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by Kylee Steffey, Associate Economist
“Every company has big data in its future and every company will eventually be in the data business.”
Dr. Thomas H Davenport, Babson College
“The goal is to turn data into information, and information into insight.”
Carla Fiorina, ex-CEO Hewlett-Packard
In the digital age, data has become one of the most important assets of private and public entities. With so much data available as a result of our increasing dependence on technology, the demand for employees who can examine, analyze, and interpret this data has exploded. Broadly speaking, “data analytics” refers to the process of examining data in order to find trends and draw conclusions about the information it contains.
The demand for data analytics is growing across a diverse array of industry sectors like education, manufacturing, hospitality, and government. Organizations are using data science to help better understand and anticipate customers’ behavior. This article examines the types of occupations that fall under the umbrella of data analytics and the skills and activities demanded by these occupations.
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Data Analytics Umbrella
Data analytics encompasses a wide range of activities. In general, data analytics is used to inform decision making throughout different functional departments across an organization. The entire process includes collecting, organizing, and interpreting data to improve decision making. With such a long process life cycle, job titles can vary significantly.
The U.S. Bureau of Labor Statistics (BLS) utilizes the Standard Occupational Classification (SOC) system for organizing and analyzing job title data. While there is no specific “data analyst” job title within the SOC structure, there are many related titles that fall under the umbrella of data analytics, especially within the business and financial operations (SOC Group #13) and computer and mathematical (SOC Group #15) occupational groups. Most occupations pertaining to the field tend to include “data” or “analyst” somewhere in the job title, with varying adjectives that apply to specific roles.
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Bright Future Ahead
The future for jobs in data analytics is bright. Firms in many different industry groups are demanding these skills. National occupational employment projections prepared by the BLS covering 2021-2031 underscore this trend. Over the 2021-2031 timeframe, job titles in the data analytics field are projected to grow faster than the 5.3% growth rate expected for all occupations. Based on long-term occupational projections, some of the fastest growing occupations in data analytics include data scientists (+35.8%), information security analysts (+34.7%), operations research analysts (+23.2%), software quality assurance analysts (+20.8%), and market research analysts and marketing specialists (+19.0%).
Not only are many job titles in data analytics fast growing, but they also tend to pay above-average wages. Among the fastest-growing data analytics occupations, information security analysts had the highest median wage ($102,600) in the U.S., which is more than double the median wage for all occupations ($45,760). Market research analysts and marketing specialists had the lowest median wage ($63,920) out of the top five fastest growing occupations within the data analytics group, but it’s still 40% higher than the median wage for all occupations. These higher wages can be attributed to the specialized skills and educational requirements necessary for many of these occupations, which usually require at least a bachelor’s degree.
Skills and Activities
Data analysts require a unique set of skills. They are responsible for analyzing extremely large datasets and communicating their findings to stakeholders. As a result, both technical and soft skills are necessary. The most important technical skills include data mining, data visualization, and predictive analytics. Specifically, analysts must be able to effectively use statistical and data visualization software, while also having a deep understanding of advanced mathematics. Along with advanced technical skills, these occupations require critical thinking abilities in the form of identifying patterns and extracting actionable insights. Moreover, data analysts must be able to communicate those insights to non-technical co-workers.
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Many data analysts studied quantitative fields like computer science, statistics, or engineering in college. But employers have found that graduates in sciences, such as physics, chemistry, and biology, are usually able to quickly pick up the required skills due to their familiarity with quantitative methods. Employers are collaborating with universities to attract these types of students to their firms as data analysts while also working on reskilling their mid-career level employees.
Most data analyst roles involve designing and maintaining data systems and databases, which includes fixing coding errors and cleaning data. In addition, they often mine and restructure data so that it can be used effectively by computers or people. Using statistical tools, data analysts can look for trends and patterns that can be used for diagnostic and predictive analytics. Beyond analyzing the data, they must also be able to effectively communicate their findings to company managers and executives.
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Conclusion
It’s clear that data analytics will play a growing role in the future of many organizations. As the culture of these organizations continues to become more data dependent, employees will need to have some familiarity with data analytics in order to make decisions. Data analysts can help support employees, organizations, and outside stakeholders by creating a data-driven culture. To learn more about the requirements, characteristics, and available opportunities for the data analytics occupations discussed here, visit the O*NET Resource Center at http://www.onetonline.org/.
