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![Page 1: Community Economic Analysis Kathy Tweeten North Dakota State University Alan Barefield Southern Rural Development Center Randy Reynolds Piedmont Community.](https://reader038.fdocuments.us/reader038/viewer/2022110321/56649cf75503460f949c8066/html5/thumbnails/1.jpg)
Community Economic Analysis
Kathy TweetenNorth Dakota State University
Alan BarefieldSouthern Rural Development Center
Randy ReynoldsPiedmont Community College
![Page 2: Community Economic Analysis Kathy Tweeten North Dakota State University Alan Barefield Southern Rural Development Center Randy Reynolds Piedmont Community.](https://reader038.fdocuments.us/reader038/viewer/2022110321/56649cf75503460f949c8066/html5/thumbnails/2.jpg)
Overview
One of the basic tenets of economic development is knowing where you are at and the foundations of the community’s economyThe tools presented in this session will provide a snapshot view of the community’s economic makeup and its issues and opportunities
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Trade Area Capture
Provides an estimate of the number of people drawn to a community for retail purchases of a particular goodAssumptions Local people will buy goods at the same rate as
the state average Income causes a variation in spending
Drawback: Easy to measure capture for Apparel, Automotive, Food, Furniture, General Merchandise, Lumber and Building Materials, and Unclassified (Retail Sales only)
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Trade Area Capture
Sales and sales tax data from state Dept of Revenue: http://www.dor.state.nc.us/publications/FY02-03SalesUseStats.pdfPer capita income from Regional Economic Information System: http://www.bea.doc.gov/bea/regional/reis/State Population from Census estimates: http://www.census.gov/popest/archives/2000s/
Income Capita Per StateIncome Capita PerCommunity
Population State YType eMerchandisfor eExpenditur State
Community the in Y Type eMerchandis of Sales Retail Actual
Trade AreaCapture
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Trade Area CapturePersons County Example
Data: 2002-2003 Person County Furniture Sales:
$8,083,909 2002-2003 North Carolina Furniture Sales:
$4,725,403,007 North Carolina 2002 Population: 8,320,146 Person County 2002 Per Capita Income:
$23,690 North Carolina 2002 Per Capita Income:
$27,785
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Person County Example
The estimate is that 16,694 customers will buy furniture in Person CountyCompare this to the 2002 population estimate for Person county of 36,610 (27,764 over 18 years of age)What does this tell us about the spending patterns in Person County?
Customers 16,694
$27,785$23,690
8,320,146,007$4,725,403
$8,083,909
Trade Area
Capture
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Pull Factor
Population Municipal
YItem for Estimate Capture AreaTrade Y Item for Factor Pull
The Pull Factor measures the proportion of the population of an area that purchases the good locallyIf the Pull Factor is greater than 1.0, then the area is attracting customers from outside the geographic areaIf the Pull Factor is less than 1.0, then the area is not filling the wants and desires of its locally-based customers. These customers are going outside the area to fulfill their needs.
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Pull Factor
The Pull Factor measures the proportion of the population of an area that purchases the good locallyIf the Pull Factor is greater than 1.0, then the area is attracting customers from outside the geographic areaIf the Pull Factor is less than 1.0, then the area is not filling the wants and desires of its locally-based customers. These customers are going outside the area to fulfill their needs.
0.456 persons 36,610
persons 16,694 )(Furniture Factor PullCounty Person
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Reilly’s Law of Retail Gravitation
Provides estimate of maximum distance customers will travel to shop for a specific good or servicePremise is that people are attracted to larger places to shop, but time and distance influence these decisionsThe town being analyzed should be the largest in the analysisWorks best for goods and services where quality, price, etc., are factors influencing purchases
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Reilly’s Law
(Y)Community Small of Population(X)Community Larger of Population
1
City Y and XCity Between Distance
Distance from
Smaller Community (Y)
Distance data can be obtained from Internet mapping sites such as MapQuest, Yahoo, etc.: http://www.mapquest.com
State Population by Place from Census estimates: http://www.census.gov/main/www/cen2000.html
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Roxboro Community Map
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Distance Data (Mapquest)
Distance between Roxboro and: Mileage
Danville, VA 30.11
South Boston, VA 24.39
Oxford, NC 26.30
Durham, NC 30.16
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Population Data
City Population
Roxboro, NC 8,696
Danville, VA 48,411
South Boston, VA 8,491
Oxford, NC 8,338
Durham, NC 187,035
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Reilly’s LawRoxboro vs. Oxford, NC
miles 13
8,338 Population Oxford8,696 Population Roxboro
1
miles 26.30
Distance Oxford residentsWill Travel to Roxboro
Roxboro will draw residents from 13 miles toward Oxford (this would put the trade boundary around Berea, NC)What does this mean in practical terms?Would this tool work to develop a retail boundary for Roxboro in relation to Danville or Durham?
