logo
State of Somerset County: Demographics 'No. 1 issue'

State of Somerset County: Demographics 'No. 1 issue'

Yahoo27-03-2025
SOMERSET, Pa. – Pennsylvania, with 48 rural counties, has the third largest rural population in the United States, Kyle Kopko, executive director of the Center for Rural Pennsylvania, said Wednesday.
Rural counties are defined as those with a population density less than 291 people per square mile. Pennsylvania's rural counties' combined have a population of 3.4 million people, which is larger than the populations of 21 states and Washington, D.C, he said.
But those counties are forecast to continue declining in population to a point that would seem dire for industry in the future, Kopko said.
Kopko presented some bleak statistics and projections, though with some optimism, during Eggs & Issues State of the County event at Oakhurst Grille & Event Center. The event was attended by members of the Somerset County Chamber of Commerce and Somerset County commissioners.
From 2010 to 2020 Somerset has seen a 4.6% population decline. A Penn State study based on birth rates, death rates and migration patterns forecasts an 11% population decline from 2020 to 2050, but Somerset County is hardly alone. West Virginia is expected to see a 16.5% population decrease. Ohio and parts of New York are also expected to have population declines, Kopko's report showed.
Russell Mills, senior regional officer of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland, also presented during the State of the County event in Somerset.
The Federal Reserve Bank maintains data on rural economies.
Mills said Somerset County has a 62% workforce participation rate, still slightly smaller than pre-pandemic levels. And Somerset continues to see population loss, limiting labor force gains.
'Natural change is the biggest impediment to growth,' he said.
The population loss is due to the fading of the largest segment of the population, the baby boomers and lower birthrates among younger generations.
Somerset County Commissioner Pamela Tokar-Ickes said demographics are the most pressing concern for the county.
'Demographics are the county's No. 1 issue,' she said. 'We need to make policies locally and statewide in response to these numbers.'
Kopko said the Center for Rural Pennsylvania, a bipartisan, volunteer-led think tank established by the Pennsylvania General Assembly, is working on turning the tide on population loss.
The center has a Rural Population Revitalization Commission composed of volunteers including elected state officials representing rural districts. State Sen. Judy Ward, R-Blair, and state Rep. Michael Stender, R-Northumberland, are members of the commission.
The group has the ability to propose legislation and is working to 'rural proof' policy, Kopko said.
'We are asking Harrisburg, 'Before you implement policies, how will things play out in rural counties?'' he said. 'In Harrisburg, we don't necessarily think about how policy will affect areas with fewer people and even different topography.'
Kopko said the center has recently asked all departments under the governor and all row offices in the state including the office of the attorney general, auditor general and treasurer, to conduct self-assessments of how they serve rural counties. Those reports will be made public, he said.
'Some of this data seems dire, but I believe there are reasons to be hopeful,' he said.
'I'm optimistic because the region has 18- to 24-year-olds because we have colleges and universities. We are a net importer of college students.'
He said there are scholarships through the Grow PA Scholarship fund to incentivize those students to live and work in the area after graduation.
Attracting international migration is also key component to the future of the Commonwealth and the county's population, Kopko said.
Pennsylvania saw 200,000 new international residents since 2020, a few hundred of them coming to Somerset County, he said. He said they are likely a mix of students, and documented and undocumented immigrants.
'But 41 states grew immigrant populations faster than us since 2020 – we are losing,' he said. 'We need to do more. We don't stack up well with other states for immigration.'
Alec Bittner, manager of Laurel Mountain Coin and Jewelry, asked Kopko how to address pushback on immigration from the community.
Kopko said having a conversation with the public about the data is a good start.
'Visa holders tend to come from rural towns in their countries,' he said. 'They feel more at home in rural communities. Here's an opportunity to bring in people who may have shared values, people who are not looking to change the community's character. Immigration has to be done in a thoughtful way, and hopefully folks will go along with it.
'But you can't just think of raw numbers. They have to think of how it plays in the context of the community.'
In terms of population composition, the workforce has increased slightly despite the raw numbers of population loss. As a result, the Southern Alleghenies Gross Domestic Product is going up.
However, with the the county's high population of baby boomers, the writing is on the wall.
'If we are not stabilizing the population with younger people, we won't have a workforce,' he said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tips drop as consumer spending stalls
Tips drop as consumer spending stalls

