InBusiness Quarterly Fall 2015

FALL 2015

 Keeping up on workplace trends  Luring talent to Montana  Telecommuting for better salary  Q&A with Shannon O’Brien, dean of Missoula College

Crucial partner Missoula would be much different without UM

A2 — Missoulian, Thursday, September 3, 2015

BUSINESS

Economic impact of UM Almost

9,700 2,823 $182M $441M $200M Full-time employees of the University of Montana

Expenditures

$79,178,318 $1,809,918 $28,114,679 $1,026,902 $2,974,935 $5,576,415 $2,007,869 $1,149,875 $1,404,467 $4,739,016 $974,418 -$2,582,885 $208 $1,476,493 $65,962 $7,890,478 $114,795 $2,806,345

Category

Researchers Contract professionals Classified Contract administrators Graduate Assistants Undergraduate students Temporary staff Total jobs Intellectual property

$65,497 $64,516 $35,602 $109,209 $19,000 $11,000 $21,844

U.S. patents issues (active) Active licenses (total) Active licenses (Montana companies)

Number of jobs

138 120 94 7 105 113 109 686

Number

28 23 14

Retail trade Transportation Rental and leasing Administration and support services Performing arts and spectator sports Amusement, gambling and recreation Accommodation Food services and drinking places Repair and maintenance TOTAL

$60,000 $40,000

0

$393,000 $1,505,000 $61,000

$70,000

$101,000

$50,000

35

Fall 2015, Vol. 3, No. 3 Western Montana InBusiness is a publication of the Missoulian

Age

45

50

55

60

65

0

Graduate Bachelor Some college High school

$10,000 20

25

30

35

40

Age

45

50

55

60

65

Lifetime earnings differential by educational status Earnings relative to high school-educated workers $126,630 $239,108

Some college

$568,941 $814,318 $804,736

4-year degree Graduate degree 0

$500,000

Reporters: David Erickson, Jenna Cederberg and Keila Szpaller Photographer Kurt Wilson

$1,000,000

Women Men

$1,552,835 $1,500,000

$2,000,000

KEN BARNEDT, Missoulian

Source: The University of Montana: Growing Montana’s Economy. By The Bureau of Business and Economic Research the University of Montana, February 2010

Publisher Mark Heintzelman Editor Matthew Bunk

40

$30,000

$1,139,000 $77,000 $5,208,000

After-tax income added to Montana’s economy because of UM’s presence

30

$40,000 $20,000

$1Billion

25

$60,000

$503,000 $1,419,000

More than

20

Age to earning profiles by educational attainment for women

Expenditures

$10,000

Graduate Bachelor Some college High school

$20,000

Visitor spending by major category, FY 2009

$67,116,317 $37,596,553 Annual salary

$80,000

Nonresident students enrolled at UM

University research activities Total expenditures Research salaries

$100,000

Visits by friends and relatives from out of state to

3,456

State tax revenues attributable to the presence of the University of Montana

Age to earning profiles by educational attainment for men

Earnings

Salaries and wages Hourly wages Employee benefits Other compensation Other services Supplies Communication Travel Rent Utilities Repair and maintenance Other expenses Goods purchased for resale Capital equipment Debt service Waivers and scholorships Mandatory transfers Non-mandatory transfers

Increased annual compensation due to roughly 35,000 residents who are graduates of UM

9,600

University operations financed by unrestricted funds Category

Payroll and benefits paid by the University of Montana

Earnings

Jobs in Montana because of the presence of the University of Montana

Advertising Jeff Avgeris, (406) 523-5216

Mailing address P.O. Box 8029, Missoula, MT 59807-8029 Phone (406) 523-5240

Missoulian, Thursday, September 3, 2015 — A3

BUSINESS

University of Montana an

economic engine Missoula’s economy would be much different without the presence of UM DAVID ERICKSON david.erickson@missoulian.com‌

‌Approximately 14,000 students are enrolled in fall semester classes at the University of Montana, and Missoula would be a very different place without them here.

According to Larry Swanson, an economist and director of the O’Connor Center for the Rocky Mountain West, the impact of the university on the city’s economy cannot be overstated.

