The Tri-State Development Regional Report

news & updates

NOVEMBER 2024 | Issue 24

Upcoming Events

NOVEMBER

20: 1 Million Cups, 9:00am

Homebank Community Room (downstairs), 3817 McMasters Avenue, Suite D, Hannibal, Missouri 63401

22: AI in the Heartland: Empowering Rural Businesses and Non-Profits Workshop. Culver-Stockton College, 9:00am - 12:00pm. Register here. There is no cost to attend the workshop thanks to our generous Tri-State Development sponsors.

27: 1 Million Cups, 9:00am

Quincy Public Library, 526 Jersey St., Quincy, Illinois 62301

28: Happy Thanksgiving!

Culver-Stockton College and Tri-State Development will be closed Nov. 28-29th for the holiday.

DECEMBER

4: 1 Million Cups, 9:00am

Homebank Community Room (downstairs), 3817 McMasters Avenue, Suite D, Hannibal, Missouri 63401

11: 1 Million Cups, 9:00am

Quincy Public Library, 526 Jersey St., Quincy, Illinois 62301

18: 1 Million Cups, 9:00am

Homebank Community Room (downstairs), 3817 McMasters Avenue, Suite D, Hannibal, Missouri 63401

25: MERRY CHRISTMAS!

Culver-Stockton College and Tri-State Development will be closed for the holiday. We look forward to seeing you when we return to the office on January 2nd.

What Employment Trends Tell Us About the Tri-State Region

In assessing a region’s economic health, taking a look at data on employment trends, earnings, and job creation and loss can be very helpful. This data provides insight into how local industries are performing, which sectors are growing or shrinking, and where interventions may be needed to stabilize or boost the economy. By tracking increases or decreases in these areas, communities and regions can make data-informed decisions that directly impact economic goals.

When we see job creation trends moving upward, it often signals growth in the economy, especially if accompanied by rising earnings. This type of growth can mean businesses are thriving, attracting new residents, or encouraging young talent to stay. On the other hand, job losses and declining earnings may indicate economic decline, with challenges that could lead to population loss or a reduced quality of life.

By taking a deep dive into this data, decision-makers can better allocate resources, design effective workforce programs, and plan infrastructure investments. For example, if data shows growth in high-paying tech jobs but local unemployment remains high, launching job training initiatives focused on tech skills can help close the gap. If a community sees steady growth in a particular sector, like manufacturing, offering tax breaks or other incentives could encourage new business entries and expansions. If a region depends heavily on one industry and employment in that sector is shrinking, diversification efforts may become a top priority. Identifying emerging sectors where job opportunities are increasing and investing in support for those industries can create a more resilient local economy.

Understanding employment data allows the communities in our region to craft strategic responses to economic trends, which is critical in a time when our region is competing for talent and business. So let’s get to it!

Tri-State Regional EMPLOYMENT Trends

DATA INSIGHTS

In 2023, our 42-county region saw a net gain of 320 jobs, reflecting positive growth across the area.

As anticipated, 2020 saw a substantial drop in jobs as a result of the COVID-19 pandemic's impact. By 2023, our Illinois counties had rebounded from the job losses in 2020, and our Missouri counties came very close.

In 2023 across our 3 states, the sector with the largest increase in jobs by far was the Healthcare and Social Assistance sector. In Missouri and Illinois, healthcare was followed by the Accommodation and Food Services sector. In Iowa, Construction was the sector coming in second for jobs added.

The sectors experiencing the most significant number of jobs lost in 2023 were Administrative and Support Services and Waste Management in both Illinois and Iowa, and Manufacturing in Missouri.

If we dig a little deeper into the Manufacturing job loss in Missouri in 2023, the manufacturing subsectors accounting for a significant part of the decline included animal processing and fabricated metal product manufacturing.

In our region, the counties that added the most jobs in 2023 include Knox County (IL), Des Moines County (IA), and Marion County (MO).

Average monthly earnings from Q4 2022 to Q4 2023 showed a nice, steady increase across the region, with some exceptions. This indicates overall regional economic growth. We’ll closely monitor how our average monthly earnings and net job gains or losses are reflected in the 2025 quarterly data once the new minimum wage levels take effect.

Analyzing Q4 2023 job changes by the top sectors for the tri-state region shows a net gain in education, healthcare, manufacturing, and retail, while agriculture shows a decline of 325 jobs in the tri-state region, reinforcing the results of the 2022 Ag Census that was released earlier this year.

Interested in viewing more data like this?

The Quarterly Workforce Indicators (QWI) Explorer is an invaluable tool for those interested in understanding the dynamics of the workforce within our region. Through its interactive and user-friendly interface, QWI Explorer provides access to detailed data on employment, earnings, and job creation across various industries and demographics. This data, updated quarterly, allows for a timely and precise look at workforce trends, which is essential for data-driven decision-making in economic development.

With this tool, you can dive into key indicators such as employment fluctuations over time, average earnings across sectors, and job flow. The tool also allows users to view data by age, gender, education level, race, and ethnicity.

Click here for the QWI Explorer Tool

Where Ideas Percolate: Share, Sip, and Learn

1 Million Cups!

COMING UP NEXT:

Nov. 20: Hannibal: 9:00am

Homebank Community Room (downstairs), 3817 McMasters Avenue, Suite D

Nov. 27: Quincy: 9:00am

Quincy Public Library, 526 Jersey St.

