Targets of Opportunity
The Targets of Opportunity industries demonstrate the greatest opportunity in new jobs, rising wages, new firms, and career potential for our residents.
• Diversified Health Care
• Specialty Food, Flowers & Beverages
• Building & Systems Construction
• Investment Support Services
• Management & Innovation Services
The Economic Dashboard displays the performance of the Target industries in comparison to the Redwood Coast region as a whole—including Humboldt, Del Norte, Mendocino, Trinity and Siskiyou counties of Northern California. The Humboldt County Workforce Investment Board produced two reports, in 2007 and 2012, describing the Target industries. The Redwood Coast Targets of Opportunity Report 2012 includes economic performance data, the strategic work-plan, and the growing jobs in for each industry. The report forms the data foundation for Humboldt County’s Comprehensive Economic Development Strategy, Prosperity 2012. Each Target industry includes a distinct set of sectors and businesses. In the Redwood Coast Targets of Opportunity Report 2012 you will find a profile for each industry.
DIVERSIFIED HEALTH CARE (DHC) includes traditional hospitals, clinics, physician practices, and residential care facilities, as well as entrepreneurial providers of alternative health services, like acupuncture, massage therapy, doula services. DHC is the largest Target industry providing close to 12,000 jobs in the region. The cluster grew new jobs by 18.5% (1995-2009), and pays an annual average wage ($38,402) that is 29% higher than the regional average wage ($29,794). SAMPLE BUSINESSES: Open Door, Eureka Family Practice, John Yamas
SPECIALTY FOOD, FLOWERS & BEVERAGES industry cluster includes businesses that produce high quality foods and beverages utilizing the micro-climates, grasslands and passions of the people of the Redwood Coast. The sectors include cow and goat milk and cheeses; grassfed and organic beef and lamb; wine, beer, cider and spirits; and flowers and trees. SFF&B decreased employment and firms with the last recession, but out-performed California’s agriculture in the same period. Average wages continue to increase in this industry and will soon exceed the regional average. SAMPLE BUSINESSES: Mad River Brewing, Cypress Grove Chevre, Dick Taylor Chocolate, Natural Decadence, Riverbend Cellars, Eel River Organic Beef, Sun Valley Floral Farms
BUILDING & SYSTEMS CONSTRUCTION (Building) includes a number of sectors that focus on physical infrastructure. Businesses in this cluster service national, state and regional needs for housing, commercial structures, building materials, and community systems, such as roadways, bridges and utilities. The third largest cluster, Building employs over 7,100 people, pays average wages ($38,393) that are 29% higher than the regional average ($29,794), and has been growing its average wages about 3% faster than the region. Through the last recession, Building restructured, loosing less firms than the regional average and overall added jobs (1995-2009). SAMPLE BUSINESSES: DANCO, O&M Industries, FoxFarm, MapleService, Solar Living Institute
INVESTMENT SUPPORT SERVICES (ISS) is a growing range of professional advisory services that help people and businesses evaluate and execute investment decisions. The fourth largest Target industry employing over 2,500 people across the region, it added jobs at 11.4%, while the region lost jobs overall 1995-2009. ISS pays an average wage ($38,886) that is 30% higher than the regional average, and real wages grew at a much faster rate (19.5%) versus the region as a whole (6.7%). SAMPLE BUSINESSES: Premier Financial Group, Redwood Capital Bank, Cholwell Benz & Hartwick
MANAGEMENT & INNOVATION SERVICES (MIS) is a rapidly growing industry cluster of professional business to business services that help market, communicate, innovate, design and engineer products and processes. This industry grew new jobs 93.6% and new firms 39.4% 1995-2009. MIS also increased its concentration in the region by 32.3%. Jobs in MIS pay 47% higher than the regional average wage. SAMPLE BUSINESSES: StreamGuys, SHN Consulting Engineers & Geologists, Alpha Analytical, Eureka Payments, Ecology Action
NICHE MANUFACTURING industry cluster includes small, specialized firms spread across in twenty different industry sectors of metal components, coatings, glass, machinery and other products. These firms are growing (their operations, and frequently experiencing labor shortages in key skill occupations. Niche Manufacturing is the smallest Target of Opportunity industry cluster, employing over 1,050 in the region, but has added jobs rapidly at 33.2%. The industry cluster pays on average $42,366, which is 42% higher than the regional average, and real wages grew at much faster rate (26.5%) than the region grew wages (1995-2009). Niche Manufacturing also increased its concentration in the region 111%. SAMPLE BUSINESSES: Wing Inflatables, Holly Yashi, Jessicurl, Fire & Light Originals
FOREST PRODUCTS industry cluster in the Redwood Coast region is a mature, heavily concentrated mix of businesses (11 times more concentrated than CA) that manage, harvest, mill and market the region’s rich timber supply. Humboldt and Siskiyou are the two highest timber producing counties in CA, and as a region, the Redwood Coast produces 47% of the state’s total timber yield (2010). As a whole, the industry has consistently shed jobs over the past five decades. In the last 15-year period studied (1995-2009), the cluster lost about 5,800 jobs, decreasing its share of total regional employment from 10.6% to 4.3%. Still the industry pays on average 29% higher than the regional average wages, and contributes 5.6% of the region’s total wages. Redwood is the primarily, specialty product produced and is rebounding in value with consumers. SAMPLE BUSINESSES: Humboldt Redwood Company, Pacific Clears, Green Diamond Resource Company, Almquist Lumber
TOURISM industry cluster includes businesses in hospitality, dining, accommodation, amusement and recreation services. Tourism provides a substantial and slowly growing share of regional employment, increasing from 12.4% in 1995 to 13.3% in 2009. The industry is part of the region’s economic foundation, bringing in significant dollars from visitors annually. Additionally, it offers entry-level and flexible work opportunities, and world-renowned redwood parks. SAMPLE BUSINESSES: Trees of Mystery, Carter House Inns, Humboldt Bay Tourism Center, The Shaw House, Moonstone Grill, Samoa Cookhouse, Kayak Zachs, Madaket tours