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Marquette County Economic Data Booklet

A comprehensive report compiled annually using data from multiple sources, providing economic information and trends for Marquette County.

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Marquette County Economic Data Booklet

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  1. LAKESUPERIOR COMMUNITYPARTNERSHIP BusinessDevelopmentDepartment August2015

  2. TheLakeSuperiorCommunityPartnershipistheMarquetteCountyregion’sleadingresource foreconomicdevelopment,providingawidevarietyofaffordableandeffectivedevelopment services.TheLSCPhelpsourpartnersmaketheconnectionsthatmatter–between businesses,organizations,leadersandlegislators,andprovidesapowerfullegislativevoicefor programsandpoliciesthatstrengthenourregionaleconomy. ThisdatabookletwascreatedwiththehelpofEconomicModelingSpecialist’sIncorporated (EMSI)Developertool.Developercompilesdatafromover90differentfederal,stateandprivate datasourcestocreateaclearimageoftheeconomicsituationwithinMarquetteCounty.This reportuseshistoricaltrendstolookintothepasteconomicactivity,andthenusesthosetrends andpublishedformulastomakepredictionsaboutthefuture. ThisreportwillbedevelopedannuallyasnewdataisreleasedfromESMI.Byusingthisreport,businessesandcommunitymembersinMarquetteCountycantrackthecounty’seconomicpathtoprosperityandbetterpositionourselvesforeconomicsuccessinthefuture. Ifthereareanyquestionsaboutthisreport,orifyouwouldliketoobtainadditionalcopies pleasecalltheLSCPat906-226-6591oremaillscp@marquette.org. Thisbookletcompilesrelevanteconomicinformationfromdatasources,bothcurrentand historic.Providingmuchofthenecessaryinformationforourpartners,aswellascurrentandpotentialresidentstostayinformedonMarquetteCounty’scurrenteconomicenvironment.

  3. TABLEOFCONTENTS Page3 PayrollEmployment Page5 UnemploymentRate Page7 ManufacturingandResourceExtraction Page8 EmploymentChangebyIndustry Page11 GrossRegionalProductbyIndustry Page13 RegionalExports Page15 AnnualTotalsinTrade Page17 PopulationForecast Page18 EmploymentForecast Page20 EmploymentChanges Page23 MarquetteCountyHousingInformation

  4. PayrollEmployment MarquetteCountyStatisticalArea • Source: EMSI data based primarilyon the QuarterlyCensusof EmploymentandWages(QCEW) from theBureauof Labor Statistics(BLS) and the Bureauof EconomicAnalysis(BEA). • Thecountyhasshownsteadygrowthinjobnumbersfrom2004to2008innonfarm payrollemployment.Priortothelate2000’srecession,jobgrowthpeakedin2005. • Thelate2000’srecessiondidnotaffectMarquetteCountyasdrasticallyasotherpartsof thestateandnation.Overthetwo-yearperiod,MarquetteCountysufferedonly3.9% nonfarmpayrolljoblossfrompre-recessionnumbers. • TherecessioninMarquetteCountylastedthrough2010,withatotalof1,316jobslost overathree-yearperiod.Therecoverystartedinlate2011withanincreaseof600jobs overthecourseofthefollowingyearcomparedtotheprioryear. • MarquetteCountyreturnedtopre-recessionemploymentlevelsin2013withagrowthof829jobssince2010.Employmentoverthe10yearperiodof2004-13peakedin2013withadecline*overthelastyearwithatotalof34,160jobs. *TheU.S.DepartmentofLaborStatisticsimplementedanumberofmethodologicalchangesintheproductionofstateandcountyemploymentandunemploymentestimates.Assuch,somecountiesreflectedlargerthannormalrevisionstoprioryearestimates.

  5. PayrollEmployment MarquetteCountyreadjustedjobmarketshowedalossof417jobsbetween2013and2014,a changeoflessthanonepercent. Source: EMSI data basedprimarilyonthe QuarterlyCensusof Employment andWages(QCEW) fromthe Bureau of Labor Statistics(BLS)and the Bureau ofEconomicAnalysis(BEA).

