Item 2: Economic Development Subcommittee Report

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Attachment B Additional Information on the Metrics Lane County Business Index The Lane County Business Index (LCBI) provides a snapshot of economic activity, on a quarterly basis, and takes into account nine different statistics for Lane County, including Lane County nonfarm payrolls, our local area unemployment rate, Lane County lodging revenue, and building permits. The LCBI is updated by the University of Oregon and is specifically relevant to our regional area. In addition, the nine components of the index create a fairly comprehensive view of the local business activity, and thus, can be a good measure of our economy’s performance in the absence of a timely regional Gross Domestic Product (GDP) metric. The nine indicators are (The most recent update of the LCBI, fourth quarter 2008, and the list of nine components is at the end of this attachment.) Unemployment Rate Calculation The Oregon Employment Department calculates the state and metropolitan area unemployment rates on a monthly basis. The calculation is an estimate of the civilian labor force, follows the Bureau of Labor Statistics definitions and technical procedures and is calculated for Lane County. Historical Unemployment Rate for State of Oregon and Lane County Jan-08Apr-08Jul-08Oct-08Jan-09 Apr-09 State of Oregon 6%5.3%6.1%6.8%10.7%12.1% Lane County 5.7%5.1%6.6%7.5%11.8%13% Average Employment and Average Annual Wage Calculation The Oregon Employment Department (OED) calculates the average employment and average annual wage on an annual basis by county. The calculation includes all industries and employment within the County that is covered by unemployment insurance. Payroll data is submitted by all firms through their unemployment insurance tax reports. By using this detailed reporting mechanism to calculate the average employment and average wage, OED is able to include payroll data for the area in which the work physically takes place and where the economic impact of the job(s) is the greatest. Historical Average Annual Employment for Lane County: 2001 2002 2003 2004 2005 2006 2007 2008 137,583 137,969 136,455 139,483 145,226 148,850 151,086 147,828 Historical Average Annual Wage for Lane County: 2001 2002 2003 2004 2005 2006 2007 2008 $28,982 $29,427 $30,325 $31,339 $32,302 $33,240 $34,324 $35,367