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Employment:
Industrial Diversity Index (March 2008) |
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Employment |
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Location Quotient* |
Current Period
(Mar. 2008) |
Previous Period
(Feb. 2008) |
Previous Year
(Mar. 2007) |
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Current Period
(Mar. 2008) |
Previous Period
(Feb. 2008) |
Previous Year
(Mar. 2007) |
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Natural Resources & Mining |
500 |
500 |
500 |
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10.0 |
10.1 |
10.5 |
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Construction |
94,500 |
95,000 |
104,500 |
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200.4 |
202.0 |
210.0 |
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Manufacturing |
26,800 |
26,800 |
26,900 |
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29.2 |
29.1 |
28.0 |
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Utilities |
3,100 |
3,100 |
3,000 |
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82.8 |
82.6 |
80.9 |
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Wholesale |
24,600 |
24,400 |
24,000 |
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60.5 |
59.9 |
59.7 |
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Retail |
101,500 |
101,400 |
98,100 |
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98.9 |
98.7 |
95.4 |
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Trans & Warehousing |
34,300 |
34,200 |
33,300 |
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113.0 |
112.4 |
109.7 |
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Information |
11,200 |
11,200 |
11,500 |
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55.2 |
54.9 |
55.2 |
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Financial Activities |
49,000 |
49,000 |
50,700 |
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88.6 |
88.2 |
89.0 |
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Professional & Business Services |
113,000 |
115,100 |
117,300 |
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93.9 |
95.5 |
98.3 |
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Education & Health Services |
65,800 |
65,600 |
62,700 |
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51.7 |
51.5 |
50.5 |
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Leisure & Hospitality |
272,800 |
272,100 |
272,100 |
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303.6 |
305.9 |
306.8 |
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Other Services |
25,800 |
25,500 |
25,000 |
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69.4 |
68.7 |
67.8 |
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Government |
102,600 |
101,700 |
98,300 |
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66.6 |
66.1 |
64.2 |
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Total/Average |
925,500 |
925,600 |
927,900 |
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Index Value: |
63.5 |
63.2 |
62.4 |
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Notes: (1) Location quotient measures the local
concentration of an industry in comparison to that industry's share of
U.S. employment. A location quotient of 105, for example, indicates that
the industry in question accounts for five percent more of the region's
employment than does the same industry for all employment, nationwide.
The index value is a mathematical formula that measures the average
distance from the mean for each industrial sector. Higher scores
indicate greater diversity; a perfectly diversified economy would return
an index score of 100. |
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Indicator Series Methodology:
This analysis uses industry-level employment data for the United States and
Southern Nevada. The data are analyzed at the 1-digit NAICS (North America
Standard Industrial Classification) level of detail, applying the Hachman
Index. The Hachman Index is measured, for a given month, as the inverse of
the weighted sum of the location quotients, by industry, for a given county,
across all industries. A location quotient (“LQ”) for a given month is the
fraction of the County’s employment in a given industry divided by the
fraction of the nation’s employment in the same industry for the same month.
The LQs are weighted by the share of Clark County’s employment in a given
industry, for the given time period.
Employment in a few key industries, which differ considerably from the
fraction of employment for those industries nationwide, return relatively
large weighted LQs and, consequently, a relatively low Hachman Index value
(since it is the inverse of the weighted LQs). Conversely, more closely
reflecting the national employment distribution will have relatively small
weighted LQs, and a relatively high Hachman Index value. Thus, a perfectly
diversified economy would return an index value of 100.
Definitions:
Employment – Total amount of employment for the Las Vegas
Metropolitan Statistical Area (MSA) (source: Nevada Department of
Employment, Training and Rehabilitation). Location Quotient - A
calculated ratio between the local economy and the economy of some reference
unit. This ratio is calculated for all industries to determine whether or
not the local economy has a greater share of that industry than expected
(source: Forecasting for Plan Development Glossary of Terms, Florida State
University, Department of Urban and Regional Planning). |
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