  6. UnemploymentRate MarquetteCountyUnemployedCivilianLaborForceAverages • Source:MichiganDepartmentof Technology, Management and Budget basedprimarilyon the LocalArea UnemploymentStatistics(LAUS) fromthe Bureauof Labor Statistics(BLS)andthe Bureauof EconomicAnalysis (BEA). • MarquetteCounty’saverageunemploymentratewas6.9%in2014andhasrecededby twopercentagepointssince2011andalmostoneandahalfpercentagepointsduring theyear. • MarquetteCounty’sunemploymentrateheldbelowtheMichiganrateconsistentlyoverthepastdecade,trackedabovetheU.S.rateoverthatsametimeperiodandwas slightlyabovethenationalrateduringtheGreatRecession. • Today’srateremainslowerthantheMichiganrateandslightlyabovewiththeU.S.rate. • DuringtheGreatRecession,MarquetteCounty’sunemploymentratetoppedoutat 10.4%.Thispeakwasreachedin2009,neartheendoftherecession.Thissuggests thatMarquetteCountywasslightlybufferedfromtheeffectsoftherecession,butnot completelyisolated.

  7. UnemploymentRate MarquetteCounty’sunemploymentrateisconsistentlybelowthatofthestate. CIVILIANUNEMPLOYMENTRATEANNUALAVERAGE MarquetteCountyMichiganU.S. 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% PERCENTAGEOFLABORFORCE 20042005200620072008 2009 YEAR 20102011201220132014 • Source:MichiganDepartmentof Technology, Management and Budget based primarilyon the LocalArea UnemploymentStatistics(LAUS) fromthe Bureauof Labor Statistics(BLS)andthe Bureauof EconomicAnalysis (BEA). • Marquette’sunemploymentratehasconsistentlyheldbelowMichigan’srate.DespitetheapparentdelayedimpactoftheGreatRecessionspecificallytoMarquetteCounty, dramaticjoblossesoccurredduringthelatterhalfandaftertherecessionoftheU.S. economy.Asof2010Marquette’sunemploymentratehasbeendeclining,economicindicatorsshowthistrendcontinuingthrough2015. • Marquette’sannualaverageunemploymentratepeakedin2009at10.4%,wellbelowthe13.7%experiencedbyMichiganduringitspeakin2009.Currently,Marquette’saverageunemploymentrateis6.9%.ThisislowerthantherateforMichiganandis sevententhsofapercentagehigherthanthenationalaverageof6.2%.EstimatesshowjobgrowthquicklyoutpacingtheexpectedpopulationincreaseinMarquetteCounty.Between2014and2018,jobgrowthisestimatedtoincreaseby2%,duringthissame periodMarquetteCountyisonlyexpectedtoseea1%increaseinpopulation.

  8. ManufacturingandResourceExtractionAnnualEmploymentAveragesandProjectionsManufacturingandResourceExtractionAnnualEmploymentAveragesandProjections MarquetteCountyAnnualAverages • Source: EMSI data basedprimarilyonthe QuarterlyCensusof Employment andWages(QCEW) fromthe Bureauof Labor Statistics(BLS) and theBureauof EconomicAnalysis (BEA). • Annualresourceextractionjobsaveragehaveaveraged1,495,withapeakin employmentin2011. • Annualmanufacturingjobsaverage1,020,withanexpected1%annualgrowthyearly through2024. • A6.2%nationalgrowthisprojectedtooccuroverthenexttenyears.

  9. EmploymentChangebyIndustry • Source: EMSI data basedprimarilyontheMichigan Department ofLabor and EconomicGrowth, Bureau of LBORMarket Information and StrategicInitiatives. • Recreationandmanagementemploymentsectorsgrowasdemandfortheseservicesincreasesduetoadditionaldollarsbeinginjectedintothelocaleconomy,andtheoverallgrowthofemploymentrequiresadditionalsupervisoryexpertise. • Utilities,finance,andrecreationbenefitfromtheexpandinglocalconsumerspending throughtheadditionalspending,populationgrowth,andincreasedoverallemployment. • RetailTradeandInformationjobssuchasbookstores,furnitureandhomefurnishing stores,andradiostations,declinedfromlastyearasonlineshoppingandstreamingis becomingpopularwithconsumers.