Yahoo

time39 minutes ago

  • Yahoo

Tips drop as consumer spending stalls

This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Dive Brief: The average tip size on food and beverage orders has fallen to its lowest levels in several quarters, according to data from Square. In Q2, the average tip was 14.9%, down from 15.2% in Q1, which the point-of-sales company said aligns declining consumer confidence in the macroeconomy. In 2023, average tips were 15.5%. Nominal hourly earnings for non-supervisory restaurant workers have grown over the last decade, but wage gains in early 2025 have been uneven. Hourly pay rose to $19.24 in March, dipped to $19.20 in April and peaked at $19.40 in May before falling to $19.29 in June, according to the Bureau of Labor bullet states what happened. Dive Insight: The decline in tips, which comprised 23% of restaurant wages last year, is having a dramatic impact on restaurant workers' income. 'As consumer confidence in the economy shifts and tips fall, workers are taking home less which could lead to a return to labor uncertainties for the industry — adding to the crunch local restaurants are continuing to feel,' Ming-Tai Huh, head of food and beverage at Square, said in a statement. Even bars, which typically see the highest tip rates, the average tip fell from 17.4% in the first quarter to 16.9%, Square said. Tips at QSRs were down to 14.2% in the second quarter from 14.6% in the first quarter. Full-service restaurant tips declined to 14.6% in the second quarter compared to 14.8% in the first quarter. This isn't good news for retention either, which is a constant struggle at restaurants. According to a Legion's 2025 State of the American Hourly Workforce report, 54% of restaurant and hospitality workers plan to leave their jobs within the next 12 months. Not being able to offer competitive pay is the top retention challenge for employers, per the report. Despite tips decreasing, sales grew — albeit moderately — during the first half of the year, according to the report. QSR sales were up between 8.7% and 9.1%, following a peak of 15.8% sales growth in Q4 2024. Sales at fast casual restaurants were up 9.3% in Q4, but slowed down to 0.9% growth in 2025. This is in line with second-quarter earnings trends — Wingstop and Chipotle reported declines in same-store sales while Domino's posted an increase. Recommended Reading Are customers tipping more? Here's what the data says. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Should You Buy, Sell, or Hold Block Stock After Its Post-Earnings Pop?
Should You Buy, Sell, or Hold Block Stock After Its Post-Earnings Pop?

Yahoo

time2 days ago

  • Yahoo

Should You Buy, Sell, or Hold Block Stock After Its Post-Earnings Pop?

