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Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
Community Research and Analysis, TN Basic Economic Development Course 2013
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Community Research and Analysis, TN Basic Economic Development Course 2013

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Sharon Younger …

Sharon Younger
Younger Associates

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  • 1. Why Do You Need ResearchKnowledge = Power• Understand the Local/Regional Economy• Prepare to Work with Prospects• Identify Economic Targets & Opportunities• Basis for All Successful Strategic Plans• Basis for All Effective ED Marketing
  • 2. What You Need to KnowThe Basics• IEDC Standard Data Sethttp://www.iedconline.org/web-pages/resources-publications/site-selection-data-standards/• Demographics• Economic Base/ Existing Industry• Workforce Size, Cost & Capabilities• Education & Training
  • 3. What You Need To KnowDemographics• Claritas• ESRI• US Census• City/County Quick Demographic Overview (Population, Race, Housing,Education Level, Home Values) http://quickfacts.census.gov/gfd/• County Profiles• Tennessee Advisory Commission on Intergovernmental Relations (TACIR)Most common demographic data, but also has some educational data, vitalstatistics & state rankings http://www.state.tn.us/tacir/county_profiles.html• Population Projections• http://www.state.tn.us/tacir/population.html
  • 4. What You Need To KnowBusiness & Industrial BaseTarget Industry Analysis• Private Sources• Harris/ Dunn & Bradstreet• InfoUSA• US Department of Commerce• County Business Patterns Report• Local Employment Dynamics• Annual Survey of Manufacturers• Building Permits• Many Other Reportshttp://www.census.gov/econ/www/index.html• Local Utility Provider
  • 5. What You Need To KnowEducation• Education Statistics- Tennessee Primary & SecondarySchools Department of Educationhttp://www.tennessee.gov/education/reports_data.shtml• Higher Education Data & Statistics U.S. Department ofEducation http://nces.ed.gov/collegenavigator/• National Education Statistics (Secondary, PostSecondary & Libraries) U.S. Department of Educationhttp://nces.ed.gov/• Campus Visits & Interviews
  • 6. What You Need To KnowWorkforce- The Number One Cost of Doing Business• Tennessee Department of Labor and WorkforceDevelopment http://www.tn.gov/labor-wfd/lmi.shtml• U.S. Bureau of Labor Statistics http://www.bls.gov/• Custom Research
  • 7. An Excellent Source for Workforce DataThe Source: TN Department of Labor andWorkforce Developmenthttp://www.state.tn.us/labor-wfd/lmi.htmData Available:• Quarterly Census of Employment and Wages (Distribution ofLabor and Annual Average Wages)• Annual Labor Force Estimates Summary• Unemployment Rates• Current Labor Force Estimates• TN Employment Forecast• Wages of Selected Occupations for State and Sub-Regions ofthe State• Future Trends in Occupations and Industries- Hot Jobs
  • 8. Quarterly Census of Employment Wages-Annual AverageIndustryAvg. # ofReporting UnitsAvg. AnnualEmploymentAvg. Annual WageTotal All Industries 2,324 54,040 $ 33,764Total All Industries,Federal Government25 522 $55,286Total All Industries,State Government8 953 $34,289Total All Industries,Local Government17 8,761 $34,675Total All Industries,Private Ownership2,274 43,804 $33,313Goods Producing 376 13,249 $41,585Natural Resourcesand Mining17 92 $31,290Crop Production 4 29 $25,574
