Yankton Target Business Identification Study

Yankton Target Business Identification Study Prepared by November 2014 1 BACKGROUND PURPOSE The purpose of the first phase of the Target Business ...
Author: Vernon Kelly
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Yankton Target Business Identification Study

Prepared by

November 2014 1

BACKGROUND PURPOSE The purpose of the first phase of the Target Business Identification and Lead Generation Project for Yankton Area Progressive Growth (YAPG) is to identify potential target industries for business recruitment and attraction.

TARGET BUSINESS SEGMENTS Based on discussions with YAPG, the following target business segments were identified, and these segments served as the foundation for this Target Business Identification:     

Farm and Agri-Business – farm machinery and equipment manufacturers and companies in value-added agriculture that are located in the U.S., Canada, Japan, and South Korea Manufacturing industries that utilize aluminum products or the services of aluminum extruders Archery and Sporting Goods – industries that include archery equipment and outdoor sporting goods Financial and Business Services – focus on businesses in the Omaha Area that need additional capacity, branch locations, or improved cost-effective operations Health Care – delivery support, wellness support, and health care information technology/analytics companies that are compatible with the skills Mount Marty and Avera graduates as well as manufacturers of medical instruments and equipment

ANALYSIS For these business segments, the appropriate NAICS code industries were identified and analyzed on a variety of factors including job growth, earnings, industry concentration, rail usage, and education    

Historical and projected job growth Earnings per worker Number of establishments Rail usage (benefit from rail service in the potential industrial park)

In addition, completion data for degrees and certificates awarded by postsecondary education institutions in Yankton County and the University of South Dakota have been gathered for this project. The completion data that prepares 2

students for positions in the target business sectors are shown because this is an important part of the skilled labor pipeline for companies in the target segments. The source for the majority of the data used for the analysis is Economic Modeling Specialists Int’l (EMSI), which is a leading aggregator of economic and business information. The primary data sources in the EMSI database used for this report are the Bureau of Labor Statistics, U.S. Census Bureau, and the U.S. Department of Education. The 10-year projections for job growth by industry were provided by EMSI. These industries were analyzed by the three geographical areas:   

Yankton County Midwest Region – an 8-state region that includes South Dakota, North Dakota, Nebraska, Iowa, Minnesota, Illinois, Missouri, and Kansas United States

For each of the potential target industries, the number of jobs, historical and projected job growth, number of establishments, and earnings per worker are shown as well as a brief summary of the industry.

NEXT PHASE Based on a review of the potential target industries with YAPG, the industries that will be targeted in the next phase of this project will be chosen. Smart Solutions Group (SSG) will work with Strategic Marketing Services (SMS) to conduct a prospect qualification/lead generation effort to identify attractive business attraction companies. Based on the target industries, SMS will develop a list of approximately 500 companies based on criteria that includes employment size, location, and other factors. SSG and SMS will jointly develop a survey instrument for contacts in the target companies. The survey will be approximately 5-10 minutes in length and will be intended to qualify the “lead” and gather key information on key contacts. SMS will attempt to make up to five contacts with the identified key contact at each target company via email, if available, or telephone. At the completion of this project, YAPG will receive approximately 50 company profiles of qualified leads.

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POSTSECONDARY EDUCATION COMPLETIONS U.S. DEPARTMENT OF EDUCATION DATA The Department’s National Center for Education Statistics (NCES) publishes degree, certificate, and diploma program completions in its Integrated Postsecondary Education Data System (IPEDS). The majority of the postsecondary institutions in the United States annually submit their completion data for inclusion in IPEDS. The education completion data shown in this report are 2013 IPEDS data, which is the most currently available data.

POSTSECONDARY INSTITUTIONS For this report, two postsecondary institutions in Yankton County provide completion data to NCES:  

Mount Marty College Avera Sacred Heart Hospital

In addition, completion data for the University of South Dakota is also included in this report.

EDUCATION PROGRAM DATA The completion data in IPEDS is reported by Classification of Instructional Programs (CIP) codes, which is a coding system that was developed by NCES for the accurate tracking and reporting of fields of study and program completion activity. The completion information shown in this report only includes the programs that prepare students for positions in the target industry segments and is presented in two groups: Business and Health Care.

