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Williamson County Trends Report WILLIAMSON COUNTY TRENDS REPORT 5005 Meridian Boulevard, Suite 150 | Franklin, TN 37067 | 615.771.1912 www.williamsonchamber.com 2018 OUTLOOK WILLIAMSON PRESENTED BY EVENT SPONSORS A DISTINCTIVELY SOUTHERN PLACE AV SPONSOR STAGING BY WILLIAMSON COUNTY TRENDS REPORT Williamson, Inc. Economic Development produced this A digital version of the 2018 Trends Report is available for publication to provide Williamson County, Tennessee, business download on our website. To learn more about Williamson, and community leaders with data, analysis, and information Inc. and the benefits we have to offer, visit us online at to better understand the local economy and the direction it is www.williamsonchamber.com or call 615.771.1912. heading. Data was compiled from multiple sources to provide a more complete view of the economy. Information used was the © 2018 Williamson, Inc. All Rights Reserved. most recent available as of March 2018. Printed in Tennessee. Design, GIS, and Cartography by Jason Marks, Teq Design [email protected] CEO Statement Williamson County continues to lead the state in population growth and is among the leaders in job growth nationwide. 2018 Trends Report Williamson County continues to lead the state Our goal at Williamson, Inc. is in population growth and is among the leaders a singular one: to help grow in job growth nationwide. There are several businesses. That means working factors fueling the growth and success of our with existing companies to help companies. Among these are the high quality business leadership, the excellence of our them grow in Williamson County, public and independent schools, a skilled and recruiting new companies highly educated workforce, some of the lowest to Williamson County, and property tax rates in the state, a low crime rate, working closely with our thriving and an incredible quality of life. small business community to Our trends report looks at the data points create an environment that behind the success and economic growth fosters entrepreneurship. taking place in Williamson County. The report begins with a look at county demographics, Our economic development efforts create examining our current population and what prosperity for everyone in Williamson County, it costs to live in the area. We then turn to including our friends, families, and neighbors, Matt Largen industry, the catalyst behind our rapid job by creating a pro-business environment that PRESIDENT & CEO encourages investment and risk-taking. Please Williamson, Inc. growth. Williamson County’s number one economic driver, our education system, review the in-depth economic information is also examined, including accolades by provided throughout this report and on our current students in our K-12 county school website, www.williamsonchamber.com. Don’t system. Section 3 looks at the quality of life hesitate to contact the Williamson, Inc. team for residents in the county, including current if we can assist you or your business in any transportation conditions as well as the way. We thank you for your investment in parks and amenities that drive tourism to our Williamson County, and appreciate all you do region. Projections for industry and population to grow our economy and create career paths conclude the report, stressing the importance of for all our citizens. staying diligent in planning for future growth. Williamson, Inc. Contents Looking back... To celebrate our past, throughout the book we’ll highlight some interesting pieces of Williamson County history. Did you know... Williamson, Inc. surveyed its members about their businesses and the work environment in Williamson County. Look for survey responses throughout this book. 2018 Trends Report Economic Education Quality Looking Overview and Talent of Life Ahead Pipeline 03 Demographics 13 WCS at a Glance 19 Commuting Patterns 27 Top Employers 05 Cost of Living Degree Attainment 20 Traffic Counts 28 Regional Job Growth 06 National Tax Burden 14 High School 21 Transportation Stats 29 Population 06 Comparisons Graduation Rates Growth Forecasts ACT Scores 22 Tourism 07 Residential 30 Industry Projections Parks & Recreation 06 Real Estate 15 In-Migration 23 08 Commercial 24 Commercial Zoning 06 Real Estate 09 Industry Diversity 10 Establishments by 06 Employment Williamson, Inc. Economic Overview 03 Demographics 05 Cost of Living 06 National Tax Burden Comparisons 07 Residential Real Estate 08 Commercial Real Estate 09 Industry Diversity 10 Establishments by Employment The new headquarters facility for Mars Petcare is currently underway in Ovation. The company is investing $96 million in its new facility that will feature two connected buildings totaling 224,000 square feet. Delivery of the space is set for 01second quarter of 2019. ECONOMIC OVERVIEW Demographics Williamson County’s