#000

This measure from the Census Bureau estimates the annual number of applications for an Employer Identification Number (EIN).  It is important to note that actual business formation, as well as longevity, are not tracked.    The number and rate of new business applications is one way to measure a region's entrepreneurialism. 

Business Applications and Annual Percent Change

The region's exports of goods rose by 11% in 2023 and returned to 2017 levels at $47 Billion (but not in inflation-adjusted terms).   While this growth is encouraging, the long-term trend has been one of decline.   This may be due to our region attracting companies from other regions or countries, either through direct investment or through mergers and acquisitions.

Exports of Goods and Annual Percent Change

Gross Domestic Product (GDP) indicates how much a county’s economy is expanding or contracting by measuring the value of goods and services produced.   It is measured in real (or inflation-adjusted) terms.   Real GDP serves as the most comprehensive measure of economic growth. This chart is broken into select industry sectors for more detailed analysis.  Real GDP serves as the most comprehensive measure of economic growth.

Real GDP by Industry Sector

Some data are suppressed.   Years with suppressed data show as "0".   The sum of the suppressed data are rolled into the "All Other Sectors" category.

This chart measures number of jobs paid through a wage or a salary, either part-time or full-time, based on workplace.    These employees are counted through state unemployment insurance or federal unemployment compensation programs.   Covered employees include those receiving pay on the 12th day of each month, including employees on paid sick leave, paid holiday, and paid vacation.   This chart breaks down employment by industry sector.    Changes in the number of jobs by industry indicate whether certain sectors are growing/shrinking and if our economy is becoming increasingly diversified.

Wage & Salary Jobs by Industry

Some data are suppressed.   Years with suppressed data show as "0".   The sum of the suppressed data are rolled into the "Unclassified or Suppressed Employment" category.

The location quotient (LQ) measures a region's industrial specialization relative to a larger geography (in this case, the nation).   In this chart, the LQ is calculated as a region's share of jobs divided by the nation's share of jobs for each industry. A value greater than 1 means the region is more concentrated in this sector than the nation; whereas, a value less than 1 means the region is less concentrated than the nation.  Location quotient can reveal what makes a particular region unique in comparison to the nation; where more highly-concentrated industries tend to export their goods or services to other regions, forming the base of economic growth.  Note that the default settings show industries that are either more export-oriented or have a significant role in our region's economy (like Private Education and Healthcare).   Less significant industries are hidden by default but can be turned on by clicking on the industry name in the legend.

Location Quotient by Industry

Some counties have suppressed data, so there is a break in the time series.

This chart measures number of jobs paid through a wage or a salary, either part-time or full-time, based on workplace.   These employees are counted through state unemployment insurance or federal unemployment compensation programs.   Covered employees include those receiving pay on the 12th day of each month, including employees on paid sick leave, paid holiday, and paid vacation.   Increase in the number of jobs is an indicator of growth in both existing and new businesses. More jobs provide greater opportunities for employment, which is the foundation of a region's economy.

Total Wage & Salary Jobs and Annual Percent Change

Gross Domestic Product (GDP) indicates how much a county’s economy is expanding or contracting by measuring the value of goods and services produced.   It is measured in real (or inflation-adjusted) terms.   Real GDP serves as the most comprehensive measure of economic growth.