Agenda - 10-18-2007-3 - 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: • a well- educated workforce (almost 57 percent of adults are college graduates) • historically low unemployment (3.6 percent in May 2005) • high per capita income (4`h 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 owners 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 are 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.