demographics are unique relative to neighboring counties in the Nashville Metropolitan Statistical Area (MSA). With well over half of its residents born in a different state, Williamson County surpasses the rest of the Nashville MSA with educational attainment, average Population earnings, population growth, and job growth. Looking back... Williamson County remains one of the fastest Williamson County’s first growing job markets in the United States. food truck was Chapman’s Pie Wagon, running from Our top-ranked school district, coupled with our 226,257 1922 to 1946. regional post-secondary offerings, drives the growth Williamson County population of existing businesses as well as new business recruitment. Our education system leads to job growth for skilled positions, leading to above average earnings that provide a high quality of life, making the area attractive for non-residents to relocate. 112,483 Source: EMSI, ACS Estimates, TN Dept. Labor & Workforce, 2017 BLS Williamson County labor force 12% of Nashville MSA's population Increase from 2017 Decrease from 2017 Did you know... Note: No icon indicates no Only 38% of survey change from previous year. 17% respondents said the majority of employees Williamson County population at their company live growth over the last 5 years in Williamson County. (4% Tennessee) 03 2018 Trends Report ECONOMIC OVERVIEW Housing Resident Education Business 73,811 39 96% 2,253 Households Median Age of the population has attained New business licenses at least a high school diploma filed in 2017 or its equivalent 2.96 51% 56% 2.2% Average Household Size of the population is female of the population has a Unemployment in bachelor's degree or higher Williamson County (3.9% US, 3.1% TN) 78,599 57% 20% Housing Units of Williamson County residents of the population has a graduate were born in a different state degree or higher $106,054 Median Household Income Williamson, Inc. 04 ECONOMIC OVERVIEW Cost of Living THE NASHVILLE REGION HAS A COST OF LIVING 4% LOWER THAN THE NATIONAL AVERAGE. A low cost of living is important for maintaining national average and many peer regions. Coming a high quality of life for current residents as well from an area with a higher cost of living means as attracting new businesses and residents. In new residents have more disposable income. This this diagram, the average cost of living for metro can mean an increase in their overall quality of areas across the United States is indexed to 100. life, even while keeping the same level of gross Williamson County, as part of the Nashville MSA, income—a very attractive benefit for those WASHINGTON maintains a lower cost of living compared to the considering relocation. NEW YORK Percent of Cost of Living Above or Below Nashville-Franklin, TN P 1,364 I 0 Kansas City, MO -0.5% O 4,541 P 2,581 Nashville-Franklin, TN CALIFORNIA D 11,353 I 2,699 Indianapolis, IN O 6,993 0.5% NORTH CAROLINA Tampa, FL TENNESSEE D 17,465 2.8% P 1,385 Raleigh, NC 4.7% I 1,753 Charlotte, NC P 951 4.7% O 5,237 P 830 I 1,045 Austin, TX 5.9% D 10,978 I 37* O 3,659 Atlanta, GA 7.5% O 2,805 D 5,037 Philadelphia, PA 27.3% TEXAS D 5,310 Chicago, IL 34.3% Arlington, VA 56.9% P 1,635 FLORIDA San Francisco, CA 109.6% I 0 U.S. Dollar 90 92 110 130 150 170 190 O 3,340 D 9,963 P 1,184 Lower cost of living Higher cost of living I 0 O 3,738 Note: The average cost of living for all participating areas is indexed at $100, and each region D 7,794 Did you know... in the above chart is assigned a percentage relative to Nashville’s cost of living at $92. 63% of survey respondents Source: C2ER 2017 Annual Average would like to see more affordable housing options in Williamson County for employees. 05 2018 Trends Report ECONOMIC OVERVIEW National Tax Burden Comparisons A low tax burden means more disposable income for Debt per capita is the total outstanding general businesses and residents. Of the 50 states, Tennessee obligation debt for the state or municipality ranks 43rd in both property and income tax. As a divided by the population. Lower debt per capita percentage of income, Tennessee’s overall tax burden is tied to higher quality bonds and lower risk of per capita is 7.1 percent, 47th in the nation, only default. Tennessee's debt per capita is 42nd in the behind South Dakota, Wyoming, and Alaska. nation, and Williamson County has a AAA bond rating, showing great fiscal responsibility in the state and local budgets. WASHINGTON NEW YORK P 1,364 I 0 O 4,541 P 2,581 CALIFORNIA D 11,353 I 2,699 O 6,993 NORTH CAROLINA TENNESSEE D 17,465 P 1,385 I 1,753 P 951 O 5,237 P 830 I 1,045 D 10,978 I 37* O 3,659 O 2,805 D 5,037 TEXAS D 5,310 P 1,635 FLORIDA I 0 O 3,340 D 9,963 P 1,184 I 0 O 3,738 D 7,794 Note: *Though it has no statewide income tax, Tennessee does currently tax income from interest and dividends, but it is being phased out.
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