5-14-04
ECONOMIC RESEARCH INSTITUTE FORECASTS
EMPLOYMENT GROWTH IN 2004
Economic development specialists, government leaders, educators, and business leaders gathered at Penn State Behrend recently to learn "How Can Erie Compete? Technology, Innovation, and Productivity in the Erie Economy." The conference, hosted by the Economic Research Institute of Erie (ERIE) and the Sam and Irene Black School of Business, included ERIE's annual employment forecast by Dr. Barry Weller, co-director of the institute.
"This year we expect to see an overall rise of 800 jobs in Erie County," said Weller, who is also an associate professor of economics. "Although jobs related to manufacturing may fall, we can expect to see a rise in wholesale and retail, education and health, leisure and hospitality, and other service jobs."
Guest speaker Richard Overmoyer, deputy secretary of technology investment for Pennsylvania's Department of Community and Economic Development, focused on the statewide initiatives currently underway to support new technologies and new entrepreneurs. He reviewed the bipartisan technology stimulus package currently in place and the funding available for community revitalization, site preparation and infrastructure improvement, and business investment. Overmoyer also discussed Keystone Innovation zones (KIZ), "knowledge neighborhoods" developed close to colleges, universities and training institutions to keep new graduates and budding entrepreneurs in the area. By focusing talent and resources in clusters, KIZs transform these communities into technology incubators. Here, entrepreneurs will find an unbroken chain of ready resources, and they can take advantage of partnerships between educational institutions, local leaders, banks, businesses, investors and foundations that already exist in the community. Their second guest speaker for the conference was Dr. Mark Schweitzer, assistant vice president of the Federal Reserve Bank of Cleveland. As director of the bank's regional economic research, he looked at the historical patterns, the business cycle, productivity growth, and manufacturing in the Erie economy.
Dr. James A. Kurre, co-director of ERIE, presented an overview of the Erie economy and gave a demonstration of ERIEdata.org, a Web site developed by the institute to provide easily accessible economic information about the Erie area for use by government and economic development officials, proposal writers, students, and businesses who want to locate here. Dr. Kenneth K.T. Louie, senior research associate with ERIE, presented an overview of trends in the world economy, looking at performance of the U.S. compared with trading partners and competitors. Looking at International Monetary Fund growth forecasts, Louie said he expects to see a reduction in America's gross domestic product growth rate in 2005. His presentation also pointed out challenges to America's dominance in research and development and the sciences. More information about the Economic Research Institute of Erie is available at http://eriedata.bd.psu.edu/. To be placed on the mailing list for the 2005 annual conference of the Economic Research Institute of Erie, call the Sam and Irene Black School of Business at 814-898-6200.
Contact:
Loretta Brandon
814-898-6063 (O)
E-mail: lzb6@psu.edu