By Gene Galin
Pittsboro, NC – Chatham County is on the brink of an economic renaissance, driven by strategic initiatives aimed at diversifying its tax base, attracting new industries, and bolstering workforce development. In an address at a Siler Area Chamber of Commerce event on June 25, Michael Smith, president of the Chatham County Economic Development Corporation (EDC), outlined the county’s priorities and the exciting opportunities that lie ahead. Smith feels that with a focus on collaboration and community engagement, Chatham County is poised to transform its economic landscape, ensuring a brighter future for its residents.
The Role of Economic Development in Chatham County
Economic development plays a crucial role in shaping the future of Chatham County. As Michael Smith emphasized in his presentation, the primary goal of the EDC is to increase the tax base and create full-time job opportunities for residents. By fostering a favorable environment for businesses, the county aims to attract new industries while simultaneously supporting existing ones. This dual approach not only enhances the economic landscape but also contributes to the overall quality of life for residents.
Prioritizing Workforce Development
A key component of Chatham County’s economic strategy is workforce development. Smith highlighted the importance of aligning educational resources with industry needs to ensure that residents are equipped with the skills necessary for the jobs of tomorrow. Collaborations with local community colleges, such as Central Carolina Community College, Wake Tech, and Durham Tech, are vital in this endeavor. By working together, these institutions can provide targeted training programs that meet the demands of emerging industries, particularly in sectors like biotechnology and renewable energy.
Diversifying the Tax Base
One of the pressing challenges facing Chatham County is its heavy reliance on residential property taxes, which currently account for about 90% of the tax base. Smith illustrated the financial implications of this imbalance, noting that commercial and industrial properties generate significantly more revenue for the county in relation to the services they require. To address this, the EDC is actively seeking to attract businesses that can diversify the tax base and reduce the burden on residential taxpayers. This shift not only supports the county’s financial health but also fosters a more sustainable economic environment.
The Importance of Existing Industries
While attracting new businesses is essential, Smith emphasized that nurturing existing industries is equally important. The EDC works closely with local companies to identify growth opportunities and provide assistance that can lead to expansion. By fostering a supportive ecosystem for businesses already in Chatham County, the EDC aims to create a more resilient local economy. Additionally, encouraging suppliers and related industries to establish operations in the area can further enhance economic stability and job creation.
Strategic Land Use and Development Opportunities
Chatham County boasts over 1,500 acres of land available for business development, a significant asset compared to other communities of similar size. Smith discussed the importance of strategic land use planning to accommodate future growth while preserving the county’s natural beauty. The EDC is committed to ensuring that development is sustainable and aligns with the community’s vision for the future. By balancing agricultural preservation with commercial and industrial growth, the county can maintain its charm while embracing economic opportunities.
The Impact of Regional Collaborations
Chatham County’s strategic location near the Research Triangle Park—a globally recognized hub for innovation—positions it favorably for attracting businesses and residents alike. Smith noted that the county’s proximity to major metropolitan areas enhances its appeal as a destination for those seeking a high quality of life. Furthermore, partnerships with regional organizations and stakeholders play a critical role in promoting Chatham County as a viable location for investment. The EDC’s strong relationships with state and local agencies facilitate access to resources and support for prospective businesses.
Embracing Population Growth
The projected population growth in Chatham County, which is expected to double the state average over the next decade, presents both challenges and opportunities. With an influx of new residents, the demand for jobs, housing, and services will increase. Smith emphasized the importance of planning for this growth to ensure that the county can meet the needs of its expanding population. By proactively addressing infrastructure and service requirements, Chatham County can create a welcoming environment for newcomers while supporting existing residents.
The Future of Economic Development
Looking ahead, Chatham County’s economic development strategy will continue to evolve in response to changing market dynamics and community needs. Smith highlighted the importance of adaptability and innovation in attracting new industries, particularly in sectors such as biotechnology and renewable energy. As businesses seek locations that offer a skilled workforce and a supportive environment, Chatham County is well-positioned to meet these demands.
Watch on YouTube – Chatham County EDC president Michael Smith at Siler City area Chamber event – 6.25.25
00:18 Chatham County’s economic development focuses on job growth and community impact.
- Michael Smith emphasizes the importance of economic development in improving the community and increasing the tax base.
- The efforts include business assistance and workforce development to create full-time jobs in the area.
02:15 Chatham County aims to diversify its tax base through industrial expansion.
- Economic development focuses on supporting existing industries and attracting new ones to the area.
- Currently, 90% of Chatham County’s tax base is residential, highlighting the need for industrial diversification.
04:14 Importance of diversifying tax base for community services funding.
- Commercial and industrial sectors contribute $3 for every dollar received, compared to only 87 cents from residential.
- The goal is to reduce reliance on residential tax revenue by increasing support from businesses to enhance community service funding.
06:10 Chatham County’s brand improvement has significantly enhanced its market image.
- The county’s increased visibility at conferences has generated positive interest and inquiries about developments.
- Chatham County has over 1,500 acres available for business development, positioning it favorably compared to similar communities.
07:57 Chatham County’s infrastructure improvements enhance business opportunities.
- Upcoming changes in power, water, and sewer infrastructure will significantly boost local business prospects.
- The campsite has been strategically developed, gaining trust among national site selectors for future investments.
09:44 Chatham County’s strategic location supports significant growth potential.
- Chatham County is geographically centered among eight North Carolina counties, enhancing its accessibility.
- Projected population growth in Chatham County is set to double the overall North Carolina rate, attracting businesses.
11:38 Collaboration among local colleges boosts business opportunities in Chatham County.
- Central Carolina, Wake Tech, and Durham Tech collaborate on significant projects to enhance economic growth.
- Fort Bragg’s transitioning population adds to the talent pool, making the region appealing for families and businesses.
13:37 Chatham County is seeing growth in biotech and energy investments.
- Several API projects are underway to enhance penicillin production through local plant resources.
- Significant foreign direct investment is boosting local economic development in Chatham County.