“Having the university makes

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Missoula a center of education, with areas of economic specialization in education that translate into specialization and growth in other sectors, like health care, professional and technical services, financial services, and trade,” he explained. “Centers of higher education also tend to have younger overall populations because they are able to attract and retain young adults to a higher degree than non-university towns. This is particularly important because the U.S. population as a whole is

aging, as are the populations of all Missoula’s peer places and Missoula itself.”

Swanson conducted a peer analysis of 50 other communities in the U.S. that are of comparable size to Missoula, including several cities with universities.

“When you look at university towns versus similar-sized cities without universities, you can sort of see differences,” he said. “You find populations in university towns have higher education attainment, and that’s a carry-over

from having educational entities in your town. People will take classes, whether it’s at the Missoula College or the Lifelong Learning Center, that they wouldn’t if those entities weren’t here. In a city without that education infrastructure, you just might not have as much education.”

The demographics of Missoula would also be vastly different without UM in the mix.

“The other thing that plays See UNIVERSITY, Page A4

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A4 — Missoulian, Thursday, September 3, 2015

Business

TOM BAUER photos, Missoulian‌

ABOVE: The grizzly bear statue on the Oval with Main Hall in the background is an ever-popular spot on campus for new and returning students and parents to take pictures.

LEFT: Ben Stein unloads his vehicle as he moves into a University of Montana residence hall. Stein, a freshman, said he drove alone from his home in St. Louis, encountering rain that soaked his belongings, running off the freeway briefly and having to pawn a belonging for gas money.

University

difference. It’s a multi-faceted thing.”

Swanson found that Missoula ranks 30th in per capita income among the 50 Continued from A3 peer cities he studied.

“Our per-capita incomes should out is (students) come here for school be higher, but Montana universities’ and stick,” Swanson said. “University towns have a larger proportion of young faculty pay levels are among the lowest adults. It makes a big difference. There in the U.S.,” he explained. “Same with is a steady replenishment of your young some other university towns in the Mountain West region.” adult population that you have in uniThe research shows that Missoula versity towns. If you have young adults, you are replenishing your labor supply, ranks 11th among the 50 cities as a “financial center,” or what percentand that’s particularly important as more and more people are retiring. You age of personal income was generated by the finance and insurance sector. also have family formation so young Swanson said this is important because children are going to schools.” financial services will do well in the Young adults are the segment of the national economy going forward. population that is more likely to be “Not all university towns rank high buying houses, and therefore driving in this, so Missoula can be seen as a the real estate market. relatively well-diversified regional “Whereas your older population center economy and being a center of might be downsizing,” Swanson said. higher education adds to this diversity “If you are a university town of this size, that’s a big deal. In Missoula if you and areas of specialization quite a bit,” he said. “Being a center of education go around and talk to people who own is very complementary with attracting real estate, and they have rental housing, take the University out of the equa- young adults, having a good healthcare sector and having strong sectors in tion and that’s a pretty big factor. It trade, professional and technical serplays out in all of these different ways.

It translates into consumption patterns, vices, etc.”

retail sales, clothing, food, all of that A report by Partrick Barkey and kind of stuff. As you put together a list Jennifer Hepp of the University of of all these things it makes for a big

Montana’s Bureau of Business and Economic Research found that the presence of UM contributes to 9,700 jobs, more than $1 billion in after-tax income and almost $200 million in state tax revenues in Montana. Nearly $352 million in annual investment spending can be attributed to UM, and the University increases the average wage of all Montana jobs by $1,346, even taking into account all the tax support and tuition dollars the University receives from Montana residents.

Missoula also gets a huge amount of visitors because of UM. Barkey and

Hepp found that the 3,496 nonresident students at UM in 2008 generated about 9,600 visits by friends and relatives from out of state, with each visitor staying in Montana an average of about 2.5 days. They estimated that these trips generated $5.2 million of spending within the state, with the majority of expenditures going to accommodations, travel and food services.

“Were it not for the presence of the University, these visits – as well as the spending and the jobs that spending supports – would not exist,” Barkey and Hepp wrote.

Coming home to

Montana

A look at Um’s economic impact on missoula, and on the many ways montanans are finding to move back home – and earn a living.

Don’t miss the fall edition of Western montana inBusiness Quarterly.