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Roxboro Community Map
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Reilly’s Law LimitationsAssumes homogeneous populationOnly use for independent communities surrounded by countrysideShould only be used for similar sized communitiesAssumes everyone shops locally – overestimates shopping populationEstimate average trade boundary; individual goods or services will have different boundaries
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Potential Sales
Commonly called a “Leakage Study”
Shows whether a community is capturing its full sales potential or whether that money is leaking out to other communities
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Potential Sales
Income Capita Per State
Income Capita Per Local
Population State
Sales StatePopulation
AreaTrade Sales Potential
State Population by Place from Census estimates: http://www.census.gov/main/www/cen2000.htmlSales and sales tax data from state Dept of Revenue: http://www.dor.state.nc.us/publications/FY02-03SalesUseStats.pdfPer capita income from Regional Economic Information System: http://www.bea.doc.gov/bea/regional/reis/
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Potential SalesPersons County Example
Data: 2002 Person County Population: 36,610 2002-2003 Person County Furniture Sales:
$8,083,909 2002-2003 North Carolina Furniture Sales:
$4,725,403,007 North Carolina 2002 Population: 8,320,146 Person County 2002 Per Capita Income: $23,690 North Carolina 2002 Per Capita Income: $27,785
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Potential Sales
4$17,728,10 $27,785
$23,690
8,320,146
,007$4,725,40336,610 Sales Potential
Given the state per capita sales average of $568 ($4,725,403,007 sales / 8,320,146 persons) of furniture sales per year and the relative proportion Person County income to the state’s income, the potential furniture sales in Person County is $17,728,104The actual furniture sales in Person County in 2002 was $8,083,909What inference can be drawn from this?
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Location Quotient
Indicates if a community produces more than is needed for its own use and is selling the excess to nonlocal markets
Also indicates which businesses are not meeting local demand and is a source of dollar leakage from the community
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Location Quotient
Data: Local and national employment data
for particular industries: County Business Patterns:http://www.census.gov/epcd/cbp/view/cbpview.html
X Activity in Employment National of %
X Activity in Employment Local of % Quotient Location
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Location QuotientPerson County Furniture
2002 Person County Furniture and Home Furnishing Stores employment: 542002 Person County Total Employment: 9,9012002 North Carolina Furniture and Home Furnishing Stores employment: 19,8692002 North Carolina Total Employment: 3,431,554
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Location QuotientPerson County Furniture Store
The location quotient of 0.94 tells us that the furniture and home furnishings sector of the Person County economy is likely just self-sufficient. It could be difficult for another furniture store to compete given similar service, products, customer tastes, etc.
0.94
3,431,55419,8699,901
54
Quotient Location
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Population-Employment Ratio
Measures the number of people (customers) who support a trade or service activityQuotient is the number of customers per trade or service sector employeeNo critical value; must be used in relation to other communities of similar size and demands
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Population-Employment Ratio
Must use in comparison to other communitiesShould use other communities of comparable size and characteristicsUses the entire population in its estimate; could yield biased results if the population is either young or old
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Population-Employment Ratio
Data: Census 2000 Data Highlights:
http://www.census.gov/main/www/cen2000.html
Local and national employment data for particular industries: County Business Patterns:http://www.census.gov/epcd/cbp/view/cbpview.html
Locality that in Activity Service or TradeParticular a in Employees of Number
Locality a of Population Ratio Employment-Population
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Population-Employment RatioPerson County vs. Granville CountyFurniture Store Example
Person County has one furniture store employee per 683 residentsGranville County has one furniture store employee per 1,032 residentsWhat does this tell us about the feasibility of a new furniture store in Person County?