Why Get Involved?

1MC isn’t just about startups—it’s about creating a vibrant ecosystem where business leaders, economic development professionals, business professionals, financial advisors, and seasoned entrepreneurs can share their expertise to help early-stage businesses thrive.

Who Should Come?

YOU! The weekly 1MC meetings are open to everyone in the Tri-State region. Because this is a regional initiative, we encourage participation from each of our 42 counties across Illinois, Iowa, and Missouri!

Are you an entrepreneur with either a business idea brewing, or a need to percolate some problem-solving strategies with a supportive community?

We’re looking for entrepreneurs who want to present their ventures at a 1 Million Cups meeting—let your business caffeinate the conversation!"

Our 1MC Presenters Have Been Outstanding! Don't Miss Next Week!

Visit our Website

Present Your Business

Meeting Dates

Would you like to receive weekly meeting reminders or be alerted if a meeting status changes?

Use this quick QR code to provide your information. We look forward to keeping you updated!

INTERESTING READING

Job Market Trends for 2025: Emerging Skills, Industries, and Opportunities

Published: Nov 03, 2024 By Patrick Joseph, Washington Post

The article "Job Market Trends for 2025: Emerging Skills, Industries, and Opportunities" discusses the anticipated slowdown in U.S. job growth, projecting monthly increases to decline to 100,000 by early 2025 and 50,000 by year's end, largely due to the retirement of baby boomers. Despite this deceleration, it highlights optimism in sectors like data analytics, climate change technology, and cybersecurity, which are expected to drive employment growth as companies adopt advancements in big data, cloud computing, and artificial intelligence.

HINT: The remote and hybrid work trend continues to hold its appeal for employees.

LINK TO THE ARTICLE

WORKSHOP OPPORTUNITY

AI in the Heartland: Empowering Rural Businesses and Non-Profits

Andrew Skattebo

Discover how AI can transform your business or non-profit in our hands-on workshop. Think of AI as a business coach with a team of assistants helping you reach your goals. Get practical demos on using AI to attract top talent, enhance customer service, streamline content creation, improve training, and more. Learn what’s working now, where AI falls short, and how to 'hire' AI to boost productivity. Walk away with actionable ideas and a plan to start leveraging AI immediately.

Location:

Culver-Stockton College (Meaders Lounge in the Gladys Crown Center), One College Hill, Canton, MO 63435

Date and Time

Fri, Nov 22, 2024, 9:00 AM - 12:00 PM CT

Full Circle: Former Intern Inspires Others

Tri-State Development was thrilled to welcome back one of our own last week! Cole Schwartz, Director of Workforce and Community Development with the Great River Economic Development Foundation (GREDF) and a former Tri-State Development intern, delivered an engaging and insightful presentation to our current cohort of interns. He explored regional workforce needs, challenges, and opportunities, showcasing innovative programs GREDF has implemented in collaboration with regional manufacturing partners. Cole also offered valuable advice on the importance of relationship-building as a cornerstone for professional success.

Cole, it was inspiring to hear about the incredible work you're doing for our communities. We couldn’t be prouder of all you’ve accomplished! Keep making a difference!

CAREER AND SKILL-BUILDING PROGRAMS AT YOUR FINGERTIPS

The Career Online Resources & Education (CORE) program at Culver-Stockton College offers online, non-credit courses for professional development. Perfect for busy professionals looking to upskill or transition into new fields, we have partnered with ed2go to provide hundreds of career-building programs and skills-building courses across various fields. Programs start anytime—explore your options today at culver.edu/gps.

HAPPY THANKSGIVING

from Tri-State Development

Wishing you a Thanksgiving filled with gratitude, joy, and the warmth of friends and family. We’re thankful for you and the positive impact you bring to our regional community.

Please join us in showing gratitude to our sponsors who generously provided support for the 2024 Tri-State Development Summit and for ongoing programming throughout the year.

Please consider becoming a sponsorship partner. Your investments supports not only the Summit but community-focused activities, resources, and tools all year long.

2024 Presenting sponsor:

and supported by:

IMPACT PARTNERS

$1,000

Blessing Health System

Great River Health

Hannibal Regional

Klingner & Associates

Northeast Power

Schmiedeskamp Robertson Neu & Mitchell LLP

COMMUNITY PARTNERS

$500

John Wood Community College

Lewis County Industrial Development Authority

Moberly Area Community College

Porchlight Services

Quincy Medical Group

Two Rivers Regional Council of Public Officials

SUSTAINING PARTNERS

$250

Great River Economic Development Foundation

Michelmann Steel Construction Company

Pike County Chamber & Economic Development Corporation

Pike-Scott Farm Bureau

CATCH UP ON THE NEWSLETTERS THAT YOU MAY HAVE MISSED

Tri-State Development at Culver-Stockton College supports the region by cultivating collaborative relationships, promoting interdisciplinary problem-solving, fostering the expansion of academic-organization-industry initiatives, and developing an environment for collective impact to address the current and emerging economic, and social challenges in the region.

Tri-State Development Culver-Stockton College | culver.edu/tsd

Leslie Sieck, Executive Director lsieck@culver.edu]

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