The Tri-State Development Regional Report
news & updates
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WORKFORCE IN THE TRI-STATE REGION: SERIES |
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As we explore the industries that employ our workforce and the workforce that drives our industry here in our 36-county region, we will take a little deeper dive into the sectors that our region relies on for stability and opportunity. |
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This month, we will explore data provided by The U.S. Chamber of Commerce and Chamber Foundation's America Works initiative. This data highlights the reasons for the workforce shortage in our country, the impact on industry, and the relevant short and long-term considerations in chipping away at recovery.
Most of this workforce data is available only at the state level, resulting in some gaps in reporting Tri-State regional data.
Interested in learning more? The U.S. Chamber of Commerce provides interactive tools for exploring data that is important to you and your business. You can find links to these tools in the narrative below.
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KEY HIGHLIGHTS FROM THE U.S. CHAMBER OF COMMERCE REPORT |
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- For every 100 job openings in the United States, there are only 67 available workers. This means that even if every unemployed American was working, over 30% of jobs would still be unfilled.
- Workforce participation remains below pre-pandemic levels, with 3 million fewer Americans working today compared to February 2020.
- The factors cited in the report for contributing to the workforce shortage include:
- an increase in savings attributable to the pandemic lockdown and enhanced unemployment benefits.
- early retirements of workforce participants age 55 and older increased to over 3 million as of Oct. 2021.
- lack of access to quality childcare. Research from the U.S. Chamber of Commerce Foundation found that due to breakdowns in the childcare system, the states surveyed (Alaska, Arkansas, Arizona, Missouri, and Texas) missed an estimated average of $2.7 billion annually for their economies. In the spring of 2020, 3.5 million mothers left their job, driving the labor force participation rate for working moms from around 70% to 55%. According to the report, this number is improving, but it has not fully rebounded.
- those who left their employment to pursue their desire to open and own their own business.
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The industry sectors that have had the highest number of job openings include transportation, health care and social assistance, and the accommodation and food sectors.
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The manufacturing industry faced a major setback after losing roughly 1.4 million jobs at the onset of the pandemic. Since then, the industry has struggled to hire both entry-level and skilled workers. Even if every unemployed person with experience in the durable goods manufacturing industry were employed, the industry would fill roughly a third of the vacant jobs.
Click here to view an interactive map tracking the worker shortage by state.
Click here to learn more about how the worker shortage is impacting different industries.
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Illinois has 90 available workers for every 100 open jobs.
- Job Openings: 411,000
- Unemployed Workers: 303,217
- Labor Force Participation Rate: 64.3%
- Quit Rate: 2.5%
- Hiring Rate: 4.1%
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Iowa has 53 available workers for every 100 open jobs.
- Job Openings: 122,000
- Unemployed Workers: 53,240
- Labor Force Participation Rate: 67.6%
- Quit Rate: 3.3%
- Hiring Rate: 4.5%
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Missouri has 51 available workers for every 100 open jobs.
- Job Openings: 201,000
- Unemployed Workers: 84,553
- Labor Force Participation Rate: 62.6%
- Quit Rate: 2.7%
- Hiring Rate: 3.6%
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- Estimated Job Openings: 6.3% unadjusted
- Unemployed Workers: 13,854
- Labor Force Participation Rate: 58.76%
- Quit Rate: Not available
- Hiring Rate: Not available
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Definitions:
- Job Openings: All positions that are unfilled and have available work
- Unemployed Workers: People that do not have a job, have looked for work in the last four weeks, and are currently available and able to work
- Labor Force Participation Rate: The percentage of the population that is working or actively looking for work
- Quit Rate: The number of employees who voluntarily quit as a percent of total employment
- Hire Rate: All additions to payroll as a percentage of total employment
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9 Trends That Will Shape Work in 2023 and Beyond
January 18, 2023
This article published by Harvard Business Review outlines their nine workplace predictions. Based on Gartner research, these predictions highlight the aspects of work that leaders must prioritize over the next 12 months.
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Tri-State Development SPOTLIGHT |
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Macon County Economic Development
hosts a hands-on Construction Expo
to highlight jobs in the construction industry
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Tri-State Development regional organizations are adept at developing partnerships that leverage opportunities to address critical issues. It’s what they do. It takes creativity, relationship-building, community buy-in, and a lot of hard work to implement projects and programs that target the challenges causing disruption to economic productivity and progress.
Today’s shrinking pipeline of new construction workers amid the national labor shortage is nothing new. The recession in 2008, for example, resulted in the massive layoff of skilled workers who left the industry and never returned, and the 2019 COVID pandemic only worsened the aggressive shortage. Developing a new talent pipeline has become a top initiative for the industry.
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Share Your Spotlight Story |
We want to shine a light on the Tri-State region! Tell us about the great things happening in your community! Please help us spread the word about the activities, projects, programs, and collaborations that positively impact our region. We want to thank you for all that you do!
Click here to submit a spotlight story. It's quick and easy!
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Are Tri-State Development Communities Focused on Population Growth? |
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WHAT'S YOUR OPINION?
The results are in.
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Last month we shared an article published by Route 50 exploring the emerging way midwestern communities are approaching economic development strategies. We followed up with a poll asking for your opinion. Here's how it all shook out.
Focusing on programs and activities that promote population growth should be our #1 priority.
Yes, I agree! This should be a high priority for Tri-State Development.
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No, I disagree! Our region needs to focus on other economic strategies. |
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TUNE IN: Attracting Rural Residents Interactive Webinar Series |
The University of Illinois Extension is hosting a webinar series titled "Attracting Rural Residents." They have generously made the series openly available. If you are interested in learning more about some of the conversations taking place, or understanding what trends are impacting rural communities throughout the country, you can access the webinar series by clicking on the links provided below.
Session 3: February 14 - Moving In, Moving Out, and Moving Over: Rural Housing Supply and Demand: Click here to join the webinar on Feb. 14, 12:00pm CST.
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Five of the seven Tri-State Development task forces held meetings in January. Please click on the link to the right to access the notes from meetings held to date. The most recent meeting notes appear first. (The Legislative Concerns and Economic Development & Workforce Strategy Task Force meeting notes will be updated after the meetings in March.)
The Tri-State Development Task Forces meet regularly to discuss challenges and opportunities and to develop action plans to move regional initiatives forward. We have completed the first meeting for all seven task forces. To review the discussion notes and actions, please click on the links provided.
Thank you to those participating in the task force meetings, providing insight, direction, and perspective. We value participation from all stakeholders in the Tri-State Development region and encourage you to register for the next meeting.
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Tri-State Development is eager to share the progress and impact of task force efforts by providing access to meeting discussion notes and follow-up actions. Please click on the links below to review the task force notes from last quarter.
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Catch up on the Tri-State Development Newsletters that you missed!
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Please join us in showing gratitude to our Sponsorship Partners who generously support Tri-State Development at the Presenting and Program levels. Their investment helps support the annual Tri-State Development Summit, investments in stakeholder resources, as well as programs and projects throughout the year.
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Tri-State Development Summit at Culver-Stockton College | [culver.edu/tsds]
Leslie Sieck, Executive Director [lsieck@culver.edu]
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