[THE STATUS OF THE ECONOMY IN SPARTANBURG COUNTY] Spartanburg Community Indicators Project Data Update, 2012

Transcription

1 2012 Metropolitan Studies Institute at USC Upstate Kathleen Brady, PhD [THE STATUS OF THE ECONOMY IN SPARTANBURG COUNTY] Spartanburg Community Indicators Project Data Update, 2012

2 The Status of the Economy in Spartanburg County This report is a semi-annual update of Spartanburg County s economy - one of the six indicators areas that comprise the Spartanburg Community Indicators Project. Community indicators are measurements of social, environmental, economic, educational, civic and health status that provide information about past and current trends and inform the decisions that affect the community s wellbeing. Economic indicators allow analysis of economic performance and predictions of future performance. No one metric is an adequate reflection of the status of the economy, so multiple measures are used. As with other community indicators reports, leading, secondary and crosscutting indicators are provided. All data are from sources recognized by subject matter experts as being valid and reliable. In order to provide context, most data are reported with appropriate comparison data or trend data. Original sources are provided so that the reader can delve further in the data as she or he wishes. Where valid and reliable data sources are limited, the data are likewise limited. Any questions may be addressed to the author of this study. An index of terms can be found in the appendices of this report. Leading Indicators Although economists define leading economic indicators as those indicators that usually change before the economy as a whole changes, for the purposes of this report, leading indicators are simply those that provide the strongest reflection of the economic status of the community. Job Growth Over the last decade, job growth in Spartanburg has been mixed according to sector. Total employment declined steeply between 2008 and 2009 but has been increasing since Brady, MSI Page 1

3 Total, Nonfarm Employment, Spartanburg County Manufacturing Employment, Spartanburg County Brady, MSI Page 2

4 Trade, Transportation and Utilities Employment, Spartanburg County Government Employment, Spartanburg County Brady, MSI Page 3

5 Total employment and numbers of employees by sector for the last eight years in Spartanburg County can be found in the table below. Total Employment* by Sector, Spartanburg county, ** Total Non-Farm Manufacturing Trade, transportation and Utilities Government *employees in thousands **annual September measures According to the SC Department of Commerce, the top occupations for projected job growth in the Upstate are reported in the table below, sorted by percentage change, highest to lowest: Estimated Employment in Upstate South Carolina, 2008 and % change Average Salary Veterinary Technologists and Technicians $24,868 Physical Therapist Assistants $49,089 Health Technologists and Technicians, other $24,524 Pharmacy Technicians $26,265 Dental Assistants $58,789 Networks systems and data communications Analysts $58,789 Dental Hygienists $53,963 Paralegals and legal Assistants $35,245 Veterinarians $95,774 Physical Therapists $71,871 Surveyors $44,511 Medical assistants $27,338 Dietetic Technicians $23,031 Carpenters 933 1, $27,933 Veterinary Assistants and Laboratory Caretakers $20,539 Fitness Trainers and Aerobics Instructors $26,780 Market Research Analysts $57,829 Insurance Sales Agents $40,530 Nonfarm Animal Caretakers $17,791 Nursing Aide, Orderlies, and Attendants 1,782 2, $22,133 Brady, MSI Page 4

6 Sources: SC Department of Employment and Workforce Community Profile: U.S. Bureau of Labor Statistics: Income Income can be measured variously. The table below provides the latest one-year income estimates for Spartanburg County with comparison data for in-state peers, the state average and the national average. For all income measures, Spartanburg County falls below Greenville, Charleston, the state average and the national average (with the exception of median worker income, where Spartanburg is $600 above the state average). Per Capita Income Median Household Income Mean Household Income Median Family Income Mean Family Income Median worker earnings (age 16+) Spartanburg County 2011 One-Year Income Estimates Greenville County Charleston County S.C. U.S. 21,609 25,326 27,829 22,598 26,708 40,167 48,586 50,510 42,367 50,502 55,656 64,401 66,432 57,552 69,821 50,470 59,361 62,654 52,240 61,455 65,477 75,462 83,023 67,326 81,375 29,809 31,331 30,955 29,209 32,096 The latest U.S. Census estimates, released in September 2012, show that 2011 median household income ranged from $36,919 in Mississippi to $70,004 in Maryland. In 32 states and the District of Columbia (including South Carolina), the difference in median household income between 2010 and 2011 was not statistically significant. Brady, MSI Page 5

