Overview of Chatham County Economy Regional Context Local Economic Indicators Strategic Plan Findings & Recommendations

Regional Context

Local Economic Indicators

Strategic Plan Findings & Recommendations

Regional Context NC has divided the state into seven economic development regional partnerships Chatham County is one of 13 Counties in the Research Triangle Regional Partnership How is the RTRP faring compared to the other partnerships? How is Chatham faring compared to the other counties in the region? Chatham County Economic Development Corporation

NC has divided the state into seven economic development regional partnerships

Chatham County is one of 13 Counties in the Research Triangle Regional Partnership

How is the RTRP faring compared to the other partnerships?

How is Chatham faring compared to the other counties in the region?

NC Divided Into Regions

Employment Growth By Region Past 5 years Source: NCESC (October)

% Employment Growth By Region Past 5 Yrs. Source: NCESC (October)

Employment Growth By Region Past 12 Mos. Source: NCESC (October)

Regional Employment Jan 1990-Oct. 2008 Chatham County Economic Development Corporation In thousands NCESC October 2008: 927,783

Employment Growth within RTRP, Month Over Month Source: NCESC Charlotte and Triad started losing jobs over a year ago. Oct.: - 3,210

Employment Growth Past 5 Years, By County Source: NCESC (October)

Employment Growth Oct 07 – Oct 08 Source: NCESC (October)

Chatham County Economic Indicators Employment Trends, Employment by Sector Trends in Unemployment Average Weekly Wage Rates Housing and Construction Indicators Sales Tax Data Chatham County Economic Development Corporation

Employment Trends, Employment by Sector

Trends in Unemployment

Average Weekly Wage Rates

Housing and Construction Indicators

Sales Tax Data

Chatham County Employment – 2005-2008 Chatham County Economic Development Corporation

Chatham County Employment by Sector – 2 nd Quarter 2008 Chatham County Economic Development Corporation

Chatham County Unemployment Rate – 2005-2008 Chatham County Economic Development Corporation

Average Weekly Wage by Sector – Chatham County and NC Chatham County Economic Development Corporation

Deed Stamp Collections – FY 2004-2009 Chatham County Economic Development Corporation

Residential Building Permits – 2004-2008 Chatham County Economic Development Corporation

Monthly Taxable Sales – 2005-2008 Chatham County Economic Development Corporation

Growth in Sales Tax by Type – 2001-2008 Chatham County Economic Development Corporation

Strategic Plan Findings and Recommendations County Funded 15 Month Economic Development Effort with Significant Public Involvement Directed by UNC Center for Competitive Economies, part of Kenan-Flagler Business School Plan Provides Policy Driven Approach to Economic Development Chatham County Economic Development Corporation

County Funded 15 Month Economic Development Effort with Significant Public Involvement

Directed by UNC Center for Competitive Economies, part of Kenan-Flagler Business School

Plan Provides Policy Driven Approach to Economic Development

Where are we currently? Chatham County… is becoming a bedroom community of the Triangle region. jobs are concentrated in low skilled, low wage industries. is experiencing a growing wage gap between the wages of Chatham County jobs and the NC average. leaks a large percentage of its retail sales and sales tax to neighboring counties. The County’s historic ad hoc economic development and planning approaches are insufficient to address these challenges. It’s not too late to change course.

Chatham County…

is becoming a bedroom community of the Triangle region.

jobs are concentrated in low skilled, low wage industries.

is experiencing a growing wage gap between the wages of Chatham County jobs and the NC average.

leaks a large percentage of its retail sales and sales tax to neighboring counties.

The County’s historic ad hoc economic development and planning approaches are insufficient to address these challenges.

It’s not too late to change course.

Vision for the Future Chatham County’s strategic location between the Triad and Triangle regions positions it as the preferred location for emerging growth companies.

Chatham County’s strategic location between the Triad and Triangle regions positions it as the preferred location for emerging growth companies.

How do we get there? Move away from ad hoc economic development and planning. Adopt a policy-driven approach to addressing these problems. Recast the EDC as a credible, apolitical advocate for and facilitator of economic development. Adopt and implement the economic development strategic plan.

Move away from ad hoc economic development and planning. Adopt a policy-driven approach to addressing these problems.

Recast the EDC as a credible, apolitical advocate for and facilitator of economic development.

Adopt and implement the economic development strategic plan.

Ways to Grow Jobs Attraction – Recruit existing businesses or expansions of existing businesses located elsewhere to Chatham County Retention – Assist businesses within Chatham County to stay and expand Entrepreneurship – Help individuals start new businesses in Chatham County Chatham County Economic Development Corporation

Attraction – Recruit existing businesses or expansions of existing businesses located elsewhere to Chatham County

Retention – Assist businesses within Chatham County to stay and expand

Entrepreneurship – Help individuals start new businesses in Chatham County

Attraction Recommendations Actively market Central Carolina Business Campus in Siler City and other suitable properties for location of production facilities identified in the targeted industry cluster analysis. Explore the development of an RTP-branded technology park to attract footloose, mid-tech companies desiring location in the Research Triangle Region. Develop a group of cluster leaders from local businesses to assist in attraction efforts.

Actively market Central Carolina Business Campus in Siler City and other suitable properties for location of production facilities identified in the targeted industry cluster analysis.

Explore the development of an RTP-branded technology park to attract footloose, mid-tech companies desiring location in the Research Triangle Region.

Develop a group of cluster leaders from local businesses to assist in attraction efforts.

Retention Recommendations Develop an aggressive industry visitation, retention, and expansion program. Follow up with identified companies to facilitate their expansion efforts. Tie expansion incentives to an average wage standard, which is higher than the current average.

Develop an aggressive industry visitation, retention, and expansion program.

Follow up with identified companies to facilitate their expansion efforts.

Tie expansion incentives to an average wage standard, which is higher than the current average.

Entrepreneurship Recommendations Organize an entrepreneurial support network. Develop an entrepreneurial council to assist entrepreneurs. Form stronger relationships with service providers to link entrepreneurs with technical and training assistance programs and to potential capital sources. In conjunction with these training partners, explore the feasibility of a business incubator facility.

Organize an entrepreneurial support network.

Develop an entrepreneurial council to assist entrepreneurs.

Form stronger relationships with service providers to link entrepreneurs with technical and training assistance programs and to potential capital sources. In conjunction with these training partners, explore the feasibility of a business incubator facility.

Our Task for the Remainder of the Morning Brainstorm and prioritize together Set 3-4 short-term goals for each focus area: attraction, retention and entrepreneurship Set at least 1 intermediate goal (one year out) for each focus area: attraction, retention and entrepreneurship Think about your interest in working on one of the three focus areas Chatham County Economic Development Corporation

Brainstorm and prioritize together

Set 3-4 short-term goals for each focus area: attraction, retention and entrepreneurship

Set at least 1 intermediate goal (one year out) for each focus area: attraction, retention and entrepreneurship

Think about your interest in working on one of the three focus areas