View all our special publications at missoulian.com/specialsections

Missoulian, Thursday, September 3, 2015 — A5

BUSINESS

Provided photo‌

Keeping up on workplace trends she said. Then, she said, it adapts seminar series, short courses, guest speakers, certificates, and curriculum to respond to trends in the workplace. ‌If you want to be good at marketing in “We are always continuously engaged in trytoday’s business world, you may need to ing to figure out what the trends are. Is it sticky understand data analytics.

So the University of Montana School of Busi- enough to do something about? Or is it going ness Administration recently updated its mar- to be gone in three weeks?” Herron said, noting curriculum changes can be a lengthy process. keting major to emphasize both analytics and The school apparently has been successful digital issues, said Terri Herron, associate dean and professor in the department of accounting in the way it adapts to business in the real world. The School of Business Administration and finance. is accredited in both business and accounting, “We are highly engaged with working Herron said. professionals. We don’t just sit in the ivory In order to pass muster, the school must tower and think we have it all figured out,” demonstrate it is having an impact on constitHerron said. uents, including students, employers, alumni, The School of Business maintains a stable core curriculum focused on foundational busi- faculty, staff and the university as a whole. This spring, she said, the accrediting body extended ness principles that remain steady over time, KEILA SZPALLER keila.szpaller@missoulian.com‌

the school’s certification.

In class, professors prepare students for working in an actual business environment, said Teresa Beed, a professor of accounting and finance.

Instead of having students simply learn about a job, the school requires them to take a hands-on approach to a task in the field.

“I think that’s across the board in the business school,” Beed said.

In her graduate class, for instance, students must give a professional presentation on a research topic to regional CPAs, or certified public accountants. In several other classes, they work shoulder to shoulder with professionals in the field.

See TRENDS, Page 7

A6 — Missoulian, Thursday, September 3, 2015

Business

Montana industry executives, officials use strategies to retain, lure skilled workers DAVID ERICKSON david.erickson@missoulian.com‌

‌There are a variety of measures in place in Montana to keep or lure back skilled workers and highly educated graduates, but there’s still a long way to go to make the state competitive on a national scale.

On one hand, Montana ranks 38th in the country in terms of median household income. However, the natural scenic beauty and outdoor activity opportunities provide a counterbalance to that.

At the University of Montana, Career Services director and career counselor Laurie Fisher and her staff are working hard to prevent Montana’s graduates from leaving the state to find jobs.

“From an income standpoint, (Montana) could be much better,” she admitted. “We’ve always been a low-income state and I suspect we always will be, but I do think it will be getting better. We have an attractive lifestyle and and that’s important to families, so that somewhat offsets the fact that you could probably make more money in some fields in other states.”

Although Montana ranks 30th in the country for cost of living, Fisher said it’s still pretty attractive.

“Other than some pockets where real estate prices are out of whack with income, like Missoula in my opinion, the cost of living is not bad, not like a large city,” she said. “It all kind of evens out.

For the most part, I do think it’s attractive. People want to stay here because of the friendliness and the recreational opportunities.”

The Career Services department does quite a bit to help students transition from college to work, and they focus on keeping grads here in Montana.

“We have a whole recruiting season in the fall where employers come on campus,” Fisher said. “Some of them are international companies, and some are national companies with offices in Montana. The majority of students want to stay in Montana because they have family here or they like the lifestyle. A lot of them aren’t looking to move to a large city, that kind of thing. We work with

employers and maintain relationships and bring them on campus. We host five career fairs every year. We have one specifically for health care, and most of those employers are local or very close.

We work with literally hundreds of different employers across the state.”

Fisher said that Montana workers have a good reputation.

“I do hear from employers, and we get compliments from nationwide and international employers that are very happy with the hires they make from UM,” she said. “A lot of people here have a really good work ethic, and are really good with people. Most employers that use our recruitment system have really good luck with people they recruit from this area.”

Alex Philp, a local entrepreneur who has started a variety of tech companies, including GCS Research, TerraEchos, Adelos Inc. and Kairos, said there are challenges to luring skilled tech workers to Missoula.

