Industry Trends in Erie County

Industry Trends

Analysis Categories

What does this measure?

The trend in industry GRP, Employment Total, Earnings, and Tax Revenue by industry sectors for Erie County for years 2010 through 2017.

Why is this important?

While some industry sectors outperform others in certain variables, it is important to weigh their impact by the variable at hand, and how important that is to the local economy.

How is Erie County doing?

GRP

County-wide, GRP is dependent on the Manufacturing sector, although it has shrunk from 36.9% to 29.3% in recent years. While no one sector has captured that difference in GRP, both the Finance and Insurance (9.7%) and Retail Trade (5.4%) sectors have grown by at least 1% since 2010.

Employment

Employment totals for Educational, Healthcare, and Social Services has shown steady majority at 19.4% of all employment in 2017. While Manufacturing ballooned to over 14% for several years, for the latest data year it sits at 12.57%, the difference between 2010 and 2017 being -0.35%.

Earnings

The Public Administration sector, while accounting for only the 5th largest GRP by sector, places as the 3rd highest in earnings breakdown for the County for the total employed population and naturally negative Tax Revenue. Likewise, the Educational, Healthcare, and Social Services sectors show that for the latest data year a GRP contribution of 11.69%, but contribute to 20.99% of all earned dollars. 

Tax Revenue

Conversely to its GRP contribution, Manufacturing represents only 5.86% in value add to the tax revenue dollars in 2017, whereas the Professional, Scientific, Managment, Administrative, and Waste Management sector is the leading contributor to the County's tax revenues at 24.40% while only representing 13.98% of the GRP in 2017.

EVS Indicators

EVS analyzes the data in each topic category using indicators, which report a targeted and digestible number, rate, or amount to represent Erie County as a whole. While this does not cover every aspect of the topic, it assists in establishing Erie's performance relative to the prior year(s). The indicators for the Business Industry Trends topic are:

 

This indicator measures the total percentage of employees in Arts, Enterainment, & Recreation related businesses for the latest data year in all of Erie County. Arts and culture bring distinction and visitors toa  region, and employment in the sector is a measure of teh sector's financial strength and contribution to the local economy. The trend for Arts, Entertainment, & Recreation Employment is down and worse from 2016 to 2017, from 1.7% to 1.6% within the County.

 

This indicator measures the largest industry sector as a percent of the total Erie County market by output for latest data year. The largest industry sector in an economy is the determinant of that area's legacy in business and workforce skillset, and a change in such would mean a significant upheaval of the balance of the local economy and supply chain. The trend for Largest Industry as Percent of Total is unchanged from Rolling Railroad Stock and Manufacturing in 2017 to 2018, at 10.6% of the GRP.

How does Erie compare to its Peers?


About this Data

Analysis performed by Data Center on data from Emsi, 2019. Variable definitions included in the infographic