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2004 Data Book

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2004 Data Book Community Data & Locational Advantages Chattanooga, Tennessee is strategically located in the Southeast in the heart of the beautiful Tennessee Valley. Chattanooga has gained national and international recognition for its innovative programs, public/private partnerships and commitment to growing businesses. Population Chattanooga Hamilton County Chattanooga MSA* 50-mile radius 100-mile radius 2005 165,927 323,740 502,842 1,034,187 5,713,540 2006 168,293 328,551 510,542 1,034,025 5,816,469 2007 169,847 331,117 515,810 1,047,177 5,949,769 2008 170,819 334,123 520,089 1,060,581 6,126,730 2009 171,349 337,175 524,303 1,107,374 6,263,531 Source: U.S. Census Bureau, DemographicsNow Climate Annual Average Temperature (avg. low 50.2 degrees, avg. high 70.6 degrees) 60.5 degrees Annual Rainfall 51.8 inches Annual Snowfall 2.8 inches Prevailing Wind Direction South Average Elevation (Downtown) 675 feet Source: NOAA, National Climatic Data Center, Local Climatological Data Land Area Counties in the Chattanooga MSA* Square Miles Hamilton (includes the City of Chattanooga: 124) 543 Marion 500 Sequatchie 266 Catoosa 162 Dade 174 Walker 446 TOTAL 2,091 Source: U.S. Census Bureau Per Capita Income Hamilton County Chattanooga MSA* 2010 $27,428 $25,177 Source: DemographicsNow Job Growth Non-Agricultural Employment Chattanooga Metropolitan Statistical Area (MSA*) Annual Averages. 2005 240,800 2006 245,500 2007 247,500 2008 245,800 2009 226,100 Source: U.S. Department of Labor, Bureau of Labor Statistics Unemployment Rates Annual Averages U.S. TN Chattanooga MSA* Hamilton County 2005 5.1 5.6 4.8 4.7 2006 4.6 5.2 4.4 4.4 2007 4.6 4.8 4.2 4.1 2008 5.8 6.4 5.7 5.5 2009 9.3 10.5 9.4 9.1 Source: U.S. Department of Labor, Bureau of Labor Statistics Transportation Railroads CSX Corporation and Norfolk Southern Switching facilities are available throughout the area. Ground Interstate Highways: I-75, I-24, I-59 U.S. Highways: 11, 27, 41, 64, 72, 76, 127 State Highways: 2, 8, 17, 27, 29, 38, 58, 60, 134, 148, 153, 312, 316, 317, 318, 319, 320, 321, 389 More than 70 motor freight companies and 4 freight terminals. Air Major/National & Regional/Commuter Airlines include: Allegiant Air, American Eagle, Delta Connection, Northwest Airlinks and U.S. Airways Express Chattanooga Metropolitan Airport provides service to Atlanta, Charlotte, Chicago, Dallas, Ft. Lauderdale, Memphis, Orlando, Tampa/St. Pete and Washington D.C. Water Tennessee River – three public port terminals. Connecting to ports along the Tennessee, Mississippi, Missouri and Ohio Rivers and the Gulf of Mexico. Foreign Trade Zone Foreign Trade Zone Number 134 provides an option for businesses seeking to manage operating costs. Businesses in the Chattanooga MSA* Chattanooga’s diverse economy is strong. In the MSA*, nearly 23,000 businesses employ over 200,000 people and generate nearly $30 billion in annual sales. Business Total Total Sales All MSA* Businesses Count Empl. (in $ millions) Finance, Insurance, and Real Estate 1,805 14,464 16,896.8 Manufacturing 1,087 31,211 2,603.9 Services 10,798 74,360 4,250.0 Transportation and Public Utilities 849 15,351 1,647.4 Construction 2,148 12,638 1,780.8 Wholesale Trade 1,155 10,178 1,369.6 Retail Trade 3,950 38,518 1,283.1 Agriculture, Forestry, and Fishing 565 1,828 77.5 Mining 12 82 0.8 Public Administration 357 14,953 N/A TOTAL 22,726 213,583 29,909.90 Source: Dun & Bradstreet ZapData; data as of 8/10 Manufacturing The manufacturing sector has over 1,200 companies in 19 industry segments. MSA* manufacturing companies employ over 34,000 people and generate nearly $3 billion in annual sales. SIC 2 Digit Business Total Total Sales Code Count Empl. (in $ millions) 20 Food and Kindred Products 46 7,124 53.8 22 Textile Mill Products 60 4,226 302.4 23 Apparel, Finished Products from Fabrics & Similar Materials 45 262 16.3 24 Lumber and Wood Products, Except Furniture 76 503 60.1 25 Furniture and Fixtures 34 679 30.8 26 Paper and Allied Products 26 1,840 70.4 27 Printing, Publishing and Allied Industries 200 1,738 111.3 28 Chemicals and Allied Products 92 2,768 529.8 29 Petroleum Refining and Related Industries 21 210 12.7 30 Rubber and Miscellaneous Plastic Products 25 2,242 34.6 31 Leather and Leather Products 11 94 4.5 32 Stone, Clay, Glass, and Concrete Products 61 855 25.1 33 Primary Metal Industries 41 1,034 27.1 34 Fabricated Metal Products, Except Machinery & Transport Equipment 110 2,540 129.2 35 Industrial and Commercial Machinery & Computer Equipment 173 3,507 912.7 36 Electronic, Electrical