North Carolina State University School of Design. "Siler City Design Development Plan.

" Raleigh: North Carolina State University School of Design (1980): 5-105. Reference USA. ReferenceUSA. August 2011. http://www.referenceusa.com/UsBusiness/Detail (2011). Rosenfeld, Laura A. Reese and Raymond A. "What is the Question to Which the Answer is: Local Civic Culture?" Economic Development Quarterly 15.4 (November 2001): 323-326. Ye, Minting and Laura A. Reese. "Policy Versus Place Luck: Achieving Local Economic Prosperity." Economic Development Quarterly 25.3 (2011): 221-236. Zavattaro, Staci M. "Municipalities as Public Relations and Marketing Firms." Administrative Theory & Praxis (2010): 191-211.

Siler City Business Inventory Project

Gabriel F. Soltren Internship at Chatham County Economic Development Corporation, Summer 2011
Executive Summary:
Regional and local economic developers are key figures during economic recessions. The Siler City Business Inventory project was conducted in the summer of 2011 during the North Carolina Rural Centers North Carolina Small Towns Economic Prosperity (NC STEP) program. An online survey and a review of secondary data were used to identify desirable industry clusters within Siler City. A total of 602 businesses within the town limits were identified and sorted into desirable industry clusters using NAICS codes. As companies lay off workers, community leaders need to find ways to create new jobs with their limited resources. Economic downturns are opportunities for communities to take on strategic planning. The economic slowdown is the perfect time to prepare for the future. During the Great Economic Recession the Siler City Business Inventory Project is a case study that can help communities identify their current assets and plan for the future economic health of their community.

Research Methods:
Merging Existing Databases A total of 612 businesses within the town limits were identified by combining and eliminating duplicates from existing lists from the following resources:
Central Carolina Community College Chatham County Economic Development Corporation Chatham County United Chamber of Commerce Google Business Listing InfoUSA Pittsboro-Siler City Convention & Visitors ReferenceUSA Siler City Business Permits Siler City Deed Name and Address Information Siler City Merchants Association Superpages.com Town of Siler City Web site Yellowpages.com

Conclusions:
Top four desirable industry clusters in number of existing business: Basic Health Services Financial Services and Insurance Motor Vehicles and Arts & Media
60 50 40 30 20 10 0

Health Care and Social Assistance

Sales Volume No. of Businesses

$500,000-1 Million Less Than $500,000 $2.5-5 Million $5-10 Million $1-2.5 Million

Community Leadership Meetings

29 19 5 5 4
No. of Businesses

Finance and Insurance

Sales Volume $500,000-1 Million Less Than $500,000
Basic health services Motor vehicles Financial services and insurance Arts & media

15 10 5 2 1 1 No. of Businesses Median Annual Wage

Online Survey 64 responses (26% response rate)

$1-2.5 Million $2.5-5 Million $5-10 Million $20-50 Million

Findings: Problem Statement/Issue:

In 2008, Siler City, a North Carolina town with a population of approximately 8,000, lost more than 1,000 jobs. The majority of the lost jobs (approximately 800) were due to the closing of a poultry producer/exporter. In September 2011, the town lost another of their largest employers, a poultry processor/exporter and lost another 650 jobs.

Rural towns with amenities are more likely to attract sought-after residents and businesses. Retail leakage is a challenge for Siler City. Leakage is caused by residents shopping out of town. In 2010, the Town of Siler City NC Small Town Economic Prosperity (NC STEP) leadership team conducted a survey and documented the need for more amenities including restaurants, parks, movie theaters, and more places to shop. Amenities including restaurants, movie theaters, museums, and shopping centers, would help attract and retain desired industries. To remain competitive Siler City should invest in more amenities and promote their branding image with the goal of featuring the town as a nice place to live.

Motor Vehicles
Automotive Service Technicians and Mechanics

38

$41,200

Arts, Design,
Entertainment, Estimated Sports, and Media Employment Occupations
Median Annual Wage

Research Questions:
The research questions addressed in this study are: Research Question 1: To what extent are desirable industries present in Siler City? Research Question 2: Is Siler City's employment outlook growing, staying the same, or declining? Research Question 3: What businesses and entrepreneurship resources are being employed?

A review of secondary data was used to identify desirable industry clusters including Basic Health Services, Financial Services and Insurance, Motor Vehicles, and Arts & Media in Siler City. The top four desirable industries in Siler City must have located there for good reasons. Siler City seems to have comparative advantages including its location near the Piedmont Triad and Research Triangle Regions. To attract higher paying jobs in desired industries, other rural communities have improved their workforce training programs and quality of life amenities. Siler City should build on its strengths and provide training programs to assist and transition their workforce to desirable industries. More research should be conducted to identify what industries the town should pursue. According to respondents of the online survey, the employment trend in the top four desirable industries (Basic Health Services, Financial Services and Insurance, Motor Vehicles, and Arts & Media) was staying the same.

Arts, Design, Entertainment, Sports, & Media Occupations

140

$35,910

References:
Feser, Edward. "An Updated Set of Benchmark Value Chains for the United States, 1997". University of Illinois at Urbana-Champaign: Regional Economics Applications Laboratory (2004). Jolley, Lukas C. Brun and G. Jason. "Increasing Stakeholder Participation in Industry Cluster Identification." Economic Development Quarterly 25.3 (May 2011): 211-210. North Carolina State University School of Design. "Siler City Design Development Plan." Raleigh: North Carolina State University School of Design (1980): 5-105. Reference USA. ReferenceUSA. August 2011. http://www.referenceusa.com/UsBusiness/Detail (2011). Rosenfeld, Laura A. Reese and Raymond A. "What is the Question to Which the Answer is: Local Civic Culture?" Economic Development Quarterly 15.4 (November 2001): 323-326. Ye, Minting and Laura A. Reese. "Policy Versus Place Luck: Achieving Local Economic Prosperity." Economic Development Quarterly 25.3 (2011): 221-236. Zavattaro, Staci M. "Municipalities as Public Relations and Marketing Firms." Administrative Theory & Praxis (2010): 191-211.

Respondents indicated that they mostly used the Chamber of Commerce and Social Media. Resources that were less utilized included the Chatham Small Business Center, Small Business Technology & Development Center, Service Corps of Retired Executives (SCORE), Industrial Extension Service, and NC REAL Business Planning.

Resources used from most to least

Delightfully Unexpected branding and marketing concept and images were created by the consulting firm of Arnett Muldrow & Associates.

Acknowledgements:
Dianne Reid CEcD, President, Jennifer Nelson, Retention and Expansion Specialist, Ben Townsend, Business Services Manager, Alyssa Stepusin, Communications Specialist, and Mari Howe, Entrepreneur Resource Specialist