Your Local Economy with LED
Primary factors in business location decisions are the cost and quality of available labor. In a recent survey of corporate leaders by Area Development Magazine, 96% ranked labor cost and 89% ranked labor availability as very important factors in their location decisions. Employers need to know that their wages are locally competitive within their industry to retain quality workers and reduce turnover. Local Employment Dynamics (LED) allows you to access a wide array of this information on-line, and examine a county economy by gender, age, industry or how much workers earn.
Policy makers, economic developers and workforce planners can compare counties across Missouri or across the other 39 LED partner states, giving you that important edge in capturing new business and quality jobs.
LED provides eight Quarterly Workforce Indicators (QWI) on-line, including job creation, worker turnover, employment and wages, that can be explored by state, county, metro or workforce investment area quarterly. Get the data on the MERIC website.
LED is a powerful tool for analysis. For instance, MERIC used Missouri's chemical industry to formulate a method allowing Quarterly Workforce Indicators to suggest industrial sectors where transitional training might be most needed and effective. When applied, this method can help business managers slow an apparent decline in business or market share, or help transition individuals from industrial sectors with declining employment requirements into sectors where their current skills could be employed with minimal additional training. Another goal of this method is to proactively reduce individuals' time spent on unemployment insurance and thereby the state's liability in that area.
This report is currently featured on the U.S. Census Bureau website at http://lehd.dsd.census.gov/led/library/misc/Missouri_use_of_LEHD.pdf.
You can look forward to future Missouri Focus articles on new LED features and the latest information as it becomes available.