“I think that the big challenge is when we have an organic pool of tech workers of various degrees and skills and they like Missoula and they are going to stay, and See Strategies, Page 7

Missoulian, Thursday, September 3, 2015 — A7

Business Strategies Continued from page A6

for whatever reason so many of us are not getting compensated like we would if we worked in San Francisco, Boston, Seattle or other major tech hubs,” he said. “It’s all that ‘Missoula discount’ crap. But the quality-of-life discount is shrinking. If you are trying to recruit a very experienced software engineer, the problem is it’s really hard for them because if for some reason things don’t work out with your company, there are so few options for them. The whole moving to Missoula, settling in, they have to be very liquid and well-established to take that leap. Large metro areas have so much more employability and hiring options.”

Philp said the University of Montana could do more to better prepare students for the real world in the tech industry.

“Our university, even though I’m a big supporter, they’re not doing enough to groom and train the students to get them ready for prime time,” he said.

Trends

“Our internships aren’t aggressive and hands-on enough. They’re kind of rinky-dinky. The university needs to partner aggressively with not only big companies but the little ones and carve out internships. The computer science program needs to be far more aggressive in applied, practical applications.

The sooner they can be embedded and exposed to the pace, intensity and what’s going on outside the academic environment and exposed to technology that is relevant today, the better off they’ll be.”

Dave Parker, the director of communications for Montana Gov. Steve Bullock, said there are many recruitment efforts in the state to keep skilled workers here and lure employers.

“The governor makes calls every week to CEOs across the country to encourage them to relocate to Montana,” he said.

The Governor’s Office has a campaign called “Choose Montana” to promote the state’s industries and businesses and showcase it as a great place to do business, and the state’s entrepreneurs

The school also has an executive in residence, currently Bill Whitsitt, appointed in November 2013.

Continued from page A5 The University of Montana Bureau of Business and Economic Research “Students are sent to businesses to help build business plans or to help them selected Whitsitt as its executive in residence and visiting professor in public with their information systems needs,” affairs management.

Beed said.

Whitsitt had served as executive vice The school also has strong liaisons president for public affairs at Devon with top executives in the business Energy Corp., one of the largest U.S. world, and it fosters relationships with exploration and production companies. working professionals in a variety of The oil and gas sector of the energy ways, Herron said. industry is changing rapidly, so Whitsitt “It’s really part of our core mission to was charged with bringing real world stay engaged with the professions that experience to the school. Last year, he we send our students to,” she said. gave keynote economic outlook talks When recruiters come to campus, professors quiz them on the information in Montana on the fundamental energy revolution. students need to know to get jobs, “I think there was a feeling we needed she said.

The school also has advisory boards for to jump start appreciation for how things have changed,” Whitsitt said. each academic department and a larger On campus, he teaches a short course board for the entire school.

“These are people actually in industry, promoted to business students. His area of expertise is energy, but his goal is so that a major part of those meetings to prepare students regardless of their is learning what is going on in their companies, what keeps them up at night, chosen field.

“My whole purpose is to give students what kinds of trends they’re seeing,” the tools to make informed decisions Herron said. “It’s just a really nice way regardless of what area of business they to stay up to date with a wide variety of choose to go into,” Whitsitt said. professionals.”

are promoted through InnovateMontana.com. Montana has ranked No. 1 for entrepreneurship for three years in a row, according to the Kauffman Foundation.

Parker said that through the governor’s “Key Industry Network” meetings, state officials have heard that workforce is needed in nearly every segment, from manufacturing to construction to professional services.

Several communities, such as Eureka and Great Falls, have instituted a “Come Home” campaign to lure back hometown kids.

The governor’s “Main Street Montana Project” has a number of initiatives to train and educate the state’s workforce, and has attracted several large grants from the U.S. Department of Labor to fund healthcare, manufacturing, and energy industrial workforce development.

The state Department of Labor and Industry’s Job Seeker app will be going live Oct. 1, and that will be a national tool for people to seek employment in Montana.

Christina Henderson, the executive director of the Montana High Tech Business Alliance, based in Missoula, said that there have been a number of initiatives to reach out to UM alumni to entice them to work here.

“Our organization places ads in alumni publications with high-tech jobs,” she said. “We have 210 member companies in Montana, and right now we have 75 jobs and internships available. We help our members with recruiting. We’ve had a couple meetings through our ‘CEO Roundtable’ around workforce and recruiting.”

