Agenda - EDC Joint Work Session 112204

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I/ Strategic Vision for Orange County Orange County Economic Development Commission Five -Year Plan: 2004 -2009 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 2009 Justification for Goal: Orange County has wonderful assets *, including: • a well- educated workforce (almost 57 percent of adults are college graduates) • historically low unemployment (2.4 percent in April 2004) • high per capita income (8th 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 $256,123 • cost of living (at 114.8 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 2004. * *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. 3