Grow Together
QUARTERLY ECONOMIC UPDATE
4.2019 Page 1
TABLE OF CONTENTS INTRODUCTION
03
NUMBERS
04
PROJECTS
08
CEO LETTER 12 OUR INVESTORS
13
Page 2
A NEW MEASURE OF SUCCESS In economic development, progress is rarely clear-cut, and success can be a subjective measurement. But like any big goal, achievement happens incrementally. Our new series of Quarterly Reports aims to give context to those smaller changes along the way. We hope to measure the community’s improvements as we Grow Together.
WHAT TO EXPECT: • • • •
Quarterly measurements of key indicators Annual snapshots to track progress and set goals Featured stories and updates on economic development projects Fully interactive digital format, links to relevant content
“TOGETHER” We helped bring Winston and Salem together more than 130 years ago, and have been convening the business community around important issues ever since. We realize that we can only achieve success when we Work Together. We are committed to building, strengthening, and forming partnerships that move the community forward, together.
235,537
15,422
20,557
40,768
ANNUAL VISITORS TO WINSTONSALEM.COM
FOLLOWERS ON SOCIAL MEDIA
VIEWS OF “TOGETHER” VIDEO
AVERAGE MONTHLY SOCIAL MEDIA IMPRESSIONS
AT A GLANCE
LABOR FORCE
WINSTON-SALEM/FORSYTH COUNTY | 2018
EMPLOYMENT
TOTAL WAGES
AVERAGE WAGES
RESIDENTIAL UNITS SOLD
RES. NEW CONSTRUCTION
COMMERCIAL BUILDING/DEV
OFFICE VACANCIES
RETAIL VACANCIES
+1.3%
+1.8%
+10.1%
+2%
+3.2%
-2%
+4.9%
+5.7%
-.7%
Sources: NC Department of Commerce, Michael S. Clapp, MAI, WSFC Planning & Development Services
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EMPLOYMENT UNEMPLOYMENT TRENDS
5% FORSYTH COUNTY
NORTH CAROLINA
4%
UNITED STATES
3%
DEC.16
DEC.17
The labor force in Forsyth County grew by 3,576 individuals over the past three years. The Unemployment rate went down 1 point. The absorption of jobs and decline in the unemployment rate are positive indicators; however, at such low unemployment there arises concerns of workers willing and able to take on new jobs coming into the community. At such low a rate, essentially everyone looking for a job has one. However, the start of 2019 has seen a slight increase in unemployment.
DEC.18
JAN. 19
UNEMPLOYMENT
JAN. 19
DEC. 18
FORSYTH
4.3%
3.6%
NC
4.5%
3.6%
US 4.4%
3.9%
Source: NC Department of Commerce, Labor and Economic Analysis. January 2019 numbers are preliminary.
TALENT RECRUITMENT Livability.com, in conjunction with Ipsos, recently released “All the Right Moves,” a trend report on the future of millennial talent attraction. The in-depth survey asked 1,050 adults between the ages of 20 and 35 what they value in the communities they choose to live in. Understanding the wants and needs of millennials is critical to our talent recruitment efforts, and the future labor force of Winston-Salem.
THE HIGHLIGHTS 1. AFFORDABILITY IS THE MOST IMPORTANT FACTOR. 2. FUTURE CAREER OPPORTUNITIES ARE CRITICAL. 3. A DIVERSE AND INCLUSIVE COMMUNITY IS APPEALING. 4. QUALITY OF LIFE IS CRUCIAL - AND EVEN WORTH A PAY CUT. CLICK TO READ THE FULL REPORT
70% Ranked affordability as a top three decision making factor
Source: Livability Media
40% Of those with household incomes under 50K consider $900 a month affordable for housing
39% Listed outdoor attractions and an art/ culture scene as a top three decision making factor
82% Of female respondents would not relocate for a job due to high cost of living
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PROJECTS
SMITH REYNOLDS
THE SKY IS THE LIMIT Smith Reynolds Airport is an underutilized economic resource with the potential to bring valuable investments & new technologies.
Efforts are underway to better position Smith Reynolds Airport and the surrounding area to generate economic development opportunities. A task force is actively looking to market available land and building space around the airport. They are also exploring ways to update the existing facilities and better connect the airport to economic development nearby at the Innovation Quarter, Whitaker Park and local universities. Click for more.
$801M
3,585
#1
700
ANNUAL ECONOMIC IMPACT.
JOBS CREATED.
TOP-EARNING GENERAL AVIATION AIRPORT IN NC.
ACRES FOR POTENTIAL DEVELOPMENT.
Sources: NC Department of Transportation, Aviation Division
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BUSINESS 40 IMPROVEMENTS Improvements in infrastructure are beneficial to Winston-Salem residents and visitors alike, and are also a powerful factor in economic investment decisions by businesses. The Business 40 project is a vital piece of our region’s economic development strategy. NCDOT’s Division 9 provided a project update: • Broad Street bridge is open nearly nine months ahead of schedule due to an acceleration package. • There have been no significant delays. Crews have worked in rain, wind, sleet and snow. • Signage for Salem Parkway/U.S. 421 will go up during the final phase of the project. You can access project updates, real-time road closures, and traffic impacts at business40nc.com.
