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Economic and Demographic Scan Towns of Madison & Mayodan November 15, 2012.

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Presentation on theme: "Economic and Demographic Scan Towns of Madison & Mayodan November 15, 2012."— Presentation transcript:

1 Economic and Demographic Scan Towns of Madison & Mayodan November 15, 2012

2 Overview of discussion Growing a local economy Town and County demographics Basis economic descriptors Sources of income in the County Regional perspective Challenges – County? – Town?

3 Growing the local economy Depends on your mix of resources – Place-based resources; land, natural resources, amenities – Competent, educated workforce, and – Access to capital for investment – Access to technology – Relationship with Mayodan What is M & M’s mix of resources?

4 Sustaining and Growing the Madison Economy M & M Economy— retail trade, public and private services, construction, finance, manufacturing, etc. Products and services for local area residents Products and services for tourists Products and services for local 2 nd home and retiree population Manufactured products for export Flow of products and servicesFlow of income Export of labor (commuting out) Import of goods, services and labor

5 Our key question—How can we grow the Local economy? Retain and grow existing businesses—How? Improve local linkages—encourage more local buying to reduce income leakage. Encourage creation of new businesses through entrepreneurship—more exports, less income leakage from buying imports. Increase commuting—to where? Capture more unearned dollars—Can we attract retirees? Attract outside investment—Can we get someone to build a new factory, regional hospital, state facility, etc.?

6 Table 1. Population change Population 2010 (ACS) Population 2000 (Census) % Change 2000 to 2010 Madison2,5062, Mayodan2,5062, Eden15,60214, Reidsville15,90014, Rockingham County93,32291,9281.5%.

7 Table 2. Age distribution, 2000 (Census) and 2010 (ACS annual surveys, ). AgeMadisonMayodan Rockingham County North Carolina 2000 (%) 2010 (%) 2000 (%) 2010 (%) 2000 (%) 2010 (%) 2000 (%) 2010 (%) Under to to to and over

8 Table 3. Population by race, 2010 (ACS annual surveys, ). Madison (%) Mayodan (%) Rockingham County (%) North Carolina (%) White alone Black or African American Alone 25.5*10.1* Other, including two or more races 7.1*3.1* Hispanic or Latino (of any race) 3.9*3.7*5.17.8

9 Table 4. Educational attainment of population age 25 years or older, 2010 (5 year ACS average). Madison* (%) Mayodan* (%) Rockingham County (%) North Carolina (%) No high school degree High school degree or more Associates degree Bachelor’s degree or higher

10 Table 5. Distribution by counties where Madison and Mayodan Resident Workers are employed and where those working in Madison and Mayodan Reside- Primary Jobs, (Top 10 counties). (Source: US Census) % of Madison Resident Workers by Work Location % of Mayodan resident workers by work location % of workers employed in Madison by place of residence % of workers employed in Mayodan by place of residence All Counties (Number of employees)=100% 974 (100%) 1,032 (100%) 2,234 (100%) 780 (100%) Rockingham Guilford Wake Forsyth Stokes Mecklenburg Orange Alamance Durham Transylvania Yadkin Wilkes Henry County, VA Caswell Surry Randolph Harnett All other locations

11 Table 6 Income averages (ACS 5-year averages, 2010). Income (2010 $s) MadisonMayodan Rockingham County North Carolina U. S. Per capita income $20,818$18,711$20,801$24,745$27,334 Median Household Income $40,026$28,442*$39,231$45,570$51,914

12 Per Capita Personal Income estimates for 2010 (Bureau of Economic Analysis) PCPI estimates for 2010: – Rockingham County $29,920 – North Carolina $35,007 – US $39,937. The Rockingham County estimate is 85% of the state average and the county ranked 49 th out of the 100 counties in NC.

13 Table 7. Percentage distribution of income by major source, 2001 and 2010 in 2010 dollars. (Source: Bureau of Economic Analysis) Income component Rockingham CountyGuilford CountyNorth Carolina Total Personal income (($000) $2,664,676$2,801,270$16,955,934$17,994,478$286,381,928$332,155,695 Farm income0.9%0.4%0.3%0.1%1.3%0.8% Earnings by place of work 58.9%47.4%94.9%87.4%77.5%72.6% Net earnings by place of residence* 63.7% %64.1%68.5%63.9% Dividends, interest and rent 15.2%13.8%18.4%16.9%17.2%15.6% Personal transfer payments 21.0%30.0%11.9%19.0%14.3%20.5% Proprietors’ income 6.3%4.0%9.9%7.4%9.0%7.1% Nonfarm proprietors’ income 5.5%3.7%9.7%7.4%7.9%6.5%

14 Table 8. Residence adjustment, gross flow of earnings in 2010 dollars. County 2001 residence adjustment (000 of 2010 dollars) 2010 residence adjustment (000 of 2010 dollars) Rockingham$317,270$419,191 Guilford-$2,463,977-$2,358,873 Forsyth-$1,533,348-$1,831,201 Alamance$153,076$227,492

15 Table 9. Full-time and part-time employment in selected industries, Rockingham County, Guilford County and North Carolina NAICS IndustryRockingham CountyGuilford CountyNorth Carolina 2001 (%)2010 (%)2001 (%)2010 (%)2001 (%)2010 (%) Total full- and part-time employment 42,004 (100%) 36,981 (100%) 325,721 (100%) 328,919 (100%) 4,840,564 (100%) 5,201,605 (100%) Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Finance and insurance Real estate and rental and leasing Professional and technical services Administrative and waste services Health care and social assistance Accommodation and food services Other services, except public administration Government

16 Table 10. Taxable Retail Sales. Taxable retail sales in Taxable retail sales per capita (2010 population estimate State Data Center) Taxable retail sales as a percent of 2010 personal income North Carolina$102,830,051,937$10, Alamance County$1,651,538,169$10, Forsyth County$4,119,672,960$11, Guilford County$5,639,379,892$11, Rockingham County$581,701,778$6,

17 What does all this mean for M & M? Impact of rural location not near urban centers? Is your goal growth or prosperity and is there a difference? What strategies are most likely to be successful? Resource constraints? What needs “fixing”? What are our key assets?

18 Remember our key question—How can we grow the M & M economy? Retain and grow existing businesses—How? Improve local linkages—encourage more local buying to reduce income leakage. Encourage creation of new businesses through entrepreneurship—more exports, less income leakage from buying imports. Increase commuting—Where? Capture more unearned dollars—Can we attract retirees, especially military retirees? Attract outside investment—Can we get someone to build a new factory, regional hospital, state facility, etc. in town or nearby? Prosperity without growth?

19 Next Steps Look at potential growth paths Brainstorm assets and limiting factors related to each potential growth path Visualize Madison/Mayodan in 2020


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