EconoVue Snapshot Santa Clara County

Transcription

1 EconoVue Snapshot Santa Clara County EconoVue, A service of San Jose/Silicon Valley Workforce Investment Board (work2future) and The Urban Explorer, Inc

2 Santa Clara County Snapshot: Introduction Introduction This EconoVue Snapshot provides a quick look at your region s economy. It is based on a Dun and Bradstreet time series database mapped to the address-level. The Snapshot reveals the patterns of growth and decline across industry sectors during the past five years, providing a quick yet highly refined view of your region s specialized and emerging subsectors in just a few pages. The Snapshot pin-points the sectors which are specialized within your region using a technique called Location Quotient. Location Quotient: Regional economies generate wealth from the production and sale of goods and services. Industries that sell products to customers in other regions are the chief drivers of regional growth. These so-called export industries generate revenue from outside the region and they support additional jobs in supplier industries and industries that serve basic regional consumption. One of the most commonly used methods of determining regional specialization and export activity involves Location Quotients. The Location Quotient is a measure of the sectoral specialization of a region (such as a city or county) relative to a reference region (such as a state or nation). When the proportion of regional employment in a given industry exceeds the proportion of employment in the same industry in the reference region (and thus the Location Quotient exceeds 1) the regional economy is said to be more specialized in the particular industry. Excess production serves extra regional demand and provides regional export employment. Likewise, the loss of export employment constitutes the greatest impact on the regional economy. About Us: This Snapshot is a product of EconoVue, a public/private partnership between the San Jose Silicon Valley Workforce Investment Board (work2future) and The Urban Explorer, Inc. If you find this Snapshot to be useful, we provide a variety of subscription-based tools specifically designed for the labor market research needs of workforce development professionals. Please visit to sign up for a free trial or call us at to arrange a free demo for your group.

3 Santa Clara County Snapshot: Overview Santa Clara County Highlights Recovery: Overall, EconoVue s Dun and Bradstreet database shows that Santa Clara County saw a 5.4 % gain in employment from 2011 to sectors (comprising 90.4 % of Santa Clara County employment) showed positive growth of 6.27 % in employment between 2011 and of the largest 10 employment sectors (comprising 83.7 % of Santa Clara County employment) experienced positive growth. These 9 sectors include: manufacturing; professional services; public administration and education; health care; retail stores; administrative and support services; construction; services and information based industries. Health care and professional services sectors added the highest number of jobs to the economy. Healthcare sector, growing by 13.5 %, added 10,795 new jobs. Following the health care sector, professional services sector grew by 5.24 % and created 5,606 new jobs. 4 sectors experienced a 2.06 % decline in employment between 2011 and These sectors comprise 9.6 % of all jobs in Santa Clara County and they include: management of companies/enterprises; eating and drinking; wholesale and transportation. Management of companies and enterprises (- 962), and eating and drinking (-766) sectors showed the highest employment losses between 2011 and Regional Specialization: Relative to California, Santa Clara County shows a regional specialization in sub sectors related to (1) manufacturing (such as computer and electronic product manufacturing, electrical equipment, appliance manufacturing and miscellaneous manufacturing ), (2) professional services (such as professional and technical services, specialty trade contractors), (3) health care (such as hospitals), (4) retail stores (such as electronics and appliance stores), (5) information-based industries (such as telecommunications) and (6) wholesale (such as merchant wholesalers, durable goods).

4 Last five years: Growth and decline across sectors Santa Clara County has % or 116,398 fewer jobs than it did 5 years ago. The majority (78.61%) of the lost jobs were in the manufacturing, professional services, wholesale, information-based and eating and drinking sectors. Of special note, the highest number of jobs were lost in computer and electronics production manufacturing and professional and technical services subsectors. This is noteworthy because these sectors are among the industries with a high regional specialization in Santa Clara County. Santa Clara County, Jobs Lost by Sector since 2007 NAICS 334 Computer and electronic NAICS 541 Professional and technical NAICS 518 Data processing, hosting and NAICS 423 Merchant wholesalers, NAICS 722 Food services and drinking NAICS 339 Miscellaneous manufacturing NAICS 336 Transportation equipment NAICS 511 Publishing industries, except NAICS 522 Credit intermediation and NAICS 811 Repair and maintenance Santa Clara County, Jobs Gained by Sector since 2007 NAICS 561 Administrative and support NAICS 517 Telecommunications NAICS 621 Ambulatory health care NAICS 922 Justice, public order, and NAICS 813 Membership associations NAICS 622 Hospitals NAICS 238 Specialty trade contractors NAICS 924 Administration of NAICS 523 Securities, commodity NAICS 928 National security and 5,586 4,443 3,046 2,227 1,882 1,849 1,621 6,891 9,290 8,674 8,361 8,277 5,042 4,630 12,841 6,548 6,522 18,236 35,748 16,641 Santa Clara, Largest Sectors by Number of Employment 300, , , , ,000 50,000 Santa Clara, Largest Sectors by Number of Businesses 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Public Admin and Education Administrative and Support The majority (96.9 % or 37,808) of the gained jobs were in the administrative and support services, telecommunications, health care and construction sectors.

5 Santa Clara County Regional Specialization Santa Clara County Employment Bussinesses California Employment Businesses San Jose, Computer, Electrical Equipment Components Sector Public Admin and Education Public Admin and Administrative and Support Administrative and Construction Construction Wholesale Wholesale Information-based Industries Eating and Drinking Santa Clara County, Location Quotients by Sector, 2012 (relative to State) NAICS 334 Computer and electronic product 5.75 NAICS 541 Professional and technical services NAICS 622 Hospitals NAICS 511 Publishing industries, except Internet NAICS 517 Telecommunications NAICS 423 Merchant wholesalers, durable goods NAICS 238 Specialty trade contractors NAICS 339 Miscellaneous manufacturing NAICS 335 Electrical equipment and appliance mfg. NAICS 443 Electronics and appliance stores The accompanying figures reveal which sectors are strong in Santa Clara County relative to California. These sectors, if lost, would constitute the greatest impact on the local economy. The sub sectors which show regional specialization are: computer and electronic production manufacturing, professional and technical services, hospitals, publishing industries (except Internet), merchant wholesalers, telecommunications, specialty trade contractors, miscellaneous manufacturing, and electronics and appliance stores.