When Henderson sends surveys out to member companies, she finds that the biggest barrier to growth is finding enough talented tech workers, particularly for highly skilled positions or upper management. Companies like Advanced Technology Group in Missoula provide great tech jobs here, but there is always more work to do, Henderson said.

“They are really looking for Montana grads that want to come back,” she said.

“It’s a relentless search. We never give up searching, organizations like ours.

It’s a collective effort.”

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A8 — Missoulian, Thursday, September 3, 2015

BUSINESS

LIVE WHERE YOU WANT

Thinkstock

Missoulian, Thursday, September 3, 2015 — A9

BUSINESS

UM grad returns to Missoula, works remotely for Salt Lake City company DAVID ERICKSON david.erickson@missoulian.com‌

‌K

eriann Strickland is a case study of the type of person Missoula, and Montana in general, want to attract to work here. She is a University of Montana graduate who left the state to pursue a career, found a high-paying job in a city, but moved back to Missoula and now telecommutes to work.

The local economy benefits greatly from having people like Strickland live here and spend money, especially since they earn that money from out-ofstate companies.

Strickland can offer insight on the challenges and benefits to working remotely, as well as the obstacles that face people who regularly need to travel out of the state.

The issue of how to attract skilled workers to work remotely from Montana has been brought up in a very public way recently by Greg Gianforte, a high-tech entrepreneur from Bozeman who has filed paperwork to run for governor in 2016.

In June, Gianforte announced a statewide tour to promote the benefits of telecommunting to keep high-paying jobs in the state.

It’s a subject Strickland knows well.

The Billings native earned a degree in journalism from the University of Montana in 2007 and worked at the Flathead Beacon newspaper in Kalispell before moving to Salt Lake City to earn her master’s degree at the University of Utah.

After completing a two-year teaching fellowship, she took a job at a health-care technology company before getting a job at the Waterford Institute, a nonprofit research center and curriculum producer.

“We create computer-based curriculum for schools for pre-K through second grade,” she explained. “For example, school districts might purchase curriculum for use in computer labs.”

However, her husband Alex got a job in Missoula that was a perfect fit for him.

“I had only been with my current company for six weeks,” Strickland recalled of her decision to move to Missoula. “I went in thinking that I was maybe quitting.

I have two really great supervisors who were really supportive and wanted me to continue the work. They understood that sometimes things happen and come up, and they were both comfortable with a

“

I grew up in Billings, and a really common refrain Montana kids are told is ‘stay in the state, we need young people.’

And I think most young people I know would love to do that, but my response is you have to give them ways to do that and opportunities to provide for themselves and their families.”

Keriann Strickland remote working relationship.”

Now, Strickland earns a big-city paycheck but works in a smaller city. Her income taxes are divided between Utah and Montana, but Missoula’s economy is the one to benefit by her being here.

With more people like her paying for housing, eating at local restaurants and supporting local businesses, the Missoula economy could see a huge boost.

Strickland said she hasn’t seen any local jobs that could pay her close to what her Salt Lake-based employer can.

“I follow job postings here regularly, it’s something I’ve always done,” she explained. “Even when you are happy with your job, I like to keep an eye open to opportunities. Working remotely, you can feel vulnerable because you aren’t there.

Missoula jobs haven’t compared. Salary isn’t everything, but when you are looking at a 40 percent decrease, in a lot of cases, that is a really, really brutal change.

“Missoula, and Montana in general, have always had a challenge of having professional jobs, and we rank as one of lowest in the country for average salary.

So having a salary that comes from outside of that is really great.”

Strickland said that if her bosses hadn’t been so cooperative, she would probably be faced with accepting a much lowerpaying job here, since she was committed to moving with her husband. She hopes her home state can make progress towards being more attractive to highly educated and skilled people like her who would otherwise leave the state.

“I grew up in Billings, and a really common refrain Montana kids are told is ‘stay in the state, we need young people,’ ” she said. “And I think most young people I know would love to do that, but my response is you have to give them ways to do that and opportunities to provide for themselves and their families. I think everyone that lives here and works here

knows that can be hard to do.”

Strickland said that leaving Montana provided her with opportunities that she otherwise wouldn’t have had access to.

