Atlanta BeltLine Data Overview. Jerald Mitchell, M.B.A., Director of Economic Development, Atlanta BeltLine, Inc.

Size: px

Start display at page:

Download "Atlanta BeltLine Data Overview. Jerald Mitchell, M.B.A., Director of Economic Development, Atlanta BeltLine, Inc."

Kellie Terry
5 years ago
Views:

1 Data Overview Jerald Mitchell, M.B.A., Director of Economic Development,, Inc.

2 Transforming Overview Eastside Trail Other active trails (not on rail corridor) Planned build-out This presentation provides a baseline overview of the s current and historic performance compared to geographies and fifteen peer cities. The deck is divided into five sections - each covering different aspects of the and a final summary section that ranks the against peer geographies across select, key metrics. orth ortheast Jobs job growth, densities, sectors est OVERALL BELTLIE Southeast Population population growth and breakouts by age and educational attainment Labor Force and Income employment status, poverty, income, and income inequality S / S Housing vacancy and tenure, household types, rents and values, and moves Commutes commuter flow patterns, job accessibility, and commute quality by mode A master excel file accompanies the deck, which includes all of the visualized data along with numerous additional metrics

3 Jobs Strong job growth in Renaissance s job growth has been very strong compared to other cities over the last decade (ranking 4th). Over the last 5 years, the city actually ranks 3rd in growth. As a result, today has over 59.4K more private sector jobs than in 2002 (but 13.4K fewer public sector jobs) Private Sector Only Government Sector Only All Sectors (Private, Govt, and Farm) % 2 18% 1 16% 15% 13% 1-1% + +1% % -15% -1-2% -4% - -22% (total) Peer City Private Sector Employment Change (%, ) City of Employment Growth by Ownership Sector

4 Jobs needs to densify and maintain strong job growth to hit 30K job target Legend Legend City of City of Planning Planning AreaArea Active + Planned Active + Planned Trails Trails Interstates Interstates Private Sector Job Density, 2015 Private Sector Job Density, 2015 o Jobs Below Req. Job o Jobs Density (<3,500 Below Req. Jobs / sq.job mi.) Density (<3,500 Above Req. Job JobsDensity / sq. mi.) (>3,500 Jobs / sq. mi.) Above Req. Job Density (>3,500 Jobs / sq. mi.)

5 Jobs The is a hub for startups -The is home to a higher share of jobs at startups compared to and the peers (other than and ) The E quadrant has almost 2X the share compared to the overall 1 8.6% Percent of Private Sector Jobs at Firms Aged 0-1 Years, % % 4.4% 4.1% 3.4% 3.3% 3.3% 3.3% 3.2% 2.8% 2.8% % 2.6% 2.6% 2.5% 2.3% E S/S

6 Population Strong population growth in the -The has grown faster than, the region, the, and many of s peer cities (excluding the cities of,, and ) -Other than the est, which had a dramatic decrease in population, all of the quadrants had strong population growth Population Growth, % % 15% 14% 13% 13% 1 1 6% 5% 5% 4% -1% -1% S/S E

7 Population The is a (growing) hub for year olds -The has the highest share of 25 to 34 year olds ( millennials ) Geography Population (K), 2016 Population Aged 25-34(K), 2016 The, E, and are home to a disproportionate share of the s 25 to 34 year old population while the and S/S have less than half the share of the other areas Excluding the est, the areas all had strong growth (>2) among this demographic E S/S % 33% 3 28% 23% 22% 22% Population Breakdown, 25 to 34 Year Olds, % % 18% 18% 18% 16% 15% 14% 14% 14% 13% E S/S

8 Population The is a (growing) hub for year olds Legend Legend City of City of Planning Planning Area Area Interstates Interstates Percent of Population Aged Percent of 25 to 34, 2016 Population Aged <2 25 to 34, <2 > 2 - > The tracts shaded the darkest color reflect those areas with a share of year olds greater than the average () while those shaded the two darkest colors reflect those areas with a share greater than the overall average (2)

9 Population The is a hub for well educated residents -orking-aged residents of the are generally well educated compared to the city, region, and s peer cities -However, the educational attainment of residents varies dramatically by quadrant: about 5 of the residents in the and S/S hold a HS diploma or less while 6+ hold a bachelor s degree or higher in the, E, and 8 74% 71% 5 54% 51% 5 Bachelor s Degree or Higher for Year Olds, % 4 45% 44% 41% % 35% 32% 32% 2 21% 16% 14% E S/S 6 52% % 43% 3 38% <=HS for Year Olds, % 35% 34% 34% 32% % 28% 2 24% 23% 1 11% 1 S/S E

