2012 - 2017 Comprehensive Economic Development Strategy for the Central Midlands Region FAIRFIELD NEWBERRY RICHLAND LEXINGTON
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2012 - 2017 Comprehensive Economic Development Strategy for the Central Midlands Region FAIRFIELD NEWBERRY RICHLAND LEXINGTON CENTRAL MIDLANDS Council of Governments Adopted by the CMCOG Board on June 28, 2012 2012-2017 Comprehensive Economic Development Strategy for the Central Midlands Region Adopted by the Central Midlands Council of Governments Board of Directors on June 28, 2012. About Central Midlands Council of Governments (CMCOG) Created in 1969, CMCOG is a regional planning organization, which provides a forum in which local offi cials can work to resolve issues that transcend their own political bound- aries. CMCOG currently consists of 14 member governments and serves in excess of 680,000 people in four midlands counties of Fairfi eld, Newberry, Richland and Lexington. CMCOG works to develop area-wide plans and programs for addressing a wide range of issues that collectively aff ect local governments such as: regional urban & rural transpor- tation planning; environmental and land use planning; community and economic devel- opment; workforce development; and aging services. CMOCG Staff also provides a wide of variety of research, planning and technical assistance to local governments, writes and administers a variety of grants, and serves as the Area Agency on Aging/ Aging & Disabil- ity Resource Center and the Long Term Care Ombudsman for the Central Midlands region. Contents INTRODUCTION 9 WHAT IS THE CEDS? 10 PUBLIC AND PRIVATE SECTOR PARTICIPATION 11 BACKGROUND INFORMATION 17 HISTORICAL POPULATION 22 GENDERS AND AGES 23 RACIAL & ETHNIC MAKEUP 24 PROJECTED POPULATION 25 COUNTY PROFILES 27 CONCLUSION 31 NATURAL SYSTEMS 33 CLIMATE 33 LAND AREA 35 GEOLOGY 36 HYDROLOGY 38 PARKS, FORESTS, AND OTHER MANAGED LANDS 41 NATURAL DISASTERS AND HAZARD MITIGATION PLANNING 42 TRANSPORTATION AND UTILITY SYSTEMS 45 INTRODUCTION 45 ROADWAY NETWORK 46 MASS TRANSIT 47 FREIGHT RAIL SERVICE 49 AIR SERVICE 49 WATER AND SEWER SYSTEMS 50 ENERGY 52 ECONOMIC TRENDS 55 INTRODUCTION 55 GROSS DOMESTIC PRODUCT 56 EXPORTS 57 OCCUPATIONAL PROFILE 58 SECTOR AND INDUSTRY TRENDS 59 SUBSECTORS 64 REGIONALLY SIGNIFICANT INDUSTRIES 75 BUSINESS CLUSTERS 79 This Page Intentionally Left Blank INCOME AND WAGES 89 LABOR FORCE 92 PROJECTED JOB GROWTH 94 ANALYSIS AND ASSESMENT 103 STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT) 106 INSTITUTIONAL CAPACITY 110 DEVELOPMENT TOOLS 121 BUSINESS CAPACITY 130 TAXES 132 LABOR FORCE 139 EXISTING PLANS 151 SOUTH CAROLINA ECONOMIC DEVELOPMENT PRIORITIES 156 ACTION PLAN 161 INTRODUCTION 161 ISSUES IN ECONOMIC DEVELOPMENT 162 VISION AND GOALS 164 PERFORMANCE MEASURES 166 STRATEGIC PROJECTS 169 FAIRFIELD COUNTY ACTION STRATEGIES 171 LEXINGTON COUNTY ACTION STRATEGIES 172 RICHLAND COUNTY ACTION STRATEGIES 173 NEWBERRY COUNTY ACTION STRATEGIES 174 APPENDIX A: SWOT SURVEY 177 APPENDIX B: SURVEY RESULTS 185 APPENDIX C: PUBLIC NOTICE 199 APPENDIX D: COMMUTING PATTERNS 201 APPENDIX E: COMPANIES 211 APPENDIX F: COUNTY DISTRESS REPORTS 241 APPENDIX G: EDA ELIGIBILITY AND RATES 247 APPENDIX H: HELPFUL EDA APPLICATION HINTS 251 8 Comprehensive Economic Development Strategy for the Central Midlands Region 1 INTRODUCTION Th e economic recession of 2007-2009 dramatically changed the trajectory of the United States and the global economy. Th e subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing- related assets contributed to a global fi nancial crisis, even as oil and food prices soared. Th e crisis led to the failure or collapse of many of the United States’ largest fi nancial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers and AIG, as well as a crisis in the automobile indus- try. Th e Federal government responded with a $700 billion bank bailout and $787 billion fi scal stimulus package. Chapter 1: Introduction 9 Th e recession prompted regions everywhere to reassess their strengths, weaknesses, opportunities and challenges. While the Central Midlands Council of Governments (CMCOG) region escaped the worst of the housing downturn and ensuing fi nancial crisis, the recession did impact the local economy in important ways that will have lasting impacts on economic and workforce development. Th e purpose of this Comprehen- sive Economic Development Strategy (CEDS) is to provide the region with a current roadmap that accounts for those changes and provides a way forward for succeeding in the new global economy. Th is CEDS is also intended to adhere to the requirements that must be met to qualify for assistance from the U.S. Department of Commerce’s Economic Development Administration (EDA). Th e Economic Devel- opment Administration Reauthorization Act of 2004, a comprehensive amendment to the Public Works and Economic Development Act of 1965, as amended (PWEDA), requires a CEDS to qualify for fi nancial assistance under EDA’s various programs, such as public works, economic adjust- ment, and planning. Th is CEDS will help the region compete