GNO, Inc. and Bank of America Release Inaugural Greater New Orleans Jobs Report
NEW ORLEANS— Today, Greater New Orleans, Inc. (GNO, Inc.) and Bank of America Merrill Lynch released the inaugural Greater New Orleans Jobs Report. The Greater New Orleans Jobs report sets out to answer a question that is central to Greater New Orleans’ economic development growth over the next 10 years: What are the high-wage, high-growth jobs in our region?
“With the inaugural Jobs Report, we are building on GNO, Inc.’s standing as a go-to resource for regional industry trends, workforce facts, and economic analysis. We believe in data-driven economic development.” said Michael Hecht, President and CEO of Greater New Orleans, Inc. “We are excited to partner with Bank of America Merrill Lynch on this very important endeavor. Economic indicators allow for us to plan and build stronger, more sustainable economies. This report will help the region address immediate and long-term workforce needs as we retain and attract business and industry in the market.”
The Greater New Orleans Jobs Report provides a new level of research and data that aims to inform workforce development investments, policies, and programming, as well as talent attraction and retention initiatives, in Greater New Orleans.
“Workforce development is a priority for Bank of America Merrill Lynch and our clients. GNO, Inc.’s leadership is crucial in the regional workforce development landscape, specifically their work to align industry demand with training and education opportunities in the region,” said Jonathan Matessino, Senior Vice President/Senior Relationship Manager, Global Commercial Banking, Bank of America Merrill Lynch
The Greater New Orleans Jobs Report is an in-depth analysis of 54 high-wage, high-growth occupations in Greater New Orleans. The jobs analyzed in this report are essential to the economic vitality of Greater New Orleans. The 77,355 jobs across 54 occupations represent 12% of all the jobs in the region. The significant number of middle-skill jobs, combined with high-wage, high growth opportunities, offers a unique opportunity to build equitable wealth in our region.
Key findings include:
- Since 2008, the occupations analyzed in this report have grown by 21%. This is significant because the region as a whole has only grown by 4.5%, and nationally, jobs have grown by 7.3% over the past decade.
- Additionally, these key occupations offer significantly higher wages than the region as a whole. Together, these jobs have median hourly earnings of $29.90, which equates to $62,192 annually.
- While the region’s workforce is made up of 42% minorities, minorities only account for 32% of the jobs analyzed in this report.
- The impending retirement boom in these occupations is one of the most immediate needs that must be addressed to ensure these occupations are able to continue their growth trajectory. Nearly 23% of all jobs analyzed are occupied by workers 55 years or older, compared to 22% of all jobs in the region.
- When grouped together, female workers account for 52% of the jobs, while males account for 48%. However, upon review of individual occupations, significant gender gaps exist. Of the 54 occupations examined in this report, all but 11 occupations have a gender disparity of 60:40 or greater. In fact, 10 occupations analyzed have gender disparities of 90:10 or greater.
These recommendations have been developed to inform government, education, economic development, workforce development and private philanthropy’s programs and policies. Furthermore, GNO, Inc. will incorporate certain recommendations into its signature workforce development program—GNOu. A central goal of GNOu is to ensure industry needs are reflected in higher education curriculum and demand-driven, custom-built programming is available at both the university and community college levels.
Read the full report here.