ECONOMIC BULLETINJULY 2013INTRODUCTION Introduction Business Descriptions Competitive Advantages & BusinessGrowth Successes & Challenges Chamber Support Business Strategies Economic OverviewIn this graph, the label“Other” includes Photography, Marketing,Art Gallery, Wedding,Assisted Living forSeniors, Winery, andManufacturer.The Outer Banks Chamber of Commerce recently completed its firstBusiness Retention & ExpansionSurvey.The #1 goal of a Business Retention& Expansion program is to growand retain the existing base of business and jobs in Dare County andthe surrounding area.One of the outcomes of this processwas to gather demographics of ourexisting business community andidentify areas where the business ororganization may benefit from being connected with resources available through our network.Through this process we have beenable to identify challenges and opportunities that exist in our business community. The data collected from this survey and these interviews has helped us identify longterm trends in our local businessclimate and allows us to continueto benchmark those trends goingforward.How will the area benefit from having a Business Retention & Expansion program? A better businessclimate! There is no job as important as the one already here.Over time, the data collectedfrom the surveys and interviewswill help us identify the longterm trends in our local businessclimate.The program will provide thebusiness community with a single point of contact for all theirbusiness needs. It will allow usto learn more about our business community and identifyresources to help them succeedin today’s competitive environment.
PAGE 2ECONOMIC BULLETINOf the responding businesses, 91% operate year-round while 9% operate seasonally.COMPETITIVE ADVANTAGESFACTORS LISTEDAS SUCCESSESFOR SOMEBUSINESSESWERE LISTED ASCHALLENGESFOR OTHERS.BUSINESS AND GROWTH In the next two years, 47% ofthe businesses represented planto add new products and services. Within the next two years, 32%of the businesses plan to renovate or expand. 64% of the businesses areplanning online expansions.
OUTER BANKS CHAMBER OF COMMERCEPAGE 3SUCCESS FACTORS AND CHALLENGESParticipants were asked to list threegreatest success factors for theirbusinesses as well as the threegreatest challenges their businessesface. This open-ended portion of thesurvey revealed the following:In this survey, the highest rankingsuccess factor for these businesseswas their employees, with over 50%,while 25% of responders reportedthat finding quality employees hasproven to be one of their greatestchallenges.Eight of the responding businessescontain only one employee who issolely responsible for his or herbusiness, while other businesseshave over one hundred employees.Several business’ staff size increasesby over 150% when their seasonalemployees arrive.maintaining competitive pricing.Costs associated with gasoline, insurance, labor, advertising, and rental housing were also revealed asproblematic for multiple businessesin this survey.Similarly, many businesses reportedtheir competitive pricing to be oneof their most beneficial characteristics, and several also reported thatone of their greatest challenges isCHAMBER SUPPORTIn order to support the businesses’ success factors, the Chamber has exploredresources for enhancement. The Chamber inquired which employee trainingtypes would be most beneficial for members.The responding businesses’ greatest concern was “Guest Service Skills,” with 71%.Other needed training types include basiccommunications, employee management, computer skills (specifically Excelspreadsheets and social media), andwritten and verbal communication skills.The Chamber is happy to assist businessesthat wish to enhance these skills withintheir staff. Currently, the Chamber is working with the local college and Small Business Center to develop workshops andclasses to meet those needs. Additionally,the Chamber can help members withsetting up meetings with Small BusinessDevelopment and Technology Center, aswell as SCORE (Service Core of RetiredExecutives) and the North Carolina Workforce Development Board.BUSINESS STRATEGIES26% of the businesses have a writtensuccession plan in place.55% have a disaster plan in place49% of businesses are satisfied withthe current state of their facilities.40% of businesses plan to expandwithin the next two years.
