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Analyzing Tweed's Economy

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Analyzing Tweed's Economy Analyzing Tweed’s Economy Appendix B Purpose • To provide an overview of the local economy • Highlight local trends and put them in context (population, retail) • To provide background for the other market analysis information Population Change 1996 to 2001 7.0% 6.4% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -0.1% -1.0% -1.6% -2.0% Ontario Hastings Tweed Population in 2001 Source: Statistics Canada, 2001 Ontario Hastings County Tweed Township 11,410,046 125,915 5,612 30.0% 25.0% 20.0% 15.0% Population Change 2006 to 2031 10.0% (if current trends continue) 5.0% 0.0% 2006 Source: Ministry of Finance, 2005 County of Hastings2008 population is projected to increase 2010 by 13% from 134,390 to2 01152,7502 in 25 years 2014 2016 2018 Hastings Ontario 27% 2020 2022 Hastings 13% Ontario 2024 2026 2028 2030 Labour Force Change 1996 to 2001 14.0% 12.5% 12.0% 10.0% 8.0% 6.4% 6.0% 4.0% 4.0% 2.0% 0.0% Ontario Hastings Tweed Labour Force in 2001 Ontario Hastings County Tweed Township 5,252,740 56,975 2,440 Source: Statistics Canada, 2001 Tweed’s Resident Labour Force Real estate operator and insurance agent industries Mining, quarrying and oil w ell industries Logging and forestry industries Finance and insurance industries Communication and other utility industries Accommodation, food and beverage service industries Business service industries Government service industries Agricultural and related service industries Other service industries Wholesale trade industries Construction industries Educational service industries Transportation and storage industries Health and social service industries Manufacturing industries Retail trade industries 0 50 100 150 200 250 300 350 400 450 500 Labour Force Survey Tweed’s Top 5 sectors by Local Jobs Sectors % Total Local Jobs 1,110 Retail trade industries 180 (16%) Health and social service 145 (13%) industries Agricultural and related service 125 (11%) industries Educational service industries 85 (8%) Other service industries 85 (8%) Source: Statistics Canada, 2001 Daily Commuting Flow out of Tweed Toronto (C) Oshawa (C) Madoc (TP) Stirling-Rawdon (TP) Quinte W est (C) Belleville (C) Stone Mills (TP) Greater Napanee (T) Kingston (C) 0 100 200 300 400 500 600 700 800 Source: Statistics Canada, 2001 Origin of Tweed's Workers Tweed (TP) Centre Hastings (TP) Belleville Addington Highlands (TP) 0 100 200 300 400 500 600 700 Source: Statistics Canada, 2001 2001 Median Income $24,816 $25,000 $20,135 $20,072 $20,000 $15,000 $10,000 $5,000 $0 Ontario Hastings Tweed Source: Statistics Canada, 2001 Canadian Retail Trends % of Total Retail Spending % change % change Sales 2004 in 2004 2000 to 2002 2002 to 2004 Total $93,297,793 100% 11.2% 11.0% Food and Beverage $30,389,624 32.6% 7.4% 11.2% Drugs (prescription and over-the-counter), vitamins and other health supplements $4,652,555 5.0% 24.8% 21.5% Clothing $13,218,760 14.2% 5.9% 4.6% Home furnishings & electronics $14,002,161 15.0% 14.2% 13.1% Housewares $4,152,041 4.5% 10.1% 5.9% Hardware, Lawn & Garden $3,791,860 4.1% 8.9% 16.1% Sporting goods & Leisure $3,100,164 3.3% 13.3% 8.4% Pre-recorded CDs, DVDs, and video and audio tapes $1,123,858 1.2% 21.1% 21.4% Books, newspapers and other periodicals $436,619 0.5% 7.7% 5.8% Automotive fuels, oils and additives $2,411,072 2.6% 12.8% 27.9% Tobacco products and supplies $2,500,591 2.7% 19.7% 3.7% Source: Statistics Canada, 2005 Pull Factor • Per capita spending estimate based on median income compared to actual reported sales – A pull factor of less than 1 means sales in the area is less than total spending …. I.e sales are leaking out – A pull factor of greater than 1 means sales in the area is more than local resident spending Forward Retail Sales 2000 Retail Sales 2002 (000) % Change Pull Factor Sortation (000) Area K0K $414,440 $413,982 -0.1% 0.3 Ontario $114,290,470 $129,430,251 12% N/A Source: Statistics Canada, SARTRE Data, 2005.
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