As we invest in the Hudson Valley”™s future, it”™s critical we have an honest discussion about the evolving importance of science, technology, engineering, the arts and math ”” known collectively as STEaM ”” in workforce training and the potential these areas have to influence economic growth in our region.
In recent years, business leaders and public officials have stressed the development of STEaM skills, but often there is no comprehensive plan on how and when to introduce STEaM-based learning into the workforce. The truth is STEaM skills empower Hudson Valley residents by providing a straighter path to potentially higher earning levels within our regional business community.
Recently, at the Hudson Valley Economic Development Corp.”™s second annual State of the Hudson Valley Economy: Full STEaM Ahead! presentation, HVEDC was privileged to have global labor expert Paul Harrington, director of Drexel University”™s Center for Labor Markets and Policy, elaborate on the importance of STEaM development by delivering this point to more than 200 business and community leaders at the conference at SUNY New Paltz. Harrington shared a lifetime”™s worth of data on the economic attainment opportunities available to those in STEaM careers, while helping us understand the regional leadership”™s part in developing a STEaM-educated workforce throughout the Hudson Valley.
There is no denying the income potential for workers in STEaM-related careers remains high. Average salaries in the Hudson Valley for employees in the computer science, mathematics, architecture and engineering fields are all greater than $80,000 annually. For regional physical science and life science careers, salaries increase to more than $90,000. Despite these possibilities, sadly, only 5 to 7 percent of Hudson Valley workers have jobs in these sectors; therefore, to compete with other states for business attraction and retention, we must dramatically increase the area”™s pool of STEaM-trained workers.
For the second year in a row, in close consultation with global real estate management firm JLL, HVEDC has released its Business Climate Survey, which gives us greater insight as to the economic perceptions of key business entrepreneurs and nonprofit executives throughout the region. The optimism of survey participants fell slightly this year in regard to their perception of the Hudson Valley economy. Downward trends persisted through questions related to overall business climate, hiring expectations and projected revenue. These survey findings make HVEDC”™s continuing efforts toward driving change and development even more important.
Opportunities for employment in STEaM fields are available to the Hudson Valley”™s multigenerational workforce, although deeper analytical research into the local communities found baby boomers are the leading economic influencers. Although much attention is paid nationally to the up-and-coming millennial generation, in the Hudson Valley region, baby boomers have the highest percentage of aggregate household income, at 47 percent. This outweighs the aggregate household incomes of both Generation Xers (33 percent) and millennials (5 percent). We need to rebalance limited regional resources, to in turn encourage the development of millennial job and startup opportunities, without sacrificing the significant contributions baby boomers make as solo entrepreneurs as well as those among the ranks of C-suite management.
Equally, when it comes to increasing involvement in STEaM careers, we are looking at the current workforce as only one part of the equation. Driving interest in STEaM skills among even younger generations ”” as early as elementary school ”” is a critical part of ensuring the continued growth of the Hudson Valley economy for years to come. Bluntly, we need a better birth-to-death model to train, employ and keep residents actively engaged in the Hudson Valley economy at every stage of life.
Looking ahead, it will be important to cultivate the younger generations”™ abilities in STEaM skills and to mesh these subjects with other areas of academia. There is a widespread economic shift toward the increased need for specialized services, and we want to make sure our workforce is properly prepared.
Survey respondents felt that the Hudson Valley offered children a better than average opportunity of securing a good primary and secondary education. Through these existing educational channels, we can provide a comprehensive approach to learning that enables students to pursue high-level careers.
Teaching STEaM skills to future workers is a direct investment in our region”™s economy. Even the simplest of jobs will soon require STEaM skills. A STEaM-skilled workforce can make the Hudson Valley a hub for technological and science-based companies. As a result, these companies will create more high-paying, local jobs for our STEaM-skilled workforce. In time, we”™ll see our dedication to educating our community come full circle, as we move full STEaM ahead into a brighter future.
Laurence P. Gottlieb is president and CEO of Hudson Valley Economic Development Corp. in New Windsor. He can be reached at lgottlieb@hvedc.com.
