Agenda - 06-03-2008-5b5e - Laserfiche WebLink

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Strategic Vision for Orange County Orange County Economic Development Commission Five-Year Plan: 2005-2010 EDC Mission: Our purpose is to make Orange County a smart, innovative place - a great place in which to live and work. We encourage public-private investments to provide jobs for county residents and to increase the non-residential tax base. Through these investments, we enhance the financial well-being and quality of life of county residents, and the ability of their local governments to provide high-quality services. Overall Goal: To create 5,000 new private sector jobs in Orange County and add $125,000,000 in new commercial property by June 2010 Justification for Goal: Orange County has wonderful assets*, including: • awell-educated workforce (almost 57 percent of adults are college graduates) • historically low unemployment (3.6 percent in May 2005) • high per capita,income (4~' out of the 100 counties in' North Carolina) • public schools that rank among the highest in the state on various performance measures • the University of North Carolina at Chapel Hill, consistently rated as one of the nation's top research universities • proximity to two major airports • location approximately midway between the Piedmont Triad and the heart of the Research Triangle, with interstate highway connections to both • vibrant and distinct towns (Chapel Hill, Carrboro, Hillsborough, and part of Mebane) • protected rural areas, parks, and greenways But the County has challenges* as well: • a tax base primarily composed of residential property (86.4 percent of total assessed value) • location within EPA non-attainment region due to ground level ozone • heavy reliance upon public sector for jobs (44.7 percent of all jobs are in government sector) • retail sales per capita well below the state average • high housing prices; average home sales price of $279,996 • cost of living (at 111.8 percent of national average) well above neighboring counties • perception among many business owriers that the county is not business-friendly • continuing underemployment** • under 60 percent of county workers employed within the county • about 40 percent of county jobs filled by residents of other counties *All data reported aze most recent available as of June 2005. **Underemployment includes workers overqualified for available jobs, those working part time because full time employment is not available, and discouraged workers no longer looking for work.