EPISODE · Oct 21, 2024 · 40 MIN
146: The Coming Demographic Drought: Navigating America's Looming Labor Crisis with Josh Wright
from Econ Dev Show Podcast - Economic Development · host Dane Carlson
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. Like this show? Please leave us a review here — even one sentence helps! Special Guest: Josh Wright.
What this episode covers
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. Like this show? Please leave us a review here — even one sentence helps! Special Guest: Josh Wright.Sponsored By:Sitehunt: Sitehunt helps economic developers understand their sites, match them to projects, and respond with confidence in minutes instead of scrambling for days. Links:The Rising Storm, a Lightcast Demographic Drought | Lightcast Lightcast - A Global Leader in Labor Market Analytics Joshua Wright | LinkedIn
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146: The Coming Demographic Drought: Navigating America's Looming Labor Crisis with Josh Wright
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