An insightful and fact-filled story appeared in the Washington Post this Friday. The incredible shrinking labor force, by Brad Plumer is a must read for those scratching their heads about jobs numbers, unemployment figures and political statements on both sides of the aisle.
A few facts from the article include:
– The labor force participation rate is at a 30-year low (63.6%)
– It has been declining for a decade and is predicted to continue to drop because of demographic and economic issues
– There are 3.7 job seekers for every opening (and at the same time seemingly no applicants at all for some mission critical positions in manufacturing, information technology, etc.)
– Of the people that have discontinued their search for work, 65% do not want to return to the traditional workplace, 35% very much do want to return to the workplace
– 41% of those out of work have been out of work for more than 27 weeks
Memo to the public/private leaders – economic development matters. These are fascinating and challenging times for the Columbus Region, the State of Ohio, our country and the world. Honest dialogue about these challenges and how to meet them requires your attention, engagement and talents. We appreciate everything you continue to do for our team.
One Columbus Update
Congratulations to Quantum Health and their employees for their continued growth, announcing 525 jobs in Columbus last Monday. Kudos to the State of Ohio, Franklin County and the City of Columbus for their hard work to assist with this project.
Our team attendedthe Offshore Technology Conference last week in Houston. The oil and gas industry is white hot around various parts of the world and much of that spotlight is on Ohio. Our team is extremely excited about the meetings held in Houston with companies considering investing in Ohio (jobs and capital investment).
Our team is off to the Northeastern United States this week to meet with more than a dozen growing businesses considering expansions. We welcome the Brookings Institute’s Global Cities initiative to Columbus May 8th and 9th. This great initiative sponsored by JP Morgan Chase, will bring leaders including JP Morgan Chase’s CEO Jamie Dimon and the German Ambassador to the United States to our region.
Let’s have a great week.
-Kenny McDonald