7 The five-year trend in median household income for Spartanburg County shows fairly significant variation, as compared to the state trend and the national trend. $53,000 $51,000 $49,000 $47,000 $45,000 $43,000 $41,000 Spartanburg South Carolina U.S. $39,000 $37,000 $35, projections for household income provided in the table below for Spartanburg County and, for comparison purposes, for Greenville County. Spartanburg Households by Income, 2000, 2010, <$15, % 23.7% 21.3% $15,000 - $24, % 13.4% 12.7% $25,000 - $34, % 11.7% 9.7% $35,000 - $49, % 13.9% 11.8% $50,000 - $74, % 17.7% 23.5% $75,000 - $99, % 10.3% 9.6% $100,000 - $149, % 6.0% 7.3% $150,000 - $199, % 1.4% 1.7% $200, % 2.1% 2.3% Brady, MSI Page 6

8 Greenville Households by Income, 2000, 2010, <$15, % 19.8% 17.8% $15,000 - $24, % 11.2% 10.7% $25,000 - $34, % 12.5% 10.2% $35,000 - $49, % 15.7% 12.9% $50,000 - $74, % 17.0% 21.1% $75,000 - $99, % 11.4% 12.0% $100,000 - $149, % 7.4% 9.3% $150,000 - $199, % 2.0% 2.5% $200, % 3.0% 3.5% Occupations are groupings of jobs performed by large numbers of people. Clearly, wages vary widely by occupational sector, as reflected in wage data for Spartanburg County. Wages by Major Occupational Sector, Spartanburg County, 2011 Occupations Median hourly Mean hourly Mean annual Management $39.72 $46.06 $95,800 Business and Financial Operations $25.10 $28.19 $58,640 Computer and Mathematical $27.82 $28.54 $59,360 Architecture and Engineering $30.26 $30.80 $64,070 Life, Physical and Social Science $20.42 $25.39 $52,820 Community and Social Service $17.36 $19.70 $40,970 Legal $22.36 $31.57 $65,660 Education, Training and Library $23.12 $24.23 $50,390 Arts, Design, Entertainment, Sports and Media $19.75 $20.72 $43,090 Healthcare Practitioners and technical $23.84 $31.25 $65,010 Healthcare Support $11.12 $11.93 $24,820 Protective Service $13.41 $14.02 $29,170 Food Preparation and Serving Related $8.68 $9.26 $19,270 Building and Grounds Cleaning and Maintenance $9.66 $10.61 $22,070 Personal Care and Service $9.03 $10.90 $22,670 Sales and Related $10.27 $14.98 $31,170 Office and Administrative Support $13.63 $14.82 $30,830 Farming, Fishing and Forestry $11.05 $10.97 $22,820 Construction and Extraction $15.40 $16.47 $34,260 Installation, Maintenance and Repair $18.79 $19.34 $40,230 Production $17.13 $18.19 $37,840 Transportation and Material Moving $12.77 $14.33 $29,810 All occupations $14.93 $18.65 $38,790 Brady, MSI Page 7

9 Sources: Appalachian Council Of Governments, FactFinder Online: Noss, Amanda, Household Income for States: 2010 and American Community Survey Briefs. Issued September Accessed September 27, 2012 from U.S. Bureau of Labor Statistics: U.S. Census Bureau, American Fact Finder: Gross Domestic Product (GDP) Gross Domestic Product (GDP) is the measure of the market value of all the goods and services produced in the economy. It is often reported as the single strongest measure of economic health of a country, state, or other area. Real GDP is an inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. It is often referred to as "constant-price", "inflationcorrected" GDP or "constant dollar GDP". Because real GDP can account for changes in the price level, it is a more accurate measure of the economy. Three year trend data from the Bureau of Economic Analysis show that Spartanburg Metropolitan Statistical Area (MSA), which is comprised of the county itself, has a consistently lower per capita real GDP than peer county MSAs. However, Spartanburg s real GDP is consistently higher than the state total combined MSAs. Brady, MSI Page 8