NC DOT BOARD OF DIRECTORS VISIT
BUSINESS IMPACT
TIMELINE
The Chamber hosted North Carolina’s senior DOT executives for their annual meeting in March, showcasing WinstonSalem’s hospitality.
The NCDOT, supported by the Chamber and other partner organizations, has been working to support affected businesses since prior to 2015.
Division 9 estimates that Business 40 from Main Street to US 52 will reopen this Summer. The project completion date is Summer 2020.
CAROLINA CORE In the heart of North Carolina is a region of more than one million workers poised for growth, innovation and development. To market the opportunities of the corridor that stretches from Winston-Salem to Fayetteville, the Carolina Core initiative was born. The area includes four megasites of developable land for advanced manufacturing, more than a dozen industrial sites, urban research parks, and mixed-use developments. Focus areas within Winston-Salem include Wake Forest Innovation Quarter, Whitaker Park and Union Cross Industrial Park. Visit nccarolinacore.com.
4
72,000
1.1M
30
PRIMED MEGASITES.
ACRES OF LAND FOR DEVELOPMENT.
IN THE WORKFORCE.
COLLEGES & UNIVERSITIES NEARBY.
WORK READY FORSYTH Creating a viable pipeline of talented workers is essential for the future of our community. The Chamber has partnered with Forsyth County on its initiative to become a North Carolina Certified Work Ready Community. This requires the support of 225 local employers. Click to sign up.
PROGRESS TO CERTIFICATION:
94
225
CURRENT
GOAL
IN THE SPOTLIGHT
Winston-Salem is featured nationally as one of five Resurgent towns. A documentary by NationSwell showcases Winston-Salem’s efforts to redevelop tobacco infrastructure, bring healthcare jobs, create a thriving arts culture, and tackle inequities. Click to watch. Page 10
DON’T MISS EXPLORING THE WORLD FOR NEW TREATMENTS & CURES The Chamber’s Tech Council Speaker’s Series featuring Amy Greeson Wednesday, May 1 at Biotech Place Amy Greeson has traveled extensively to study indigenous healing methods and plant-based medicine. She combines her expertise as a pharmacist with knowledge gained from around the world as she explores the intersection of modern medicine and indigenous healing. Sponsors: Cook Medical, Kilpatrick Townsend, SBTDC-PTAC, SBTDC
Find more Chamber events at winstonsalem.com
VENTURE CAFE PARTNERSHIP WORKING TOGETHER FOR ENTREPRENEURS & INNOVATORS
TECH EVENTS
The Chamber and Venture Café Winston-Salem are collaborating on initiatives designed to accelerate the city’s innovation and entrepreneurial economies.
“
Our city’s vision for a thriving startup and entrepreneurial community with a strong talent pipeline requires a coordinated effort and aggressive action. - KAREN BARNES
YOUNG LEADERS
EXECUTIVE DIR., VENTURE CAFE
“
We will work together to promote local innovation through tech events, highlight young leaders, and develop ideas and efforts to recruit and retain talent in WinstonSalem. Click for more.
TEAM WORK
CEO LETTER
TOGETHER WE GROW While reading Livability’s trend report on millennial talent attraction, one obvious number stuck out: $200 billion. According to Forbes, that was the collective spending power of millennials in 2017, and in 2018 they had the largest combined spending power of any generation. With that kind of collective impact, it’s no wonder communities across the US are vying for millennials, and I believe that Winston-Salem can continue to become a top destination for them. We must actively focus on talent recruitment to provide companies access to their greatest needs and ensure a vibrant Winston-Salem for decades to come. Along with talent attraction, we must be equally focused on developing a strong local workforce and retaining them in the community. Workforce development initiatives must bring educators, colleges and universities, and the business community together to align workforce needs. One key individual will have a significant role in leading these efforts. Our School Board is conducting a nationwide search for our next superintendent, and I believe that the person they select can have a great impact on our community. Input into the decision should be taken from a variety of perspectives, because together we all must ensure that he or she will succeed. The School Board is seeking community input and I urge you to share your thoughts and ideas. The link on this page will take you to this important survey. Over the next few months we will announce new programs and projects specifically designed to develop, recruit, and retain talent. We can’t wait to show you what we’ve been working on. I am excited for the future of Winston-Salem, and our organization, as we continue to grow – Together. Mark Owens President & CEO
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THANK YOU TO OUR INVESTORS AT&T NORTH CAROLINA BB&T BELL, DAVIS & PITT, PA BLUECROSS AND BLUESHIELD OF NORTH CAROLINA COOK MEDICAL DIXON HUGHES GOODMAN LLP DUKE ENERGY HANESBRANDS INC. HERBALIFE MANUFACTURING, LLC I.L. LONG CONSTRUCTION CO., INC. INMAR, INC. KILPATRICK TOWNSEND & STOCKTON LLP MULLEN LOWE NC NOVANT HEALTH PIEDMONT FEDERAL SAVINGS BANK PIEDMONT NATURAL GAS PROGRESS RAIL - A CATERPILLAR COMPANY REYNOLDS AMERICAN INC. SUNTRUST THE WINSTON-SALEM JOURNAL TWIN CITY QUARTER WAKE FOREST BAPTIST MEDICAL CENTER WELLS FARGO WOMBLE BOND DICKINSON (US) LLP
WinstonSalem.com
T O G E T H E R Page 14