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$1,900,000,000 in private investment and 10,000 new jobs in 2009, alone5. These investment gains were
<br />over and above research funding awarded to the three anchor universities. Orange County's share was $0
<br />and negative net job growth. The 2009 bonanza was preceded in 2008 by $1.7 billion in capital
<br />investment from new and expanding firms, adding 6,535 new jobs5. Of this bounty, Durham and Wake,
<br />alone, added $762 million and $165 million respectively. Orange County's share was again $0 in private
<br />investment and zero new jobs.
<br />Orange County is fortunate to be home to one of RTP's three anchor research institutions, the University
<br />of North Carolina, which itself is home to more than 100 centers, institutes, labs, and other offices related
<br />to research. The recipient of $716,000,000 research funding in 2009, UNC is a powerful economic
<br />engine highly accessible to the region's core and ring counties. The source of this funding is largely from
<br />the National Institutes of Health and the National Science Foundation, with the School of Medicine
<br />accounting for 48.8% of the funding. Other UNC units receiving major funding included the Gillings
<br />School of Public Health ($97,000,000) and the Office of Business and Economic Development
<br />($133,000,000)$. As a result, spin -off technology, business, and associated entrepreneurs tend to be
<br />heavily oriented towards life sciences and are highly valued by numerous jurisdictions in the Triangle and
<br />Triad regions.
<br />One of the benefits of UNC's deep bench of research and technology transfer opportunities is the
<br />presence of numerous entrepreneurs living in Orange County. With 6% of the Orange County workforce
<br />being entrepreneurs, Chapel Hill has been cited as one of the United States' top 10 areas for start-
<br />ups —yet very few of these businesses look to Orange County for growth or expansion, even though the
<br />County is home to many of the Triangle's CEOs and C -suite executives (CEOs, COOS, CFOs, CIOs,
<br />etc.). Moreover, because of UNC's and RTP's global stature, a significant portion of Orange County's
<br />population is well- educated, highly- skilled and very savvy in taking advantage of market
<br />opportunities —maven as a high percentage of their employers are located outside of the county. In other
<br />parts of the country, counties with Orange County's attributes are home to significant commercial
<br />research and development representing a plethora of home -grown businesses ranging from start -up to
<br />world headquarters and serving as a magnet for workers frun other counties.
<br />However, even as UNC and RTP continues to attract entrepreneurs and incoming businesses, private
<br />investment and the commensurate jobs and wealth building bypass Orange County. The dearth of 10-
<br />100+ person private businesses linked to RTP clusters mean that these workers lack opportunities for
<br />comparable work, benefits, and professional opportunities in Orange County; thus contributing to
<br />unintended, unpleasant consequences, ranging from the economic to the environment, such as lost tax
<br />revenues and increased traffic and auto emissions. Moreover, because the majority of private employers
<br />in Orange County have fewer than 50 employees, they slip under the radar for federally mandated
<br />benefits, such as the Family and Medical Leave Act and are too small to be able to offer benefits
<br />competitive with those of larger companies.
<br />Despite being in the top tier of North Carolina's counties, the state of Orange County's commercial
<br />infrastructure lags behind that of many of the state's poorest counties. Whereas permitting timelines
<br />across the region can be measured in days— with 90 day turnaround times being common, Orange
<br />County stands alone in requiring businesses to wait months and in some cases years before their
<br />development plans receive approval. Past regulatory and economic development policies have forestalled
<br />development in the county by preventing the development of business- and shovel -ready facilities and
<br />sites available for commercial enterprise. Moreover, the majority of county land has been reserved for
<br />residential, government/academic, or conservation, leaving little land available for business activity.
<br />`Megan Johnson, "Structuring Economic Development'
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