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Data SnapShot Series 1.0 April 2015 DATA SNAPSHOT Floyd County

Floyd County Data Snapshot

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Page 1: Floyd County Data Snapshot

Data SnapShot Series 1.0April 2015

DATA SNAPSHOTFloyd County

Page 2: Floyd County Data Snapshot

Table of contents

Introduction01Demography02

Economy03Labor Market04

Page 3: Floyd County Data Snapshot

Purpose

About Floyd County

01introduction

Page 4: Floyd County Data Snapshot

4

Purpose

This document provides information and data about Floyd County that can be used to guide local decision-making activities. The Data SnapShot showcases a variety of demographic, economic and labor market information that local leaders, community organizations and others can use to gain a better perspective on current conditions and opportunities in their county.

To strengthen the value and usability of the information, we showcase the data using a variety of visual tools, such as charts, graphs and tables. In addition, we offer key points about the data as a way of assisting the user with the interpretation of the information presented. Finally, short takeaway messages are offered at the end of each section in order to highlight some of the more salient findings.

Introduction

section 01

Page 5: Floyd County Data Snapshot

5

About Floyd CountyIntroduction

section 01

County Background Established 1819

CountySeat

New Albany

Area 149 sq. mi.

NeighboringCounties

Clark, INHarrison, IN

Jefferson, KYWashington, IN

Page 6: Floyd County Data Snapshot

Population change

Population pyramids

Race

Ethnicity

Educational attainment

Takeaways

02demography

Page 7: Floyd County Data Snapshot

7

70,823

74,578

76,244

77,763

Population change

Components of Population Change, 2000-2013Total Change 5,513*

Natural Increase 2,528

International Migration 385

Domestic Migration 3,026

The total population is projected to increase by 2 percent between 2013 and 2020.

Demography

Sources: STATSIndiana, U.S. Census Bureau – 2000 Decennial Census, 2010 Decennial Census, 2013 Estimates, Estimates of the Components of Resident Population Change

section 02

The total population in Floyd County increased by 8 percent between 2000 and 2013. Natural increase (births minus deaths over that span of time) and domestic migration (the difference between the number of people moving into the county versus moving out) were both major contributors to that expansion.

Natural increase showed a net growth of over 2,500 people, while domestic in-migration outpaced out-migration by more than 3,000 people. International migration had a net increase of almost 400, indicating that the county experienced an influx of new people from outside the U.S.

Total population projections

2000

2010

2013

2020

*Estimation residuals are leading to a total change in population that differs from the sum of the components.

Page 8: Floyd County Data Snapshot

8

0-910-1920-2930-3940-4950-5960-6970-79

80+

9 6 3 0 3 6 9

6.2%6.7%

6.2%6.0%

6.8%7.5%

5.3%2.5%

1.3%

6.1%6.7%6.2%6.2%7.1%7.9%5.8%3.1%2.3%

Percent of Total PopulationAg

e Co

hort

0-910-1920-2930-3940-4950-5960-6970-79

80+

9 6 3 0 3 6 9

7.0%7.4%

5.9%7.2%

8.0%5.9%

3.4%2.4%

1.0%

6.9%7.2%6.1%7.8%8.4%6.1%3.8%3.5%2.2%

Percent of Total Population

Age

Coho

rt

Population pyramidsPopulation pyramids are visual representations of the age distribution of the population by gender.

Approximately 51.8 percent of the population was female in 2000 (36,691) and that percent remained about the same in 2013. What did change is the distribution of people across the various age categories. A larger share of people shifted into the higher age groupings over the 2000 to 2013 time period.

Demography

Source: U.S. Census Bureau – 2000 Decennial Census and 2013 Annual Population Estimates

section 02

In particular, people 50 and over swelled from 12.7% to 16.6% for males and from 15.6% to 19.1% for females between 2000 and 2013. Individuals of prime working age (20-49 years old) took a slight dip from 21.1% to 19.0% for males and from 22.3% to 19.5% for females. Also dropping in percentage points were people 19 years old and under.

