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Quarterly news from DCEDC

The DCEDC is a collaborative public-private organization engaged in existing industry expansion services as well as new industry location services to grow and diversify the Davidson County economy.

Happy New Year!
As we begin 2019, DCEDC is continuing its work to assist our local industries grow investment and jobs in an ever-changing and increasingly challenging environment. How well we do in meeting this goal will largely depend on industry communicating with us on their needs. We know workforce, infrastructure, funding and local government collaboration to fuel growth are top of mind, but we need to hear your voice to understand how we can best serve your interests.

It has been two years since I came to Davidson County to build on our successful program of work to secure a better standard of living for the people of Davidson County. In that time, new and existing industry announcements have been made that will add almost $1 Billion to our tax base plus create over 900 new jobs over the next ten to fifteen years as these companies reach full utilization of their sites. This momentum is leading to increased private retail, commercial and residential development that may add another $200 Million of investment growth to our tax base in the next 2-5 years. To continue growing Davidson County, our diverse team of business, education and government leaders will continue working together in 2019 to solve challenges including:

  1. developing a sustained pipeline of trained career professionals across all sectors
  2. making doing business easier and more productive for companies located in Davidson County as well as those wishing to locate here
  3. continuous improvement in building national and international awareness of our business and lifestyle assets and
  4. advancing implementation of the infrastructure and product development necessary for vibrant community growth.

The DCEDC website www.davidsoncountyedc.com
created in 2017, is an excellent resource for information about Davidson County (and North Carolina), real estate assistance for industrial sites and buildings, and a one-stop resource for links important to business and industry. Please visit and let us know if there is additional information that would be valuable to your business or industry sector.

Craig & Ree

Industry News:

Economic experts do not see any glaring imbalances on the horizon to indicate a deep recession will occur between now and 2020. U.S. growth is expected to continue at a rate of 2.4% - 2.7% in 2019, slower than the 2.9%-3.0% that we enjoyed in 2018. Long-term expectations are for 1.9% - 2.0% growth in 2020. So what are the imbalances that could throw us into a recession? Keep your eyes on slowing world growth rates, especially if China and Europe growth slows more than U.S. growth, continued or increased trade battles, the continued inability of our leaders in Washington to work together, and the Federal Reserve overshooting rate hikes that could invert the yield curve which may drive market sentiment in a more negative direction. Of particular concern is ratification of the new NAFTA agreement. If the U.S. , Canadian and Mexican governments do not each ratify the agreement they reached in 2018, uncertainty of where we go will likely have a drag on the North American economy.

With all that said, we have seen very encouraging 2018 economic news on the local, regional and State level:

Davidson County:

  1. The Davidson County labor force has grown to 81,321
  2. Since 2015, our average private sector annual wage has increased from $35,620 to $39,787.
  3. Since 2015, the county unemployment rate has decreased from 5.5% to 3.3%.

Piedmont Triad Region:

  1. Total non-farm employment in 2018 grew to 643,400, an increase of 13,100 from 2017 For comparison, the Raleigh Region grew 17,300 and the Charlotte Region grew 27,300 (primarily from financial and professional office services).

North Carolina:

  1. Total population grew to over 10 million, making NC the 9th most populous State in the U.S. (80% of North Carolina’s population live and work between Raleigh and Charlotte)
  2. Total non-farm employment grew to 4,537,900, an increase of 100,700 in 2018
  3. Real taxable retail sales were $46 billion, an increase of $383 Million in 2018

Education and Training News:
Workforce training alone will not move Davidson County and North Carolina forward, but a prepared and trained workforce will deliver a sustained solution across industry sectors making us a preferred location for continued investment by local, national and international companies. This will continue to be a DCEDC priority in 2019.

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