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Henderson County Demographic & Economic Update for the Henderson County Partnership

This update provides insights into Henderson County's population growth, employment trends, income levels, retail sales, and real estate market. It highlights the county's outpacing growth in various economic sectors and its consistent population growth through in-migration. The update also highlights the challenges in wage and income growth and the commuting patterns of residents.

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Henderson County Demographic & Economic Update for the Henderson County Partnership

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  1. Henderson County Demographic & Economic Update for theHenderson County Partnership for Economic Development April 3 2019

  2. Henderson County Total Population Population growth in every year. An average of 1,535 net new residents each year. Source: US Bureau of Economic Analysis

  3. Annual Population Growth Rates Henderson’s growth rate has outpaced the state and nation since 2013. Source: US Bureau of Economic Analysis

  4. Sources of Population Growth All of Henderson’s net population growth is from new residents moving into the county. Source: US Census Bureau

  5. Net Change of Population Age Groups 2012 to 2017 Net gains from 3 of 4 generations. Baby Boomers are 40% of the gains. Source: US Census Bureau

  6. Net Change of Population Age Groups 2012 to 2017 Net gains in ages 20-64. The largest gain is ages 40 to 44. Source: US Census Bureau

  7. Total Employment Employment reached a new post-recession employment high in 2016 3Q. Average annual growth rate of 2.9% since; outpacing nation (1.7%) and state (1.8%). Source: NC Department of Commerce

  8. Employment Annual Growth Rates The nation and state have experienced 8 straight years of employment growth. Henderson saw gains in all but 4 quarters. Average annual growth rate of 2.9% since 2016; outpacing nation (1.7%) and state (1.8%). Source: NC Department of Commerce. US Bureau of Labor Statistics

  9. Employment Change & Specialization 68% of employment gains from locally specialized industries. Source: NC Department of Commerce. US Bureau of Labor Statistics

  10. Employment Change & Average Weekly Wage 55% of employment gains from industries with wages above average. Source: NC Department of Commerce

  11. Average Annual Wage Despite employment gains, wage growth has lagged the nation and state. Source: NC Department of Commerce. US Bureau of Labor Statistics

  12. Annual Percent Change in Average Weekly Wage Over the last decade, Henderson wage growth outpaced both the nation and state in one year. Source: NC Department of Commerce. US Bureau of Labor Statistics

  13. Workforce Commuting Over half of resident workers out-commute for employment. Source: US Census Bureau

  14. Workforce Commuting Out-commuters work in nearly all industries. On net, Henderson imports workers in two industries. Source: US Census Bureau

  15. Per Capita Income Per Capita Income lags the nation and state; but not as much as wages. Source: US Bureau of Economic Analysis

  16. Annual Percent Change in Per Capita Income Over the last decade, Henderson PCI growth outpaced both the nation and state in one year. Source: US Bureau of Economic Analysis

  17. Retail Sales Retail sales in 2018 are 68% higher (+$529 million) than in 2010. Source: NC Department of Revenue

  18. Annual Percent Change in Retail Sales Henderson’s growth in Retail Sales has outpaced the state in six of the last nine years. Source: NC Department of Revenue

  19. Unemployment Rates & Advertised Job Openings Henderson’s job market remains extremely tight. Source: NC Department of Commerce, NC Works

  20. New Business Registrations The number of New Business Registrations in 2018 is more than four-times greater than in 2009. Up an average of 18% each year. Source: NC Secretary of State

  21. Median Home Sales Price & Number of Sales Year-over-year monthly home sales prices have been positive for 51 straight months (averaging +7.6%). Source: Zillow Research

  22. Annual Percent Change in Median Home Sales Price Henderson has outpaced the nation, state and Buncombe in the last two years. Source: Zillow Research

  23. A Few Highlights: • Population growth remains strong & consistent • Outpacing nation & state • In-migration is the sole source of net growth • Net gain from ages 20-64 • Employment growth has outpaced the nation and state over the last two years • Most gains from locally specialized industries • Just over half of gains from industries with above average wages • Over half of resident workers out-commute for employment

  24. A Few Highlights: • Wage/Income growth lags nation & state • Retail sales are up 68% from 2010 (outpace statewide rate in 6 of 9 last years) • New business registrations up 4X’s greater than 2009, +18% annually • Median home sales prices positive for 51 straight months; outpacing nation, state and Buncombe the last two years

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