Equipment & Components, Except Computer Equipment 48 1,966 61.7 37 Transportation Equipment 28 1,334 280.8 38 Mesr/Anlyz/Cntrl Instrmnts; Photo/Med/Opt Goods; Watchs/Clocks 51 669 50.6 39 Miscellaneous Manufacturing Industries 99 933 52.5 TOTAL 1,247 34,524 2,766.4 Source: Dun & Bradstreet ZapData; data as of 8/10 Employment Costs Average Pay by Sector – Hamilton County (2009) Avg. Weekly Wage Avg. Annual Wage Manufacturing $905 $47,035 Construction $886 $46,066 Trade, Transportation & Utilities $634 $32,954 Financial Activities $1,143 $59,421 Information $826 $42,947 Retail Trade $496 $25,805 Wholesale Trade $982 $51,062 Professional & Business Services $729 $37,887 Education & Health Services $847 $44,047 Other Services $548 $28,509 Leisure & Hospitality $297 $15,419 TOTAL AVERAGE $761 $39,569 Source: U.S. Department of Labor, Bureau of Labor Statistics Note: Average weekly and annual wage figures do not include any benefits. Workers’ Compensation Tennessee ranks below the national average of all states in workers’ compensation costs per $100 of payroll. The Tennessee General Assembly is continually seeking ways to increase competition and decrease workers’ compensation costs for Tennessee businesses. Effective in July 2005, comprehensive workers compensation reform legislation became law which instituted a medical fee schedule, simplified administrative hearing procedures, and led to a steady decline in overall employer costs. Source: Tennessee Department of Labor and Workforce Development, Workers’ Compensation Division Employment Taxes Tennessee has no state income tax on wages and no payroll tax. Federal income tax, FICA, Medicare and federal unemployment taxes are administered as in any other state. The state unemployment tax is a maximum of 2.7 percent for all industries, except construction and mining, on the employee’s first $9,000 of earnings each year; any income over that amount is exempt. Manufacturing employers who have been in business less than three years are taxed at a rate of 6.5%. Source: Tennessee Department of Labor and Workforce Development, Employment Security Division Retail Sales Hamilton County (in $ millions) 2005 $4,942.8 2006 $5,328.4 2007 $5,468.5 2008 $5,438.4 2009 $4,754.6 Source: Tennessee Department of Revenue Total New Construction Chattanooga MSA* - Valuation (in millions) Residential Non-Residential 2005 $582.5 $209.8 2006 $542.8 $221.3 2007 $442.4 $356.3 2008 $250.7 $169.7 2009 $241.2 $339.6 Chattanooga MSA* - Square Feet (in millions) Residential Non-Residential 2005 7.546 2.282 2006 6.741 2.060 2007 5.491 3.274 2008 3.128 1.637 2009 2.916 3.630 Source: F.W. Dodge Division, McGraw-Hill Companies Real Estate Rent Per Square Foot Per Year – 2009 Industrial Low High Effective Avg. Vacancy Bulk Warehouse $2.25 $3.25 $2.50 12.0 Manufacturing $2.40 $3.50 $2.80 5.0 High-Tech/R&D $6.00 $10.00 $7.00 5.0 Downtown Office Low High Effective Avg. Vacancy New Construction (AAA) n/a n/a n/a n/a Class A (Prime) $17.00 $22.00 $19.00 7.0% Class B (Secondary) $12.00 $16.00 $14.00 12.0% Suburban Office Low High Effective Avg. Vacancy New Construction (AAA) $18.00 $22.00 $20.00 10.0% Class A (Prime) $18.00 $20.00 $19.00 10.0% Class B (Secondary) $12.00 $16.00 $14.00 15.0% Development Land Low (Price/Acre) High (Price/Acre) Office in CBD (per buildable SF) $650,000 $1,200,000 Land in Office Parks $125,000 $250,000 Land in Industrial Parks $65,000 $125,000 Office/Industrial Land – non park $100,000 $300,000 Retail/Commercial Land $200,000 $1,500,000 Source: NAI Charter Real Estate Corporation Education Hamilton County Schools (2009-2010) Number of Elementary Schools 45 Number of Middle/High Schools 14/16 Number of Adult High Schools 1 Total Student Enrollment 39,247 Total Number of Teachers 2,811 Faculty with Advanced Degrees 1,507 Per Pupil Expenditure $9,334 Teacher-Student Ratio 1:14 College Entrance Exam Scores (2009) ACT SAT Hamilton County Schools 19.0 -- Tennessee 20.6 1,701 National Average 21.1 1,509 Source: Tennessee Department of Education Private and Parochial Schools There are 34 private and parochial schools in the Chattanooga area with combined enrollment of nearly 11,000. Source: Hamilton County Department of Education Annual Financial Report Colleges & Universities Fall 2009 Enrollment Degrees University of Tennessee at Chattanooga 10,526 More than 40 undergraduate, 19 graduate, 1 specialist’s and 3 doctorate degrees programs. Chattanooga State Technical Community 11,740 More than 50 majors of study College toward degrees and certificates. Southern Adventist University 2,891 50 undergraduate degrees and 10 graduate degrees.
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