10 Labor Force and Income The has dramatic variation in unemployment and labor force participation rates -Unemployment among the working-aged population in the is lower compared to but slightly higher than the region and the -The percent of the population not in the labor force (ILF) is lower compared to the city, region, and many peer cities -The and S/S have extremely high unemployment and ILF rates while the, E and have among the lowest values 21% 1 Unemployment Rate, Aged 25-64, % 1 1 8% 6% 6% 6% 5% 4% 4% 3% S/S E 45% 42% 36% % % of Population ot in the Labor Force, Aged 25-64, % 23% 23% 22% 22% 21% 21% % 14% 13% 12% S/S E

11 Labor Force and Income is a challenging market for the less well educated -The difference in unemployment rates for the most well educated (3%) and the least well educated (2) is extremely large in the (and the city as a whole). and, for example, only have a spread of about 3 percentage points in the unemployment rates between the least (~6%) and most well educated (~3%) % 8.6% % 4.5% 4.1% Unemployment Rate for Year Olds with a Bachelor s Degree or Higher, % % 3.8% 3.5% 3.4% 3.4% 3.3% 3.3% 3.2% 3.2% 3.2% 3.1% % 2.3% 0. S/S E 35% 31% 24% 21% 2 1 Unemployment Rate for Year Olds with <=HS, % 14% 14% 13% 13% 12% 12% 12% 11% 11% % S/S E

12 Labor Force and Income and the both have high poverty rates - and the both have relatively high poverty rates compared to peer cities though the, unlike the rest of the city, is one of only a handful of geographies to actually decrease in poverty over the to period -hile over one third of and S/S residents are currently in poverty, the had the largest decrease in poverty among the analyzed geographies -Among the working poor living in the, fewer are working full time, year-round and more are only working part time or for part of the year compared to the, region, and as a whole 45% % % 23% 23% 22% Poverty Rate, % 21% 21% % 16% 15% 15% 1 S/S E % % -2.1% % -0.3% -0.1% 0.3% 0.6% Change in Poverty Rate, % 1.2% 1.3% 1.3% 1.3% 1.8% % 2.3% 2.4% E S/S

13 Labor Force and Income There is a vast spread in incomes within the quadrants but the median household is similar to the median regional household -Driven by the E,, and quadrants, the has the highest median HH income of the peer geographies, after and the region -There is a vast spread in incomes within the quadrants: the E has over 2.8X the median HH income of the S/S -The growth in incomes in the and outperform rapidly gentrifying and growing cities like,, and, while the decline in income in the S/S is second only to s loss $80K $77K $73K $69K $61K $59K $59K $59K $58K $58K Median Household Income, 2016 $56K $56K $55K $55K $53K $50K $49K $44K $42K $40K $37K $37K $29K $27K $26K $0K E S/S 15% 13% 12% 1 Median Household Income Growth, % 3% 3% 2% -2% -2% -2% -2% -3% -3% -4% -5% -6% % -18% -2 E S/S

14 Labor Force and Income has extremely high income inequality - has the highest income inequality among the top 100 largest cities -hile s income inequality has increased since , it grew by only 7 of peer city average -To lower inequality to the average, needs to double the income of its 20th percentile earners GII Index of Inequality, % -2% GII Index of Inequality Growth, % 2% 3% 3% 2% 2% 1% 1% 3% 3% 3% 4% 4% 5% 6% -8%

15 Housing The has high residential vacancy rates, but is improving significantly -About one fifth of housing units are vacant in the slightly higher than overall and the same or higher than all peer cities other than -Since , the number of vacant housing units has declined throughout the and excluding the orth where it increased (driven by an increase in vacancies for seasonal, recreational, or occasional use) -The vacancy rate, however, declined throughout the and City - excluding the est, where it increased by over 2 percentage points Among peer cities, only and had a larger decline in the vacancy rate than the and 45% % % 18% 16% 15% Vacancy Rate, % 14% 13% 13% 13% 12% 1 8% 8% 8% 6% 6% 6% 6% S/S E 6. Vacancy Rate Change, % % -4.6% -4.3% -4.1% -3.5% % -2.5% -2.4% -1.8% -1.5% -1.3% -1.2% -1.1% % % -0.1% % -6. E S/S

