market analysis economic development land planning implementation harrisburg, nc economic...
TRANSCRIPT
Market Analysis Economic Development Land Planning Implementation
Harrisburg, NC
Economic Development Implementation
A strategic community assessment
Market Analysis Economic Development Land Planning Implementation
Schedule
• Phase I - Market Analysis• November – Data Immersion & Guiding Principles• January – Market Analysis Report
• Phase II - Economic Development Work Plan • February – Building & Sites Inventory• March – Implementation Plan
Key Assets
• Education• Health & Safety• Housing• Transportation• Employment
Market Analysis Economic Development Land Planning Implementation
Guiding Principles
• Maximize existing assets & infrastructure• Build opportunities & programs which support multi-generations• Grow an economy around future trends & small town values
Market Analysis Economic Development Land Planning Implementation
Demographics
Geographic Area
2014 Population
2000-2010 Growth Rate
2014 Median Age
2014 Households
2014 Average Income
Harrisburg, NC
12,428 8.89% 38.3 4,292 $101,565
Cabarrus County
189,495 3.11% 37.3 69,392 $70,503
Mecklenburg County
974,119 2.84% 34.7 383,754 $79,921
Region (MSA) 2,326,944 2.59% 36.9 890,886 $72,615
Market Analysis Economic Development Land Planning Implementation
Lifestyle Characteristics
~Baby Boomers~Millennials
Market Analysis Economic Development Land Planning Implementation
Economics
Geographic Area Median HH Income 2014
Average HH Income 2014
Per Capita Income 2014
Harrisburg, NC $80,103 $101,565 $35,360 Cabarrus County $52,086 $70,503 $25,841 Mecklenburg County $54,559 $79,921 $31,576 North Carolina $45,343 $63,250 $25,040
Harrisburg Real Property Tax Allocation – Fiscal Year 2014
Residential 75% $1,055,547,130
Commercial 16.5% $233,496,818
Industrial 8.5% $126,088,282
Market Analysis Economic Development Land Planning Implementation
Job Growth - Sectors
Job & Establishment Growth North Carolina Cabarrus County Mecklenburg County
2013 Establishments 248,353 4,034 32,192
2Q2014 Establishments 251,949 4,113 33,006
Net Establishment Growth 3,596 79 814
2013 Employment 3,291,488 51,541 516,375
2Q2014 Employment 3,407,688 53,706 541,279
Net Job Growth 116,200 2,165 24,904
Compare 2012 – 2013: 1,551
ECONOMIC BASE MODEL
Basic Employment
Office
RetailResidential
Industrial
Total Employment
Population / $’s
Market Analysis Economic Development Land Planning Implementation
Economic Base
• Freight & Cargo Transportation• Packing Materials• Building Supplies• Automotive/Auto Sports
Harrisburg:
Market Analysis Economic Development Land Planning Implementation
Office Demand
Annual Office Demand EstimateCabarrus County New Basic Employees (2013 - 2Q2014) 1,456Economic Base Multiplier 1.49New Total Employees 2,169Average Submarket Capture Rate 42%Estimated Capture in Harrisburg 15%New Total Employees (per year) 325Average # Office Employees 12.4% 40Average Office Space per Employee (S.F.) 150New Office Space Demand (S.F.) 6,048Current Office Supply (office/retail in Town Center) 31,889Office Gap -25,841
Market Analysis Economic Development Land Planning Implementation
Industrial (Flex) Demand
Annual Industrial Demand EstimateCabarrus County New Basic Employees (2013-2Q2014) 1,456Economic Base Multiplier 1.49New Total Employees 2,169Average Submarket Capture Rate 10.0%Estimated Capture in Harrisburg 5%New Total Employees (per year) 108Average # Industrial Employees 11.8% 13Average Industrial Space per Employee (S.F.) 896New Industrial Space Demand (S.F.) 11,498Current Industrial Supply* 0Industrial Gap 11,498
* note: one building for sale only, totaling 48,000 s.f.
Market Analysis Economic Development Land Planning Implementation
Retail Demand
Annual Retail Space Demand EstimateCabarrus County New Basic Employees (2013 - 2Q2014) 1,456Economic Base Multiplier 1.49New Total Employees 2,169Average Submarket Capture Rate 23%Estimated Capture in Harrisburg 15%New Total Employees (per year) 325Average # Retail Employees 20.9% 68Average Retail Space per Employee (S.F.) 324New Retail Space Demand (S.F.) 22,046Current Retail Supply (office/retail in Town Center) 23,347Retail Gap -1,301
Market Analysis Economic Development Land Planning Implementation
Retail Market
10-minute Drive Time
Market Analysis Economic Development Land Planning Implementation
Housing
Value of Units Number of Units
Percentage of Units
$0-$49,999 21
0.6%
$50,000-$99,999 66 1.8
$100,000-$199,999 1460
41.7
$200,000-$299,999
1052 30.0
$300,000-$399.999
613 17.5
$400,000-$499,999
208 5.9
$500,000 & above
85 2.4 Monthly Rent Number of Units Percentage of Units $0-$499 57 14.6%
$500-$749 48 12.3
$750-$999 174 44.7
$1000 and over 110 28.3
Market Analysis Economic Development Land Planning Implementation
Housing
Age Occupied Units Percentage of Occupied Units15-24 56 1.4%25-34 500 12.535-44 1,170 29.245-54 993 25.055-64 649 16.265-74 354 8.875-84 211 5.385+ 70 1.7
Number of Persons Number of Units Percentage of Occupied Units1-person 670 16.7%
2-person 1.257 31.4
3-person 689 17.2
4-person 895 22.4
5-person 346 8.6
6-person 107 2.7
7+person 39 1.0%
32% over 55
Market Analysis Economic Development Land Planning Implementation
Elements
• Civic & Public Spaces• Place-Making• Transportation & Accessibility
Market Analysis Economic Development Land Planning Implementation
Guiding Principles
• Maximize existing assets & infrastructure• Grow assets in key economic areas to create synergy
• Build opportunities & programs which support multi-generations• Grow housing diversity in key economic areas to build momentum
• Grow an economy around future trends & small town values• Expand commercial tax base to provide jobs and remain competitive
Market Analysis Economic Development Land Planning Implementation
Next Steps
• Building & Sites Inventory• EDSP Implementation Work Plan