Target Industry and Workforce Analysis
The City of Georgetown has engaged Avalanche Consulting, an Austin-based economic development consulting firm, to conduct a Target Industry and Workforce Analysis for Georgetown. The main goals of the analysis are to better understand Georgetown’s labor pool, confirm existing target industries, discover new target industries, enhance the City’s marketing materials, and guide the City’s future economic development efforts.
Two primary goals for this project are to better understand the City’s labor pool size, skill composition, and geographic characteristics, and identify industries in which Georgetown can recruit and retain quality businesses that diversify the local economy, increase the average annual wage, and improve the quality of life for citizens.
In Phase One, the consulting team is developing a Workforce Analysis. This Workforce Analysis includes a study of economic and demographic trends in the community, interviews and focus groups with local stakeholders, a workforce profile that identifies the top occupations in Georgetown, and a SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis.
By creating a Workforce Analysis, Georgetown staff, leaders, and residents will better understand our community’s existing labor force – which extends beyond the city limits – and in turn help prioritize focus areas for education, quality of life, and other investments.
In Phase Two, the consulting team will develop a Target Industry Analysis. This will include a performance evaluation of Georgetown’s existing target industries – assessing recent job creation trends, changes in the overall industry, and new assets available to support local growth. The consulting team will then recommend updated target industries for the City of Georgetown’s economic development activities – including target cluster profiles that describe global trends affecting the industry, business factors that influence growth, and local sales messages that support location in Georgetown.
The Target Industry Analysis will provide information and marketing content to support business expansion, startup, and recruitment activities within each cluster. Identifying current and potential target industries we will help diversify Georgetown’s economy – providing more sustainable job opportunities for citizens and raising incomes across the community.
Why Focus on Workforce?
Workforce is one of the most discussed topics in economic development today. When making decisions about expanding or opening new facilities, businesses are often considering the availability and skills of labor ahead of other factors.
Communities creating the most jobs today generally draw from a large pool of skilled workers, have strong relationships between their educational institutions and business community, and communicating their workforce opportunities to both residents and employers.
Avalanche Consulting’s most recent Economic Index survey of over 150 economic developers around the county found that 90% of survey respondents believe that having a skilled workforce and aligned training programs have become even more important over the past year, and developing a talented workforce is the number one focus of many economic development organizations (EDOs).
A focus on workforce also has a direct effect on quality of life for a community’s residents. Education and training lead directly to higher-paying jobs for residents, which has multiplied impacts throughout the community. More residents employed in high-skill industries means more disposable income invested into the economy – a greater ability to invest in housing, a greater demand for quality of life amenities, and more support for schools and other children’s programming.
Overall, helping connect residents to education and employers to the skilled workers they need will result in more diversified industries, a resilient economy, and a higher quality of life for the entire Georgetown community.
Georgetown is excited to offer the community the opportunity to give their input on Georgetown’s workforce and target industries in focus groups and interviews. The focus group meetings and interviews will begin next week. If you are interested in joining these meetings, please contact Tina Dunbar at email@example.com or (512) 930-3546.