chatham county economic development update: september 2016
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Chatham County Economic Development UpdateUNITED WAY OF CHATHAM COUNTY CAMPAIGN KICK-OFF
Economic Development Update• Chatham County Profile• The Need for Economic Development•Major Projects•Megasites
Chatham County ProfileUNITED WAY OF CHATHAM COUNTY CAMPAIGN KICK-OFF
Economic Indicators• Population: 70,928 (July 2015)
◦ Fastest growing between 2014-2015
• Labor Force: 33,331 (June 2016)
• Unemployment: 4.4% (June 2016)◦ 4th lowest in NC
• Jobs: 14,179 (Q1 2016)
• Average Weekly Wage: $643.27 (Q1 2016)
◦ State Average: $927.78
Population Growth 2010-2015
Wake Chatham Durham Orange
13.7%
11.7% 11.5%
5.7%
Unemployment Rate
Jun '15 Jul '15 Aug '15 Sep '15 Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 Mar '16 Apr '16 May '16 Jun '163.5%
4%
4.5%
5%
5.5%
6%
6.5%
Chatham County North Carolina
Jobs
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201612,000
12,500
13,000
13,500
14,000
14,500
15,000
15,500
16,000
16,500
17,000
Chatham County
Average Weekly Wage
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 $500
$550
$600
$650
$700
$750
$800
$850
$900
$950
$1,000
Chatham County North Carolina
Carolina Meadows•
• Pittsboro• Siler City
• Goldston
• FearringtonVillage
•Governors ClubBriar Chapel •
Moncure •
The Need for Economic DevelopmentUNITED WAY OF CHATHAM COUNTY CAMPAIGN KICK-OFF
Bedroom Community Impact• 54.7% of resident labor force
commutes out of the County an average of 27.1 minutes
• $0.63 of every consumer dollar is spent outside Chatham County
• Estimated loss in sales tax revenue = $9M
40%
27%
18%
15%
County Revenue Sources
Property TaxesOtherIntergovernmental TransfersSales Tax
North Carolina Department of Revenue; Chatham County Tax Office
Chatham County Tax Base
Residential $8.4 Billion 80.19%
Present-Use $1.2 Billion 11.78%
Commercial $0.7 Billion 6.93%
Industrial $0.1 Billion 1.1%
Other $0.0 Billion 0.00%
Total$10.4
Billion
100.00
%
80.19%
11.78%
6.93% 1.1%
Residential Present-useCommercial Industry
92%
8%
Chatham County Tax Office
Cost of Community Services
Residential Commercial Farmland
$1.14
$0.33
$0.58
Department of Agricultural and Resource Economics, North Carolina State University, 2007
Major ProjectsUNITED WAY OF CHATHAM COUNTY CAMPAIGN KICK-OFF
Mountaire Farms
Brookwood Farms
Alotech
Russet Run
MegasitesUNITED WAY OF CHATHAM COUNTY CAMPAIGN KICK-OFF
Chatham-Siler City Advanced Manufacturing Site
www.chathamadvancedmanufac tur ing .com
Chatham-Siler City Advanced Manufacturing Site
www.chathamadvancedmanufac tur ing .com
Chatham-Siler City Advanced Manufacturing Site
www.chathamadvancedmanufac tur ing .com
Chatham-Siler City Advanced Manufacturing Site
www.chathamadvancedmanufac tur ing .com
Chatham-Siler City Advanced Manufacturing Site
www.chathamadvancedmanufac tur ing .com
Moncure Industrial Site
Moncure Industrial Site
Moncure Industrial Site
Site Readiness ProgramPotential Target industries:• Auto parts• Aviation parts• Plastics
