Agenda - 03-02-2006-8bOS - Laserfiche WebLink

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Per capita income figures for the County and the State are presented in the following table: fear County State 1999 $28,471 $25,560 2000 30,914 27,068 2001 32,354 27,493 2002 33,536 27,640 2003 34,182 28,071 Source: United States Deparhnent of Commerce, Bureau of Economic Analysis (most recent data ati~ailable). Commercial, Industrial and Institutional Profile The County's economy is characterized by a high degree of institutional and public- sector activity, plus office, commercial and service-oriented business. Manufacturing and agriculture are smaller portions of the County's economy. The County enjoys a consistently low unemployment rate. The unemployment rate estimated by the North Carolina Employment Security Commission for 2005 was 3.8%, one of the lowest in the State. {The State average was 5.3% in 2005.) The University of North Carolina at Chapel Hill and University Hospitals in the Town of Chapel Hill and their associated service, teaching and research programs have a reputation for excellence in the educational and medical fields. The County is also the place of residence for many technical, professional and executive people who work in the Research Triangle Park and neighboring Cities of Durham, Raleigh, and Burlington. The Research Triangle refers to an area located among three municipalities: Chapel Hill, Durham and Raleigh. In addition to the University of Nol-th Carolina at Chapel Hill, universities located in these municipalities include Duke University and North Carolina Central University in the City of Durham and North Carolina State University in the City of Raleigh. The proximity of these universities makes the Research Triangle area well-suited to many types of research activities. The Research Triangle Park (the ``Park"), located 10 miles east of the County, contains 7,000 acres of land which has been reserved for research and research-oriented manufacturing. Since its inception in the 1950's, over 131 private and governmental organizations have located facilities in the Park. According to the Research Triangle Foundation, the Park represents a capital investment exceeding $2 billion. r~s of January 2006, approximately 38,000 people (44,000 including contract employees) were employed at the Park with an annual payroll of approximately $2.7 billion with an average salary of $56,000. approximately 50% of the employees in the Park work for multinational corporations. Because of its close proximity to the County and the fact that many of the Parks' employees reside in the County, the impact of the Park on the County's economy is significant. C-883836v4 13361.00022 16