9 months ago

Clarksville- Main File


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

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