AG 2011 12 19 - Laserfiche WebLink

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Draft 1.1 -- Not for Distribution or Circulation • Through targeted attractions, the County has a disproportionate presence of telemarketers and bill collectors. • The development of large shopping malls accounts for the disproportionate presence of various retailers, including clothing, shoes, and jewelry. This also may account for the large wholesaler presence concerning groceries, beer, and wine. Mainstream economic development views these export industries as indicators of the region's competitive advantages. That is, whatever is exported is, by definition, what the region can produce well. Clusters of these industries can be ascertained, and expansion of these clusters is deemed the most promising strategy for economic development. But leakage analysis suggests another approach. By focusing on areas of weakness, where few or no local businesses are meeting local demand, the region can diversity itself and create new clusters. And that Cabarrus is producing less than it consumes in more than the vast majority of its NAICS industries suggests how many opportunities it has. Chart 9 on the next page shows the 40 leaky sectors that, with new local businesses meeting local demand, could produce the most new jobs. Chart 10 shows the 40 leaky sectors that could produce the highest new earnings (new jobs times average state wage in that sector). Among the most important leakages revealed by this analysis are. • Professional Services — The top job gap in the County is professional employer organizations, which is a marker for the strength of networks of professionals generally. Companies within Cabarrus are outsourcing their needs for engineers, lawyers, R &D scientists, janitors, security guards, payroll specialists, and other administrative serices. • Financial Services — Perhaps because of the close proximity of Charlotte, residents and businesses in Cabarrus County are outsourcing their services of banking, insurance, securities, and property management. • Information Services — Cabarrus County is well below the national average in the presence of sofware publishers, data processing, computer programmers, computer system designers, and computer equipment producers. There are also gaps in local telecommunications, motion picture production, and cable distribution. • Health Care Services — There are several interesting health -care gaps, including vocational rehabilitation, dentists, family services, and mental retardation facilities. 20 Attachment number 1 1 -4 Page 322