Market Analysis Economic Development Land Planning Implementation Harrisburg, NC Economic...

Market Analysis Economic Development Land Planning Implementation

Harrisburg, NC

Economic Development Implementation

A strategic community assessment


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


Data Hackathon

Key Assets

• Education• Health & Safety• Housing• Transportation• Employment

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.menupix.com/northcarolina/nc/330073/57/Harrisburg-Salad-Places&ei=D0ZdVNqNK8eigwTW74LgCA&bvm=bv.79189006,d.cWc&psig=AFQjCNEjm5Ec9sZkrzT6R-rQP9RtG1DPiQ&ust=1415485303211113

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.menupix.com/northcarolina/nc/330073/57/Harrisburg-Salad-Places&ei=D0ZdVNqNK8eigwTW74LgCA&bvm=bv.79189006,d.cWc&psig=AFQjCNEjm5Ec9sZkrzT6R-rQP9RtG1DPiQ&ust=1415485303211113


Locational Analysis


Guiding Principles

• Maximize existing assets & infrastructure• Build opportunities & programs which support multi-generations• Grow an economy around future trends & small town values


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


Lifestyle Characteristics


Lifestyle Characteristics

~Baby Boomers~Millennials


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


Key Economic Areas


Job Growth – 5 County Region


Unemployment


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


Economic Base

• Freight & Cargo Transportation• Packing Materials• Building Supplies• Automotive/Auto Sports

Harrisburg:


Office


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


Industrial


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.


Retail

Retail

Northeast Cabarrus County


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


Retail Market


Retail Market

10-minute Drive Time


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


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


Elements

• Civic & Public Spaces• Place-Making• Transportation & Accessibility


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


Next Steps

• Building & Sites Inventory• EDSP Implementation Work Plan


Thank You!

• Questions?

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