Male

Female

20132000Male

Female

Page 9: Floyd County Data Snapshot

9

White91%

BlackAsianNativeTwo or More Races

White94%

BlackAsianNativeTwo or More Races

Race

The number of non-White residents in Floyd County increased by 3 percentage points between 2000 and 2013.Every race experienced a numerical increase, with Whites expanding the most. Of the non-White population, Black and Mixed Descent races gained the most people, while the number of Asians nearly doubled. This resulted in the expansion of the population of Other Races from 6 percent to 9 percent of the total population between 2000 and 2013.

Demography

Source: U.S. Census Bureau – 2000 Decennial Census and 2013 Annual Population Estimates

section 02

2000

2013

Page 10: Floyd County Data Snapshot

10

EthnicityHispanics are individuals of any race whose ancestry is from Mexico, Puerto Rico, Cuba, Spain, the Dominican Republic or any other Spanish-speaking Central or South American country.There were 769 Hispanics residing in Floyd County in 2000. This figure expanded to 2,226 by 2013, a 189.5 percent increase. As a result, Hispanics now make up 3 percent of the overall population, a significant increase since 2000.

Demography

Source: U.S. Census Bureau – 2000 Decennial Census and 2013 Annual Population Estimates

section 02

3%

1%

Hispanics - 2000

Hispanics - 2013

Page 11: Floyd County Data Snapshot

11

No High School; 12%

High School;

35%Some Col-lege; 23%

Asso-ciate's Degree;

8%

Bachelor's Degree or More; 23%

No High School;

18%

High School;

33%Some

College; 23%

Asso-ciate's Degree;

6%

Bachelor's Degree or More; 20%

Educational attainment Floyd County achieved a 5

percentage point increase in the number of adults (25 and older)

with an associate’s, bachelor’s or graduate degree

between 2000 to 2013.The proportion of adults 25 years of

age and older with a high school education or more improved from 82

percent in 2000 to 88 percent in 2013.

Residents with less than a high school education fell by 6

percentage points, and those with some college education stayed the

same between 2000 and 2013.

The number of adults with a college degree or more increased from 26

percent in 2000 to 31 percent in 2013. This was due to a 2

percentage point increase in associate’s degrees and a 3

percentage point gain in those with at least a bachelor's degree.

Demography

Source: U.S. Census Bureau – 2000 Decennial Census and 2013 ACS

section 02

2000

2013

Page 12: Floyd County Data Snapshot

12

Takeaways The population of Floyd County is expected to grow over the next few years, and if past trends hold, that increase will be largely due to two key factors: natural increase (more births than deaths) and domestic migration (more people moving into than out of the county). While Floyd County’s population has been growing over the 2000 to 2013 period, it has also been aging. Despite positive growth in its population resulting from domestic migration, the population pyramids show that the proportion of the population in the 20 to 29, 30 to 39 and 40 to 49 age categories, as well as in the under 20 age grouping, has been declining. While the population remains largely white and non-Hispanic, racial and ethnic diversity has been slowly increasing in Floyd County. As such,

finding ways to address the needs of and planning for a diversifying population will be important. The chances are quite strong that the diversity of the county is likely to continue. The educational attainment of adults 25 and over has improved since 2000, but the number of residents with only a high school education continues to be sizable (at 35 percent). Determining if this could be a barrier to economic growth is a topic worthy of examination.

Floyd County may want to explore the mix of services and amenities that will be vital to an expanding population of people in the older age groupings. Exploring ways to retain and attract educated young adults will be important as well.

Demography

section 02

Page 13: Floyd County Data Snapshot

Establishments

Industries

Occupations

Income and poverty

Takeaways

03economy

Page 14: Floyd County Data Snapshot

14

Establishments

Components of Change for EstablishmentsTotal Change (2000-11) 3,004

Natural Change (births minus deaths) 2,867

Net Migration 137

The number of establishments in Floyd County doubled between 2000 and 2011. The rapid growth of establishments in the county was largely due to natural change. As such, 6,258 establishments were launched in the county between 2000 and 2011 while 3,391 closed, resulting in a gain of 2,867 establishments. A handful (137 establishments) were linked to gains from net migration.