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by Johny Nelson, Labor Market Analyst, Hudson Valley
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The health of the construction sector has historically been used to gauge the health of the U.S. economy. In good times, people tend to build and renovate; during times of financial hardship, people are more likely to hold off on major projects. In fact, an analysis by the U.S. Bureau of Labor Statistics identified construction as having one of the strongest positive correlations of any industry sector with U.S. Gross Domestic Product. As went construction, so went the economy.
The construction sector has long been an economic driver in the Hudson Valley. According to the latest data from the Quarterly Census of Employment and Wages (QCEW) program, the region’s construction sector in 2021 consisted of almost 8,600 establishments, employed more than 53,000 workers, and paid out more than $4 billion in wages. The sector’s average annual wage of $75,500 was about 8% higher than the region’s overall private sector wage.
Employment growth in construction has important ripple effects in the Hudson Valley’s economy. Data from Lightcast, a data analytics firm, indicate that construction has a regional employment multiplier of 1.40. This means that for every 100 jobs added in the region’s construction sector, an additional 40 spin-off jobs are created in other industries across the region.
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Construction Trends
The Hudson Valley’s construction sector was not immune to the ill effects of the COVID-19 pandemic. Between 2nd quarter 2019 and 2nd quarter 2020, the region’s construction sector job count declined by 24.0%, compared to the 20.9% drop in overall private sector employment during the same timeframe. However, the sector’s employment count has since rallied, expanding by almost 12,700, or 29.2%, between 2nd quarter 2020 and 2nd quarter 2022.
The construction sector consists of three broad industry segments: construction of buildings (NAICS 236), heavy and civil engineering construction (NAICS 237), and specialty trade contractors (NAICS 238). All three industry segments added jobs between 2nd quarter 2020 and 2nd quarter 2022. The largest growth occurred in specialty trade contractors (+9,080), followed by construction of buildings (+2,820) and heavy and civil engineering construction (+770).
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Growth Factors
Over the past decade, several key factors have helped to spur growth in the Hudson Valley’s construction sector. One is recent population growth in the region. Between 2010 and 2020, the number of people living in the Hudson Valley grew by 31,600, or 1.4%, according to figures from the U.S. Census Bureau. A second key factor was a large influx of New York City residents into the region during the early days of the COVID-19 pandemic. According to Hudson Valley Pattern for Progress, more than 33,000 new residents moved to the Hudson Valley from New York City over the past two years alone.
With a housing stock availability of less than 1% last year, there is a pressing need for new development in the region to support the influx of residents. As a result, the State announced the Mid-Hudson Momentum Fund, a $150 million initiative for mixed-use housing and infrastructure projects. The initiative complements a broader statewide effort to construct 800,000 new homes over the next decade.
Sector Outlook
One of the biggest challenges facing the region’s construction sector is the age of its workforce. Close to 20% of current workers are of or approaching retirement age, according to figures from Lightcast. Nonetheless, long-term projections prepared by the New York State Department of Labor show employment in the region’s construction sector is expected to grow by just under 6,000, or about 10.8%, in 2018-2028. Of the three main construction industries noted earlier, the specialty trade contractor segment is projected to have the fastest growth over the period (+12.0%).
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As interest rates have steadily climbed over the past year in an effort to tamp down high inflation, real estate developers are pushing to complete some major construction projects that will bring more housing and commercial space to the region. One of the more notable construction undertakings is the $1 billion Bellefield at Historic Hyde Park project. This mixed-use development project in the Town of Hyde Park (Dutchess County) is expected to create about 550 construction jobs. The Hamilton Green project in White Plains (Westchester County) is a $650 million redevelopment of the former White Plains Mall property into an 860-unit rental apartment complex, along with retail and restaurant space, which will be completed in phases. An estimated 300-400 construction jobs will be created during the first phase and 200-300 jobs during the second phase. In addition, Matrix Development is building two large industrial warehouses in the Town of Newburgh (Orange County), creating 300-500 construction jobs. |
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Conclusion
The Hudson Valley’s construction sector has largely bounced back from the negative impacts of the COVID-19 pandemic. The possibility of a national recession, accompanied by continued interest rate hikes, however, presents a challenge to sustained growth. Nevertheless, a slew of high-profile projects in the region’s construction pipeline as well as innovative government initiatives should help boost the sector for the foreseeable future.