10 $50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Per Capita Real Gross Domestic Product by MSA* Spartanburg Greenville Charleston Columbia S.C. U.S *Metropolitan Statistical Area Sources: U.S. Department of Commerce, Bureau of Economic Analysis: Employment / Unemployment Economists see high unemployment that continues over time as an economic danger signal. While some level of unemployment is the norm even in a robust economy, a high unemployment rate that continues over time is an indicator that the economy and the community have serious problems. On the other hand, a low employment rate may signal higher inflation as employers increase wages to attract new workers. The labor force in Spartanburg County (the number of workers, employed or unemployed) has been fairly consistent over the last six months, as have the employment and unemployment rate. Brady, MSI Page 9

11 Spartanburg County Labor Force, February July, 2011 Feb Mar Apr May June July Civilian Labor Force Employed Unemployed Unemployment Rate number of persons, in thousands, not seasonally adjusted 2 in percent, not seasonally adjusted The average annual unemployment rate in Spartanburg County since 2001 has trended consistently with the state and national rates; however, it has also been generally higher than the state and national rates. Average Annual Unemployment Rates, Spartanburg County, State, and Nation Brady, MSI Page 10

12 Sources: SC Department of Commerce, Division of Research, South Carolina Economic Outlook, Volume 5: Issue 8, August SC Department of Employment and Workforce Community Profile: Secondary Indicators Secondary indicators are other variables that have a direct impact on the economy, are tangentially reflective of the state of the economy, or derive from leading economic indicators. Poverty The federal poverty guidelines are used to determine individual eligibility for all types of federal, state, and local aid, including food stamps, Temporary Assistance for Needy Families (TANF), and Medicaid. The benefits received by low-income families are determined by their poverty status. As important a measure as this is, most who are familiar with it feel that it is too simplistic and deeply flawed. Federal, state, and local governments have largely stopped using the federal poverty guidelines to determine eligibility for social programs. Program eligibility is now frequently set at 125 percent, 150 percent, or even 200 percent of the federal poverty line. According to the 2011 American Community Survey, about 48.5 million people or 15.9 percent of the U.S. population had income below the poverty level. Between 2010 and 2011, the number of people with income below the poverty level increased by 2.2 million, while the poverty rate increased by 0.6 percentage points. Of the estimated 279,072 residents of Spartanburg County in 2011, almost 20 percent lived below the poverty level, and over 28 percent of children lived in poverty. There are significant disparities in poverty in Spartanburg County by race, and single female householders are at extremely high risk of living in poverty. Interestingly, 38 percent of Spartanburg County s part-time, year-round workers lived in poverty in Brady, MSI Page 11

13 15.8% 15.9% 19.5% 18.5% 19.2% 18.9% 23.6% 22.5% 25.8% 24.9% 28.4% 27.8% Spartanburg County Poverty Data, 2011 Number below Poverty Percent below poverty All residents 54, % Children Under age 18 19, % White 33, % Black 17, % Hispanic (any race) 8, % Families 14.9% Married Couple Families 7.2% Female householder, no husband present 41.5% Worked full time, year round past 12 months % Worked less than full time, year round, past 12 months 3, % Spartanburg County has a higher 2011 poverty rate than peer counties, the state average, and the national average for all residents and for children. 30% Percent Living in Poverty, % 20% spartanburg Greenville 15% Richland Charleston 10% SC US 5% 0% Percent residents Percent children Brady, MSI Page 12

