In this episode of the Econ Dev Show Podcast, Dane Carlson interviews Josh Wright about Lightcast's new report "The Rising Storm: Building a Future-Ready Workforce to Withstand the Looming Labor Shortage." The report explores the impending demographic drought due to retiring baby boomers, declining birth rates, and other factors such as incarceration and addiction. Wright explains how these converging trends are creating an unprecedented challenge for the U.S. economy, with certain industries like healthcare, construction, and food service already feeling the impact. He discusses the potential long-term consequences of this labor shortage on economic growth, productivity, and community sustainability.

The conversation then shifts to strategies for economic developers and communities to prepare for this challenge. Wright emphasizes the importance of skills-based hiring and training, talent attraction and retention, and partnerships between businesses and educational institutions. He advocates for a data-driven approach, urging communities to analyze their local labor markets and adapt their workforce development strategies accordingly. The episode provides valuable insights for economic development professionals, policymakers, and business leaders on how to build a future-ready workforce in the face of these demographic shifts. Wright also highlights the resources available in the report and accompanying materials to help communities navigate this looming crisis.

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Special Guest: Josh Wright.

Sponsored By:

• Sitehunt: Sitehunt is industrial site selection software for economic developers.

Links:

• The Rising Storm, a Lightcast Demographic Drought | Lightcast