April 23, 2015 Joint Elected Boards meeting

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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?

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April 23, 2015 Joint Elected Boards meeting

Chatham Economic Development Corporation

April 23, 2015 Joint Elected Boards meeting