Industrial Growth Analysis,Overview and Results
Economic Development Goals• develop “hub of the Piedmont” (Greater Hickory)• package tourism opportunities• build retirement communities• cause economic diversification
Job Creation Goals1. enhance transportation/infrastructure2. 4 year university3. business incentives (“MFB”)4. close gaps in workforce education
Jobs and the Economy Task Force Strategy
Economic Development Goals
Diversify Greater Hickory’s economic base by identifying faster growing & better paying industries, providing financial assistance (incentives) to businesses
Strategies to achieve this goal:
An investigation and benchmarking of successes from other states and communities
Retraining of laid-off workers to match targeted businesses.An increase in private sector venture financing availability.Local banks forming a consortium to spread risks and provide
financing packages.The EDC and private investors pooling resources with the
help of local banks.The creation of a local Venture Capital Fund from private
sources designed for establishing target businesses.A “most favored business” agreement for “target
businesses”
Economic Development Goal #4
Job Creation Goals
JC3. Provide government incentives to attract new businesses.
Use tax, land use, utility and other local & state incentives to make “Greater Hickory” the most competitive location for the industries that Catawba County wishes to target. These industries, so called “Most Favored Businesses,” i.e., are defined sectors that:– Pay above the county wage;– Are predicted to have positive employment
growth;– Are projected to have increasing revenues.
PLAN TIMELINE
Determination of industries eligible for incentives:
Targets that Catawba County would actively pursue should be no less than the “best of the best.” These “Most Favored Businesses” are in sectors that pay above the county wage, predicted to have positive employment growth in the future, and projected to have increasing revenues. It is assumed that the industries would bring high paying jobs to the area & would be less susceptible to cyclical declines.
Science, not Emotion
II. Program Objectives: To aggressively pursue Most Favored Businesses with a quantified, scientific, and pre-determined bundle of incentives to maximize new jobs creation/new investment.
III. Recruitment Targets: The Final Report addresses in detail the MFB targets for Catawba County following analysis of 68 NAICS and SIC Codes in Manufacturing and Non-Manufacturing. The result of this analysis is that guesswork has been taken out of incentives and has been replaced by science.
Summary of FORESIGHT Targets
• Drug Manufacturing*• Plastics Products*• Turned Metal Products• Fabricated Metal
Products*• Construction
Equipment*• Transportation Equip. *• Computer/Electronics• Medical Equipment*
• Wholesale Trade*• Internet/DP*• Finance/Insurance*• Architectural• Engineering• Education Services &
Universities*• Air Transportation*• Management, R&D*• Healthcare & Hospitals*
A sampling of MFB Recipients (last 24 months)
Apple’s $1Bn Data CenterSarstedt (Medical Products/Devices Company)
Convergys & Fiserv Customer Service facilities (1000+ jobs)
Pierre Foods (700 new, 500 retained)
TurboCoating (supplier to Siemens Energy, CLT)
Turbotech (HQ & mfg. relo from Connecticut)
Ethan Allen (800 job consolidation)
William-Sonoma (3-phase, 800 jobs d/c + mfg.)
Questions?