Economic and Demographic Scan
Towns of Madison & Mayodan
November 15, 2012
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
– Relationship with Mayodan
• What is M & M’s mix of resources?
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 2nd home and
retiree population
Manufactured products for export
Flow of products and services Flow of income
Export of labor (commuting out)
Import of goods, services and labor
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.?
Table 1. Population change 2000-2010
Population 2010 (ACS)
Population 2000 (Census)
% Change 2000 to 2010
Madison 2,506 2,262 10.8
Mayodan 2,506 2,417 3.7
Eden 15,602 14,511 7.5
Reidsville 15,900 14,485 9.8
Rockingham County 93,322 91,928 1.5%
.
Table 2. Age distribution, 2000 (Census) and 2010 (ACS annual surveys, 2006-2010).
Age Madison Mayodan Rockingham County
North Carolina
2000 (%)
2010 (%)
2000 (%)
2010 (%)
2000 (%)
2010 (%)
2000 (%)
2010 (%)
Under 18 22.2 22.0 19.3 19.8 23.4 22.6 24.4 24.1
18 to 34 20.6 18.6 20.3 20.7 21.3 18.1 25.1 23.0
35 to 44 14.1 18.6 14.6 17.0 15.7 14.4 16.0 14.4
45 to 64 24.8 22.9 23.4 22.5 24.8 29.1 22.5 25.9
65 and over 18.3 18.0 22.4 20.0 14.8 15.8 12.0 12.6
Table 3. Population by race, 2010 (ACS annual surveys, 2006-2010).
Madison
(%)
Mayodan
(%)
Rockingham County
(%)
North Carolina
(%)
White alone 67.4 86.8 75.8 69.6Black or African American Alone
25.5* 10.1* 19.1 21.4
Other, including two or more races
7.1* 3.1* 5.1 9.0
Hispanic or Latino (of any race)
3.9* 3.7* 5.1 7.8
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
22.7 27.3 23.4 16.4
High school degree or more
77.3 72.7 76.6 83.6
Associates degree 6.7 6.3 7.0 8.3
Bachelor’s degree or higher
18.2 11.5 12.5 26.1
Table 5. Distribution by counties where Madison and Mayodan Resident Workers are employed and where those working in Madison and Mayodan Reside- Primary Jobs, 2010. (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 33.3 37.6 50.0 49.6
Guilford 28.4 27.0 8.4 7.6
Wake 6.4 6.9 1.2 1.5
Forsyth 5.4 3.3 3.9 2.9
Stokes 3.2 3.5 11.4 7.9
Mecklenburg 3.0 2.0 --- 1.9
Orange 2.4 2.0 --- ---
Alamance 2.3 2.0 --- 1.3
Durham 2.1 1.6 --- ---
Transylvania 1.4 1.5 --- ---
Yadkin --- --- 3.4 ---
Wilkes --- --- 1.5 ---
Henry County, VA --- --- 1.4 2.9
Caswell --- --- 1.2 ---
Surry --- --- 1.1 ---
Randolph --- --- --- 1.8
Harnett --- --- --- 1.4
All other locations 12.2 12.6 16.7 21.0
.
Table 6 Income averages (ACS 5-year averages, 2010).
Income (2010 $s)
Madison Mayodan 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
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 49th
out of the 100 counties in NC.
Table 7. Percentage distribution of income by major source, 2001 and 2010 in 2010 dollars. (Source: Bureau of Economic Analysis)
Income component
Rockingham County Guilford County North Carolina
2001 2010 2001 2010 2001 2010Total Personal income (($000)
$2,664,676
$2,801,270 $16,955,934 $17,994,478 $286,381,928 $332,155,695
Farm income 0.9% 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% 56.2 69.7% 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%
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
Table 9. Full-time and part-time employment in selected industries, Rockingham County, Guilford County and North Carolina
NAICS Industry Rockingham County Guilford County North 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 7.5 5.8 5.6 4.3 7.1 5.8
Manufacturing 28.6 16.5 14.7 9.7 14.8 8.7
Wholesale trade 2.0 4.0 5.7 5.5 3.6 3.5
Retail trade 11.6 13.2 11.0 10.0 11.1 10.2
Transportation and warehousing 3.5 2.0 5.4 4.7 3.1 2.6
Finance and insurance 2.0 2.7 5.0 6.7 3.7 4.6
Real estate and rental and leasing 1.8 2.9 2.8 3.5 3.0 4.1
Professional and technical services 2.0 2.7 5.3 5.5 4.7 5.6
Administrative and waste services 3.7 7.7 7.3 8.5 5.6 6.5
Health care and social assistance --- 10.4 8.5 10.8 7.9 10.1
Accommodation and food services 5.0 6.4 6.1 6.8 6.1 6.9
Other services, except public administration
5.7 6.5 4.8 5.0 5.2 5.5
Government 11.8 12.9 9.7 10.6 15.4 16.6
Table 10. Taxable Retail Sales.
Taxable retail sales in 2011-12
2011-12 Taxable retail sales per capita (2010 population estimate State Data Center)
2011-12 Taxable retail sales as a percent of 2010 personal income
North Carolina $102,830,051,937 $10,727 30.7
Alamance County $1,651,538,169 $10,884 35.5
Forsyth County $4,119,672,960 $11,710 31.6
Guilford County $5,639,379,892 $11,361 31.3
Rockingham County $581,701,778 $6,204 20.8
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?
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?
Next Steps
• Look at potential growth paths
• Brainstorm assets and limiting factors related to each potential growth path
• Visualize Madison/Mayodan in 2020