employee per persons 683 54
36,864 Person County
Population-Employment Ratio
employee per persons 1,032 50
51,582 Granville County
Population-Employment Ratio
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Comparison and Analysis
Location Quotient 0.94
Population-Employment Ratio 683 for Person County vs. 1,032 for Granville County
Potential Sales $17,728,104 vs. $8,083,909 in Actual Sales
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Shift Share Analysis
Helps to measure the efficiency of local firmsMeasures the movement of the economy into faster or slower growth sectorsAlso measures the community’s portion of the growth occurring in a particular economic sector
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Shift Share Analysis
This analysis is performed in three steps: The National Growth Component –
isolates the national economic growth factor from the analysis
The Industrial Mix Component – isolates the growth of the individual industry or sector
The Competitive Share Component – measures the efficiency of local firms
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Shift Share Disaggregation
2000 FurnitureEmployment
2001 FurnitureEmployment
Employment Change is Indicative of Growth Or Shrinkage in an Industry
Change Can Be DisaggregatedInto 3 Components
National Growth – A Changing TideRaises (or Lowers) All Ships
Industrial Mix – A Changing NationalIndustry Affects Local Firms
Competitive Share – Isolates the CompetitiveAdvantage or Disadvantage of Local Firms
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National Growth Component
Where: Sector i is the individual economic sector n is the total number of economic sectors Y is the final year (in ordinal terms) in the
analysis 1 is the initial year in the analysis
n
1i Sector Local
1
1Y
i Sector LocalY
Emp lNat'Emp lNat' - Emp lNat'
Employment YearBase NationalGrowth
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Avg National Emp Growth Rate1998-2001
Y
Emp lNat'Emp lNat' - Emp lNat'
1
1Y
Avg Nat’l EmpGrowth Rate
Data: Local and national employment data
for particular industries: County Business Patterns:http://www.census.gov/epcd/cbp/view/cbpview.html
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Avg National Emp Growth Rate1998-2001
Growth Annual2.14% 3
1108,117,731108,117,73 - 4115,061,18
Avg Nat’l EmpGrowth Rate
Data: Local and national employment data
for particular industries: County Business Patterns:http://www.census.gov/epcd/cbp/view/cbpview.html
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National Growth ComponentPerson County (Base=2000)
Sector2000 Emp
Nat’l Rate
Nat’l Comp
ChangeConstruction 818 2.14% 18
… … … …
Furniture Stores 73 2.14% 2
… … … …
Unclassified 6 2.14% 0
Totals 10,787 2.14% 231
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Industrial Mix Component
Data: Local and national employment data for
particular industries: County Business Patterns:http://www.census.gov/epcd/cbp/view/cbpview.html
Rate Growth
Economic lNat' AvgRate
Growth lNat'Employment
Local i Sectori Sector
Industrial MixComponent
Y
Emp i SectorEmp i Sector - Emp i Sector
Rate Growth lNat'1
1Y
i Sector
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National Growth Rate Sector i
The national growth rate for furniture and home furnishings store employment is 3.77%
3
Emp Store FurnitureEmp Store Furniture - Emp Store Furniture
Rate Growth lNat'1998
19982001
Stores Furniture
3.77% 3
509,699509,699 - 567,318
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Industrial Mix ComponentPerson County (Base=2000)
Sector 2000 EmpIndustrial Mix Rate
Nat’l Comp
ChangeConstruction 818 4.00% - 2.14% 15
… … … …
Furniture Stores 73 3.77% - 2.14% 1
… … … …
Unclassified 611.84% -
2.14% 1
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Competitive Share Component
The Competitive Share Component shows the growth due to local firm efficiency after accounting for the level of total economic growth and the rise (or fall) of the particular industryData: Local and national employment data for particular
industries: County Business Patterns:http://www.census.gov/epcd/cbp/view/cbpview.html
CompMix Industrial Comp Growth lNat'
Emp i Sector - Emp i Sector
YearBase
YearAnalysisCompetitive
Share Component
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Competitive Share ComponentPerson County (Base=2000)
Sector 2001 Emp Agg TermCompetitive Share
Construction 785 851 -66
… … … …
Furniture Stores 54 76 -22
… … … …
Unclassified 7 0 0
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Gross County Product
Data Gross State Product Estimates:
http://www.bea.gov/bea/regional/gsp/
County Employment and Cash Receipts Data: Regional Economic Information System: http://www.bea.gov/bea/regional/reis/
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Gross County Product
Prorate the BEA estimated industry-specific GSP by local industry employment for nonagricultural sectorsProrate the BEA estimated ag production GSP using cash receipts from marketings for the county
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Proration Formulas
Production agriculture must be dealt with separately due to no reporting of production ag employment by Federal data sourcesCash Farm Receipts North Carolina - $8,204,748 Person County - $17,365
i Sector
i Sectori Sector
Employment State
Employment Local GSP Non ag Industry
GCP Proration
eAgricultur
eAgricultureAgricultur
Receipts Cash State
Receipts Cash Local GSP
ProductionAg Proration
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Gross County ProductPerson County Example
2001 Person Co 2001GSP Proportion GCP
Agriculture 5,218 0.21% 11Mining 511 0.00% 0Construction 14,101 0.31% 44Manufacturing 58,923 0.50% 292Transportation 7,285 0.07% 5TCPU 11,544 2.17% 251Wholesale Trade 16,766 0.14% 23Retail Trade 25,113 0.34% 86FIRE 52,309 0.36% 189Services 47,977 1.67% 802Federal Govt 10,683 0.18% 19S&L Govt 25,185 0.38% 96
Total 1,818
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Sources
Hustedde, Ronald J., Ron Shaffer, and Glen Pulver. Community Economic Analysis: A How To Manual. North Central Regional Center for Rural Development. Ames, IA. November 2001.Snead, Mark C. and Tim C. Ireland. Oklahoma Regional and County Output Trends: 1980-1999. Oklahoma Business Bulletin. Stillwater, OK. October 2002.
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Questions?