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Economic and Demographic Scan Towns of Madison & Mayodan

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.

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Economic and Demographic Scan Towns of Madison & Mayodan

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  1. Economic and Demographic ScanTowns of Madison & Mayodan November 15, 2012

  2. 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?

  3. 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?

  4. Sustaining and Growing the Madison Economy Products and services for local 2nd home and retiree population Products and services for local area residents M & M Economy—retail trade, public and private services, construction, finance, manufacturing, etc. Import of goods, services and labor Products and services for tourists Manufactured products for export Export of labor (commuting out) Flow of products and services Flow of income

  5. 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.?

  6. Table 1. Population change 2000-2010 .

  7. Table 2. Age distribution, 2000 (Census) and 2010 (ACS annual surveys, 2006-2010).

  8. Table 3. Population by race, 2010 (ACS annual surveys, 2006-2010).

  9. Table 4. Educational attainment of population age 25 years or older, 2010 (5 year ACS average).

  10. 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) .

  11. Table 6 Income averages (ACS 5-year averages, 2010).

  12. 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.

  13. Table 7. Percentage distribution of income by major source, 2001 and 2010 in 2010 dollars. (Source: Bureau of Economic Analysis)

  14. Table 8. Residence adjustment, gross flow of earnings in 2010 dollars.

  15. Table 9. Full-time and part-time employment in selected industries, Rockingham County, Guilford County and North Carolina

  16. Table 10. Taxable Retail Sales.

  17. 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?

  18. 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?

  19. Next Steps • Look at potential growth paths • Brainstorm assets and limiting factors related to each potential growth path • Visualize Madison/Mayodan in 2020

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