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 Population Change 2006 to 2031 (if current trends continue) 30.0%
25.0%
20.0%
15.0% Ontario 27%
10.0%
5.0% Hastings 13%
0.0%
0 2 6 2 8 01 01 014 01 02 026 02 2006 2008 2 2 2 2 2018 2020 2 2024 2 2 2030
Hastings Ontario Source: Ministry of Finance, 2005
County of Hastings population is projected to increase by 13% from 134,390 to 152,750 in 25 years 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