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The new ice age: investing in a competitive, educated workforce.

Publication: Montana Business Quarterly
Publication Date: 22-MAR-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
"In the 21st century, the education and skills of the work force will end up being the dominant competitive weapon."

--Lester Thurow, Montana native and MIT economist.

Some Like It Hot

In 2006, Montana had the eighth highest GDP growth rate in the nation, the sixth highest nonfarm wage and salary growth rate, and the 11th highest growth rate in annual average wage per job. Even more good news is that Montana has a low unemployment rate--3 percent in October of 2007. With a hot economy in Montana, the last thing we need is an ICE age, right? Wrong.

As Montana employers struggle to find workers qualified to meet specific labor demands and replace retiring baby boomers, it becomes clear that investing in a competitive, educated workforce is of critical importance. Montana's investment strategy clearly has at least two prongs. First: attract globally competitive businesses to employ our talented young people and keep them close to home. Second: retrain undereducated workers for new jobs or vacancies in old jobs. The Montana University System plays a key role...

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