A handful of different industries claim to be the most important to the Santa Fe economy – tourism, government, construction, financial services, and real estate, to name a few. Although some job claim projections are silly by any measure, for most it depends on whether you define importance as the value of output, number of jobs or wages paid. Each yields a different result.
Economic Research Initative Issue #6 Findings and Conclusions
Top 10 Worst Performing Santa Fe Industries
1. Santa Fe
I N D U S T R Y
Worst
2011 Economic Base Analysis (Part II)
2 0 1 1
A handful of different industries claim to be the most important to the Santa Fe
economy – tourism, government, construction, financial services, and real estate, to
name a few. Although some job claim projections are silly by any measure, for most it
Jobs
depends on whether you define importance as the value of output, number of jobs or
wages paid. Each yields a different result.
The most critical way to measure an industry’s importance is to look at the new dollars
it brings into the market when its output is sold.
Using the US Bureau of Labor Statistics’ “location quotients” derived from a shift share
analysis (which is a fancy way to say jobs locally created and lost relative to jobs
nationally created and lost), we can easily see where Santa Fe is benefitting and
lacking in particular economic sectors.
10
For instance, the category of Sports, Hobbies, and Book stores is in an industry that
directly competes with the internet. Certainly there are a number of items that can’t be
purchased on-line, but this real estate subsector is in decline across the nation and
10.
using a location quotient, we can see that we are losing jobs locally faster than the
national average.
The following top ten worst performing jobs show where Santa Fe’s primary economic
base is losing jobs faster or in worse proportion to that of the national economy.
top
Tuesday, April 26, 2011
2. Santa Fe
I N D U
Printing Services
S T R Y
Industries in the Printing and Related Support Activities subsector print
products, such as newspapers, books, labels, business cards,
stationery, business forms, and other materials, and perform support
activities, such as data imaging, platemaking services, and
bookbinding. The support activities included here are an integral part
of the printing industry, and a product (a printing plate, a bound book,
or a computer disk or file) that is an integral part of the printing industry
is almost always provided by these operations.
Santa Fe County National New Establishments
Employment
2003
10
102
10. EXPORT JOBS
-35.23%
2010
59
PRINTING SERVICES
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
3. Santa Fe
I N D U
Educational Services
S T R Y
Industries in the Educational Services provide instruction and training
in a wide variety of subjects, such as schools, colleges, universities,
and training centers.
Establishments that manage schools and other educational
establishments on a contractual basis are classified in this subsector if
they both manage the operation and provide the operating staff. Such
establishments are classified in the educational services subsector
based on the type of facility managed and operated.
Santa Fe County National Unemployment Rate
Employment
9
2003
EXPORT JOBS 1,389
9. -36.21% 2010
1,237
EDUCATIONAL SERVICES
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
4. Santa Fe
I N D U
Furniture Manufacturing
S T R Y
Furniture and cabinet makers and related articles, such as mattresses,
window blinds, cabinets, and fixtures. The processes used in the
manufacture of furniture include the cutting, bending, molding,
laminating, and assembly of such materials as wood, metal, glass,
plastics, and rattan.
Santa Fe County National Unemployment Rate
Employment
8
2003
91
2010
8. EXPORT JOBS
-37.05%
45
FURNITURE MANUFACTURING
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
5. Santa Fe
I N D U
Furniture Stores
S T R Y
Furniture and Home Furnishings Stores retail new furniture and home
furnishings from fixed point-of-sale locations. Establishments in this
subsector usually operate from showrooms and have substantial
areas for the presentation of their products. Many offer interior
decorating services in addition to the sale of products.
Santa Fe County National New Establishments
Employment
7
2003
467
2010
EXPORT JOBS 252
-51.06%
FURNITURE STORES
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
6. Santa Fe
I N D
Leisure Retail
U S T R Y
Sporting Goods, Hobby, Book, and Music Stores engaged in retailing
and providing expertise on use of sporting equipment or other specific
leisure activities, such as needlework and musical instruments. Book
stores are also included in this subsector.
Santa Fe County National New Establishments
Employment
2003
6
386
2010
EXPORT JOBS 376
-58%
SPORTS, HOBBIES, BOOKS
& MUSIC STORES
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
7. Santa Fe
I N D
Food Manufacturing
U S T R Y
Industries in the Food Manufacturing subsector transform livestock and
agricultural products into products for intermediate or final consumption.
The industry groups are distinguished by the raw materials (generally of
animal or vegetable origin) processed into food products.
The food products manufactured in these establishments are typically sold
to wholesalers or retailers for distribution to consumers, but
establishments primarily engaged in retailing bakery and candy products
made on the premises not for immediate consumption are included.
Santa Fe County National New Establishments
Employment
5
2003
180
EXPORT JOBS 2010
-66.77% 104
FOOD MANUFACTURING
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
8. Santa Fe
I N D U
Truck Transportation
S T R Y
Industries in the Truck Transportation subsector provide over-the-road
transportation of cargo using motor vehicles, such as trucks and tractor
trailers. The subsector is subdivided into general freight trucking and
specialized freight trucking. This distinction reflects differences in
equipment used, type of load carried, scheduling, terminal, and other
networking services. General freight transportation establishments
handle a wide variety of general commodities, generally palletized, and
transported in a container or van trailer.
Santa Fe County National New Establishments
Employment
4
2003
99
2010
EXPORT JOBS 55
-72.90%
TRUCK TRANSPORTATION
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
9. Santa Fe
I N D
Metal Manufacturing
U S T R Y
Industries in the Primary Metal Manufacturing subsector smelt and/or
refine ferrous and nonferrous metals from ore, pig or scrap.
Establishments in this subsector also manufacture metal alloys and
superalloys by introducing other chemical elements to pure metals. The
output of smelting and refining, usually in ingot form, is used in rolling,
drawing, and extruding operations to make sheet, strip, bar, rod, or wire,
and in molten form to make castings and other basic metal products.
Santa Fe County National New Establishments
Employment
3
2003
44
2010
EXPORT JOBS 19
-78.94%
METAL MANUFACTURING
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
10. Santa Fe
I N D U
Financial Services
S T R Y
Industries in the Funds, Trusts, and Other Financial Vehicles
subsector are comprised of legal entities (i.e., funds, plans,
and/or programs) organized to pool securities or other assets
on behalf of shareholders or beneficiaries of employee benefit
or other trust funds. The portfolios are customized to achieve
specific investment characteristics, such as diversification, risk,
rate of return, and price volatility
Santa Fe County National New Establishments
Employment
2003
2
359
2010
38
EXPORT JOBS
-201.55%
FINANCIAL SERVICES
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011
11. Santa Fe
I N D U S
Information Content Services
T R Y
Industries in the Information Services group establishments supply
information, storing and providing access to information, searching and
retrieving information, operating Web sites that use search engines to
allow for searching information on the Internet, or publishing and/or
broadcasting content exclusively on the Internet. The main
components of the subsector are news syndicates, libraries, archives,
exclusive Internet publishing and/or broadcasting, and Web Search
Portals.
Santa Fe County National New Establishments
Employment
1
2003
52
EXPORT JOBS 2010
-435.14% 27
INFORMATION SERVICES
Source: US Department of Labor, Bureau of Labor Statistics, 2011
Tuesday, April 26, 2011