Regional study supports task force conclusions
The SRS Community Reuse Organization (SRSCRO) released its Economic Impact and Workforce Transition Study earlier this week. In addition to measuring the economic impact of SRS, the analysis estimates the consequences and opportunities of the potential impact of future job fluctuations and future workforce transition, and adds research to identify how communities in the region can prepare for anticipated changes in the makeup of the SRS workforce.
One scenario in the report looks at a retirement estimate of 25 to 35 percent of the current workforce; the economic impacts of those estimates will vary according to the earnings of the future workforce, and the economic behavior of the new retiree population. Although the economic impact of this transition is uncertain, there is no doubt the influx of new residents from the SRS workforce transition and from the arrival of the Army Cyber Command at Fort Gordon will influence the local housing markets, education systems and quality of place.
The study recognizes the many assets of the region, but also acknowledges the need for communities to be deliberate and coordinated in their efforts to attract the future workforce.
A large segment of the report highlights broader implications for the five-county communities of a “next generation workforce.” Implications, “where further investments may be needed”, include single family housing and rental property inventory; educational programming to attract new residents; and “quality of place” projects to complement existing community amenities.
The study was prepared by TIP Strategies, an economic development consulting firm with offices in Austin, Texas, and Seattle, Washington. The firm partnered with Simon Medcalfe, Associate Professor of Finance at Augusta University’s Hull College of Business.
The SRS Community Reuse Organization is a 501(c)(3) private, nonprofit organization charged with developing and implementing a comprehensive strategy to diversify the economy of a five-county region in Georgia and South Carolina. The SRSCRO’s 22-member board of directors is made up of economic and community leaders from the five-county area.
The Savannah River Site Economic Impact Study is available at srscro.org.