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Clarksville- Main File


INDIVIDUAL PEER REGIONS The other portion of this report focused on population, GRP, and manufacturing industries for cities to be compared solely with Clarksville. Clarksville was benchmarked against all other cities in the U.S., using the previously mentioned parameters and the following algorithm. Let x = desired economic unit of comparison and y = the Clarksville equivalent of that economic unit of comparison and z = the solution. Where (x/y) – 1 = z, 1 – (ABS (z)) = i, where i = an index between 0.00 and 1.00, where 1.00 is the best possible outcome and 0.00 is the worst. These formulas were tailored to place all the weight of comparison on Clarksville. The nearer the solution to 1.00, the more similar a region is to Clarksville. Per these requirements, and the individual industry specifications of Clarksville, 5 peer regions were found. Table 21 is set up much like Table 19, as it compares all industries within all the peer regions with those in Clarksville. Likewise, Table 22 is set up in the same fashion as Table 20, as it shows data for the manufacturing industries when comparing peer regions to each other. TABLE 21: Individual Peer Regions, Cities, All Industries CLARKSVILLE, TN-KY ELKHART- GOSHEN, IN PEORIA, IL KALAMAZOO- PORTAGE, MI HUNTSVILLE, AL ROCHESTER, MN REGIONAL OVERVIEW Population (2016) Population Change % Total Industry Jobs (2016) Total Industry Jobs Change % Bachelor’s Degree or Higher % Current Avg. Earnings 282,353 203,784 376,250 336,865 449,721 215,887 7% 3% (1%) 3% 6% 4% 124,880 135,275 182,469 152,106 234,447 124,433 2% 21% (4%) 7% 7% 7% 13.4% 11.5% 18.2% 20.0% 24.4% 24.1% $49,431 $54,466 $60,722 $56,469 $65,392 $62,030 COL Index 94.8 94.8 101.5 94.6 100.2 103.8 COL Adjusted Current Avg. Earnings $52,033 $57,333 $59,532 $59,441 $65,392 $59,644 GRP (billions) $12.72 $12.74 $19.59 $15.42 $24.44 $11.76 Source: Emsi 72 COMPREHENSIVE LABOR ANALYSIS: CLARKSVILLE-MONTGOMERY COUNTY

TABLE 22: Individual Peer Regions, Cities, Manufacturing Industries CLARKSVILLE ALONE MANUFACTURING JOBS GRP MFG AS % OF ECONOMY Clarksville 10,841 $1,408,033,810.40 11.07% Elkhart-Goshen, IN 63,183 $6,272,356,016.12 49.22% Peoria, IL 22,717 $5,181,716,439.76 26.45% Kalamazoo-Portage, MI 21,307 $3,660,257,877.54 23.74% Huntsville, AL 24,321 $3,376,249,633.34 13.82% Rochester, MN 10,772 $1,400,394,289.85 11.91% Source: Emsi Elkhart-Goshen, IN This region has a substantially larger manufacturing industry than Clarksville, as manufacturing makes up almost 50% of the regions total GRP. However, Elkhart-Goshen has the smallest number of graduates with a bachelor’s degree or higher at 11.5%. Clarksville is ranked second to last in this category with only 13.4% of the population having attained a bachelor’s degree or higher. Elkhart, in fact, was chosen as a peer region to identify factors Clarksville may want to move away from. Despite Elkhart-Goshen having a strong manufacturing sector, the educational attainment that Clarksville should look to attain will be more in line with Huntsville at 24.4% and Rochester 24.1%. Peoria, IL As with Elkhart-Goshen, Peoria has a larger manufacturing sector than Clarksville, however, unlike Elkhart-Goshen (and Clarksville), the percent of the population with a bachelor’s degree is much higher at 18.2%. The average wage is another significant difference, being $60,722 in Peoria and only $49,431 in Clarksville. That being said, the COL index for Peoria is 101.5, which is much higher than Clarksville 94.8. The COL index is an element Clarksville can use to differentiate itself from its peer regions when attracting both business and talent. This also puts the wage difference on a more level field. Meaning, despite Peoria having higher wages, Clarksville wages have more purchasing power. Kalamazoo-Portage, MI Despite being much larger than Clarksville in populations, jobs, and GRP, Kalamazoo-Portage has a COL index of 94.6 which is almost identical to that of Clarksville at 94.8, and is the lowest of all the peer regions. Kalamazoo-Portage also has a higher average wage ($56,469) and the third highest percent of the population with a bachelor’s degree or higher (20%) of all the peer regions. Kalamazoo Promise started approximately a decade before Tennessee Promise. This program possibly provides Clarksville an opportunity to catch up with its peers. Kalamazoo-Portage manufacturing industries grew at 0.8% between 2016 and 2017. The region’s manufacturing industries account for 23.74% of the total GRP and account for over 24,000 jobs, signaling a strong manufacturing sector. Peer Region Analysis 73

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