Economy

Source: National Establishment Time Series (NETS) – 2012 Database

section 03

An establishment is a physical business

location. Branches, standalones and

headquarters are all considered types of

establishments.

Definition of Company Stages0 12 3

4

Self-employed

2-9 employees

10-99employees

100-499employees

500+employees

Note: The 2011 figures use 2012 data to include all gains and losses over the entire

year. Establishment information was calculated in-house and may differ slightly from publicly available data.

Page 15: Floyd County Data Snapshot

15

Number of establishments by stage/employment category

Economy

Source: National Establishment Time Series (NETS) – 2012 Database

section 03

2000 2011Stage Establishmen

ts Proportion Establishments Proportion

Stage 0 674 24% 1,712 29%

Stage 1 1,590 56% 3,517 60%

Stage 2 525 19% 557 10%

Stage 3 36 1% 44 1%

Stage 4 5 0% 4* 0%

Total 2,830 100% 5,834 100%

Note: The 2011 figures use 2012 data to include all gains and losses over the entire year.

The NETS Database is derived from the Dun & Bradstreet archival national establishment data, a population of known establishments in the United States that is quality controlled and updated annually. Establishments include both private and public sector business units and range in size from one employee (i.e., sole-proprietors and self-employed) to several thousand employees.*While NETS only recognizes four Stage 4 establishments, ReferenceUSA indicates that there may have been as many as eight Stage 4 establishments in 2011

Page 16: Floyd County Data Snapshot

16

Number of jobs by stage/employment category

Economy

Source: National Establishment Time Series (NETS) – 2012 Database

section 03

2000 2011Stage Jobs* Proportion Jobs* Proportion

Stage 0 674 2% 1,712 4%

Stage 1 6,077 20% 10,457 28%

Stage 2 13,438 44% 14,362 38%

Stage 3 6,209 21% 7,322 20%

Stage 4 3,880 13% 3,468 9%

Total 30,278 100% 37,321 100%

Note: The 2011 figures use 2012 data to include all gains and losses over the entire year.* Includes both full-time and part-time jobs

Page 17: Floyd County Data Snapshot

17

Amount of sales (2011 dollars) by stage/employment category

Economy

Source: National Establishment Time Series (NETS) – 2012 Database

section 03

2000 2011Stage Sales Proportion Sales Proportion

Stage 0 $99,044,387 3% $196,211,601 6%

Stage 1 $785,641,848 22% $865,261,573 25%

Stage 2 $1,476,897,385 42% $1,326,218,549 38%

Stage 3 $839,932,423 24% $826,102,909 23%

Stage 4 $343,781,986 10% $308,865,893 9%

Total $3,545,298,029 100% $3,522,660,525 100%

Note: The 2011 figures use 2012 data to include all gains and losses over the entire year.

Page 18: Floyd County Data Snapshot

18

Government16.3%

Manufacturing14.8%

Health Care & Social Assis-

tance11.2%

Retail Trade9.6%

Accommodation & Food Services

7.5%

All Other Indus-tries

40.7%

Top five industries in 201359.3 percent of jobs are tied to one of the top five industries in Floyd County.Government is the largest industry sector (6,308 jobs). Accommodation & Food Services is the smallest of the top industry sectors with 2,884 jobs.Of the top five industries in Floyd County, Accommodation & Food Services (+49.9 percent), Health Care & Social Assistance (+36.7 percent), and Government (+15.6 percent), gained jobs between 2002 and 2013. Conversely, Manufacturing (-9.9 percent) and Retail Trade (-9.3 percent) lost jobs over the same time period.

