Can looking into the past help us shape the future? Census data trends give us an idea of where we’re heading. Can we impact the trends we don’t like, and find business opportunities in the changing demographics of our area?
The Future Economy Council is a brainstorming group supported by the Chamber of Commerce which meets on a monthly basis to share information and discuss ways to improve our local economy and quality of life. The latest meeting was on Aug. 11 at CVCC, with guest speaker Taylor Delllinger from the Western Piedmont Council of Governments reviewing information from the 2010 Census and identifying trends of significance. Dellinger is a certified Geographic Information System Professional, which means he knows how to analyze, interpret and understand reams of data about our community. As he introduced the 2010 Census numbers, he commented “Some of the information is OK, some not so good, but we need to get the information out there.”
Dellinger emphasized the importance of the Census count, explaining that over $400 billion in federal and state funding is allocated based on Census results. The information is segmented by metropolitan statistical area (MSA), with North Carolina containing 14 MSAs. The Hickory MSA is made up of Catawba, Burke, Caldwell and Alexander counties. Some key points from the 2010 Census data:
The Hickory MSA grew 6.8 percent between 2000 and 2010, with a 2010 population of 365,497. This was the second lowest growth rate among North Carolina MSAs, with only the Rocky Mount area experiencing a slower growth rate.
The Hispanic demographic is the fastest growing group in the Hickory MSA now making up 6 percent of the area’s 2010 population, growing at a 66 percent rate since the 2000 Census. Based on this rapid growth rate Dellinger expects that Hispanics will be the largest minority group in our area by the 2020 Census.
Dellinger’s review of changes in our area’s age groups was one of the more telling pieces of his presentation. The 60-64 age group increased by 53 percent between 2000 and 2010; the 55-59 and 65-74 age groups had increased by 30 percent and 29 percent respectively during this time frame as the baby boomer generation moved toward their retirement years. But the Hickory MSA saw a decline of 18 percent in the 25-34 age segment and a 5 percent decline in the 35-44 age group during the last 10 years. “That is a red flag,” said Dellinger, “because it is the future of our area.” In comparison, very few North Carolina MSAs saw declines in these age groups and none had as steep a decline as our area. The Raleigh MSA experienced a 37 percent increase in the 25-34 age group and Wilmington saw a 23 percent increase. People move to where the jobs are.
Where are the opportunities? Businesses and entrepreneurs should focus on the growing market segments, which are the aging baby boomers as well as our growing Hispanic population. Businesses that can provide products and services catering to these segments will be in a position to increase sales as these groups continue to be a larger part of the spending pie. But our area must confront the jobs picture and provide reasons for younger people to remain in the Hickory area to contribute their energy and ideas to our community. The data is hard to ignore.
Do you have a business question or topic that would make a good column? Send your ideas or questions to me at jeff.neuville@b-assistnc.com and share your business experience with others.
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