for this criti- cal funding for economic development projects. WHAT IS THE CEDS? Th e CEDS is designed to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies. Th e CEDS should analyze the regional economy and serve as a guide for establishing regional goals and objectives, developing and imple- menting a regional plan of action, and identifying investment priorities and funding sources. A CEDS integrates a region’s human and physical capi- tal planning in the service of economic development. Integrated economic planning provides the fl exibility to adapt to global economic conditions and fully utilize the region’s advantages to maximize economic opportu- nity for its residents by attracting the private investment that creates jobs for the region’s residents. A CEDS is also the result of a continuing economic development planning process developed with broad-based and diverse public and private sector participation, and sets forth goals and objectives to address the economic development challenges of the region and defi ne the metrics of success. Finally, a CEDS provides a useful benchmark by which a regional econo- my can evaluate and compare its opportunities with other regions in the national economy. Th is process will help create jobs, foster more stable and diversifi ed economies, and improve living conditions. It provides a mechanism for coordinating the eff orts of individuals, organizations, local governments, and private industry concerned with economic development. 10 Comprehensive Economic Development Strategy for the Central Midlands Region 10-18-11 CEDS Committee Meeting Th e EDA emphasizes that the CEDS is a planning process, not only a report to be produced every fi ve years to meet funding requirements. Th e key to an eff ective CEDS is a participatory planning process with input and direction from the CEDS Committee members and many other partners. Th e planning process has been initiated by the Central Midlands Council of Governments but includes involvement from both public and private sectors of the economy. PUBLIC AND PRIVATE SECTOR PARTICIPATION CEDS Committee Working in collaboration with the CMCOG Board of Directors, the Committee for this CEDS was established in October 2011. Th e CEDS Committee consists of representatives from both private and public sector organizations. Th e Committee met four times during the planning process beginning in October 2011 and continuing through the last meeting in May 2012. In addition to the CEDS Committee, a detailed survey on economic devel- opment issues was distributed through the CMCOG website to gain addi- tional input from the community (Appendix B). Th e survey was distribut- ed to local governments, businesses, community organizations, and many others. Th e results of the survey were used to help the Committee develop the strengths, weaknesses, opportunities and threats included in the CEDS. Chapter 1: Introduction 11 At the fi rst meeting on October 18th, the CEDS Committee was introduced to the process of preparing a CEDS document, its contents, its require- ments for public input, the timeline for completion of the CEDS and role of Committee members. Th e economic development survey was also distrib- uted and Committee members were strongly encouraged to distribute the survey’s website address to all of their contacts. Th e second CEDS Committee meeting on January 19, 2012 was devot- ed to reviewing the results of the economic development survey to date. Committee members were presented with a summary of the responses and discussed their opinions on how various topics ranked in the survey results. At the third meeting on April 19, 2012, the draft CEDS document was distributed to the Committee. Specifi c discussion at the meeting was devot- ed to discussing the CEDS vision statement, goals, objectives and perfor- mance measures. Th e Committee was asked to review the CEDS draft in full and to submit comments to staff or bring their comments to the May 23, 2012 meeting. At its last meeting on May 23, 2012, the Committee provided staff with comments and suggestions on the draft CEDS. Staff thanked the Commit- tee for their participation and suggestions and informed the group that they would each receive a copy of the fi nal CEDS. CMCOG Regional Planning Committee To obtain further input and suggestions on the CEDS, CMCOG staff also consulted with the CMCOG Regional Planning Committee. Th is Commit- tee is made up of several CMCOG Board of Directors members who are selected from a broad cross-section of public and private sector represen- tatives. Prior to their May 3, 2012 meeting, staff provided the Committee with the draft CEDS document for their review. At the May 3, 2012 meet- ing the Committee discussed their suggestions and recommended that the CEDS be presented to the CMCOG Board for approval. Staff thanked the Committee for their participation and suggestions and informed the group that they would each receive a copy of the fi nal CEDS. CMCOG Board of Directors Staff presented the draft CEDS to the CMCOG Board of Directors at their May 24, 2012 meeting.