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

19.
Strategic
Recommendations

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
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Dianne Reid
President, Chatham EDC
dreid@chathamedc.org
919-542-8274