  10. 2014EmploymentbyIndustry Source: EMSI data basedprimarilyonthe Michigan Department ofLabor and EconomicGrowth, Bureau of LaborMarket Information and StrategicInitiatives. • Comparedto2013data,Mining,Quarrying,andOilandGasExtractionhaveadded29jobs,Utilitieshasadded22,Constructionhasadded26,andRealEstateandProfessional,Scientific,andTechnicalServiceshasadded35.

  11. 2014EmploymentbyIndustry Mining,Quarrying,andOilandGasExtraction 5% Construction5% OtherIndustries21% RetailTrade13% FinanceandInsurance3% Government20% Professional,Scientific, andTechnicalServices3% HealthCareandSocialAssistance 19% Accommodation and FoodServices11% Source: EMSI data basedprimarilyontheMichigan Department ofLabor and EconomicGrowth, Bureau of LBORMarket Information and StrategicInitiatives. • GovernmentandHealthCareandSocialAssistancearethetwoleadingindustries, holdingthemostjobsfor2014. • Thetotalamountofjobsfor2014was29,259.

  12. 2013GrossRegionalProduct(GRP)byIndustry TheGRPmeasuresthefinalmarketvalueofallgoodsandservicesproducedinaregion.

  13. 2013GRPbyIndustry Government15% **Other23% Othernon-industries6% RetailTrade5% Manufacturing4% HealthCareandSocialAssistance 13% Mining,Quarrying,OilandGasExtraction26% FinanceandInsurance4% RealEstateandRentalandLeasing 4% • Source: EMSI data basedprimarilyondatafromtheMichigan Department ofLabor and EconomicGrowth, Bureauof Labor Market Information andStrategicInitiatives. • **DenotesindustrieswithGRP lessthan $100,000,000and iscomprisedof Accommodation andFood Services, ArtsEntertainment, and Recreation, Educational Services(Private), Administrative and Support andWasteManagement and Remediation, Management ofCompaniesand Enterprises, ProfessionalScientific, and Technical Services, Information, Transportation andWarehousing,Wholesale Trade,Utilities, Construction, Other Services (except PublicAdministration),aswell asCropandAnimal Production. • NaturalresourceextractionleadtheGRPforMarquetteCountyin2012&2013.The primaryGRPcontributertothissectorisironoremining,andwhenpairedwithother extractionactivitiestotalledto$720,269,752inGRPfor2013. • TotalGRPforMarquetteCountywas$2,783,832,963in2013.

  14. 2013RegionalExports • ThetopthreeregionalexportsforMarquetteCountyfor2013wereGovernment,Mining, Quarrying,andOilandGasExtraction,andHealthCareandSocialAssistance. • ThelargestGovernmentexportswerefromStateandFederal(civilian),excluding educationandhosptials,exportstotalling$917,562,953. • IronOreMiningandCopperOreandNickelOreMiningbroughtinthemostmoneyfor exportswithinMining,Quarrying,andOilandGasExtractionwithatotalof • $999,396,999.

  15. 2013RegionalExports **Industrieswithlessthan$75,000,000inexportswerenotdisplayed. 2013RegionalExportsExports(2013) $1,200,000,000 $1,034,256,700 $1,000,000,000 $1,075,368,399 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $0 Exportsaremoneyreceivedinthe region throughforeignand external domesticsources. Source: EMSI's model, incorporating data from the followingagencies: Michigan Department of Laborand EconomicGrowth, Bureau of Labor Market Information and StrategicInitiatives • Mining,Quarrying…ExtractionfromEagleMineisnotincludedasproductionwasachievedin2014.

  16. 2013AnnualTotalsinTrade Source: EMSI's model, incorporating data from the followingagencies: Michigan Department of LaborandEconomicGrowth, Bureau ofLabor Market InformationandStrategicInitiatives Totalsin trade equalsthe activityof imports+exportsin MarquetteCounty.

  17. 2013AnnualTotalsinTrade **Industrieswithlessthan$200,000,000incombinedimportandexporttotalswerenot displayed. AnnualTotalsinForeignTrade2013 Imports(2013)Exports(2013)Total $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $0 Source: EMSI's model, incorporating data from the followingagencies: MichiganDepartment of LaborandEconomicGrowth, Bureau ofLabor Market InformationandStrategicInitiatives Totalsin trade equalsthe activityof imports+exportsin MarquetteCounty.

