King Institute for Regional Economic Studies looks at local economy
The King Institute for Regional Economic Studies has released its eighth report. In a press release, the university says the newly released paper reports that employment trends in the economy of the First Congressional District of Tennessee mirror those in the national economy.
Director of the King Institute for Regional Economic Studies for King, Dr. Sam Evans says, "There has been a pronounced shift in employment out of goods-producing industries into the service sectors. Service sector jobs account for 80 percent of employment in the District." Evans says employment gains in all areas of the healthcare sector and declines in manufacturing account for much of the changed mix of employment in the region. The report finds manufacturing employment declined by 2,400 jobs annually over the 2000-2011 period, falling from over 70,000 jobs in 2000 to around 43,000 in 2011.
According to the report, the manufacturing sector directly provides about 16 percent of total employment in the District.
However, King University points out the sector, directly and through its significant spillover impacts, is responsible for more than a quarter of total jobs and more than a third of total earnings paid to workers in the First Congressional District.
Copyright 2013 by WCYB All rights reserved. This material may not be published, broadcast, rewritten or redistributed.