  • 9. Quarterly Census of Employment Wages-Annual AverageIndustryAvg. # ofReporting UnitsAvg. AnnualEmploymentAvg. Annual WageForestry and Logging 6 22 $22,393Agriculture 3 16 $27,318Construction 235 3,099 $37,025Construction ofBuildings81 887 $38,450Heavy and CivilEngineeringConstruction17 519 $46,55Specialty TradeContractors137 1,693 $33,359Manufacturing 125 10,058 $43,083Food Manufacturing 8 1,623 $47,163Wood ProductManufacturing10 593 $33,180Paper Manufacturing 7 677 $40,366
  • 10. And Lots of Other Useful DataThe Source: Tennessee Department of Labor andWorkforce Developmenthttp://www.state.tn.us/labor-wfd/lmi.htmData Available:• Census Demographic Profiles• Job Search Information• Consumer Price Index- Current• Consumer Price Index- Historical• Per Capita Personal Income Data
  • 11. Tennessee Metropolitan Statistical Areaswith 2013 Definition UpdatesChattanooga, TN-GA (Hamilton, Marion, Sequatchie, Catoosa GA, Dade GA, Walker GA)Clarksville, TN-KY (Montgomery, Stewart, Christian KY, Trigg KY)Cleveland, TN (Bradley, Polk)Jackson, TN (Chester, Crockett, Madison)Johnson City, TN (Carter, Unicoi, Washington)Kingsport-Bristol-Bristol (Tri-Cities), TN-VA (Hawkins, Sullivan, Scott VA, WashingtonVA, Bristol City VA)Knoxville, TN (Anderson, Blount, Campbell, Grainger, Knox, Loudon, Morgan, Roane, Union)Memphis, TN-MS-AR (Fayette, Shelby, Tipton, Crittenden AR, Benton MS, DeSotoMS, Marshall MS, Tate MS, Tunica MS)Morristown, TN (Grainger, Hamblen, Jefferson)Nashville-Davidson-Murfreesboro, TN(Cannon, Cheatham, Davidson, Dickson, Hickman, Macon, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson, Wilson)RED indicates the county has been removed from the MSAGreen Indicates the county has been added to the MSA
  • 12. Commute PatternsSource http://www.census.gov/population/www/socdemo/journey.html
  • 13. What You Need to Know forRetail and Consumer Driven Development• Average Daily Traffic Counts-TN• Tennessee Dept. of Transportationhttp://www.tdot.state.tn.us/projectplanning/adt.asp• Building Permits• U.S. Census Bureau (city or county must report)http://censtats.census.gov/bldg/bldgprmt.shtml• Retail Sales, Sales Tax Collections by County• Tennessee Department of Revenuehttp://www.tn.gov/revenue/statistics/index.shtml
  • 14. Retail Sales EstimatedInleakage/Outleakage ReportRank County2011 TotalPersonal Income2011 TotalRetail SalesSales toIncomeRatioIn-Leakage orOut-Leakage*1 Sevier, TN 2,932,819,000 2,013,717,344 0.687 $ 608,820,4152 Rutherford, TN 8,714,005,000 5,979,560,363 0.686 $ 1,805,365,6203 Hamblen, TN 1,894,032,000 1,263,615,633 0.667 $ 357,449,1544 Putnam, TN 2,288,083,000 1,351,063,918 0.590 $ 278,589,6275 Madison, TN 3,469,897,000 2,044,495,429 0.589 $ 418,980,2786 Lewis, TN 295,590,000 170,900,927 0.578 $ 33,136,0627 Knox, TN 16,994,073,000 8,661,782,921 0.510 $ 1,086,326,0388 Davidson, TN 30,069,470,000 14,328,356,384 0.477 $ 1,321,505,5149 Henry, TN 990,912,000 470,865,196 0.475 $ 42,804,14410 Cumberland, TN 1,691,634,000 802,269,993 0.474 $ 72,187,507*Based on State of TN Sales to Income Ratio