Economy

Source: Economic Modeling Specialists International (EMSI) – 2014.3 – QCEW Employees, Non-QCEW Employees, Self-Employed, and Extended Proprietors

section 03

Page 19: Floyd County Data Snapshot

19

Industry distribution and changeNAICS Code Description Jobs

2002Jobs 2013

Change (2002-2013)

% Change (2002-2013)

Ave. Earnings 2013

11 Agriculture, Forestry, Fishing & Hunting 318 270 -48 -15% $11,931 21 Mining, Quarrying, & Oil & Gas

Extraction 38 28 -10 -26% $37,754 22 Utilities 140 82 -58 -41% $116,626 23 Construction 2,770 2,404 -366 -13% $47,698 31-33 Manufacturing 6,349 5,720 -629 -10% $58,330 42 Wholesale Trade 762 671 -91 -12% $52,438 44-45 Retail Trade 4,104 3,721 -383 -9% $26,122 48-49 Transportation & Warehousing 550 609 59 11% $43,085 51 Information 353 300 -53 -15% $45,002 52 Finance & Insurance 1,400 1,559 159 11% $77,129 53 Real Estate & Rental & Leasing 1,281 1,684 403 31% $25,798 54 Professional, Scientific & Technical

Services 1,654 1,918 264 16% $45,412

55 Management of Companies and Enterprises 152 193 41 27% $73,623

56 Administrative & Waste Management 1,570 2,404 834 53% $27,373 61 Educational Services (Private) 259 500 241 93% $25,279 62 Health Care & Social Assistance 3,157 4,315 1,158 37% $39,005 71 Arts, Entertainment & Recreation 593 645 52 9% $13,497 72 Accommodation and Food Services 1,924 2,884 960 50% $15,978 81 Other Services (except Public

Administration) 2,172 2,473 301 14% $23,260 90 Government 5,458 6,308 850 16% $52,330 99 Unclassified Industry <10 0 -<10 -100% $0 All Total 35,006 38,686 3,680 11% $41,091

Economy

Source: Economic Modeling Specialists International (EMSI) – 2014.3 – QCEW Employees, Non-QCEW Employees, Self-Employed, and Extended Proprietors

section 03

Page 20: Floyd County Data Snapshot

20

Industry distribution and change

The largest percentage gains in employment in Floyd County occurred in: Educational Services, private

(+93.1 percent) Administrative and Support

and Waste Management and Remediation (+53.1 percent)

The largest percentage losses in employment occurred in: Utilities (-41.4 percent) Mining, Quarrying, and Oil and

Gas Extraction (-26.3 percent)

Economy

Source: Economic Modeling Specialists International (EMSI) – 2014.3 – QCEW Employees, Non-QCEW Employees, Self-Employed, and Extended Proprietors

section 03

Employment Increase

Employment Decrease

Industries with the largest gains and losses in employment numbers between 2002 & 2013:

Health Care & Social

Assistance(+1,158)

Accommodation & Food Services

(+960)

Manufacturing(-629)

Retail Trade(-383)

Construction(-366)

Page 21: Floyd County Data Snapshot

21

Sales & Related 13.7%

Office & Administra-tive Support

11.6%

Production 8.8%

Food Prepara-tion & Serving

Related 8.3%

Healthcare Practitioners &

Technical 6.6%

All Other Occupations

51.0%

Top five occupations in 2013The top five occupations in Floyd County represent 49.0 percent of all jobs.Sales & Related (5,312 jobs) and Office & Administrative Support (4,488 jobs) are the top two occupations in Floyd County. Healthcare Practitioners & Technical occupations is the smallest of the top five occupations with 2,540 jobs.All five top occupations in Floyd County, except Production (-11.9 percent), had an increase in jobs between 2002 and 2013. However, Healthcare Practitioners & Technical occupations gained the most (+42.6 percent), followed by Food Preparation & Serving Related (+41.1 percent) occupations.

