 0.1% Professional and Technical Services, 6.1% Administrative and Waste Services, 6.1% Health Care and Social Assistance, 14.5% Management of Companies and Enterprises, 3.8% Construction, 6.0% Public Administration, 7.1% Retail Trade, 11.4% Accommodation and Food Services, 7.5% Educational Services, 8.7% Source: Labor Market Statistics, Quarterly Census of and Wages Program, 3 rd Quarter

4 Professional and Business Services Trends in the Richmond MSA As the economy recovers from the Great Recession, hiring has increased overall as compared to levels in The Virginia Commission reports a 115 percent growth in the number of online advertised job openings between May 2009 and May in the Richmond MSA. In that same time period, the number of advertised jobs in the Professional and Business Services supersector increased by 50 percent. As of May there were 1,718 advertised job openings online in the supersector. These positions represent three percent of the total advertised job openings online during this same period. Employers Because the Professional and Business Services supersector includes a wide variety of business activities that can be found in any headquarters or regional facility, there are a vast number of employers in the Richmond MSA. In fact, according to Hoovers there are more than 22,000 businesses in the Richmond region which are categorized in this supersector. The six companies on the table below are examples from among Greater Richmond s top 50 private employers. Table 1: Top Professional and Business Services Employers, Richmond, VA MSA Employer Name Product Richmond MSA Richmond MSA Job Openings Media General Communications Pfizer Pharmaceuticals Hunton & Williams LLP Legal services Northrop Grumman Information technology McGuire Woods Legal services The Martin Agency Advertising 580 n/a Sources: The Greater Richmond Partnership and online job listings as of 17, The Professional, Scientific, and Technical Services sector makes up about six percent of total employment in the Richmond MSA. The largest industry in this sector is the Computer Systems Design and Related Services industry, making up 20 percent of employment within the sector. The Architectural, Engineering, and Related Services; Accounting, Tax Preparation, Bookkeeping, and Payroll Services; and Legal Services industries each represent about 16 percent of employment in the sector. 3

5 Professional and Business Services Trends in the Richmond MSA Table 2: Professional, Scientific, and Technical Services Industries by, Richmond MSA Industry Total Employees Percent Computer Systems Design and Related Services 6, % Architectural, Engineering, and Related Services 5, % Accounting, Tax Preparation, Bookkeeping, and 5, % Payroll Services Legal Services 5, % Management, Scientific, and Technical Consulting 3, % Services Other Professional, Scientific, and Technical 2, % Services Advertising, Public Relations, and Related Services 2, % Scientific Research and Development Services 1, % Specialized Design Services % Source: JobsEQ, data as of Q1 The largest industry within Administrative and Support Services is Services. This industry includes businesses such as staffing agencies and makes up almost 40 percent of total employment in Administrative and Support Services. The Services to Buildings and Dwellings industry makes up more than 30 percent of employment and includes activities such as landscaping, extermination, and janitorial services. Table 3: Administrative and Support Services Industries by, Richmond MSA Administrative and Support Services Industry Total Employees Percent Services 13, % Services to Buildings and Dwellings 10, % Investigation and Security Services 4, % Business Support Services 2, % Other Support Services 1, % Office Administrative Services % Facilities Support Services % Travel Arrangement and Reservation Services % Source: JobsEQ, data as of Q1 Historical and Projected Growth Cumulatively, there has been relatively little change in employment from 2006 to within the Professional and Business Services supersector. In general, employment increased until the Great Recesion, when most sectors saw a decrease in employment. in the Professional, Scientific, and Technical Services sector grew by 2,882 jobs over the past five years. In contrast, 2,114 jobs in the Management of Companies and Enterprises sector and 744 jobs in the Administrative and Support Services sector were lost. Overall, that means the Professional and Business Services supersector gained a total of 24 jobs between 2006 and. In terms of employment, the Professional and Business 4