  18. PopulationForecast • Source:Thedemographicdatainthisreportiscompiledfromseveralsourcesusingaspecializedprocess.SourcesincludeannualpopulationestimatesandpopulationprojectionsfromtheUSCensusBureau, birthandmortalityratesfromtheUSHealthDepartment,andprojectedregionaljobgrowth.Thisreport alsousesstatedatafromthefollowingagencies:MichiganDepartmentofLaborandEconomicGrowth,BureauofLaborMarketInformationandStrategicInitiatives • ContrarytotheStateofMichiganandtheUpperPeninsula,MarquetteCounty’spopulationhasbeenrisingthroughthe2000’sandisprojectedtokeepincreasing through2024. • Overthenext10yearspanof2014-2024,MarquetteCounty’spopulationisexpectedtoriseby893people.Overthatsameperiodoftime,thepopulationoftheU.P.isprojected todropby3,189people. • Despiteaperiodofrapidgrowthintheearly2000s,Michigan’spopulationdeclined sharplyasaresultoftheGreatRecessionstartingin2008.Thedeclineisprojectedto continuethrough2024. • Michigan’spopulationisprojectedtoshrinkbyjustunder1%from2014to2024.

  19. EmploymentForecast Source: EMSI data basedprimarilyonthe QuarterlyCensusof Employment andWages(QCEW) fromthe Bureauof Labor Statistics(BLS) and theBureauof EconomicAnalysis (BEA). • Whiletheregion’spopulationisexpectedtodecline,thenumberofpeopleemployedintheU.P.isprojectedtorisethroughtheyear2023.Thisincreasednumberofjobsisalso observedinMarquetteCounty,whichwillrisecloseto37,000by2024. • BothMarquetteCountyandtheUpperPeninsula,Michiganwerenegativelyaffectedby theeventsoftheGreatRecession,butemploymenthassincerecoveredandshould reachpre-recessionlevelsby2015. • U.P.employmentisforecastedtogrowbyalittleover9%duringthetenyearperiodof 2013to2024,increasingapproximately.9%annually.

  20. EmploymentForecast FigureSource: EMSI data based primarilyon theQuarterlyCensusofEmployment andWages(QCEW) fromthe Bureauof Labor Statistics(BLS) and the Bureauof EconomicAnalysis(BEA).

  21. EmploymentChangesvs.OtherComparableCounties Source: EMSI data basedprimarilyonthe QuarterlyCensusof Employment andWages(QCEW) fromthe Bureauof Labor Statistics(BLS) and theBureauof EconomicAnalysis (BEA). • Employmentchangesacrossalljobsintheregion,includingfarmrelatedoccupations. • MarquetteCountychangeinjobsdetailrevealsthelargestdeclineinmedicalandgovernmentjobs,includingeducation. • WoodCountyreflectedadrasticdeclineintheHMOMedicalCenterswitharecordedlossof3,585jobs.

  22. EmploymentChangesSummary

  23. EmploymentChangeSummaryvs.OtherComparableCounties

  24. 2014MarquetteCountyHousingInformation • Source: MLS, an independentlyowned anoperatedReal Estate Advertising Service Companyfor Real Estate firms,Mortgage firms, insurancecompaniesand other real estaterelated entities. • Comparedtolastyear’s2013housinginformation,MarquetteCounty’shousingmarketincreased.Overall23morehomessoldwithapercentageincreasefrom52.75%to 53.90%.Thetotalnumberofhouseslistedin2013was1,202whichgrewto1,219in2014. • MultipleListService(MLS)datashowspricesofhomessolddecreasedinMarquetteCountyfrom2013.Theaveragelistpriceforhomessolddecreasedfrom$153,806in 2013to$148,130.Theaveragesalepricesolddecreasedfrom$145,840in2013to • $140,927. • Theaveragelistpriceunsoldforallincreasedin2014to$207,061from$203,160in2013. • Althoughtheaveragelistpricesoldandaveragesalepricesoldofhomesdecreasedin 2014from2013,itwasfoundthathomeswhichhadbeenonthemarketforseveralyearshadloweredtheirprices,affectingtheaverages.Overall,thehousingmarketinMarquetteCountyissteady.

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