By Nicole Fernholz
The Alexandria Area Economic Development’s purpose statement is to promote prosperity and optimize opportunity in the Alexandria region. We do this to support our vision of making the Alexandria area the premier place to call home, build a career and grow a business. It is a place with leading-edge technology, infrastructure and unparalleled workforce talent – and this focuses on people.
Douglas County has some interesting projections for our population through 2040. State demographers project that our overall population will increase by 4% to approximately 40,000 people. Most of the population gains are seen in ages 65+.
Despite the projected population increase in our area, the regional labor force is expected to contract some from 2020 to 2040. Applying current labor force participation rates to future population projections by age group creates labor force projections for the region, which show a 2% percent loss in workforce numbers, as more of the Baby Boom generation leaves the labor force.
Workforce shortage is crucial for businesses and is becoming increasingly significant for economic developers. There is a direct link between workforce demographics and the ability to compete for economically significant businesses. We have realized that our efforts need to be spent developing people- based retention strategies as we continue with efforts to attract site developers.
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Douglas County’s current unemployment rate of 4.3% is below the state average of 4.6%. Our local businesses continue to compete against each other for the same labor force. And while competition is good, when there are not enough people to fill those positions, no one is the victor. Not the business, the consumer, or the community.
We are projected to see even more need for talent, as the labor market improves post COVID-19. According to the National Association of Counties, “Labor market recovery appears to be on the rise again after experiencing one of the largest gains in non-farm payroll since the pandemic began. The 916,000 job increase outperformed expectations with nearly every major industry experiencing job gains. Even as the gains in March signal recovery, future labor market prospects are even more optimistic. Due to the statistical timing of data collection for the March employment situation, job gains reflected in the March report were not driven by the newly enacted American Rescue Plan (ARP), which provides over $65.1 billion directly to counties to continue combatting the pandemic and bolster recovery. As such, the impact of the ARP on the labor market will only further build upon the growth in March.”
The AAEDC continues to develop marketing pieces to showcase why our region is a great place to work and raise a family in an attempt to recruit more talent to our area. We are working with other public and private parties with one simple goal: Help our Douglas County cities attract and retain residents and businesses for controlled economic growth.
As we approach the graduation season, remind those high school graduating students that Douglas County has several great job openings in a variety of industries. Make sure they are aware of the opportunities that are waiting for them here. It is possible to have a career you love, make a good living and live in a community you adore – all right here in an area that showcases natural beauty.
Nicole Fernholz is the director of the Alexandria Area Economic Development Commission. In the Know is a rotating column written by community leaders from the Douglas County area.
