Economic and Demographic Scan Town of Siler City December 9, 2010

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?

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 What is Siler City’s mix of resources?

Sustaining and Growing the Siler City Economy Siler City 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

Our key question—How can we grow the Siler City 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.?

Figure 1. Chatham County

Geography April 2000 Census Population July 2008 Estimated Population Percent change Siler City6,9668, Chatham County49,32660, North Carolina8,046,8229,227, Table 1. Total Population.

Lived in Siler CityLived in Chatham County Worked in Chatham County 2, % 11, % Worked outside Chatham County % 13, % Table 2. Commuting by resident workers 16 years old or older (2000 Census)

Town of Siler CityChatham County North Carolina White only50.8%74.9%72.2% African American only19.7%17.1%21.6% Other (including multiple race) 29.5%8.0%6.2% Hispanic or Latino (any race)39.3%9.6%4.7% Table 3. Racial and Ethnic Distribution (2000 Census)

Age Town of Siler City (%)Chatham County (%) 0-19 years years years years years and older Table 4. Age Distribution (2000 Census).

Town of Siler City Chatham County North Carolina High School Graduate or Higher 55.4%77.9%78.1% Bachelor’s Degree or Higher 8.3%27.6%22.5% Table 5. Educational Attainment of Population Age 25 or over (2000 Census)

Income Averages 2008 Per Capita Personal Income – Chatham County $43,894 Rank in NC 3 rd – North Carolina $35,249 Median Family Income in 1999 (2000 Census) – North Carolina $46,335 – Chatham County 50,909 – Siler City 36,034 Per Capita in 1999 (2000 Census): – Chatham County $23,355; Siler City $13,947

Income Component Chatham County (% of Total) North Carolina (% of total) Total Personal Income ($000) $2,781,686 (100%)$325,953,820 (100%) Farm Income Earnings by place of work Earnings by place of residence Dividends, Interest and Rent Personal Transfer Payments Proprietors’ Income Nonfarm Proprietors’ Income Table 7. Components of Personal Income in 2008 for Chatham County and North Carolina (BEA data).

County 2001 Residence adjustment ($000) 2008 Residence Adjustment ($000) Chatham497,976887,333 Alamance124,427193,861 Durham-4,341,478-6,342,804 Guilford-2,003,846-2,547,216 Lee-108, ,945 Moore99,289168,402 Orange275,695485,115 Randolph608,224724,026 Wake882,786941,128 Table 8. Residence Adjustment Gross Flow of Earnings

NAICS Industry 2001 Number of Jobs 2001 Percent of Total 2008 Number of Jobs 2008 Percent of Total Total employment (in county)35, , Proprietors’ Employment (also included in other categories) 18, , Farm Employment (Farm and nonfarm added equals total employment) 1, , Nonfarm employment33, , Construction2, , Manufacturing6, , Wholesale trade Retail trade3, , Transportation and warehousing Information Finance and Insurance , Real Estate and Rental and Leasing2, , Professional, Scientific and Technical ServicesUndisclosed4, Administrative and Waste Services1, , Educational services , Health care and social assistance3, , Arts, entertainment and recreation1, , Accommodation and Food Services , Other Services, Except Public Administration1, , Government and Government Enterprises2, , Table 9. Chatham County Total Full-time and Part-time Employment by Industry (BEA data, Selected Industries)

Taxable retail sales in Taxable retail sales per capita (2008 population estimate State Data Center) Taxable retail sales as a percent of 2008 personal income North Carolina$99,691,217,415$10, Chatham$287,773,659$4, Alamance$1,431,415,494$9, Durham$3,630,249,377$13, Lee$512,834,756$8, Moore$743,499,477$8, Orange$926,654,246$7, Randolph$738,027,142$5, Wake$10,378,048,804$12, Table 10. Taxable Retail Sales.

TypeNC Total NC Percent Chatham Total Chatham Percent 1, 2, 2.5 and 3% Tax Group $653,685,5320.7$467, Apparel$3,628,009,4623.6$2,142, Automotive$5,365,725,8645.4$23,307, Food$19,982,766, $79,735, Furniture$3,854,662,3603.9$18,193, General Merchandise$27,281,044, $81,397, Lumber and Building Materials $11,728,029, $57,371, Unclassified$27,197,294, $25,158, Total$99,691,217, $287,773, Table Taxable Retail Sales by Type.

What does all this mean for Siler City? Effect of being a small town in a small county? Given your relative isolation, what can you realistically expect to accomplish? 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?

Remember our key question—How can we grow the Siler City 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? Attract outside investment—Can we get someone to build a new factory, regional hospital, state facility, etc. in town or nearby? Prosperity without growth?

Next Steps Look at potential growth paths Brainstorm assets and limiting factors related to each potential growth path Visualize Siler City in 2020