Greenville Chamber
COMPETITIVENESS QUARTERLY March 5, 2015
ECONOMIC ISSUES UPDATE SERIES
INSIDE THIS ISSUE:
Per Capita Income
2
GDP Growth
3
Jobs/Employment
4
Wage Growth
5
Population / Migration
6
Density
7
Ways to Engage
8
Accelerate 2.0
8
Thanks to our Economic Issues Update Sponsors Presenting Sponsor
Host Sponsor
2015 Economic Issues Updates March 5 Economic Update presented by Dr. Bruce Yandle June 25 Mayor’s Roundtable led by Mayor Knox White and Mayor Rick Danner September 24 Economic Scorecard/City Vitals Report December 10 Year-End Economic Develoment Report with Greenville Chamber, NEXT, GADC and Upstate SC Alliance
Greenville Chamber investors will be invited to attend a quarterly event series in 2015 designed to address issues related to Greenville’s economic competitiveness. These updates will focus on the challenges faced and opportunities available to our community. Each Economic Issues Update will provide attendees a glimpse into how Greenville is faring compared to the communities in the Southeast against which we compete for investment and jobs. This is the first edition of the Chamber ‘s “Competitiveness Quarterly” publication, which will be emailed to all Greenville Chamber investors following the Economic Issues Updates.
Have your voice heard... Patron Sponsor
The Chamber will be
upcoming Economic
fewer questions so you
asking our investors
Issues Updates. Please
can get back to your
questions for their
take a few minutes to
business. Look for a link
perspective on
give us your opinion.
to the survey in
economic issues and
We promise to keep
upcoming Chamber
topics to cover in our
each survey to 10 or
communications.
Volume 1, Issue 1
Page 2
THE COMPETITION
Based on the research of Clemson University, the communities included in this series of quarterly reports are the same as those focused on in the Chamber’s Regional Economic Scorecard. While we compete on a global stage, these communities are often competitors for investment and jobs. Unless otherwise noted, the central county of the metro area was utilized as the primary level of analysis in this report. These communities include: Austin, TX Birmingham, AL Charlotte, NC Durham, NC Greensboro, NC Greenville, SC Jacksonville, FL
“Greenville’s
Knoxville, TN Lexington, KY Little Rock, AR Louisville, KY Nashville, TN Raleigh, NC Richmond, VA
County Per Capita Personal Income Relative to U.S. Percentage Point Change, 2009 – 2013
competitive position continues to be dependent on the development of human capital, promotion of innovation, fostering of entrepreneurship and the cultivation of our industry clusters.” - Julie Godshall Brown, 2015 Chair of the Chamber’s Board of Directors
Source: US Bureau of Economic Analysis
COMPETITIVE POSITION
Greenville’s per capita personal income (PCPI) relative to the U.S. PCPI has fared about the same as other communities in the Southeast, falling by about 1.4 percentage points against the national PCPI. In 2013, Greenville County’s Per Capita Personal Income was $40,257 and the U.S. was $44,765. While a few communities have seen relative PCPI grow since the recession, only Austin saw significant growth.
Competitiveness Quarterly
Page 3
GDP GROWTH SINCE RECOVERY BEGAN, 2014
Source: National Association of Counties
COMPETITIVE POSITION
Greenville’s GDP growth since the recovery began has matched the average of the communities in this report. While almost growing as quickly as Nashville and Knoxville, our closest competitor, Charlotte, has grown significantly faster than Greenville.
“Greenville’s economy is relatively strong. We expect the market to continue
LOCAL SUCESS IN 2014
$473,062,200
Announced capital investments
1,317
Announced job creation in
400
New members joined the
in Greenville County
Greenville County
to perform as well as, or better than, most of the markets in this report.” - Ben Haskew, Greenville Chamber
Greenville Chamber
Source: Upstate SC Alliance & Greenville Chamber
President & CEO
Page 4
Volume 1, Issue 1
County Job Growth Since Recovery Began, 2014
“One of the best ways for a city to generate jobs for less-skilled workers is to develop and attract high-tech companies that hire highly skilled ones.� - Mark Muro, Brookings Institution
Source: National Association of Counties
COMPETITIVE POSITION
Job growth since the start of the recovery has been quite uneven among communities in the Southeast. Greenville has kept pace with and even surpassed some strong competitors such as Nashville.
