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6.0. -Page 101 of 179 wage levels. These differences in wages directly impact a household's ability to afford certain types of housing, the ability to rent or own housing, and the ability to adequately maintain housing. Approximately 50,000 Redwood City residents were employed in 2017, which represents a substantial increase from 2012, which saw about 39,000 employed. Most of the residents are primarily employed in two categories: education/healthcare; and professional/scientific. According to "Trends Affecting Workforce Development in San Mateo County and the San Francisco Peninsula" by Silicon Valley Institute for Regional Studies, which was commissioned by San Mateo County Economic Development Association (SMACEDA), the information, professional, scientific and technical services sectors have and will continue to lead the Peninsula's economic base. Health care and the leisure and hospitality sectors (including restaurants) will also produce large job gains in the foreseeable future. Construction and related sectors are expected to continue their expansion. Describe the workforce and infrastructure needs of the business community: According to "Trends Affecting Workforce Development in San Mateo County and the San Francisco Peninsula" report, there are two important high-level occupational trends that hold significance for the Peninsula: One is that the Peninsula economy, like that of the Bay Area, will continue to have more low-wage and high -wage jobs, and fewer in the mid-range. Specifically, the Peninsula will have more jobs that have a median wage under $20 per hour and more jobs above $35 per hour, and either segment will outnumber middle wage jobs paying between $20 and $35 per hour. Helping all low wage workers move up will be extremely challenging. Second, over the next ten years more than 2 of every 3 job openings available to workers/students and needed by businesses will be to replace people who retire or change occupations. Identifying and working to prepare job seekers for these jobs, rather than concentrating primarily on job growth, will become increasingly important. Business infrastructure needs, including business location, go hand-in-hand with workforce needs. The current recovering economy has resulted in a low vacancy rate in office/retail space compared to the last few years. The Workforce Investment Board (WIB) is operated at the county level. WIB provides services dedicated to providing a needed workforce to our local business by offering professional services that include recruitment and hiring, and business growth assistance and expansion. With these services, the WIB is addressing the need to find qualified workers for businesses in San Mateo County. Describe any major changes that may have an economic impact, such as planned local or regional public or private sector investments or initiatives that have affected or may affect Consolidated Plan REDWOOD CITY 95 OMB Control No: 2506-0117 (exp. 06/30/2018) 457