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Georgia Public Policy Foundation 2013 Legislative Policy Forum October 12, 2013

Georgia Public Policy Foundation 2013 Legislative Policy Forum October 12, 2013. From Concept to Policy: Staging The Essential Economy. The Essential Economy Council.

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Georgia Public Policy Foundation 2013 Legislative Policy Forum October 12, 2013

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  1. Georgia Public Policy Foundation 2013 Legislative Policy Forum October 12, 2013

  2. From Concept to Policy: Staging The Essential Economy

  3. The Essential Economy Council The Essential Economy Council is a bi-partisan, nonprofit 501(c)3 organization that originates research and communications to educate elected officials and business leaders on the economic value of the Essential Economy, the opportunities it provides, and its fundamental impact on the quality of our lives. The Council’s work is designed to help decision-makers create public policy that is informed by data and is beneficial to our state's economy and the Essential Economy, including its workforce, customers and business owners. Essential Economy Council Board of Directors DAN MOODYSAM ZAMARRIPA Former State Senator – Johns Creek Former State Senator – Atlanta Co-President Co-President Karen Bremer Chris Butts David Ellis Executive Director, Director of Legislative Affairs Executive Vice President Georgia Restaurant Association Georgia Green Industry Association Greater Atlanta Home Builders Valerie Ferguson Mike Giles Charles Hall Regional Vice President, President Executive Director Loews Atlanta Hotel Georgia Poultry Federation Georgia Vegetable & Fruit Growers Association Jay Morgan Mary Kay Woodworth Bryan Tolar J.L. Morgan, Inc. Executive Directors President Public Affairs Georgia Urban Ag Council Georgia Agribusiness Council Steve Simon Zippy Duval Partner President Fifth Group Restaurants Georgia Farm Bureau Economic Advisory Council John McKissick, PhD Jennifer Clark, PhD Thomas Cunningham, PhD Professor Emeritus & Associate Professor Vice President, Senior Economist Distinguished Agricultural Marketing Professor School of Public Policy & Regional Executive University of Georgia Georgia Institute of Technology Federal Reserve Bank of Atlanta Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  4. Purpose & Mission: The Essential Economy Council • Develop a data-driven analysis of the composition and economic value of the Essential Economy in Georgia. • Provide data that is localized, relevant, credible, and easy to use. • Through data, strengthen policy making that affects Essential Economy workers and sectors. • Facilitate bipartisan discussions of the data’s policy implications and potential policy recommendations to enhance The Essential Economy. • Develop research and communication processes that can be replicated in other states. Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  5. What is the Essential Economy? • SixKey Sectors: • Characteristics: • Value: Restaurants & Hospitality Agriculture & Poultry Construction & Landscaping Services Personal Care & Assisted Living Building Maintenance & Facilities Services Distribution & Logistics • The products and services provided by the • Essential Economy are basic, yet essential to our way of life • and our overall economy.

  6. Where The Essential Economy & The Broader Economy Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  7. Initial snapshot: Essential Economy in Georgia: 2010

  8. Essential Economy Consistent Across States Notes: All data 2010 Source: " Total full-time and part-time employment by NAICS industry" data from Bureau of Economic Analysis, Bureau of Labor Statistics. Department of Corrections

  9. From Concept to Policy: Staging The Essential Economy

  10. High Level Results of 2012 Study Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  11. Essential Economy: Summary by County • TEE is present in the states highest and lowest income counties. • TEE is present in counties regardless of their industrial makeup or composition. • 55% of all Georgia counties have 25% of more of their workforce in The Essential Economy. Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  12. Report & Data Sources • Report: www.essentialeconomy.org • Full Report • Summary Report • Data for Economic Developers: Juice Analytics • Data sources for economic developers & research • Essential Economy data by County Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  13. What the Data Says and Means • TEE contributed 12%, or $49 billion, to Georgia’s GDP in 2010. • TEE employed 996,046 people out of 3.7 million employees in Georgia in 2011 • TEE represent 25% of all jobs in Georgia or one out of every four employees. • TEE is present in the highest and lowest income counties: Average 25% but as high as 39% • TEE wage average $21,718, which represents 57% of the average working wage in Georgia. • TEE employees contributed over $114 million in sales tax alone in 2011. • TEE is a historic and future structural part of Georgia’s economy • For every knowledge economy job there is a necessary, corresponding EE job • TEE has three key stakeholders: Employers, Employee & Consumers • In simple terms, Georgia’s economy cannot expand or functions without a healthy EE • TEE can benefit from thoughtful, targeted public policy Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  14. From Concept to Policy: Staging The Essential Economy

  15. 2050 issues: Aging Labor Force 2000 1950 2050 Increasing percentage of workers that are 65+

  16. Where we are going: Education • Increasing education: More and more Americans will be earning college degrees • America has seen approximately straight line growth since 1950 that should continue well into the 21st century • If this continues, over 190M Americans will have a bachelor’s degree by 2050

  17. US aging + College Degrees + US Workforce + TEE + Immigration

  18. Pending US Essential Economy Worker Shortage Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  19. Summary & Conclusion • TEE provides goods and services that are basic, fundamental and important to the way we all live. “Its Essential” • TEE is as real as the Knowledge Economy but overlooked and taken for granted. • TEE is a structural part of the overall economy, trails GDP and expands/shrinks with growth or recession. • For many Georgian’s TEE, is the economy of last resort. • TEE jobs are domestic jobs, located in the US and cannot be exported unless you export the industry i.e. tomatoes. • While automation may increase productivity in TEE, it will also require and benefit from real life workers. • TEE is full of entrepreneurs and self made people. • TEE is threatened by our aging demographic, upward trends in higher education, the cost of regulation and US Immigration Policy. We need to know more! Essential Economy Council | 817 W. Peachtree Street | Suite 915 | Atlanta, GA. 30308 | 404-961-7658

  20. Thank You! Georgia Public Policy Foundation 2013 Legislative Policy Forum October 12, 2013

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