One of the things that I stress to local economic developers and to mayors is the importance of understanding the local economy and how it fits into the region and to the world. As the overall economy is “reset” it is useful to know which type of jobs in the community are growing and which are shrinking.
My column in the Mississippi Business Journal this week discusses the importance of a business retention program. And while business retention is important for local leaders, it should be remembered that many jobs are not moving somewhere else they are disappearing altogether. Many jobs will reappear. Newspaper jobs, for example, will innovate. For example, who would have ever heard of a video journalist 20 years ago? Or even five years ago? The point is that jobs do not necessarily always go away, they innovate into something else. That’s why retraining is so important in many industries. The person need not go away if the job goes away.
Below is an image that I retrieved from Scott Nichol’s LinkedIn blog entitled “LinkedIn Winners and Losers: Industry Trends During the Great Recession. It discusses how our economy has evolved during the five years. A related blog on this subject worthy of reading is Mike Masnick’s Economic blog entry entitled “How Job Loss Really Works: Jobs Loss Isn’t Really Job Loss.
Finally, study the blogs mentioned above and the chart below, and then ask yourself this question: What would such a chart look like for the jobs in my community?