Source: QCEW, Census Bureau. Date of last available data: 1st quarter 2018. Last updated: November 2018.
The main factor to focus on in this chart is the Employment LQ. The manufacturing industry is proportionately more concentrated in the Richland County economy than in the United States economy in general. The other three leading industries are the Healthcare, Retail, and Administration & Waste Services industries, which have employment LQs of 1.13, 1.20, and 1.19 respectively or closer to the United States economy (which has a baseline LQ of 1.0). These industries represent the major pillars of the Richland County economy.
The employment rate in select industries measures nonfarm employment data from the Bureau of Labor Statistics Current Employment Statistics and is published on a quarterly basis. Select industries are defined as industries with the highest number of employees, total wages (in millions), employment LQ and total wages LQ.
Location Quotient (LQ) compares the significance of an industry by wages or employments in Richland County to that of the United States. For example, if the Employment LQ is 1 for the accommodations industry, then Richland County’s accommodation industry is as equally significant to Richland’s economy (from an employment perspective) as in the United States economy in general. However, if the LQ is greater than 1, the industry has a greater proportion of the local area employment than the national economy.
The growth of total employment in Richland County’s strongest industries is an important indicator of the overall health of the economy. The measure also reflects the growth and slowdown of certain industries, industries that dominate the employment mix, and industries that are becoming increasingly influential on the economic landscape.
This metric does not currently have benchmark information.
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