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empsitquickguide.htm#payroll. The report provides jobs at the
NAICS super-sector level, which is a grouping of the NAICS
sector codes.
Take a look at Polk County, also the Lakeland-Winter Haven
MSA at https://www.bls.gov/regions/southeast/fl_lakeland_
msa.htm. In conjunction with the Census QuickFacts report,
this study allows the commercial real estate expert to articulate
clearly and quickly the basic drivers of demand for real estate in
the targeted geographic area.
Looking In-Depth
The BLS Quarterly Census of Employment and Wages has a
new tool called the QCEW Data Viewer, listing county, MSA,
state, and national data by industry at https://data.bls.gov/cew/
apps/data_views/data_views.htm#tab=Tables.
This data provides a closer look at employment in the geo-
graphic area, and it may be an alternative way to look at the BLS
data for the county level since the Economy at a Glance focuses
on MSAs.
To continue the example, select different employment catego-
ries for the NAICS subsectors in Polk County at https://data.
bls.gov/cew/apps/table_maker/v4/table_maker.htm#type=7
&year;=2016&qtr;= 4&own;=5&area;=12105&supp;= 0.
This report delves more in-depth about employment and adds the
location quotient tool. By arranging the data in descending order
for the location quotient column, this reveals that warehousing
employment in Polk County is almost five times the national
average. For more information about location quotient, refer
to https://data.bls.gov/cew/doc/info/location_quotients.htm.
Clearly in this market, industrial real estate is robust. Location
quotient also can provide indications of other opportunities. For
example, NAICS 713: Amusements employment is 50 percent
higher than the U.S. average. This is attributable to the Legoland
Theme Park in Winter Haven at www.legoland.com.
To summarize, the commercial real estate professional can
use these three tools to quickly understand and articulate the
high-level demographic and economic attributes of the local U.S.
market they are analyzing.
• Census QuickFacts at https://www.census.gov/quickfacts/
• Economy at a Glance at https://www.bls.gov/eag/
• Quarterly Census of Employment and Wages Data Viewer:
county, MSA, state, and national data by industry
at https://data.bls.gov/cew/apps/data_views/data_
views.htm#tab=Tables
Gary M. Ralston, CCIM, CPM, SIOR, is a partner at Coldwell
Banker Commercial Saunders Ralston Dantzler Realty in
Lakeland, Fla. Contact him at gary@srdcommercial.com.
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