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43 <br />In 1987, which was the year of the Wicker Study, the county population stood at 86,236 <br />whereas today it has grown to 140,144. This is a growth of 62.5% over the interim time period. <br />If one was to examine the compound average annual growth rate (CAGR) over this time period, <br />it would equal 1.74 %.4 However, not all parts of Orange County have grown at the same rate. <br />Table 1 and Figure 4 compare how population has changed for the different cities in Orange <br />County as well as the MSA, the state of North Carolina, and the USA. Since Mebane and <br />Chapel Hill have a nontrivial amount of population outside of the county, the municipal -wide <br />population, as well as the municipal population contained only within Orange County is included <br />as well. <br />Table 1. Population Changes, 1987 -2015 <br />Location <br />1987 <br />2015 <br />Percent <br />Change <br />CAGR <br />Carrboro <br />11,375 <br />20,558 <br />180.7 <br />2.1 <br />Chapel Hill Town <br />36,711 <br />59,569 <br />162.3 <br />1.7 <br />Chapel Hill - -OC Only <br />37,205 <br />56,459 <br />151.8 <br />1.5 <br />Hillsborough <br />3,343 <br />6,464 <br />193.4 <br />2.4 <br />Mebane City <br />4,048 <br />12,623 <br />311.8 <br />4.1 <br />Mebane - -OC only <br />517 <br />1,995 <br />385.9 <br />4.9 <br />Unincorporated <br />33,796 <br />54,606 <br />161.6 <br />1.7 <br />Orange County <br />86,236 <br />140,144 <br />162.5 <br />1.7 <br />Durham - Chapel Hill MSA <br />325,762 <br />551,237 <br />169.2 <br />1.9 <br />North Carolina (mil) <br />6.404 <br />10.04 <br />156.8 <br />1.6 <br />USA (mil) <br />242.3 <br />321.4 <br />132.6 <br />1.0 <br />4 The compound annual growth rate is determined by the following formula: {[(Ending value / Beginning <br />value)] ^(1 /# of years)] -11. It represents the rate of increase or decrease necessary to get one from the initial value <br />to the ending value. For example, suppose that population in county X goes from 100 to 175 over a 10 year period. <br />Population in county X has grown by 75% over this 10 year period, but has experienced an average growth rate of <br />5.75% since there is the opportunity for compounding over the time period. If one used a growth rate of 7.5% per <br />year for 10 years, population in county X would grow from 100 to 206. <br />CCM Economics, LLC Orange County Tax Equity Page 6 <br />