Block's (XYZ) stock surge following its Q2 earnings presents a mixed picture for investors. In the June quarter, the fintech company reported revenue of $6.05 billion vs. estimates of $6.31 billion, while earnings fell short at $0.62 per share versus estimates of $0.69 per share. However, strong operational metrics told a different story. Block's gross profit jumped 14% to $2.54 billion, exceeding analyst estimates of $2.46 billion. More importantly, Block raised full-year gross profit guidance to $10.17 billion, representing 14% growth and above its previous forecast of $9.96 billion. Square's payment volume grew 10% to $64.25 billion, demonstrating continued market share gains despite intensifying competition from Toast (TOST) and Fiserv's (FI) Clover. More News from Barchart Why This Cannabis Penny Stock Could Be Wall Street's Next Meme Trade Breakout Apple Stock Is Gaining Momentum, Is AAPL Stock a Buy? Peter Thiel-Backed Bullish Is About to IPO. Should You Buy BLSH Stock? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Net income in Q2 more than doubled to $538.5 million, showcasing improved profitability. The company's strong guidance for Q3 gross profit growth of 16% and expectations for 20% operating margins indicate that management is confident in Block's execution. Is Block Stock a Good Buy Right Now? Block's second-quarter earnings call revealed a company hitting its stride through accelerated product development and strategic execution. CEO Jack Dorsey emphasized the transformative impact of increased shipping velocity, highlighting the rapid three-month development cycle for Cash App Pools, a complex feature enabling group money pooling that extends beyond the Cash App network to include Apple Pay (AAPL) and Google Pay (GOOG) (GOOGL) users. The company's artificial intelligence investments are proving transformative, as internal AI coding tools like 'Goose' have accelerated developer productivity and enabled near-zero-cost experimentation. This technological infrastructure is fueling Block's ability to deliver customer value faster while maintaining its focus on the core network effects that originally made Cash App successful. Cash App's banking strategy is gaining traction, with 8 million active users either depositing paychecks or spending over $500 monthly, a 16% year-over-year increase. These high-engagement customers generate over $250 in annualized gross profit per user, triple Cash App's blended average, demonstrating the platform's value as a primary banking relationship. The lending portfolio continues expanding responsibly, with Borrow reaching 6 million monthly active users and $18 billion in annualized originations. Block's proprietary credit scoring model enables approval of 38% more customers compared to traditional VantageScore metrics while maintaining loss rates under 3%. The recent migration to Square Financial Services for loan origination enhances unit economics and provides greater operational control. Square's go-to-market investments are delivering strong returns, with field sales teams showing 5-6 quarter payback periods and the strongest new volume growth since Q3 2021. The launch of Square Handheld hardware and Square AI dashboard tools positions the platform competitively across restaurant, retail, and service verticals. Block's commitment to accepting emerging payment methods, including Bitcoin (BTCUSD) and stablecoins, reinforces its strategy of enabling sellers to capture every transaction opportunity. The company's focus on next-generation financial tools positions it well for sustained growth as product velocity continues accelerating. Is XYX Stock Undervalued? While the earnings pop reflects optimism about raised guidance, Block stock still faces revenue headwinds and competitive pressures. XYZ stock's year-to-date 9.5% decline suggests market skepticism, but improving profitability metrics and market share gains in key verticals provide reasons for cautious optimism. Analysts tracking Block stock forecast sales to rise from $24.1 billion in 2024 to $39.55 billion in 2029. In this period, free cash flow is forecast to improve from $1.55 billion to $5 billion. If XYZ stock is priced at 20 times forward FCF, which is reasonable, it could gain over 120% from current levels over the next four years. Of the 42 analysts covering XYZ stock, 26 recommend 'Strong Buy,' four recommend 'Moderate Buy,' seven recommend 'Hold,' and five recommend 'Strong Sell.' The average Block stock price target is $80.61, roughly 5% above the current price. On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Mizuho Raises Block (XYZ) Price Target, Keeps Outperform Rating
Mizuho Raises Block (XYZ) Price Target, Keeps Outperform Rating

Yahoo

time2 days ago

  • Yahoo

Mizuho Raises Block (XYZ) Price Target, Keeps Outperform Rating

Block, Inc. (NYSE:XYZ) is one of the 11 Best Under-the-Radar Stocks to Buy Right Now. On August 14, Mizuho increased the price target for Block, Inc. (NYSE:XYZ) from $71 to $88 while keeping an Outperform rating. Mizuho highlighted that Block, Inc.'s (NYSE:XYZ) Square is seeing improvement in its point-of-sale (POS) volumes and its relative market share of the US next-generation POS market. An individual using a laptop to access the fintech platform to manage their finances. The research firm indicated that it was especially impressed by the fast growth in the company's large $500,000+ volume cohort. Mizuho believes this growth is supported by Block, Inc.'s (NYSE:XYZ) recent refocus on enhancing product parity compared to competitors, improving distribution, and transparent pricing. Mizuho called Block, Inc.'s (NYSE:XYZ) Square the 'comeback kid of 2025' and noted these improvements are 'just the beginning' for the company's payment processing unit. Block, Inc. (NYSE:XYZ) is an American financial technology company that offers a range of financial products and services to consumers and merchants. While we acknowledge the potential of XYZ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Best Revenue Growth Stocks to Buy Now and 14 Best Aggressive Growth Stocks to Buy According to Analysts. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store