April 23, 2015 Joint Elected Boards meeting
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Chatham Economic Development Corporation 2015-2020 Strategic Action Agenda presentation, given at the April 2015 joint elected officials meeting at Central Carolina Community College. To view the full strategic plan, visit www.chathamedc.org. Printed versions are available at the EDC office.
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April 23, 2015 Joint Elected Boards meeting
- 1. Economic Development Strategic Action Agenda 2015-2020 JOINT ELECTED OFFICIALS 4/23/2015
- 2. Agenda • Purpose & Process • Current Reality and Trends • Competitive Strengths and Weaknesses • Desired Economic Future • Strategic Recommendations to Achieve Goals
- 3. Purpose & Process STRATEGIC ACTION AGENDA 2015-2020
- 4. Purpose • Five-year plan to guide work • Realistic actions • Align with county and town goals
- 5. Process • Establish economic reality • Determine desired future • Identify actions to reach desires
- 6. Current Reality & Trends STRATEGIC ACTION AGENDA 2015-2020
- 7. Economic • Significant job loss • Low unemployment • 55% out-commuting • Sales tax leakage
- 8. Demographic • More educated • Second fastest growing county • Older, richer • Uneven distribution
- 9. Land and Buildings Residential $6.5 Billion 77.13% Present-Use $1.2 Billion 13.92% Commercial $0.6 Billion 7.49% Industry $0.1 Billion 1.46% Other $0.0 Billion 0.00% Total $8.4 Billion 100.00% Residential Present-use Commercial Industry 91% 9%
- 10. Global Trends Impacts • Urbanization and Globalization • Rising workforce requirements • Technology and automation • Freelance economy • Public austerity
- 11. State and Regional Economy Impacts • Highly competitive Research Triangle Region • On-going growth pressure • Limited growth in the Triad • Huge urban competition • State motivation to spread opportunity to more distressed counties
- 12. Competitive Strengths and Weaknesses STRENGTHS • Strong regional growth • Central location • Educated population • Quality of life • Strong community college WEAKNESSES • Infrastructure • Few site and building options • Absence of skilled employees • Multiple disparities • Tier 3 ranking
- 13. Desired Economic Future STRATEGIC ACTION AGENDA 2015-2020
- 14. Ten Community Goals and Priorities • Generate more in-county jobs • Retain County’s rural character • Strengthen vitality of downtowns • Diversify the tax base • Increase retail sales tax revenues
- 15. Ten Community Goals and Priorities • Improve education credentials and skills • Promote and support small businesses • Promote local agriculture and arts businesses • Expand county revenue from tourism • Create economic opportunity in all parts of the County
- 16. Five EDC Goals • Diversify and increase funding • Maintain strong board and private sector input • Maintain county-wide support and engagement • Position EDC as the economic thought leader for Chatham County • Maintain and distribute metrics
- 17. Strategic Recommendations to Achieve Goals STRATEGIC ACTION AGENDA 2015-2020
- 18. Strategic Recommendations 1. Improve Chatham County Physical Product • Shovel-ready and certified sites • County-wide infrastructure planning • Buildings and sites database
- 20. Strategic Recommendations 2. Increase Business Support • Annual business climate study • Annual business tour for elected officials • Business recognition and awards program
- 21. Strategic Recommendations 3. Maximize Synergies to Generate New Clients • RTRP & EDPNC • Chatham County incentives policy • Informational content on business activity
- 22. Strategic Recommendations 4. Lead Transition to a Demand-Driven Workforce Approach • Survey businesses on workforce issues • Triangle South Workforce Development Board • Labor market information
- 23. Strategic Recommendations 5. Expand EDC Capacity • Global, state and regional economic trends • Economic dashboard • Expand private sector funding and board representation
- 24. Get Involved www.chathamedc.org Sign up for our newsletter and stay in touch with social media Dianne Reid President, Chatham EDC dreid@chathamedc.org 919-542-8274
Notas del editor
- Our presentation today will address these four topics.
- Alyssa Focus groups – retail and service (non-profits), industry, elected officials Three sessions with board, strategic retreat in August, November, January Approved by board in March
- Alyssa Align with county and town goals
- Alyssa
- Jamie
- Job losses totaling over 10% since 2000 In the 12 months between 2nd Qtr 2013 and 2nd Qtr 2014, jobs in county grew by less than 1%, with job losses in manufacturing, construction, retail sales, professional services, health services and education services Labor force of 32,000 and 14,000 in county jobs Low unemployment Rate (4.5%, Feb. 2015) 55% of the labor force has to commute to points outside Chatham County to find good paying jobs Retail Sales Leakage ($0.63 of every consumer dollar spent out of county) $9 million loss for county (about 10% of $90 million county budget) County’s Tax Base is approximately 9% industrial/commercial Over 1,000 farms in the county almost 60% of them generate under $10,000 in income Jordan Lake attracts over 1 million visitors per year Contiguous to highly competitive, fast growing urban center
- More educated than most other counties (36% of adults with a bachelor’s degree or higher) Faster growing population than NC (2nd fastest growing pop in the state - 2.9% / from July 2013 – June 2014) Older population that NC or surrounding counties Lower percentage of under 18 (21%) and a significantly higher percentage of over 65-year olds (21.6%) Less diverse population that surrounding NC counties (Over 70% white) Hispanic population concentrated in Siler City (49.8% of population) Wealthier population than most other counties – Wealth and poverty are unevenly distributed throughout the county Lower poverty rate and higher household incomes
- Residential to commercial tax base is 10 to 1 Over 50% of the county is unzoned Limited availability of shovel ready sites and appropriate buildings Several emerging opportunities – CAM (1,800 acres) / Moncure Industrial Site (2,800 acres) / Chatham Park (7,100 acres) – that all have infrastructure challenges Neighboring jurisdictions’ land use policies impact Chatham – come positively and some negatively
- Chatham Park is ready to develop as a live-work-play site that will promote tech/bio-tech development so that residents have the opportunity for good, well-paying jobs within their neighborhoods. RTP is the about the same number of acres & square feed of commercial. RTP is home to about 150 global corporations, but RTP has very little. 22 million sq ft of commercial space 16.6M sq ft office; 2.4M sq ft commercial; 2.5M sq ft civic Technology, biotech, clean tech and medicine Economic impact over 40 years $154 billion for NC; $80 billion for Chatham 61,000 permanent jobs in Chatham
- Receiving funding from the county, Siler City, Pittsboro and private sources 15 voting members and 9 non-voting members
- Urbanization – The more educated youth are moving to the urban cores in greater numbers Globalization – Intense competition and new opportunities for existing businesses Rising workforce requirements - Lower skilled well paying jobs opportunities are disappearing / Employers are looking for workers with skills Tech & Automation – Companies need the ability to communicate quickly / strong need for high speed internet infrastructure and job churn will happen Freelance economy creates opportunities for people to live and work remotely (telecommuting) Public austerity – Current economic and political climate means limited federal/state assistance to counties in near future.
- RTP is a top 10 market – Strong pop and job growth should continue for the north and eastern parts of Chatham Growth pressure will occur because of improved Us – 64 & I-540 along with the Durham County Water Shed and Orange County Rural Buffer. Limited growth in Triad will limit opportunities for western Chatham Lot of of competition for jobs, retail sales and entertainment options Tier 3 county
- Ben
- Dianne
- 1. Visit our website at www.chathamedc.org for more information. At the bottom of the page, you can sign up for our newsletter. 2. Spend your money in Chatham County – support Chatham businesses. 3. Tell people what a great place Chatham is to live and to do business. QUESTIONS?