14 Over the past five years, the annual poverty rate has increased for all residents of Spartanburg County and for Spartanburg County Children. 30% 25% 20% Spartanburg County Residents in Poverty, Five Year Trend 28.4% 19.9% 19.1% 26.0% 18.5% 19.5% 15% 10% 13.7% 14.0% 14.7% 17.1% 5% 0% All Residents Children Sources: U.S. Census Bureau, American Fact Finder: Bishaw, Alemayehu, Poverty: 2010 and American Community Survey Briefs. Issued September Accessed September 27, 2012 from O Brien, Rourke L., & Pedulla, David S. Beyond the Poverty Line. In Stanford Social Innovation Review. Fall Accessed September 27, 2012: Employment by Industry Employment by industry is a measure of the distribution of jobs across the employment spectrum. As an industry, manufacturing dominates the other county industries in terms of numbers employed. Brady, MSI Page 13

15 Employment by Industry, Spartanburg County, 2011 Q4 Wholesale trade 5,693 Utilities 524 Transportation and warehousing 4,744 Retail trade 13,308 Real Estate and rental and leasing 947 Public administration Professional, scientific, and technical services Other services (except public administration) 3,719 3,808 2,621 Mining, quarrying and oil and gas extraction 138 Manufacturing 24,647 Management of companies and enterprises Information 1, Health care and social assistance 14,574 Finance and Insurance 3,681 Educational Services 10,001 Construction 4,375 Arts, entertainment, and recreation Agriculture, Forestry, fishing and hunting Administrative and support and wasted management and remediation services 7,025 Accommodation and Food Services 10, ,000 10,000 15,000 20,000 25,000 30,000 Brady, MSI Page 14

16 Source: SC Department of Employment and Workforce Community Profile: Retail Sales Gross retail sales is a measure of overall sales that is not adjusted for customer discounts or returns. It is calculated simply by adding all sales invoices. It is not adjusted for operating expenses, cost of goods sold, payment of charges or any other overhead cost. Gross retail sales is an important measure for companies in the consumer retail industry as it measures the amount of product that a company sells relative to its competitors. Gross Retail Sales also reflects consumer spending habits. The tables below report retail sales for Spartanburg, Greenville and the ten-county Upstate. Spartanburg County Brady, MSI Page 15

17 Greenville County 10-County Upstate Economic Census data provide per capita retail sales data every five years. The latest data show that Spartanburg County had higher per capita retail sales than the national and state averages and higher than Richland County Brady, MSI Page 16

18 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Per Capita Retail Sales, 2007 Spartanburg Greenville Richland Charleston S.C. U.S. Sources: Appalachian Council Of Governments, FactFinder Online: U.S. Economic Census: Cost of Living The cost of living indices are based on a U.S. average of 100. An amount below 100 means the cost of living in a given geography is cheaper than the US average. A cost of living index above 100 means it is more expensive. Data for peer counties show: Spartanburg County s cost of living is Greenville County s cost of living is Richland County s cost of living is Charleston County s cost of living is Source: Sperling s Best Places: Brady, MSI Page 17

19 Home Ownership The home ownership rate is the percentage of occupied housing units that are occupied by owners. Home owners tend to have higher incomes than non-homeowners. Home ownership rates vary depending on demographic characteristics of households such as ethnicity, race, type of household and location. For the combined years, the homeownership rate in Spartanburg County was higher than all peer counties and higher than the state average. Homeownership Rate, % 70.0% 68.0% 66.0% 71.2% 68.0% 69.9% 64.0% 62.0% 60.0% 58.0% 61.1% 61.7% 56.0% spartanburg Greenville Richland Charleston S.C. Since 1960, the homeownership rate in the United States has remained relatively stable having increased 5.6 percent since 1960 when 62.1 percent of American households owned their own home. However, homeowner equity has fallen steadily since World War II and is now less than 50 percent of the value of homes on average. Source: U.S. Census Bureau, American Fact Finder: Housing Starts and Building Permits Typically, a growing economy generates increased demand for new housing. The number of building permits issued determines the demand for new housing. However, not all houses with building permits get started, and not all started units get completed, although most do. A housing start is defined as excavation (ground breaking) for the footings or foundation of a residential structure. Economies that are slowing can usually be told by a decline in the housing starts report. Brady, MSI Page 18