6 Professional and Business Services Trends in the Richmond MSA Services supersector performed better than the overall economy, which lost jobs in the same five year period. Projections indicate that employment demand for all sectors that make up the Professional and Business Services supersector will grow over the next ten years in the Richmond MSA. The Professional, Scientific and Technical Services sector should add the most positions with a projected average annual growth rate of 2.9 percent. This is significantly higher than the projected average annual growth rate of all sectors, which is 1.2 percent. At 1.6 percent, Administrative and Support Services is also projected to grow faster than the average for all sectors, while Management of Companies and Enterprises is projected to grow slower at just 0.5 percent. Table 4: Historic and Projected Change Sector or Industry Total Change 2006q1 Average Annual Percent Change in 2006q1 Projected Change in Annual Percent Professional, Scientific, and Technical Services Management of Companies and Enterprises Administrative and Support Services All Industry Sectors Source: JobsEQ 2, % 11, % 2, % 1, % % 5, % 16, % 72, % Industry Occupations and Required Training The Professional and Business Services supersector is broad in nature, including a wide variety of occupations. Most high growth occupations will require highly skilled and highly educated workers. Post secondary degree attainment is a prerequisite for the majority of related occupations with highgrowth potential. In general, the best training for the Professional and Business Services supersector is a Bachelor s degree. Additionally, those students who graduate with relevant internship experience will typically transition from school to career more easily. There are some opportunities for workers without a college degree, particularly within Office and Administrative Support occupations. However, as technology continues to automate routine office tasks, it will be difficult for job seekers to remain competitive without increasing their own educational attainment. Furthermore, almost all office based work now requires extensive computer skills. 5

7 Professional and Business Services Trends in the Richmond MSA Wages and Projected of High Growth Occupations The average annual wage for employees in the three sectors that make up the Professional and Business Services supersector are as follows: Professional, Scientific, and Technical Services $71,036; Management of Companies and Enterprises $101,944; and Administrative and Support Services $29,745 (JobsEQ, Q1). Wages in the Professional, Scientific, and Technical Services sector and the Management of Companies and Enterprises sector are well above the average annual wage of all industry sectors, which is $45,688. The average annual wage for Administrative and Support Services is lower than that of all industries, but offers career opportunities for workers with less than a college degree. Because Professional and Business Services encompasses a wide array of activities, there are a large number of occupations which are relevant to the supersector. In general, those related occupational categories are projected to grow faster over the next ten years than the average for all occupations. The following six tables show specific occupations within those categories that are projected to grow quickly, creating a large number of new jobs between and Because the projected number of new jobs is high, these occupations offer the best opportunities for training investment. 6

8 Professional and Business Services Trends in the Richmond MSA Wages for growing Architecture and Engineering occupations are relatively high, with most exceeding the average hourly wage for all occupations at $ Most occupations in this category demand a significant amount of education; a Bachelor s degree is generally necessary for entry level positions and a Master s degree is recommended for career advancement in some occupations. Technician positions require less education while still earning a relatively high average hourly wage. Table 4: Wages and Projected Growth, Architecture and Engineering Occupations Occupation Mean Hourly Wage Four Quarters Ending with Avg. Annual Percentage 2006q1 Projected Change Annual Percent Architects, Except $ % % Landscape and Naval Civil Engineers $ , % % Computer Hardware $ % % Engineers Environmental $ % % Engineers Civil Engineering $ % % and Operations Technicians Surveying and $ % % Mapping Technicians Source: JobsEQ and Bureau of Labor Statistics, May 2010 As with Architecture and Engineering occupations, workers in the Business and Financial Operations category earn an above average wage. Those occupations with strong projected growth earn between $27 and $40 per hour on average. These positions generally require highly skilled workers and there are few opportunities to enter these occupations without a Bachelor s degree. Some positions, such as Claims Adjusters, may not require a Bachelor s degree but do require long term, on the job training. 7