“I was able to attend a research university and work as an adjunct professor and work at a health tech company and an education technology company for computer-based curriculum,” she said.

“Those are not necessarily the sorts of jobs I would see here.”

There are things that Montana can do to make telecommuting more attractive and build job opportunities in the state,

she added.

“Most remote employees travel a fair bit, and so I travel frequently for work, both back to our main office and national education conferences and events, and it can be very, very expensive and difficult,” she said. “For a weekday flight to Salt Lake City, Delta is my direct option. The flight is barely over one hour, but the weekday price is around $640. Since they are the only direct option, they can kind of charge what they want.”

Strickland said making airline prices more competitive for business travelers would help lure more people like her here.

“If Missoula worked on infrastructure and having good access to the Internet and growing transportation options and those sorts of things, it could also help,” she said. “It’s something to consider.”

She sometimes misses the interpersonal collaboration she gets from working in an office, but Strickland knows she’s lucky to be able to work in a place she loves.

“Missoula is a hard place to find one professional job, let alone two, so for us to be able to bring a job with us was really great,” she said.

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A10 — Missoulian, Thursday, September 3, 2015

Business

Missoula College dean discusses new campus and new opportunities past experience will help shape her vision for Missoula College, how the new facility will aid students, and how she’ll work to help connect graduates with jobs, and area businesses with s the bulldozers and construction quality employees. crews continue work on the new How has your past experience as an $32 million Missoula College campus on East Broadway, a new dean education policy adviser helped prepare you to lead Missoula College? has taken the helm It was a great honor to serve as Gov. Bullto begin guiding the two-year ock’s policy adviser for education. In that role, school into the future.

I learned a great deal about education policy Shannon O’Brien was named and best practices at all levels; from infancy dean of Missoula College in through entry into the workforce, both at the May, taking over for the retiring state level and the national level. One of the Barry Good. primary things I learned is the critical role O’Brien, who began her duties that two-year education plays in economic at Missoula College on July 1, is a O’Brien development. There is a significant heightened former education policy adviser awareness of the value of post-secondary to Gov. Steve Bullock and a longtime Miseducation, especially two-year education. soula resident.

If you had to describe Missoula ColShe earned a doctorate in educational leadlege to prospective students in one ership from the University of Montana. tweet, what would you say?

O’Brien also holds a master’s degree in MC provides quality, affordable educaeducation from Gonzaga University. tion with experienced, caring instructors for She previously worked at the American School in Spain, Appalachian State University boundless opportunities in the workforce and school districts in Washington state. From and beyond.

The new Missoula College facility is 2009 to 2011, she was an adjunct professor at UM’s Phyllis J. Washington College of Educa- set to open in the spring of 2017. How do you see that facility helping advance tion and Human Sciences. the mission of Missoula College and That experience, O’Brien said, especially her most recent work for Bullock, has allowed prepare students for the workforce?

The new building will bring opportunities her to gain a wide understanding of education to serve more students with state-of-the-art at all levels. and innovative tools. Additionally, the location Critical to that picture is the role two-year will help students access resources on the colleges play, she said. mountain campus and allow us to build upon The new Missoula College building, which the strong relationships we have built with O’Brien says will contain a host of state-ofother programs. the-art facilities to help prepare and propel The Culinary Arts students will offer graduates into the workforce, is set to be riverside dining for breakfast, lunch, dinner finished in the summer of 2017.

Below, O’Brien outlines more about how her and special events. Our health-care programs, JENNA CEDERBERG jenna.cederberg@missoulian.com‌

‌A

including nursing and medical assisting, as well as respiratory, surgical and radiological technologies, will have state-of-the-art resources to prepare our students to be the best in their fields.

Many people argue that community college is a great avenue to earn a more affordable higher education degree that in turn allows graduates to enter the workforce earning higher wages.

What is one specific example of a Missoula College program that fulfills that sentiment?

It’s true, tuition is significantly lower at Missoula College than most four-year institutions, plus students enter the workforce faster.

Students graduating with a certificate or degree in welding, for example, enter the workforce earning upwards of $20/hour, with a strong earning potential as they gain more experience. Health occupation salaries are even higher for recent graduates who are interested in radiology or respiratory technologies and nursing.

