Agenda - 06-04-1981 - Laserfiche WebLink

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mipT mi 7r E.Y 2.9 EMPLOYMENT ;;::. - _____ - c',- ECONOMIC FRAMEWORk Population and the economy are inteprelated components of the develop- . _ ment picture. Both are limited by the capacity of the County's phy- (:-' sical resources and infrastructure. Moreover, change in one component affects associated change in the other component. Change in the total population affects the level of demand for employment opportunities, while change in the employment opportunity structure affects the num- ber of people in the affected area and their demands for housing and --7 services. If an area is experiencing a pattern of net in-migration during the planning period and is likely to experience continued ec- onomic growth, future population growth over time can be expected. The basic indicator of economic growth is Employment. This indicator c6; can be broken down into other factors such as the level of employment and the rate of unemployment, the amount of income provided in the var- , ious sectors, and the future facility requirements of each sector. Ex- amination of these factors seeks to assess the economic state of an area and provides the basis for estimating the degree of change likely. It , further serves as the basis in determining desirable growth trends and , the degree of sectoral balance appropriate and preferred for the area. Balanced economic development impacts on the economic health of the ft area, the stability of the employment picture, the quality of life en- , joyed by the area's residents and the costs of future development. ' Description and Analysis of Economic Trends in__ County ' The Triangle J Beg.ion of which Orange County is a part, is experiencing , , significant growth as the region enjoys comparative advantages state- ' wide. The area is currently characterized by a level of employment opportunities which is outpacing population growth, new employment is particularly concentrated in the government, higher education, research and, development and service sectors. Individuals seeking these employ- ment opportunities are migrating here from other areas both within and outside the state. , , As there is a link between economic growth and migratlan patterns, the continued economic rowth enjoyed by the area will be associated with continued in-migration as potential employees perceive a good employment climate. This source of population growth will stimulate increased de- mands for services and goods and encourage activity in the commercial and service sectors to satisfy these demands. Orange County is currently ex- periencing the fastest growth in the region and in the state and plays an important role in this economic growth scenario. The major focus for economic growth in the Triangle J Region and in Orange County are the important employment centers located in the vicinity. These employment centers include Research Triangle Park (began in the mid- 1960's) , three universities (University of North Carolina at Chapel Hill.