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?