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In January 2023, New York State’s seasonally adjusted private sector job count increased over the month by 23,600, or 0.3%, to 8,238,000. In addition, the state’s seasonally adjusted unemployment rate rose from 4.1% to 4.2% in January, while New York’s seasonally adjusted labor force participation rate rose from 60.4% to 60.5%.
Capital
Over the past year, the private sector job count in the Capital Region rose by 18,200, or 4.4%, to 428,800 in January 2023. Job gains were largest in leisure and hospitality (+5,900), educational and health services (+3,500), natural resources, mining and construction (+2,600), professional and business services (+2,500), financial activities (+1,200), trade, transportation and utilities (+1,200), manufacturing (+700) and other services (+500).
Central NY
The number of private sector jobs in the Syracuse metro area increased over the past year by 7,800, or 3.2%, to 251,300 in January 2023. Employment gains were greatest in leisure and hospitality (+2,700), trade, transportation and utilities (+2,600), natural resources, mining and construction (+1,200), financial activities (+500), other services (+500) and manufacturing (+200).
Finger Lakes
From January 2022 to January 2023, the private sector job count in the Rochester metro area rose by 5,200, or 1.2%, to 437,000. Job gains occurred in educational and health services (+2,500), leisure and hospitality (+2,300), manufacturing (+1,100), natural resources, mining and construction (+600), financial activities (+400) and other services (+400). Job losses were greatest in professional and business services (-1,000) and trade, transportation and utilities (-800).
Hudson Valley
Over the past year, the number of private sector jobs in the Hudson Valley grew by 16,900, or 2.2%, to 775,100 in January 2023. The largest job gains were in educational and health services (+6,200), leisure and hospitality (+4,900), natural resources, mining and construction (+3,700), trade, transportation and utilities (+1,800), professional and business services (+1,100) and manufacturing (+600). Losses occurred ininformation (-1,000) and other services (-800).
Long Island
For the year ending January 2023, private sector jobs on Long Island increased by 31,000, or 2.9%, to 1,113,500. Gains occurred in professional and business services (+10,500), educational and health services (+9,000), leisure and hospitality (+7,200), natural resources, mining and construction (+4,800), other services (+800), financial activities (+500) and manufacturing (+500). A loss occurred in trade, transportation and utilities (-2,400).
Mohawk Valley
For the 12-month period ending January 2023, the number of private sector jobs in the Mohawk Valley region rose by 3,700, or 2.8%, to 137,500. Over-the-year employment gains were greatest in leisure and hospitality (+1,200), educational and health services (+1,100), trade, transportation and utilities (+900), manufacturing (+500) and natural resources, mining and construction (+200). Job losses occurred in professional and business services (-200).
New York City
The private sector job count in New York City rose over the past year by 235,400, or 6.2%, to 4,028,500 in January 2023. Job gains were greatest in educational and health services (+87,100), leisure and hospitality (+62,100), professional and business services (+35,000), financial activities (+20,400), trade, transportation and utilities (+11,900), other services (+10,100), natural resources, mining and construction (+4,300) and information (+3,600).
North Country
For the 12-month period ending January 2023, the private sector job count in the North Country region rose by 1,400, or 1.4%, to 103,300. Over-the-year employment gains were largest in educational and health services (+700), leisure and hospitality (+600), natural resources, mining and construction (+200) and professional and business services (+200). Job losses occurred in information (-200).
Southern Tier
For the 12-month period ending January 2023, the number of private sector jobs in the Southern Tier region increased by 6,600, or 3.2%, to 212,000. Over-the-year job gains were greatest in leisure and hospitality (+2,600), educational and health services (+2,100), manufacturing (+700), natural resources, mining and construction (+600), other services (+300) and trade, transportation and utilities (+300).
Western NY
Over the past year, the private sector job count in the Buffalo-Niagara Falls metro area rose by 12,200, or 2.8%, to 452,900 in January 2023. Gains were greatest in manufacturing (+2,600), professional and business services (+2,400), natural resources, mining and construction (+2,200), trade, transportation and utilities (+1,800), leisure and hospitality (+1,700) and educational and health services (+1,300). Job losses were focused in financial activities (-400) and information (-400).
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