Economy

Source: Economic Modeling Specialists International (EMSI) – 2014.3 – QCEW Employees, Non-QCEW Employees, Self-Employed, and Extended Proprietors

section 03

Page 22: Floyd County Data Snapshot

22

SOC Description Jobs

2002Jobs 2013

Change (2002-2013)

% Change (2002-2013)

Hourly Earnings

201311 Management 2,013 2,192 179 9% $32.11 13 Business & Financial Operations 1,376 1,500 124 9% $30.31 15 Computer & Mathematical 442 481 39 9% $31.55 17 Architecture & Engineering 465 456 -9 -2% $34.72 19 Life, Physical & Social Science 154 194 40 26% $29.80 21 Community & Social Service 427 408 -19 -4% $21.99 23 Legal 212 207 -5 -2% $33.38 25 Education, Training & Library 2,028 2,278 250 12% $26.39 27 Arts, Design, Entertainment, Sports &

Media 1,036 1,149 113 11% $15.62 29 Health Care Practitioners & Technical 1,781 2,540 759 43% $32.50 31 Health Care Support 1,002 1,464 462 46% $12.75 33 Protective Service 468 558 90 19% $20.11 35 Food Preparation & Serving Related 2,278 3,214 936 41% $9.87 37 Building & Grounds Cleaning

Maintenance 1,134 1,384 250 22% $11.22 39 Personal Care & Service 1,309 1,822 513 39% $10.24 41 Sales & Related 4,756 5,312 556 12% $15.90 43 Office & Administrative Support 4,368 4,488 120 3% $16.58 45 Farming, Fishing & Forestry 52 36 -16 -31% $11.51 47 Construction & Extraction 2,254 2,036 -218 -10% $19.68 49 Installation, Maintenance & Repair 1,220 1,194 -26 -2% $21.07 51 Production 3,866 3,405 -461 -12% $18.36 53 Transportation & Material Moving 1,941 1,902 -39 -2% $16.66 55 Military 236 243 7 3% $19.10 99 Unclassified 186 221 35 19% $11.64 All Total 35,006 38,686 3,680 11% $19.41

Occupation distribution and change

Economy

Source: Economic Modeling Specialists International (EMSI) – 2014.3 – QCEW Employees, Non-QCEW Employees, Self-Employed, and Extended Proprietors

section 03

Page 23: Floyd County Data Snapshot

23

Occupation distribution and change

Economy

Source: Economic Modeling Specialists International (EMSI) – 2014.3 – QCEW Employees, Non-QCEW Employees, Self-Employed, and Extended Proprietors

section 03

The largest percentage gains in employment in Floyd County occurred in: Healthcare Support (+46.1

percent) Healthcare Practitioners &

Technical (+42.6 percent) Food Preparation and Serving

Related (+41.1 percent)

The largest percentage losses in employment occurred in: Farming, Fishing, and Forestry

(-30.8 percent) Production (-11.9 percent)

Occupations with the largest gains and losses in employment numbers between 2002 & 2013:

Food Preparation & Serving Related(+936)

Healthcare Practitioners

(+759)

Production(-461)

Construction(-218)

Employment Increase

Employment Decrease

Page 24: Floyd County Data Snapshot

24

Income and poverty

2000 2006 2013

Total Population in Poverty 8.0% 10.4% 13.1%

Minors (up to age 17) in Poverty 11.2% 14.9% 17.7%

Real Median Income (2013) $58,671 $57,938 $55,844

The median income in Floyd County dipped by $2,800 between 2000 and 2013 in real dollars (that is, adjusted for inflation).Both the percent of the total population in poverty and the proportion of minors in poverty were approximately 1.6 times higher in 2013 than they were in 2000.

Economy

Source: U.S. Census Bureau – Small Area Income and Poverty Estimates (SAIPE)

section 03

Page 25: Floyd County Data Snapshot

25

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

50,000

52,000

54,000

56,000

58,000

60,000

0

5

10

15

20

25

Real

Med

ian

Inco

me

(201

3 do

llars

)

Popu

latio

n in

Pov

erty

(per

cent

)

Median In-come

Minors in Poverty

All Ages in Poverty

Income and povertyMedian income in Floyd County has experienced significant fluctuation over time, generally decreasing since 2000 and increasing since 2010. Poverty rates have stabilized over the past three years, although the rates remain high relative to the early 2000s.