20 Nationally, housing starts increased 15 percent from August 2012 to September 2012 to a seasonally adjusted annual rate of 872,000 units, beating all forecasts. This was the quickest pace of groundbreaking since July Home building could show growth this year for the first time since Economists estimate that for every new house built, at least three new jobs are created. The table below provides numbers of building permits for each of the peer counties and quantifies them as a percentage of total population. Building permits per capita, 2011 Number Percent per population Spartanburg % Greenville 1, % Richland 1, % Charleston 2, % S.C. 15, % The graph below illustrates numbers of building permits for select months in 2011 and 2012, as well as valuation for the permitted structures for the six largest metropolitan statistical areas in the state. Brady, MSI Page 19

21 Sources: SC Department of Commerce, Division of Research, South Carolina Economic Outlook, Volume 5: Issue 8, August U.S. Census Bureau, American Fact Finder: Home Sales Price Data collected by the S.C. Association of Realtors and reported by the S.C. Department of Commerce for the six largest Metropolitan Statistical Areas (MSAs) in the state shows that Spartanburg County s residential sales volume increased somewhat from July 2011 to July The same is true for the other five MSAs and the state as a whole. However, four of the MSAs, including Spartanburg, experienced a slight decrease in the median home sales price from 2011 to The state as a whole did not experience a decrease in the median home sales price. Home Sales Volume and Price MSA Indicator July 2011 July 2012 Charleston Sales Volume Median Price (000 s) $180 $206 Columbia Sales Volume Median Price (000 s) $143 $142 Florence Sales Volume Median Price (000 s) $130 $128 Greenville Sales Volume Median Price (000 s) $153 $155 Myrtle Beach Sales Volume Median Price (000 s) $140 $137 Spartanburg Sales Volume Median Price (000 s) $125 $121 South Carolina Sales Volume 4,110 4,840 Median Price (000 s) $150.0 $156.0 Sources: S.C. Association of Realtors: Brady, MSI Page 20

22 SC Department of Commerce, Division of Research, South Carolina Economic Outlook, Volume 5: Issue 8, August Total Business Establishments and Firms The U.S. Economic Census distinguishes between a firm and an establishment when reporting business data. A firm may operate one place of business or more, such as a chain of restaurants, or have no fixed business location, such as the firm represented by a self-employed carpenter or salesperson. A firm contrasts with an establishment, which is a single physical location at which business is conducted. There were 6338 private, nonfarm business establishments in Spartanburg County in 2010 There were 21,534 firms Of these, 7.1 percent were owned by blacks and 25.6 percent were women owned. Comparative data are reported in the table below. Total Firms and Business Establishments, Spartanburg County with Comparison Data Spartanburg Greenville Richland Charleston S.C. Private, non-farm establishments, ,338 12,072 9,066 11, ,045 Firms, ,534 42,400 27,370 38, ,397 Percentage black-owned 7.1% 7.8% % 12.1% Percentage women-owned 25.6% 26.4% 27.5% 27.3% 27.6% Source: U.S. Census Bureau, American Fact Finder: Foreign Direct Investment Foreign Direct Investment (FDI) is an investment made by a company or entity based in one country, into a company or entity based in another country. Open economies with skilled workforces and good growth prospects tend to attract larger amounts of foreign direct investment than closed, highly regulated economies. According to the Carolina Center for Foreign Investment, South Carolina is home to some of the highest per capita foreign direct investments in the U.S. The Center reports that Spartanburg has the highest International Headquarters on a per capital basis, in the United States. Contiguous Greenville County has 70 corporate headquarters with more than 75 Fortune 500 companies including BMW, Michelin North America, and other international corporations. Brady, MSI Page 21

