2009 South Metro Outlook Presentation

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Presentation given by FCDA at the 2009 South Metro Development Outlook in Morrow, Ga.

Presentation given by FCDA at the 2009 South Metro Development Outlook in Morrow, Ga.

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  • 1. The Good, The Bad and The Downright Ugly: A review of Fayette County's current economic climate and the state of the retail, office and industrial markets. Matt Forshee President/CEO Fayette County Development Authority
  • 2. Overview
    • The Good
      • Population, Jobs & Employment and a little bit of a Challenge.
    • The Bad
      • Announced Job Losses
    • The Downright Ugly
      • One Industry Sector’s nearly complete collapse.
    • State of the Retail, Office and Industrial markets
  • 3. The Good
    • Over the last three years, FCDA has announced the creation of 1400 new positions in Fayette county.
      • Sany America – 600 Jobs over 10 years
      • NCR – 600 jobs over 3 years
      • Other New Companies - FieldTurf, Dixie Aerospace.
      • Expansions by Existing Companies – Hella, Aventure Aviation, Rinnai,
  • 4. The Good
  • 5. The Good: Population Detail
  • 6. The Good: Population Detail
  • 7. The Good
    • Employed Fayette County Residents at the highest number ever, hitting 54,000 employed in July 2008
  • 8. The Good
    • In 2008, the predominant household income category in Fayette County is $100K - $150K, and the income group that is least represented is $0 - $15K. The average HHI is $90,608 and the median HHI is $89,115.
  • 9. The Bad
    • Long standing companies announce plans for layoffs
      • Panasonic plans to layoff 500 people in 2009
      • Corporate parents of other local companies announce plans for system-wide layoffs. Local effects unknown. Cooper Industries, Gardner Denver
  • 10. The Downright Ugly
    • Unemployed Fayette County Residents at the highest number ever, hitting 3,200 in November 2008.
  • 11. The Downright Ugly
  • 12. The Downright Ugly
    • From a high of 1,710 units in 1987 to a low of 143 units in 2008 (as of October). In 2007, there were 353 units built.
  • 13. The Downright Ugly
    • From 2005 to 2008, the total value of SFH permitted in Fayette County went from $214mm to $42mm, a loss of over 80% of value.
  • 14. The Downright Ugly
    • On the bright side, we are now home to the most expensive new average single family home price in Georgia.
  • 15. Commercial - Retail
    • ARC’s March 2008 Regional Snapshot
      • YR 2000
        • Metro – 48.4 sf/person
        • Fayette – 64.4 sf/person
          • 2 nd after Coweta
          • 6 th in vacancy rate (4.6%)
      • YR 2007
        • USA – 20 sf/person
        • Metro – 49.2 sf/person
        • Fayette - 65.4 sf/person
          • 2 nd after Coweta
          • 19 th in vacancy rate (5.5%)
      • The report appears to show that, though we have more retail space per person than nearly every other county in metro Atlanta, our spaces are staying occupied at a higher rate than nearly every other county’s. Does this partially explain why commercial developers continue to show interest in developing retail centers in Fayette?
  • 16. Commercial - Office
    • ARC’s March 2008 Regional Snapshot
        • 2000 – 2007,+823,523 sf (38.3%)
        • Total of 2,975,284 sf (284 blds)
          • 7 th largest office market in 20 county metro region (Fulton, DeKalb, Cobb, Gwinnett, Forsyth & Clayton)
        • Average space/building – 10,476 sf
          • 9 th largest average building size
          • Metro Average – 27,499 sf
        • Average vacant space/bld – 1,666 sf
          • 10 th largest average vacant space
          • Metro Average – 3,864 sf
        • Comparisons
          • 2000 – 2007, Forsyth grew by 153%
          • Henry has below Fayette in total bld sf at 2.4 MSF, but grew 1,320% between 2000 and 2007.
  • 17. Industrial Buildings
    • No major new stand alone Industrial Construction, mostly small lease spaces
    • Tiernan & Patrylo’s retrofit of 300,000 sf TDK facility into 10 unit facility.
    • Within 6 months, T&P had all but one 40,000 sf space leased out.
  • 18. Thank You Matt Forshee President/CEO Fayette County Development Authority Copies of this presentation available at www.fayettega.org