Economy

Source: U.S. Census Bureau – Small Area Income and Poverty Estimates (SAIPE)

section 03

Page 26: Floyd County Data Snapshot

26

Takeaways Growth in the number of establishments in Floyd County occurred in all business stages, with the exception of those employing 500 people or more (Stage 4 establishments). Yet, the most substantial numeric growth occurred among establishments with fewer than 10 employees (the Stage 0 and Stage 1 enterprises). These components of the local economy are often overlooked but deserve closer attention by local leaders. In light of the rapid growth of small-sized establishments (those under 10 employees) and people who are self-employed, policies and programs that help strengthen the survival of these businesses may make sense. Of course, focusing on high-growth Stage 2 firms may be worthy of consideration as well in light of the

number of people they employ and the sizable sales they capture. Healthcare and Food industries are employment growth areas for Floyd County, while Construction, Utilities, and Manufacturing represent industries and occupations that have suffered job losses.The falling median income since 2000 could be attributed to a variety of factors. One could be the significant decline in jobs tied to industries (such as Manufacturing) that provided higher annual earnings wages on average than is the case for some industries that appear to be adding the greatest number of new jobs (such as Accommodation and Food Services or Administrative and Waste Management). Because real median income has decreased and poverty has jumped by 60 percent in Floyd County since 2000, services targeted to poverty-stricken individuals and households should be considered. This is especially an issue for the expanding number of children in poverty.

Economy

section 03* Includes both full-time and part-time jobs

Page 27: Floyd County Data Snapshot

Labor force and unemployment

Commuteshed

Laborshed

Takeaways

04labormarket

Page 28: Floyd County Data Snapshot

28

Labor force and unemployment

2002 2013

Labor Force 37,597 37,449

Unemployment Rate 4.8% 6.9%

The labor force in Floyd County stayed the same between 2002 and 2013. The concurrent increase in the unemployment rate is likely due to a rise in the number of individuals who are either officially unemployed or who have given up looking for a job.

Labor market

Source: U.S. Bureau of Labor Statistics – Local Area Unemployment Statistics

section 04

Page 29: Floyd County Data Snapshot

29

20002001

20022003

20042005

20062007

20082009

20102011

20122013

0.0

2.0

4.0

6.0

8.0

10.0

3.3%

5.1%

4.2%

8.7%

6.9%

Unem

ploy

men

t Rat

e (p

erce

nt)

Unemployment rateUnemployment increased dramatically after 2007, peaking at 8.7 percent in 2010. Since that time, the rate has been on a slow but steady decline, dipping to 6.9 percent by 2013.

Labor market

Source: U.S. Bureau of Labor Statistics – Local Area Unemployment Statistics

section 04

Page 30: Floyd County Data Snapshot

30

CommuteshedA county’s commuteshed is the geographic area to which its resident labor force travels to work.Sixty-nine percent of employed residents in Floyd County commute to jobs located outside of the county. Jefferson County, Kentucky, part of the Louisville metropolitan area, is the biggest destination for residents who work outside of Floyd County.Fifty-six percent of out-commuters work in counties adjacent to Floyd County. However, the third largest work destination outside Floyd County is the Indianapolis metropolitan area (Marion County), while the fifth largest is the Bloomington metropolitan area (Monroe County).

Labor market

Source: U.S. Census Bureau – Longitudinal Employer-Household Dynamics (LEHD)

section 04

23,887

Out-Commuters

10,608

Same Work/Home

Commuters ProportionJefferson, KY 11,818 34.3%Clark, IN 6,258 18.1%Marion, IN 1,059 3.1%Harrison, IN 953 2.8%Monroe, IN 321 0.9%

Page 31: Floyd County Data Snapshot

31

Commuteshed in 2011Labor market

section 04 Source: U.S. Census Bureau, OTM, LEHD, PCRD

Seventy-five percent of Floyd County’s working residents are employed either in Floyd County, Indiana or Jefferson County, Kentucky. Another 10 percent commute to Clark County. An additional 5 percent travel to jobs in Harrison, Marion or Monroe Counties.

Collectively, these six counties represent 90 percent of the commuteshed for Floyd County.

