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r <br />• <br />C J <br />EXECUTIVE SUMMARY <br />Chatham County's strategic location hetveen theTriad and <br />Research Triangle regions positions it a s the preferred location <br />for enlenging -growth companies. However, the County's historic <br />ad hoc economic development and planning approaches have <br />limited its ability to capiralize on this geographic advantage. <br />This plan provides the County with a policy- driven approach <br />to economic development built on three focus areas: attraction, <br />retention, and entrepreneurship. lnfnstrucnue improvements, <br />quaiiry of place preservation, and a reorganized Chatham County <br />Economic Development Corporation (EDC) are key components <br />to successfully implementing the plan. <br />ATTRACTION <br />(Jterniru•: <br />Chatham County has a competitive advantage in attracting <br />companies in seven industry clusters: 1) Architectural and <br />engineering services; 2) Technical and research services; 3) I3asic <br />health services; 4) Pharmaceuticals; 5) Information services; <br />6) Higher education and hospitals; and 7) Renewable energy. <br />Chatham County has the resident workforce to support the <br />targeted clusters. <br />K, y Findings: <br />• Strong community college rnining progrums and a <br />manufacturing heritage make the Count) an ideal location for <br />production facilities. <br />Chatham otTers a competitive advantage in cost and labor <br />relative to other "non-core" Research Triangle Region <br />counties. <br />Northeast Chatham's proximiry to the Research Triangle Park <br />(RTP) and available high - skilled workforce make it an ideal <br />location for an emerging technologies research park. <br />Rrcam meud.nia rasa <br />Actively market the Central Carolina Business Campus and <br />other suitable properties for location of production facilities <br />identified in the targeted industry cluster analysis_ <br />Explore the development of= RTP - branded technology park <br />to attract footloose, mid -tech companies desiring location in <br />the Research Triangle Region. <br />Develop a group of cluster leaders drawn from local businesses <br />to assist in attraction efforts. <br />RETENTION <br />W : <br />Four industry clusters identified for retention contain many <br />traditional businesses: 1) Packaged food products (includes <br />poultry); 2) Concrete, brick building products: <br />3) Nonresidential building products; and 4) Wood processing. <br />k "rr Fiwb,uQs: <br />• The EDC does not have a strong historic relationship with <br />existing businesses. <br />Interviews revealed immediate and future job - creation <br />opportunities through business expansion, tVtanv of these <br />expansions required capital or other assistance. <br />While Chatham's traditional industries employ a large number <br />of residents, these industries also pav much less than the avenge <br />state wage; and the wage gap is growing between Chatham jobs <br />and the North Carolina avenge. <br />Re, omm�cnd✓tious <br />Develop an aggressive industry visitation, retention, and <br />expansion program. <br />• Follow up with identified companies to facilitate their <br />expansion efforts. <br />Tie expansion incentives to an average wage standard, which is <br />higher than the current average. <br />ENTREPRENEURSHIP <br />Overview: <br />• Chatham County should focus its entrepreneurship efforts <br />around five key focus areas: 1) Education; 2) Training and <br />technical assistance; 3) Access to capital; 4) Access to networks; <br />and 5) Improving entrepreneurial culnue_ <br />Areas for entrepreneurship include "emerging" industry <br />clusters, sustainable agriculture /local food production, the arts, <br />and "green" industries such as renewable energy and clean <br />technology production. <br />KCp Finditm,: <br />• Chatham possesses a strong entrepreneurial heritage in locally <br />owned packaged food products businesses and has emerging <br />areas of entrepreneurship in the arts, sustainable agriculture/ <br />local food production, and hiofirels. Central Carolina <br />Community College has played an imporranr role in spurring <br />entrepreneurial activities in sonic of these areas. <br />Limited capital access has curtailed entrepreneurship, vet the <br />concentration of wealth in Chatham County represents an <br />untapped investment pool of angel investors and venture <br />capitals. <br />Rec mme,IdOIW)1B <br />Organize an entrepreneurial support network. Develop an <br />entrepreneurial council to assist prospective entrepreneurs. <br />• Form stronger relationships with service providers to fink <br />entrepreneurs with technical and training assistance programs <br />and to potential capital sources. In conjunction with these <br />training partners, explore the feasibility of a business incubator <br />faclitr. <br />QUALITY OF PLACE <br />Ornvu w. <br />Quality of place is necessary for economic development, but <br />is insufficient if not accompanied by infrastructure, workforce - <br />development, and business climate improvements. Quality of <br />life must reflect the diversity ofcommuniry interests. <br />Quality of Life - Recreational Development <br />Kry Fmdoiv <br />Creative workers value rural recreational amenities, such as bike <br />flubs, grecnways, and trails. <br />