Key Challenges
Employers will continue to face labor shortages.
The nation's largest generation of workers, born between 1946 and 1964, has begun retiring, and the generations that are in line to replace them — Generations X and Y — are significantly smaller. For the Wired65 Region, this gap is even more pronounced.
The skill sets of the region's workforce do not match future jobs.
Two-thirds of the jobs created over the next decade will require some kind of postsecondary education or training. The days when a high school diploma easily translates into a good-paying job are gone. Finding workers with advanced skills is a concern for both sides of the Ohio River, as well as for rural and urban areas alike.
Regional infrastructure needs are piling up.
A number of dramatic events have helped focus national attention on the problem of America's aging infrastructure. The problem is particularly pronounced in the nation's metropolitan areas, and Louisville is no exception. Furthermore, growth pressure in some parts of the region, particularly around Fort Knox, will require new infrastructure. Technology is a key piece, as well, with high-speed Internet access increasingly becoming the baseline for businesses and individuals.
Business climate issues can hamper growth.
A positive business climate is an important element of successful regions. A number of national rankings, such as the Tax Foundation's State Business Tax Climate Index, focus on documenting differences in tax structure and regulatory environment. Others concentrate on factors impacting labor quality, cost, and availability. A review of several such indices, coupled with a review of existing studies, suggests that continued attention will be required to maintain a competitive environment.
Changes at Fort Knox will create workforce and other challenges, along with opportunity.
Recommendations of the 2005 Base Realignment and Closure (BRAC) Commission will ultimately transform the post from a largely blue-collar workforce, with maintenance of equipment as its primary mission, to a largely white-collar workforce, charged with managing personnel activities for the entire U.S. Army. Fort Knox will become the personnel department for one of the largest organizations in the world.
