What are the Most Important Goals?
• Informed populace
• Visionary leadership
• Engaged institutions
• Balanced demographics
• Good health
• Creative economy
• Continuous education
• Accessible services
• Valued ecosystems
What is this Indicator?
This indicator reports the number of jobs and percentage of people employed in each major industry category in 2001. It also measures the dollars of payroll that each industry paid out in 2001 and the percentage of county payroll dollars that they represent. The data represent figures that were reported to the Massachusetts Division of Employment and Training, Economic Analysis Department. Industry data is reported by major industry divisions made up of the North American Industrial Classification (NAIC) codes and Standard Industrial Classification (SIC) codes.
Why is this Indicator Important?
Diversity in our economy, as well as economic trends that may be occurring in our region, are important because heavy reliance on a single industry, such as tourism, puts a community in a vulnerable position. In cases of economic downturns related to that industry or time of year, such industries and the workers who rely upon them can suffer.
What Can We Do?
• Seek training and educational programs to raise personal income level.
• Become entrepreneurial and create year-round businesses.
• Encourage the creation of year-round well-paying jobs.
• Provide educational and training opportunities.
• Create the infrastructure to attract industries that provide year-round businesses.
• Attract businesses that provide well-paying employment.
• Promote smart growth development to provide a greater range of housing types and prices for the workforce.
• Seek and implement business incentive initiatives.
• Create year-round business policies and a regional economic development plan.
• Assist in creating housing for the workforce.
Analysis of Data
The relative growth or decline of various industry segments can tell us a lot about the economic vitality of Cape Cod - its diversity, its strength, its resilience to seasonal demand and economic fluctuations. As growth in higher paying and so-called "emerging industries" such as high tech is realized, the region will be making progress toward its recognized goal of year-round, competitive employment that pays a living wage.
Today, the Cape's economy is predominantly engaged in delivering services. A small number of workers are engaged in industries that make goods'but very few goods are produced for sale or export out of the region.
Tourism is the prime example of a local service industry; it provides various arts, entertainment and recreational services to visitors. Health-care services for retirees represents another example of a strong local economic sector. Both of these examples are dependent upon local spending and the provision of local services by a local and regional workforce.
However, today we see a decreasing reliance on tourism as a source of employment for our workers. Less than a quarter of all workers are engaged in the hospitality and related industries. We now have a workforce more evenly distributed among other industry categories, such as healthcare, government, and professional and business services. These groups tend not to rely on the tourism industry for their growth. This indicates that an underlying permanent economy continues to grow, rooted largely in the services provided to retirees and second-homeowners.
The average Barnstable County income is $31,460 per person. The break-down of employment by industry sector and wages indicates that a large number of workers remain in the hospitality sector. Their wages are significantly lower than those of the other industry sectors, thereby pulling down the overall average and median household income.
The whole key to redesigning the economy is to shift incrementally most if not all of the taxes presently derived from . . . income and payroll taxes to taxes on pollution, environmental degradation, and nonrenewable energy consumption.
- Paul Hawken
The Ecology of Commerce
What Connections Does This Indicator Have?
As much as 25% of the Cape's workforce is affected by seasonal economic shifts. In order to sustain a year-round population, the Cape Cod economy needs a foundation in permanent, year-round jobs, such as those found in the professional, business and information technology sectors. In order to remain sustainable and competitive, particularly in an increasingly global economy, the Cape economy also needs to be constantly reinvigorated with the addition of "emerging industries."
Cape Cod needs to sustain economic growth that will not endanger the environment. The type of industry found on Cape Cod can have an impact on our environment in many ways. For example, tourism and second-home construction contribute to congestion on our roadways, contamination of our waterways, and pollution of our air. Economic growth may not increase net wealth if it pollutes or damages our nonrenewable resources of land, air and water, upon which so much current and future wealth generation depends.
Higher-paying, year-round jobs raise the level of economic security. Our citizens will have a higher level of social involvement and interest in their local government and decision-making if they feel secure as self-supporting members of their communities. As our economy moves towards more year-round employment, our workers can more easily participate in the region’s civic, cultural and educational opportunities.