1 / 24

Competitive Design

Competitive Design. What will I take away from this presentation?. See how the State of Missouri compares to Midwestern peers in terms of key economic and talent factors , and how Missouri DED compares on jobs created and investment attracted

karah
Download Presentation

Competitive Design

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Competitive Design

  2. What will I take away from this presentation? • See how the State of Missouri compares to Midwestern peers in terms of key economic and talent factors, and how Missouri DED compares on jobs created and investment attracted • Share Colorado’s experience in creating and executing anew strategy • Understand how these findings will inform DED’s transformation efforts

  3. PwC’s Work with Missouri DED

  4. Who are our competitors? Our analysis compares the State of Missouri – and Missouri DED – with thirteen Midwestern peers and four leaders from around the U.S. * Selected data was not available for Illinois at the time of presentation

  5. Results of Our Peer Benchmark

  6. This presentation tells two stories… Story 2 Story 1 How does Missouri DED compare to peer agencies in terms of jobs created, investment attracted, and workforce outcomes? How does the State of Missouri compare to peer states in terms of key economic and talent factors? State-Level Comparison Agency-Level Comparison

  7. We begin with Story 1… Story 1 How does the State of Missouri compare to peer states in terms of key economic and talent factors? State-Level Comparison

  8. Missouri trails on GDP growth, and Michigan’s more recent GDP growth has outstripped Missouri’s considerably GDP Growth (2007-16 CAGR) by State Source: U.S. Bureau of Economic Analysis (BEA)

  9. Missouri lags peers in job growth; several peers have seen rapid job growth post-recession Source: Economic Policy Institute (EPI) analysis of U.S. Bureau of Labor Statistics (BLS) Local Area Unemployment Statistics data

  10. Missouri is among the low-to-mid range for wage growth in the last year, and its growth was only half of Tennessee’s and Arkansas’ Source: U.S. Bureau of Economic Analysis (BEA)

  11. Missouri also struggles on key talent factors, like labor force quality and availability – showing room for improvement What we assessed • Labor force quality and availability (2017) • Labor force productivity (2017) • Migration of college-educated young people (2009-2016) • Adults with associate degree or higher (2017) • STEM graduates living in-state (2015) Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. News & World Report; The Integrated Postsecondary Education Data System. Note: Talent Factors Score is calculated by taking the sum of rankings from multiple dimensions. All dimensions are weighted equally (13 points each).

  12. We continue with Story 2… Story 2 How does Missouri DED compare to peer agencies in terms of jobs created, investment attracted, and workforce outcomes? Agency-Level Comparison

  13. Missouri lags behind the “leadership group” of Kansas to Wisconsin, which are more effective in creating jobs than other peers Jobs Created (#) by ED Agencies as a Percentage of Missouri DED (Weighted by Workforce Size) 5,079 5,278 9,411 9,411 25,678 25,678 37,356 37,356 22,848 22,848 17,373 17,373 10,668 10,668 6,511 6,511 7,863 7,863 3,591 3,591 27,171 27,171 21,861 21,861 2,721 2,721 NOTE: These figures are influenced by macroeconomic factors – like the resurgence of the auto industry.*Figures in columns indicate average number of jobs created per state over most recent three fiscal years (or closest data available). Figures are awaiting validation by peer state ED agenciesand should not be treated as definitive.Sources: State ED Agency Annual Reports and related sources

  14. Kentucky is a clear leader in investment attraction, and Missouri trails the rest of its peers $6.25 $6.25 $5.14 $5.14 $4.92 $4.92 $2.12 $6.33 $5.80 $5.80 $1.06 $1.06 $2.12 $5.42 $2.29 $2.29 $2.35 $2.35 $1.03 $1.03 $1.80 $1.80 $1.04 $1.04 $1.59 $1.59 NOTE: These figures are influenced by macroeconomic factors – like the resurgence of the auto industry.*Figures in columns indicate average investment attracted per state over most recent three fiscal years (or closest data available). Figures are awaiting validation by peer state ED agencies and should not be treated as definitive.Sources: State ED Agency Annual Reports and related sources

  15. Initial research into efficiency measures – like total incentive costs by state – shows that Missouri gets a lot for what it puts in Incentive Cost as a Percent of GDP (2015) Source: Upjohn Institute data, supplied by DED. Includes tradable GDP. Data not available for all peer states (AR, KS, OH excluded).

  16. Missouri significantly lags its peers on key federal workforce measures of employment rates… Entered Employment Rate (Average of PY 2014 and PY 2015, %) $6.25 $6.25 $5.14 $5.14 $4.92 $4.92 $2.12 $6.33 $5.80 $5.80 $1.06 $1.06 $2.12 $5.42 $2.29 $2.29 $2.35 $2.35 $1.03 $1.03 $1.80 $1.80 $1.04 $1.04 $1.59 $1.59 Source: Department of Labor, Employment and Training Administration

  17. …and on average six-month earnings for those entering employment Entered Employment Earnings (Average of PY 2014 and PY 2015, $/six months) $6.25 $6.25 $5.14 $5.14 $4.92 $4.92 $2.12 $6.33 $5.80 $5.80 $1.06 $1.06 $2.12 $5.42 $2.29 $2.29 $2.35 $2.35 $1.03 $1.03 $1.80 $1.80 $1.04 $1.04 $1.59 $1.59 Source: Department of Labor, Employment and Training Administration

  18. Organizational Comparison

  19. Focus is essential to increasing job growth and investment Missouri’s Department of Economic Development is responsible for more core functions than many of its peers Business Attraction Existing Business Support Minority Business Development Community Assistance Most Peers Workforce Development Tourism & Film Some Peers Energy Few Peers Other core Missouri DED functions: Housing Development, Utility Regulations, Arts, Entrepreneurship

  20. Colorado’s Story & Habits of Leaders

  21. Colorado’s six pillars guide its economic development strategy and execution Build a Business-Friendly Environment Retain, Grow & Recruit Companies Increase Access to Capital Cultivate Innovation & Technology Create & Market a Stronger Colorado Brand Educate & Train the Workforce of the Future

  22. What’s Next?

  23. Our upcoming assessment will examine several key research themes Agency Functions and Structures Staffing and Specialization Revenues, Budgets and Expenditures Relationships with Other Stakeholders Strategy and Tie-Ins to Workforce Development Internal Processes and Performance Management

  24. Questions?

More Related