Economic Overview:Dare, Hyde, and Currituck CountiesPopulation64,757Jobs39, 673Average Earnings 31,976Unemployed3,848Jobs by IndustryUnclassified IndustryGovernmentOther Services (except Public Administration)Accommodation and Food ServicesArts, Entertainment, and RecreationHealth Care and Social AssistanceEducational Services (private)Administrative and Support and Waste Management andRemediation ServicesProfessional, Scientific and Technical ServicesReal Estate and Rental and LeasingFinanace and InsuranceInformationTransportation and WarehousingRetail TradeWholesale TradeManufacturingConstructionAgriculture, Forestry, Fishing and HuntingTotal Jobs: 39,6730100020003000400050006000The above information comes from the Northeastern Workforce Development Board (2012).7000
Regional Exports and Imports for Dare, Hyde, and Currituck CountiesManagement of Companies and EnterprisesExportsUtilitiesMining, Quarrying, Oil and Gas ExtractionGovernmentOther Services (except Public Administration)Accommodation and Food ServicesArts, Entertainment, and RecreationHealth Care and Social AssistanceEducational Services (private)byProfessional, Scientific and Technical ServicesReal Estate and Rental and LeasingIndustryFinanace and InsuranceInformationTotal: 3,474,244,031.92Transportation and Warehousing71% of SupplyRetail TradeWholesale TradeManufacturingConstructionAgriculture, Forestry, Fishing and Hunting 0 500,000,000 1,000,000,000 1,500,000,000 2,000,000,000Management of Companies and EnterprisesUtilitiesMining, Quarrying, Oil and Gas ExtractionImportsGovernmentOther Services (except Public Administration)Accommodation and Food ServicesArts, Entertainment, and RecreationHealth Care and Social AssistanceEducational Services (private)Total: 3,764,963,785byProfessional, Scientific and Technical Services73% of DemandReal Estate and Rental and LeasingFinanace and InsuranceIndustryLocally Produced & ConsumedInformationTotal: 1,411,274,829Transportation and WarehousingRetail Trade27% of DemandWholesale TradeManufacturingConstructionAgriculture, Forestry, Fishing and Hunting 0 500,000,000 1,000,000,000 1,500,000,000
The Outer Banks Chamber of Commerce is a 501(c)(6)organization that is dedicated to promoting and developing the economic prosperity of the Outer Banks businesscommunity through leadership, education, advocacy,relationship development and innovation.Outer Banks Chamber of Commerce101 Town Hall DrivePO Box 1757Kill Devil Hills, NC 27948Phone: (252) 441-8144Fax: (252) r.comTo maintain this mission, we are committed to providinga variety of opportunities for our members’ businesses,supporting their economic success. We strive to design awide variety of informative, useful workshops and seminars that will benefit our members’ unique businesses.We also provide member discount programs, businessreferrals, networking events, legislative representation,economic and demographic data, and weekly distributionof Chamber e-newsletters.The Chamber greatly appreciates the support of its members and hopes that more businesses will respond to theBusiness Retention and Expansion Survey.IMPACTOuter Banks Chamber of CommerceEconomic Development Committee“My company has participated in acouple of NC Department of Commerce’s Grant Training programssuch as the State Energy Sector Partnership Incumbent Workforce Development Program with much success These are really great programs for our local businesses to bemade aware of and I am happy todiscuss and promote these ideas toother businesses for their consideration This is a great program andwhenever it comes along, small businesses like mine can really use thisassistance We are being offered anexcellent opportunity to train, retrain, certify or otherwise educateour employees at a reduced costbecause of these programs.”Economic Affairs Vice Chair, Bob Peele, Wanchese Marine Industrial ParkAli Breaux, Sun RealtyBrewster Brown, B&B AntiquesRichard Bunch, NC Northeast CommissionMelissa Cox, Outer Banks Chamber of CommerceBobby Harrell, Harrell & AssociatesTim Ivey, NC Department of CommercePaul Manning, Front Porch CafeMike Pringle, Seaside RealtyRobin Mann, Paul Mann Custom BoatsOuter Banks Chamber of Commerce StaffKaren Brown, President & CEOAngie Brady-Daniels, Vice President of Events and CommunicationsCindy Daniels, Director of FinanceSara Keener, Membership Director-Stacy Justice, Bluewater RestorationMelissa Cox, Chamber Services Assistant