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GENERATION DYNAMICS One issue facing employers is retirement risk, which is the loss of employees, as well as possibly the loss of valuable experience and company knowledge. In general, companies that have a long, stable history are now facing retirement of up to a quarter of their employees in the next few years. One measure of the risk of retirement turnover is understanding the relative percentages of millennials and baby boomers in the labor force—the two largest generations living in the United States today. The number of millennials (ages 19-35 in 2016) flocking to the region, particularly into Clarksville, is astounding. For a city of its size, the number of millennials residing in Clarksville is significantly above the national average—29% of the total population. The median age in Clarksville is 29 and 30 in Montgomery County, compared to 38 in Tennessee and the nation. The share of millennials in the 10-county region is also significant, at 23%. However, sans Montgomery County, that share drops to 20% of the total population. The share of baby boomers (ages 52-70) are much lower—15% in Clarksville and Montgomery County and 19% in the 10-county region. Both generations have been on the rise in this region over the past decade while prime-age wage earners (those 25-54 years) have been on the decline. The figures and table below show how each region compares to the national average of an area of its size and summarizes the breakdown of the generational trends around the region. FIGURE 2: Millennials: A Comparison to the National Average for an Area of its Size USA USA USA LO 43,500 Clarksville HI LO 55,100 Montgomery County HI LO 118,000 10-county HI FIGURE 3: Generation Breakdown as a Share of Total Population, 2016 Millennials Baby Boomers Prime-age wage earners 87+86+82+83 44+43+42+43 29+28+23+21 Clarksville Montgomery County 10-county U.S. 0% Source: Emsi Dataset 2017.3 10% 29% 28% 23% 21% 20% 30% 15% 15% 19% 22% 40% 50% 60% 70% 43% 43% 40% 40% 80% 90% 100% 10 COMPREHENSIVE LABOR ANALYSIS: CLARKSVILLE-MONTGOMERY COUNTY
TABLE 2: Generation Breakdown, 10-county Region (2006-2016) 10-COUNTY REGION POPULATION COMPOUND ANNUAL POPULATION GROWTH / PERCENTAGE POINT DIFFERENCE 2006 2011 2016 2006-2011 2011-2016 Millennials 97,257 107,926 117,840 2.1% 1.8% Baby Boomers 69,806 86,326 96,251 4.3% 2.2% Prime-age wage earners 188,448 198,620 202,771 1.1% 0.4% Millennials 22% 22% 23% 0.5% 0.9% Baby Boomers 16% 18% 19% 2.2% 1.2% Prime-age wage earners 42% 41% 40% -1.1% -1.1% Source: Emsi Dataset 2017.3 DIVERSITY Diversity in the workforce can be a driving factor in helping businesses appeal to larger markets and customer preferences. The variety of backgrounds and experiences that can be found in diverse employee groups often brings more creativity into the workplace. Many local economies have economic development efforts that seek to attract a diverse population base to increase local entrepreneurship and grow local creative endeavors, such as in the arts. FIGURE 4: Racial Diversity: A Comparison to the National Average for an Area of its Size USA USA USA LO 66,982 Clarksville HI LO 69,009 Montgomery County HI LO 119,630 10-county HI Racial diversity is about average in Clarksville and Montgomery County, for areas of their size, but it is below average for the 10-county region. As shown in Table 3, on the next page, only approximately 24% of citizens in the 10-county region identify themselves as ethnic or racial minorities, compared to 37% in Clarksville and 36% in Montgomery County. Demographic Profile 11
Page 1 and 2: COMPREHENSIVE LABOR ANALYSIS Clarks
Page 3 and 4: 61 INDUSTRY CLUSTER AND SUPPLY CHAI
Page 5 and 6: INTRODUCTION Over the past five yea
Page 7 and 8: DEMOGRAPHIC PROFILE The City of Cla
Page 9: The map below illustrates total mig
Page 13 and 14: INCOME Income is generally used as
Page 15 and 16: POVERTY Poverty rates are one measu
Page 17 and 18: STAKEHOLDER THEMES In August and Se
Page 19 and 20: Below are the labor force figures p
Page 21 and 22: FIGURE 11: Labor Force Participatio
Page 23 and 24: COMMUTING PATTERNS Commuting patter
Page 25 and 26: TABLE 6: Where Residents from Montg
Page 27 and 28: sector. Figure 16 above shows resid
Page 29 and 30: public transportation, broadband av
Page 31 and 32: TABLE 7: Job Performance 2011 2016
Page 33 and 34: FIGURE 19: Montgomery County Indust
Page 35 and 36: TABLE 8: Number of Payrolled Busine
Page 37 and 38: TABLE 9: Occupation Groups with Mos
Page 39 and 40: REAL-TIME DATA KEY HIGHLIGHTS Suppl
Page 41 and 42: COMPENSATION KEY HIGHLIGHTS • Ave
Page 43 and 44: STAKEHOLDER THEMES • 50% of respo
Page 45 and 46: The May 2017 Soldier For Life Surve
Page 47 and 48: TABLE 12: MOC to SOC Crosswalk for
Page 49 and 50: MOC SOC CODE SOC TITLE JOBS ANNUAL
Page 51 and 52: MOC SOC CODE SOC TITLE JOBS ANNUAL
Page 53 and 54: • Military spouses most likely ma
Page 55 and 56: FIGURE 27: Higher Education Institu
Page 57 and 58: MEETING THE NEEDS OF INDUSTRY Some
Page 59 and 60: SOC CODE SOC DESCRIPTION 2016 JOBS
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INDUSTRY CLUSTER AND SUPPLY CHAIN A
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INDUSTRY CLUSTERS Industry clusters
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SUPPLY CHAIN ANALYSIS Supply chain
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TABLE 18: Purchases of Services by
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PEER REGION ANALYSIS Clarksville is
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TABLE 20: Duo Peer Regions, MSAs, M
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TABLE 22: Individual Peer Regions,
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RECOMMENDATIONS INCREASE COMMUNICAT
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• Encourage engineering internshi
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• Numerous golf courses in the ar
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economic development professionals
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APPENDIX II: INVESTMENT IN CLARKSVI
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2) Is your firm in one of the follo
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• Friendly people • Good Locati
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• Seems like a good effort to rec
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• some bad areas of congestion
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MOC SOC CODE SOC TITLE JOBS Infantr
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MOC SOC CODE SOC TITLE JOBS Logisti
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MOC SOC CODE SOC TITLE JOBS Field A
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MOC SOC CODE SOC TITLE JOBS Medical
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MOC SOC CODE SOC TITLE JOBS Supply
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MOC SOC CODE SOC TITLE JOBS Signal/
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MOC SOC CODE SOC TITLE JOBS Militar
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MOC SOC CODE SOC TITLE JOBS Electro
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MOC SOC CODE SOC TITLE JOBS Armor I
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MOC SOC CODE SOC TITLE JOBS Intelli
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