Alternately, both employers and graduates often grumble about the challenges of finding good workers and/or finding a good job after graduation. Do you think Missoula College should play a role in connection those dots? If so, what do you consider the best way to involve local business stakeholders on the campus?

The primary role of Missoula College is to understand the workforce needs and be adaptable to those needs.

I have already had numerous meetings with representatives of private industry to ensure that there is alignment between what we teach and what they need. Our instructors take that into consideration.

Missoulian, Thursday, September 3, 2015 — A11

BUSINESS

Home, work by the numbers

116 99 108 120 130 132

Missoula County for Jan. 1 through July 31, 2015 2015 880 $237,700 119 2014 798 $224,400 127 2013 901 $220,000 121 2012 689 $205,000 136 2011 545 $203,500 138 2010 634 $199,925 127 Source: Missoula Organization of Realtors

Percent change 1 month

-1.3 0 -0.8 -0.1 -0.3 -0.3 -0.1 -0.2 0 -0.5 0.2 0.8

-0.3% 0% -3.1% -0.5% -0.3% -4.6% -0.4% -0.5% 0% -0.9% 1.1% 0.9%

NOTE: Total non-agricultural uses the summation of all sectors.

e

ad

c as

C

F

d

ea

h lat

a Gr

ni

te

4.6%

4.0%

3.9%

8.5%

June 2015

7.3%

5.8%

4.9%

4.8%

4.5%

4.9%

June 2014

3.3%

$245,500 $235,250 $230,500 $210,000 $205,500 $220,000

Average days on the market

5.9%

187 192 206 146 101 99

454.7 9.0 25.6 18.9 92.8 6.5 24.9 39.5 70.2 60.1 17.5 89.7

Unemployment rate by county 4.3%

2015 2014 2013 2012 2011 2010

Median price

(thousands)

458.4 9.1 25.8 18.6 96.8 6.5 26.6 39.9 69.8 58.8 18.1 88.4

Source: Montana Department of Labor and Industry

3.9%

Number of sales

(thousands)

457.1 9.1 25.0 18.5 96.5 6.2 26.5 39.7 69.8 58.3 18.3 89.2

Net change 1 month

*Not seasonally adjusted

Residential market activity in Missoula County Year

(thousands)

10.4%

Missoula urban area for Jan. 1 through July 31, 2015 2015 704 $239,250 105 2014 626 $225,000 113 2013 726 $216,300 116 2012 546 $208,500 122 2011 435 $203,500 130 2010 538 $199,900 121

June 2014

4.3%

98 94 104 114 122 123

5.5%

$245,750 $235,000 $227,000 $211,400 $205,500 $221,725

May 2015

3.7%

Average days on the market

5.2%

150 155 169 115 87 84

Median price

6.7%

2015 2014 2013 2012 2011 2010

Number of sales

5.2%

Year

Total nonfarm Natural resources, mining Construction Manufacturing Trade, transportation, utilities Information Financial activities Professional, business services Educational, health services Leisure, hospitality Other services Government

June 2015

7.0%

Residential market activity in Missoula urban area

Super sector

8.9%

Residential and residential with acreage

Industry employment comparisons (in thousands)

8.0%

Residential market activity in the Missoula area for July 2015

l ll a A lli ln rs ke ne ra ul we va nde co to AN La ne sso a o n s i T i P R w i L M Sa ON M llo M Ye

Unemployment in Missoula County, June 2014-June 2015 4.3%

4.1%

3.9%

3.7%

3.7%

4.2%

4.4%

5.1%

4.6%

4.5%

3.7%

3.1%

3.7%

June

July

Aug.

Sept.

2014

Oct.

Nov.

Dec.

Jan.

Feb.

March April 2015

May

June

Unemployment in Montana, June 2014-June 2015 4.6%

4.2%

4.2%

3.9%

4.1%

4.6%

4.6%

5.3%

4.9%

4.7%

3.9%

3.4%

4.0%

June

July

Aug.

Sept.

2014

Oct.

Nov.

Dec.

Jan.

Feb.

March April 2015

May

June

Source: U.S. Bureau of Labor Statistics

NOTE: Not seasonally adjusted.

KEN BARNEDT, Missoulian

A12 — Missoulian, Thursday, September 3, 2015

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