Note: Because Jefferson, Floyd, and Clark counties are work destinations for large proportions of the labor force living in Floyd County, there are no counties in the 80% commuteshed region. The classification is included for consistency

Page 32: Floyd County Data Snapshot

32

Laborshed

Commuters ProportionClark, IN 5,925 20.3%Jefferson, KY 2,907 10.0%Harrison, IN 2,525 8.6%Washington, IN 1,190 4.1%

Marion, IN 550 1.9%

Labor market

Source: U.S. Census Bureau – Longitudinal Employer-Household Dynamics (LEHD)

section 04

18,596

In-Commuters

10,608

Same Work/Home

A county’s laborshed is the geographic area from which it draws employees.Sixty-four percent of individuals working in Floyd County commute from another county.Forty-three percent of in-commuters reside in counties adjacent to Floyd County. Clark County, Indiana, is the biggest source of laborers outside of Floyd County; however, the Indianapolis metropolitan area (Marion County) is the fifth largest source.

Page 33: Floyd County Data Snapshot

33

Laborshed in 2011Labor market

section 04 Source: U.S. Census Bureau, OTM, LEHD, PCRD

The bulk (75 percent) of Floyd County’s workforce is drawn from Floyd, Harrison

and Clark Counties in Indiana or Jefferson County, Kentucky.

Another 5 percent is drawn from Washington County,

Indiana. An additional 5 percent comes from

Crawford, Marion and Scott Counties in Indiana and

Bullitt County in Kentucky.

Combined, the nine counties represent 85 percent of Floyd

County’s laborshed.Note: Because there are 10 counties in the 90% Laborshed Region, they are excluded from the map for readability purposes.

Page 34: Floyd County Data Snapshot

34

Takeaways Floyd County’s unemployment rate experienced steady increases after 2002, peaking at 8.7 percent in 2010. The majority of the increase occurred during the period of the Great Recession (approximately 2008 to 2010). The good news is that the rate has been on a steady decline since 2010. Despite population increases, the size of the county’s labor force has remained the same since 2002. This may be the result of the fact that more people in the county are reaching retirement and, thus, opting to leave the workforce. Other possible factors include a rise in the number of workers unable to find work, or an uptick in the number of people who have given up looking for a job. Floyd County exports a sizable proportion of their labor force to surrounding counties, especially to

the larger metropolitan area of Louisville/Jefferson County, Kentucky. Specifically, nearly 24,000 residents of Floyd County commute to jobs located elsewhere. It may be worthwhile for Floyd County leaders to assess the human capital attributes of workers who commute to jobs outside the county. If it is losing highly skilled and well-educated workers to Louisville or other places outside Floyd County, finding ways to reduce the leakage of these talented workers may be a strategy worth pursuing. Another strategy may be to join forces with surrounding counties to work in a cohesive way on a regional blueprint.

In light of the laborshed and commuteshed data highlighted in this report, there may be value in pursuing economic and workforce development efforts on a regional (multi-county) basis.

Labor market

section 04

Page 35: Floyd County Data Snapshot

35

.

Report ContributorsThis report was prepared by the Purdue Center for Regional Development in partnership with Purdue University Extension.

Data AnalysisIndraneel Kumar, Ph.D.Ayoung Kim

Report AuthorsElizabeth DobisBo Beaulieu, Ph.D.

Report DesignTyler Wright

It is the policy of the Purdue University Cooperative Extension Service that all persons have equal opportunity and access to its educational programs, services, activities, and facilities without regard to race, religion, color, sex, age, national origin or ancestry, marital status, parental status, sexual orientation, disability or status as a veteran. Purdue University is an Affirmative Action institution. This material may be available in alternative formats.

Page 36: Floyd County Data Snapshot

FOR MORE INFORMATION

Purdue Center for Regional Development (PCRD) . . .seeks to pioneer new ideas and strategies that contribute to regional collaboration, innovation and prosperity.

Purdue Extension Community Development (CD) . . . works to strengthen the capacity of local leaders, residents and organizations to work together to develop and sustain strong, vibrant communities.

Please contact

Gina AndersonCounty Extension Community Development [email protected]

OR