  • 15. Retail Sales Potential ReportDemand Supply OpportunityRetail Stores(ConsumerExpenditures) (Retail Sales) Gap/SurplusTotal Retail Sales 207,362,710 267,338,684 (59,975,974)Motor Vehicle and Parts Dealers 43,586,764 58,174,162 (14,587,398)Automotive Dealers 37,821,101 48,261,332 (10,440,231)Automotive Parts/Accsrs, Tire Stores 3,178,144 8,408,157 (5,230,013)Furniture and Home Furnishings Stores 4,253,052 12,649,840 (8,396,788)Furniture Stores 2,454,059 11,267,556 (8,813,497)Home Furnishing Stores 1,798,994 1,382,284 416,710Food and Beverage Stores 27,310,670 13,911,063 13,399,607Grocery Stores 25,176,187 8,045,949 17,130,238Supermarkets, Grocery Stores 23,989,581 6,914,163 17,075,418Convenience Stores 1,186,606 1,131,786 54,820Building Material, Garden Equip Stores 19,062,704 42,893,727 (23,831,023)Building Material and Supply Dealers 17,544,897 37,104,869 (19,559,972)Home Centers 6,872,039 13,869,003 (6,996,964)General Merchandise Stores 25,992,414 28,460,934 (2,468,520)Dept. Stores (Excl Leased Depts) 12,213,021 632,341 11,580,680Other General Merchandise Stores 13,779,393 27,828,592 (14,049,199)
  • 16. Economic Impact AnalysisWhy Conduct Economic Impact Analysis• Understand Workforce Impact- JobCreation Potential• Determine Appropriate Incentive Level• Reassure Elected Officials• Attract Funding
  • 17. Economic Impact AnalysisAnnual Impact of OperationsEmployment, Direct (full-time equivalent) 204Wages & Benefits, Direct $8,210,125Employment Multiplier 2.3441Total Employment 478Employment, Indirect 274Angel County Annual Average Wage $41,317Wages, Indirect $11,328,973Total Wages $19,539,098Sales Tax Revenue $ 220,254Other Tax Revenue $64,094Residential/Commercial Property Tax Revenue $243,158Total Tax Revenue $527,506
  • 18. Economic Impact and Cost/Benefit AnalysisOne Time Expansion ImpactTotal Capital Investment $14,527,900Building- Real Property $12,420,300Economic Impact Multiplier 1.5936Economic Impact $19,792,990Equipment Purchase/Set-Up $2,107,600Economic Impact Multiplier 1.7410Economic Impact $3,669,332Total Economic Impact $23,462,322Sales Tax Revenue $100,713Other Tax Revenue $29,308Total Tax Revenue $103,021
  • 19. Tax ScheduleAngel Co Tax Rate:$2.59Full Taxes% of Taxes PaidIn LieuPayment inLieuTaxes AbatedReal Property $12,420,300Year 1 $128,674 0% - $128,674Year 2 $128,674 0% - $128,674Year 3 $128,674 0% - $128,674Year 4 $128,674 0% - $128,674Year 5 $128,674 0% - $128,674Year 6 $128,674 10% $12,867 $115,807Year 7 $128,674 25% $32,169 $96,506Year 8 $128,674 50% $64,337 $64,337Year 9 $128,674 75% $96,506 $32,169Year 10 $128,674 100% $128,674 $-Total $1,286,743 $ 334,553 $952,190
  • 20. Tax ScheduleGood TownTax Rate: $0.57Full Taxes% of Taxes PaidIn LieuPayment inLieuTaxes AbatedReal Property $12,420,300Year 1 $28,318 0% - $28,318Year 2 $28,318 0% - $28,318Year 3 $28,318 0% - $28,318Year 4 $28,318 0% - $28,318Year 5 $28,318 0% - $28,318Year 6 $28,318 10% $2,832 $25,486Year 7 $28,318 25% $7,080 $21,239Year 8 $28,318 50% $14,159 $14,159Year 9 $28,318 75% $21,239 $7,080Year 10 $28,318 100% $28,318 $-Total $283,183 $73,928 $209,555
  • 21. Tax ScheduleGood Town TaxRate: $0.57Full Taxes Depreciation% ofTaxesPaidPayment inLieuTaxes AbatedMfg Equip/Personal Property$2,107,800Year 1 $3,172 .88 0% - $3,172Year 2 $2,703 .75 0% - $2,703Year 3 $2,271 .63 0% - $2,271Year 4 $1,802 .50 0% - $1,802Year 5 $1,370 .38 0% - $1,370Year 6 $901 .25 10% $90 $811Year 7 $721 .20 25% $180 $541Year 8 $721 .20 50% $360 $360Year 9 $721 .20 75% $541 $180Year 10 $721 .20 100% $721 $-Total $15,101 $1,892 $13,209
  • 22. Tax ScheduleAngel Co.Tax Rate: $2.59Full Taxes Depreciation% of TaxesPaidPayment inLieuTaxes AbatedMfg Equip/Personal Property$2,107,600Year 1 $14,411 .88 0% - $14,411Year 2 $12,282 .75 0% - $12,282Year 3 $10,317 .63 0% - $10,317Year 4 $8,188 .50 0% - $8,188Year 5 $6,223 .38 0% - $6,223Year 6 $4,094 .25 10% $409 $3,685Year 7 $3,275 .20 25% $819 $2,456Year 8 $3,275 .20 50% $1,638 $1,638Year 9 $3.375 .20 75% $2,456 $819Year 10 $3,275 .20 100% $3,275 $-Total $68,616 $8,597 $60,018
