AG 2001 04 23 - Laserfiche WebLink

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CONCLUSION Section I of this study projects a period of continuing growth in population and labor demand in Rowan and Cabarrus Counties. The Iow unemployment rate prevalent in the two counties is expected to persist. Even using the conservative growth rates of the previous decade as a guide for projections, growth in the two-county region will continue to place pressures on the demand for technical and skilled labor and the region's 'ability to meet that demand. Competition is likely to be fostered among rival employers, with upward pressure on wages resulting from the attraction of higher wages in neighboring counties, and the need to retain the resident labor force. Further, as the unemployment rate remains Iow in a time of rising labor demand, the two counties will need to draw increasingly from the portion of the labor force that is not[-hally unable.to find work because they lack the necessary skills. At the same time, 'the gap between these workers' skill levels and the basic skills required for employment will continue to widen as the pace of technological development continues. If current .economic conditions continue, workforce develc)pment planners may begin to consider training programs for this portion of the labor force as a means of easing the labor crunch as well as addressing economicwelfare concerns. The changing demographics of the labor force, a nationwide trend, are beginning to be observed in Rowan and Cabarrus Counties. Hispanic representation is growing in the two counties, while females now make up 50 percent of the labor force. Yet in a region that is experiencing such change and growth, a challenge that will remain is the current literacy rate of its population. The third of the population that does not have a high-school credential will remain in the workforce for many decades to come. At the same time that the labor force is becoming more diverse, it is also beginning to.age, as t. he baby boomer generation moves through middle age. The children of the baby Boomer generation are beginning to enter the labor force, representing another opportunity to reduce the shortfall between the demand for technical and skilled workers and supply. However their numbers will not supplant those that are "aging out." In sum, the population and labor force projections presented in Section I lend a sense of urgency to today's notion of workforce development, as community planners cope with the generational squeeze, 'cultural diversity, and technological advancement that present such a challenge in the "new economy." Workforce development programs tailored to needs, that are specific to the region's population and its employers can help solve the dilemma. If the region is to remain attractive to new and expanding employers, it must be able to provide a skilled labor force and training for continuous upgrading of skills. The strong partnerships between industry, community leaders, and educational institutions that exist in Rowan and Cabarrus