23 Sources: Carolina Center for Foreign Investment: BMW in South Carolina, An Update. Darla Moore School of Business, University of South Carolina. Nd Entrepreneurship Entrepreneurship is an economic force that transforms innovation into economic goods either through business start-ups or unique activities within an already established company (sometimes referred to as intra-preneurship ). Entrepreneurs typically create jobs and foster innovation. Although no robust entrepreneurship data can be found relative to Spartanburg County, entrepreneurial activities are supported by the 2011 formation of an Entrepreneurial Systems Program for Spartanburg County through the Economic Futures Group, a division of the Spartanburg Area Chamber of Commerce. Local post-secondary institutions also support entrepreneurship through various programs, ongoing and being formed. Crosscutting Indicators Crosscutting indicators are indicators in more than one community indicators area. Typically, they are leading indicators in one area and secondary indicators in another area. Educational Attainment The educational status of a community is one of the strongest predictors of quality of life in that community. Educational attainment is strongly correlated with health outcomes, crime, poverty and economic development, employment rate, and community vibrancy. The educational level of a community determines its prosperity, or lack thereof. The graphs below illustrate that Spartanburg County has a lower mean educational attainment rate than the state average and the national average. Spartanburg s population educational attainment is comparable at the Associate s / some college level, but it is far below the state and national average at the Bachelor s and above level. Brady, MSI Page 22

24 15.9% 14.1% 18.3% 20.7% 24.0% 28.4% 31.3% 30.7% 29.7% 29.4% 29.0% 28.5% 35% Educational Attainment, Spartanburg County Adults (age 25 +), % 25% 20% 15% 10% 5% 0% Less than High School High School Only Some College / Associate's Bachelor's and Above Spartanburg SC US The six-year educational attainment trend in Spartanburg has been fairly flat at both the high school and above measure and the Bachelor s degree and above measure. The largest annual gain in college attainment was between 2007 (19.0%) and 2008 (21.3%). Brady, MSI Page 23

25 Educational Attainment Rate for Spartanburg County Adults (age 25+) at High School and Above and Bachelor s Degree and Above, % 80% 70% 60% 50% 40% 30% 20% 10% 0% High School and Above Bachelor's and Above Educational attainment has a strong positive correlation with earnings (as educational attainment increases, earnings also increase). The graph below illustrates earnings by educational attainment for Spartanburg County for the three year average. Brady, MSI Page 24

26 $60,000 $50,000 $40,000 $30,000 $20,000 Median Earnings* in the Past 12 Months by Educational Attainment, Spartanburg County Adults (age 25 and over), $20,708 $25,790 $32,304 $43,309 $52,485 $10,000 $0 Less than H.S. H.S. only Some college or Associate's Bachelor's Graduate *in 2010 inflation-adjusted dollars Unemployment rates by educational attainment also show an extremely strong correlation; however, it is a negative correlation (as educational attainment increases, unemployment decreases). 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Unemployment in the Past 12 Months by Educational Attainment, Spartanburg County Adults (age 25 to 64), % 9.9% 8.0% Less than H.S. H.S. only Some college or Associate's 4.2% Bachelor's or Higher Brady, MSI Page 25

27 Source: U.S. Census Bureau, American Fact Finder: Commuting Patterns Commuting patterns imply significant information about the economy of an area. For example, if many residents are commuting outside of the county to work, it may mean that sufficient or desirable jobs do not exist within the county. If many non-residents commute into the county to work, it may mean that the cost of living is too high to live in the county or that the county is not as desirable for residency as it is for work. Census data from 2011 show that, of the 121,369 workers who live in Spartanburg County (age 16 and over), 20.6 percent worked outside of Spartanburg County. By comparison, 14.9 percent of neighboring Greenville County residents who work, worked outside of Greenville County. Source: U.S. Census Bureau, American Fact Finder: Health Insurance Coverage The health insurance coverage rate reflects, in part, the quality of jobs in a given area. Higher quality jobs include health insurance coverage as part of the salary and benefits package. The segment of the population most often measured for health insurance coverage is working age adults, 18 to 64. This segment of adults is exempt from public insurance by entitlement of age and income. Persons age 65 and older are covered by public insurance most often in the form of Medicare. Likewise, low income children are covered by public insurance in the form of Medicaid. According to the latest Centers for Disease Control and Prevention data from the 2011 National Health Interview Survey, of U.S. adults age 18-64, 21.3 percent are uninsured 64.2 percent have private insurance 15.9 percent have public insurance According to U.S. Census data for the combined years , Spartanburg County had the highest uninsured rate for working age adults among peer counties, the state, and the nation. Brady, MSI Page 26

