Somerset Community College 2007-2008 Planning Retreat

1. Somerset Community College2007-2008 Planning Retreat THE AREA ECONOMY David A. Wiles Chief Officer Community, Workforce & Economic Development

2. REGIONAL UNEMPLOYMENT RATE Current: 6.4% Last Year: 5.8%

3. Employment by County(September 2007 data) Adair 8,300 Casey 7,003 Clinton 4,232 Cumberland 2,783 Green 5,297 Laurel 24,668 McCreary 5,426 Pulaski 25,701 Rockcastle 7,180 Russell 7,489 Taylor 12,897 Wayne 8,184 Whitley 14,487

4. Unemployment by County Current 2006 Adair 6.2% 4.8% Casey 5.8% 6.6% Clinton 5.8% 5.3% Cumberland 6.5% 6.0% Green 6.7% 5.0% Laurel 5.9% 5.4% McCreary 8.9% 10.6% Pulaski 6.1% 6.2% Rockcastle 6.3% 5.4% Russell 6.0% 5.7% Taylor 5.7% 4.5% Wayne 6.8% 6.4% Whitley 6.8% 5.5%

5. Area Economic Issues Affecting Students Cost of Gasoline Childcare Transportation Increased Cost of Living

6. Area Economic Outlook Valley Oak Technology Park Expansion Hendrickson Suspensions Plasticware, LLC - Rockcastle Co. McCreary Co.� possible new manufacturer Chiefton Steel � new company in Casey Co.

7. State of the Economy Current State: Stable Issues or Concerns Sub-prime mortgage situation Increasing cost of fuel Decrease in market demand for manufactured products