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Business – Postsecondary Education Completions Completions (2013)

CIP Code

Program

Mounty Marty College

U. of South Dakota

Total

11.0101

Computer and Information Sciences, General

0

9

9

11.0103

Information Technology

1

0

1

11.9999

Computer and Information Sciences and Support Services

1

0

1

52.0201

Business Administration and Management, General

31

146

177

52.0206

Non-Profit/Public/Organizational Management

0

2

2

52.0301

Accounting

6

64

70

52.0801

Finance, General

0

20

20

52.1001

Human Resources Management/Personnel Administration

0

10

10

52.1005

Human Resources Development

1

0

1

52.1401

Marketing/Marketing Management, General

0

21

21

5

Health Care – Postsecondary Education Completions Completions (2013)

CIP Code

Mount Marty College &

Program

Avera Sacred Heart

U. of South Dakota

Total

51.0000

Health Services/Allied Health/Health Sciences, General

0

58

58

51.0201

Communication Sciences and Disorders, General

0

53

53

51.0202

Audiology/Audiologist

0

3

3

51.0602

Dental Hygiene/Hygienist

0

36

36

51.0702

Hospital and Health Care Facilities Administration/Management

0

19

19

51.0911

Radiologic Technology/Science - Radiographer

16

0

16

51.0912

Physician Assistant

0

19

19

51.1005

Clinical Laboratory Science/Medical Technology/Technologist

0

8

8

51.1201

Medicine

0

51

51

51.1501

Substance Abuse/Addiction Counseling

0

41

41

51.1503

Clinical/Medical Social Work

0

54

54

51.2306

Occupational Therapy/Therapist

0

25

25

51.2308

Physical Therapy/Therapist

0

35

35

51.3801

Registered Nursing/Registered Nurse

30

309

339

51.3804

Nurse Anesthetist

32

0

32

51.3901

Licensed Practical/Vocational Nurse Training

9

0

9

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POTENTIAL TARGET INDUSTRIES METHODOLOGY Industries within each of the target business segments were identified and then analyzed on a variety of criteria:     

Historical and projected job growth Earnings per worker Number of establishments Rail usage (benefit from rail service in the potential industrial park) Education completions

Industry data was collected for Yankton County, the 8-state Midwest Region (South Dakota, North Dakota, Nebraska, Iowa, Minnesota, Illinois, Missouri, and Kansas), and the United States. Based on an assessment of the criteria for each of the three geographical areas, potential target industries were identified.

POTENTIAL TARGET INDUSTRIES For each potential target industry, information is shown for jobs, historical and projected job growth, earnings, and number of establishments is shown for the three geographical areas - Yankton County, the Midwest Region, and the Nation. In addition, a brief summary assessment of the industry is listed. The next step will be to review the information in this report with YAPG for the selection of the target industries for the next step in the Business Identification Study.

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Farm Machinery Manufacturing & Value-Added Agriculture Meat Processing (NAICS 311612) 2004 Jobs

2014 Jobs

Change 2004-14

% Change

Earnings per Worker

Establish - ments

2024 Jobs

Change 2014-24

% Change

Yankton County

27

188

161

596%

$36,851

1

240

52

28%

Midwest Region

33,860

37,888

4,028

12%

$50,143

309

44,875

6,987

18%

112,422

114,291

1,869

2%

$50,622

1,525

128,986

14,695

13%

Geographic Area

United States

Summary  There is only one company in this industry in the County  Very strong job growth over the past 10 years in Yankton County and strong growth is projected for the next 10 years  Job growth in the Midwest Region was good over the past 10 years and the projected job growth in the Region and U.S. is strong  Earnings in Yankton are well below the Region and Nation averages, which may be an advantage in attracting companies to Yankton

Farm Machinery and Equipment Manufacturing (NAICS 333111) 2004 Jobs

2014 Jobs

Change 2004-14

% Change

Earnings per Worker

Establish - ments

2024 Jobs

Change 2014-24

% Change

Yankton County

0

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