28 30% Percent Uninsured, Age 18-64, % 20% 24.4% 23.3% 22.4% 23.7% 20.9% 15% 17.8% 10% 5% 0% Spartanburg Greenville Richland Charleston S.C. U.S. Historically, young adults (age 19 to 25) comprise the segment of the population with the highest uninsured rate. However, as of mid-2010, provisions of the Affordable Care Act allowed all adult children under age 26 to be covered under their parents health plan. This is the primary reason that the insured rate of young adults rose from 68.3 percent in 2009 to 71.8 percent in However, the insured rate for those 26 to 29 continued to decline, from 71.1 percent to 70.3 percent over the same time frame. Sources: Centers for Disease Control and Prevention, FastStats Homepage: Rodean, Jonathan. Health Insurance Coverage of Young Adults Aged 19 to 25: 2008, 20098, and American Community Survey Briefs. Issued September Accessed September 27, 2012 from U.S. Census Bureau, American Fact Finder: Brady, MSI Page 27

29 Index Establishment: a single physical location at which business is conducted or where services or industrial operations are performed. It is not necessarily identical with a company or enterprise, which may consist of one establishment or more. When two or more activities are conducted at a single location under a single ownership, all activities are generally grouped together as a single establishment and classified on the basis of its major activity. Family Income: The sum of the incomes of persons residing together in households who are related by blood, marriage, or adoption. Firm: a business that may operate one place of business or more, such as a chain of restaurants, or have no fixed business location, such as the firm represented by a self-employed carpenter or salesperson. A firm contrasts with an establishment, which is a single physical location at which business is conducted. Most other data from the Economic Census are reported on an establishment basis rather than a firm basis Homeownership rate: computed by dividing the number of owner-occupied housing units by the number of occupied housing units or households It is not the percentage of adults that own their own home. This latter percentage will be significantly lower than the homeownership rate because many households that are owner-occupied contain adult relatives (often young adults, descendants of the owner) who do not own their own home, and because single building multi-bedroom rental units can contain more than one adult, all of whom do not own a home. Household Income: Includes income of the householder and all other people 15 years and older in the household, whether or not they are related to the householder. Median: the point in the data that divides the distribution into halves (for an even number of data points, the median is derived from the average of the two middle data points). Mean: the arithmetic average. Metropolitan Statistical Area (MSA): Generally, an area with a large population nucleus, together with adjacent communities having a high degree of social and economic integration with that core. Metropolitan areas comprise one or more entire counties, except in New England, where cities and towns are the basic geographic units. (See graph below) Per capita income is the mean money income received in the past 12 months computed for every man, woman, and child in a geographic area. It is derived by dividing the total income of all people 15 years old and over in a geographic area by the total population in that area. Note -- income is not collected for people under 15 years old even though those people are included in the denominator of per capita income. This measure is rounded to the nearest whole dollar. Brady, MSI Page 28

30 Population Spartanburg County: the total number of men, women and children who are living in the county (N = 279,072) Poverty Rate: Percent of people who were in poverty in a calendar year. Annual poverty rates from the Current Population Survey and the decennial census long form are based on income reported at an annual figure. Poverty thresholds: used by the US Census to calculate all official poverty population figures, they are updated each year. Poverty guidelines: The simplified version of the federal poverty measure used for administrative purposes such as determining financial eligibility for certain federal programs. They are issued each year in the Federal Register by the Department of Health and Human Services (HHS). Brady, MSI Page 29

31 Private health insurance: health insurance provided through an employer or a union, a plan purchased by an individual from an insurance company or TRICARE or other military health coverage SC Metropolitan Statistical Areas Brady, MSI Page 30