9 Professional and Business Services Trends in the Richmond MSA Table 5: Wages and Projected Growth, Business and Financial Operations Occupations Occupation Mean Hourly Wage Four Quarters Ending with Avg. Annual Percentage 2006q1 Projected Change Annual Percent Purchasing Agents, $ , % % Except Wholesale, Retail, and Farm Products Claims Adjusters, $ , % % Examiners, and Investigators Compliance Officers, $ , % % Except Agriculture, Construction, Health and Safety, and Transportation Cost Estimators $ % %, n/a % % Recruitment, and Placement Specialists Compensation, $ % % Benefits, and Job Analysis Specialists Training and $ , % % Development Specialists Human Resources, $ , % % Training, and Labor Relations Management $ , % % Analysts Accountants and $ , % 1, % Auditors Financial Analysts $ , % % Personal Financial $ % % Advisors Financial Examiners $ % % Loan Officers $ , % % Source: JobsEQ and Bureau of Labor Statistics, May

10 Professional and Business Services Trends in the Richmond MSA Growing occupations in the Computer and Mathematical category pay well, with the average hourly wage for most positions above $35. Again, the majority of these positions require a minimum of a Bachelor s degree. It is possible to work as a Computer Support Specialist with only a high school diploma, but work experience and certifications are generally necessary. Table 6: Wages and Projected Growth, Computer and Mathematical Occupations Occupation Mean Hourly Wage Four Quarters Ending with Avg. Annual Percentage 2006q1 Projected Change Annual Percent Computer Software $ , % % Engineers, Applications Computer Software $ , % % Engineers, Systems Software Computer Support $ , % % Specialists Computer Systems $ , % % Analysts Database $ % % Administrators Network Systems $ , % % and Data Communications Analysts Source: JobsEQ and Bureau of Labor Statistics, May 2010 Office and Administrative Support occupations provide the opportunity for workers with less than a Bachelor s degree to earn wages well above those in retail or food service occupations. Among those occupations with the highest number of projected new jobs over the next ten years, no position pays an average wage below $11 an hour. Most wages are higher, ranging from $16 to $20 an hour. 9

11 Professional and Business Services Trends in the Richmond MSA Table 7: Wages and Projected Growth, Office and Administrative Support Occupations Occupation Mean Hourly Wage Four Quarters Ending with Avg. Annual Percentage 2006q1 Projected Change Annual Percent First Line $ , % % Supervisors/Managers of Office and Administrative Support Workers Bill and Account $ , % % Collectors Billing and Posting $ , % % Clerks and Machine Operators Bookkeeping, $ , % 1, % Accounting, and Auditing Clerks Customer Service $ , % 1, % Representatives Receptionists and $ , % % Information Clerks Stock Clerks and Order $ , % % Fillers Executive Secretaries $ , % % and Administrative Assistants Legal Secretaries $ , % % Medical Secretaries $ , % % Secretaries, Except $ , % % Legal, Medical, and Executive Office Clerks, General $ , % 1, % Source: JobsEQ and Bureau of Labor Statistics, May 2010 Average hourly wages for Sales occupations are high, but workers are typically paid on a commission basis. This means that earnings vary depending on the success of the individual worker. Earnings can also vary depending on the product to be sold and the skill and knowledge required to sell it. 10

12 Professional and Business Services Trends in the Richmond MSA Table 8: Wages and Projected Growth, Sales and Related Occupations Occupation Mean Hourly Wage Four Quarters Ending with Avg. Annual Percentage 2006q1 Projected Change Annual Percent Insurance Sales $ , % % Agents Sales $ , % % Representatives, Wholesale and Manufacturing, Technical and Scientific Products Sales $ , % % Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products Source: JobsEQ and Bureau of Labor Statistics, May 2010 The high growth occupations below all pay above the average hourly wage for all occupations. Most require at least a Bachelor s degree, but it is possible to become a Paralegal with an Associate s degree. Table 9: Wages and Projected Growth, Art, Design, and Media; Social Science; and Legal Occupations Occupation Mean Hourly Wage Four Quarters Ending with Avg. Annual Percentage 2006q1 Projected Change Annual Percent Graphic Designers $ % % Public Relations $ , % % Specialists Lawyers $ , % % Paralegals and $ , % % Legal Assistants Market Research $ , % % Analysts Source: JobsEQ and Bureau of Labor Statistics, May

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