  • 23. Economic Impact and Benefit/Cost AnalysisPayback SummaryLength of PILOT 10 yearsTotal Taxes Forgone $1,234,972Total Hard Costs $0Tax Revenues From Construction & Equipment $130,021Tax Revenues From Operations During PILOT Period $5,275,063Payments Received in Lieu of Tax $418,670Total Tax Revenues Received During PILOT Period $5,823,754Benefit/Cost Ratio 4.72
  • 24. Consumer SpendingExpenditure Category % of Total ExpendituresWages Earned byNew Jobs Created(Direct & Indirect)Income before Taxes $19,539,098Annual Taxes & Savings 22% $4,295596Annual Expenditures $15,243,502Food/Groceries 7.6% $1,159,864Restaurants 5.4% $820,668Housing/Shelter 18.6% $2,840,185Utilities 8.2% $1,246,496Housekeeping Supplies/Services 3.6% $545,093Household Furnishings/Equipment 3.2% $494,800Apparel 3.9% $595,093
  • 25. Consumer SpendingExpenditure Category% of TotalExpendituresWages Earned byNew Jobs CreatedTransportation 16.2% $2,465,669Healthcare 6.6% $1,009,592Entertainment 5.4% $822,001Personal Care Products/Services 1.3% $197,587Reading 0.2% $28,322Education 1.8% $273,223Tobacco & Alcohol 1.7% $253,897Charity 3.7 % $563,772Personal Insurance 11 % $1,670,991Miscellaneous 1.7% $255,897Total 100% $15,243,502
  • 26. Impact of Target IndustriesAnnual Impact ofOperationsDistributionCenter Headquarters HospitalityManufacturing(General) BioScience/MedicalCommercial/RetailEmployment, Direct 100 100 100 100 100 100Industry Specific AnnualAvg. Wage1 $ 42,016 $33,020 $12,948 $42,588 $31,564 $27,352Benefit Allowance (25%) 10,504 8,255 3,237 10,647 7,891 6,838Wages & Benefits,Direct $ 5,252,000 $4,127,500 1,618,500 $5,323,500 $3,945,500 $3,945,500Employment Multiplier2 1.4078 1.5349 1.2795 2.2318 1.4796 1.2251Total Employment 140 153 127 223 147 122Employment, Indirect 40 53 27 123 47 22Annual Average Wage 3 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992Benefit Allowance (25%) $ 7,748 $7,748 $7,748 $7,748 $ 7,748 $7,748Wages, Indirect $1,549,600 $2,053,220 1,045,980 $4,765,020 $1,820,780 $852,280Total Wages $6,801,600 $6,180,720 2,664,480 10,088,520 $5,766,280 $4,797,780
  • 27. Consumer SpendingConsumerExpenditures - AnnualDistributionCenter Headquarters HospitalityManufacturing (General)BioScience/MedicalCommercial/RetailTransportation(vehicle, gas,maintenance) 20.3% $1,125,560 $1,022,814 $440,930 $1,669,494 $954,230 $793,959Healthcare 6.4% $353,870 $321,567 $138,626 $524,880 $300,005 $249,616Entertainment 4.8% $267,618 $243,188 $104,837 $396,946 $226,882 $188,775Personal CareProducts/Services 1.3% $72,960 $66,300 $28,581 $108,218 $61,854 $51,465Reading 0.2% $ 13,735 $12,482 $5,381 $20,373 $11,645 $9,689Education 1.5% $85,809 $77,976 $33,615 $127,277 $72,747 $60,529Tobacco & Alcohol 1.6% $91,569 $83,210 $35,872 $135,820 $77,631 $64,592Charity 3.6% $198,498 $180,378 $77,760 $294,423 $168,283 $140,018Personal Insurance 9.8% $544,983 $495,235 $213,493 $808,350 $462,027 $384,426Miscellaneous 1.5% $82,117 $74,621 $32,169 $121,800 $69,617 $57,924Total 100.0% $5,556,907 $5,049,648 $2,176,880 $8,242,321 $4,711,051 $3,919,786
  • 28. Headquarters97 Directors RowJackson, TN 38305O: 731.668.7367F: 731.668.00421-800-748-2087Memphis Office2157 Madison AveMemphis, TN 38104O: 901-272-5005F: 901-272-5002www.younger-associates.com

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