Greenville County Employment by Sector, 2009-2014 Sector Utilities Construction Manufacturing Wholesale Trade Retail Trade Transportation and Warehousing Information Finance and Insurance Real Estate and Rental and Leasing Professional, Scientific, Technical Svcs Management of Companies Administrative, Support..Svcs Educational Services Health Care and Social Assistance Arts, Entertainment, and Recreation Accommodation and Food Svcs Other Services Government Total
2009 Jobs 1,000 10,475 28,452 10,703 27,052 8,014 5,723 7,954 3,752 12,643 4,047 22,614 4,126 18,183 3,027 19,737 6,501 29,263 223,855
2014 2009-2014 2009-2014 % Jobs Change Change 333 (667) (67%) 8,840 (1,635) (16%) 29,749 1,297 5% 12,686 1,983 19% 25,535 (1,517) (6%) 5,864 (2,150) (27%) 5,870 147 3% 8,419 465 6% 3,361 (391) (10%) 14,582 1,939 15% 4,876 829 20% 34,631 12,017 53% 4,519 393 10% 22,806 4,623 25% 3,645 618 20% 22,124 2,387 12% 5,957 (544) (8%) 30,396 1,133 4% 244,350 20,495 9%
Source: EMSI
Competitiveness Quarterly
Page 5
Adj. Average County Wage Growth Rate, 2012 – 2013
“According to recent survey conducted by the National Association for Business Economics, some 82 percent of Source: National Association of Counties
COMPETITIVE POSITION
Wages across the region generally did not increase
employers expect wages to rise
during the 2012-2013 time frame. While
between zero and
Greenville’s adjusted wages fell during that time,
three percent over
they fell significantly less than other communities in the sample.
the next three years. Only 11 percent
P R I V A T E S E C T O R W A G E S , G R E E N V I L L E C O U N T Y expect faster growth.” Sector Utilities Construction Manufacturing Wholesale Trade Retail Trade Transportation and Warehousing Information Finance and Insurance Real Estate and Rental and Leasing Professional, Scientific, Technical Svcs Management of Companies Administrative, Support..Svcs Educational Services Health Care and Social Assistance Arts, Entertainment, and Recreation Accommodation and Food Svcs Other Services
2013 Avg Weekly Wage $1,385 $898 $1,111 $1,145 $514 $885 $1,027 $1,239 $744 $1,310 $1,433 $587 $689 $978 $325 $286 $543
- William Galston,
Brookings Institution
Source: BLS
Volume 1, Issue 1
Page 6
County Population Growth Rate, 2012 - 2013
“Greenville continues to attract a good deal of attention from other parts of the country. We are seeing a strong flow of new
Source: National Association of Counties
business thanks to the growth in this region.” - Pam Davis, Allen Tate Realtors
COMPETITIVE POSITION
Greenville’s population growth is strong compared to all of the communities, trailing only several of the top-tier communities. The strength of Greenville’s growth due to migration is seen in the chart below.
County Net Migration Rate per 1,000 Residents, 2013
Source: National Association of Counties
Competitiveness Quarterly
Page 7
County Density Growth Rate, 2013
“Talent attracts capital far more effectively and consistently than Source: National Association of Counties
COMPETITIVE POSITION
Density is often associated with increasing velocity in a region’s economy. Although covering only for a one -year time period, the data shows that Greenville’s
- Former Mayor of New York
the metros under consideration. However, as the data
Michael
level of density overall.
County Density (Persons per Square Mile) 1,989.0 1,892.0 1,363.0 1,307.0 1,167.0 1,162.0 1,132.0 1,087.0 1,008.0 874.9 784.6 604.1 593.4 515.0 1,109.5 1,105.6
talent.”
density was growing significantly faster than most of below shows, Greenville is starting from a much lower
Louisville Charlotte Richmond Nashville Raleigh Jacksonville Austin Lexington Durham Knoxville Greensboro Greenville Birmingham Little Rock Median Average
capital attracts
Source: National Association of Counties
Bloomberg
Greenville
Ways to Engage
24 Cleveland Street The Economic Issues Update series is an effort to benchmark Greenville’s competitiveness and communicate it with business leadership to spark discussion and action. In addition to Greenville, SC 864-242-1050
this series, the Chamber is engaged in coordinating at least a dozen delegations from other communities from both national and international locations who are interested in benchmarking development practices. The Chamber also coordinates a biennial Intercommunity Leadership Visit to an aspirational city (e.g., Austin, Dublin, Pittsburgh) where we have identified promising practices that may accelerate Greenville’s growth. To learn more about any of these efforts and to find out how you can become engaged, contact Hank Hyatt, Vice President, Economic Development, at 864-239-3714 or hhyatt@greenvillechamber.org.
Join us to ACCELERATE GREENVILLE
LET’S NOT WAIT FOR THE FUTURE. LET’S CREATE IT. The initial five year work plan in ACCELERATE has positioned us well for even greater success. We have achieved much, but the work is not done. Our continued vision is simple: Five years from now, Greenville will be thought of as one of the most supportive and stimulating cities in the country for entrepreneurs and thought-leaders associated with leading-edge business. Strategic areas for the next five years include:
STRATEGY 1
STRATEGY 4
STRATEGY 2
CREATE AN ENVIRONMENT THAT IS BOTH PRO-BUSINESS AND PROCOMMUNITY
GROW NEW COMPANY HEADQUARTERS
STRATEGY 5
SELL GREENVILLE
LEAD NEW CATALYTIC PROJECTS
STRATEGY 3 INCREASE THE NUMBER OF, AND PERFORMANCE OF MINORITYOWNED BUSINESSES
OUR GOAL:
$4 MILLION
Contact John Kimbrell to learn more at 864-239-3723 or jkimbrell@greenvillechamber.org.