Economic Development Strategic Action Agenda 2015-2020JOINT ELECTED OFFICIALS

4/23/2015

Agenda

• Purpose & Process

• Current Reality and Trends

• Competitive Strengths and Weaknesses

• Desired Economic Future

• Strategic Recommendations to

Achieve Goals

Purpose & ProcessSTRATEGIC ACTION AGENDA 2015-2020

Purpose

• Five-year plan to guide work

• Realistic actions

• Align with county and town goals

Process

• Establish economic reality

• Determine desired future

• Identify actions to reach desires

Current Reality & TrendsSTRATEGIC ACTION AGENDA 2015-2020

Economic

• Significant job loss

• Low unemployment

• 55% out-commuting

• Sales tax leakage

Demographic

• More educated

• Second fastest growing county

• Older, richer

• Uneven distribution

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%

Global Trends Impacts

• Urbanization and Globalization

• Rising workforce requirements

• Technology and automation

• Freelance economy

• Public austerity

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

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

Desired Economic FutureSTRATEGIC ACTION AGENDA 2015-2020

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

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

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

Strategic Recommendations to Achieve GoalsSTRATEGIC ACTION AGENDA 2015-2020

Strategic Recommendations

1. Improve Chatham County Physical

Product

• Shovel-ready and certified sites

• County-wide infrastructure planning

• Buildings and sites database

Strategic Recommendations

Strategic Recommendations

2. Increase Business Support

• Annual business climate study

• Annual business tour for elected

officials

• Business recognition and awards

program

Strategic Recommendations

3. Maximize Synergies to Generate New Clients

• RTRP & EDPNC

• Chatham County incentives policy

• Informational content on business

activity

Strategic Recommendations

4. Lead Transition to a Demand-Driven

Workforce Approach

• Survey businesses on workforce issues

• Triangle South Workforce

Development Board

• Labor market information

Strategic Recommendations

5. Expand EDC Capacity

• Global, state and regional economic

trends

• Economic dashboard

• Expand private sector funding and

board representation

Get Involved

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Dianne Reid

President, Chatham EDC

dreid@chathamedc.org

919-542-8274