LSCP releases its latest data booklet
Each year the Lake Superior Community Partnership researches and compiles economic data important to our community. The data booklet is created with the help of Economic Modeling Specialists Incorporated, or EMSI.
EMSI compiles data from over 90 different federal, state and private data sources to create a clear vision of the economic landscape within Marquette County. This report uses historical trends to look into the past economic activity and then uses those trends and published formulas to make predictions about the future.
The LSCP develops this report as new data is released from EMSI. By using this report, businesses and community members in Marquette County can track the county’s economic path to prosperity and better position themselves for economic success in the future. Many businesses and governmental decisions made today are data-driven creating the need for factual, timely data that can be used consistently in the community. The sections regarding job forecasts and population are extremely helpful in economic development strategic planning.
What did we find this year? Well here are a few highlights. The unemployment rate has been a statistic we’ve always followed very closely. For Marquette County, we hit a high of 10.4 percent in 2009 which was still three points lower than the state of Michigan at 13.7 percent. Fortunately, we have seen a steady decline since then landing at 5.7 percent in 2017, which mirrored the decrease at the state level as well (4.6 percent for the state of Michigan). Historically, Marquette County’s unemployment rate has been below Michigan (with the exception of the last three years, the county exceeded the state by 1.1 percent in 2017) and above the U.S. The fact that the peak was reached in 2009 near the end of the recession suggests that Marquette County was slightly buffered from the effects of the recession but not completely isolated.
In 2017, we saw manufacturing add 80 jobs, construction add 66 jobs, and accommodation and food services add 50 jobs. Recreation and management employment sectors continue to grow as demand for these services are increasing due to additional dollars being injected into the local economy. In addition, the overall growth of employment requires additional supervisory expertise. Government and health care are the two leading industries holding the most jobs for 2017.
The data booklet also includes a 10-year population forecast. For 2017, data shows our population is 66,477 in Marquette County. Trending with the Upper Peninsula as a whole, Marquette County’s population has been at a slight decline in the last two years and is projected to continue this trend through 2027.
Over the next 10-year span of 2017-2027, Marquette County’s population is expected to decline slightly, by less than 1 percent. Over that same period of time, the population of the U.P. is projected to drop by 8,620 people or 2.9 percent. As the population of the 50 to 70 years-of-age demographic is expected to increase over this same period of time, the overall decrease in population in the Upper Peninsula and Marquette County could be attributed to a rise in retirement and relocation of this demographic.
Despite a period of rapid growth in the early 2000s, Michigan’s population declined sharply as a result of the recession starting in 2008. However, Michigan’s population is projected to steadily grow throughout the next 10 years.
The recently released LSCP data booklet reflects information from 2017 as well as future year projections. To view the booklet in its entirety, visit www.marquette.org. The LSCP is also able to provide data and research services specific to your business or organization. If you have any further questions call 906-226-6591 or email email@example.com.