16 Housing The has a relatively high and growing share of rental units -The share of owned HU (~4) is relatively low in + the only the most expensive real estate markets like YC + have lower shares The quadrant had and still has among the highest share of owned HU (almost 6 in 2016) -hile the share in rentals increased for all geographies since , the - and the S/S in particular - shifted towards rentals more than most peer geographies 7 64% 63% 58% 53% 53% 52% 4 48% 48% % Owner Occupied, % % 44% 43% 43% 43% % 35% 35% 34% 32% E S/S -11.1% -6.3% % -5.4% -5.2% % -3.5% -3.4% -3.2% -3.1% % -2.8% -2.1% -1.1% -0.5% -0.3% Change in Owner Occupied Share, % S/S E

17 Housing The has a low - and dramatically decreasing - share of single famliy homes - and the has a relatively low share of single family homes (i.e. 1-unit detached homes) compared to peer cities The shares in the and E are significantly lower while the share in the is even higher than the region and the -hile the share in single family homes decreased nationwide since , the share decreased the most among the peer geographies The est is the only geography to significantly increase in the share of single family homes % 63% 5 58% Single Family Homes as Share of Total, % % 45% 44% 44% 41% 41% % 15% 13% S/S E 8% Change in Share of Single Family Homes, % % % -1.8% -1.8% % % -0.8% -0.5% -0.5% -0.5% -0.4% -0.4% % -6% S/S E

18 Housing The is attracting new residents and home owners -The is outperforming peer geographies in the attraction of newer home owners: almost one third of owners moved in after 2010 Over one third of, E, and owners moved in after 2010 while about two fifths of and S/S owners moved in prior to and the have among the highest share of new residents moving in from outside of the city -After, the has the lowest share of stable (non-moving) residents among peer geographies % 34% 31% 2 2 Moved into Unit Since 2010, Owner-Occupied Housing Units, % 23% 22% 22% 21% 21% % 18% % 15% 14% E S/S 2 16% Moved From Outside City, % 12% 12% 12% 12% 12% 11% 11% 1 1 8% 6% 5% 5% 5% 3% E S/S

19 Housing Significant variation in rents by quadrant Legend Legend City of City of Planning Planning AreaArea Active + Planned Active + Planned Trails Trails Interstates Interstates Percent of Percent of Contract Median Rent, 2016 Median Contract Rent, 2016 <$700 $700 - $1,000 <$700 $700>$1,000 - $1,000 >$1,000

20 Housing Relatively high median home values in the -The median value of owner occupied HUs is higher in the than the city, region, and many peer cities Average value in the, however, is slightly lower than (the city has over 3.3X the share of >$2M homes) The median value in the E quadrant is over 4.7X the value in S/S $600 $509K $501K $423K $393K $377K $319K Median Value, Owner-Occupied Housing Units, 2016 $293K $279K $258K $244K $225K $222K $213K $185K $178K $173K $153K $147K $121K $101K $94K $89K $83K $41K $0 E S/S $800K $699K $588K $552K $454K $403K Average Value, Owner-Occupied Housing Units, 2016 $361K $359K $359K $330K $313K $301K $265K $261K $261K $260K $230K $197K $186K $160K $152K $144K $113K $109K $62K $0K E S/S

21 Housing Home values generally decline from E to S in the City of Legend Legend City of City of Planning Planning AreaArea Active + Planned Active + Planned Trails Trails Interstates Interstates Median Value, 2016 Median Value, 2016 <$100K $100K - $300K <$100K >$300K $100K - $300K >$300K

22 Commuter Flows Compared to peer cities, is not a strong live/work environment - Only one-fifth of workers live in the city, the lowest among peer cities A higher share of workers live/work in the than the core, but less than in outer About of workers live in the, 1 live in outer, 3% live in the core, and 8 live outside of the city - About two-fifths of s employed residents work in the city, the fourth lowest among peer cities hile of residents work in the, 21% work in the core, 14% work in outer, and 56% work outside of the city 8 72% Percent of Private Sector orkers ho Live/ork, % 51% 4 44% 43% 42% 33% 3 28% 26% 24% 24% 1 1 5% Outer Core 10 84% 73% Percent of Private Sector Employed Residents ho Live/ork, % 65% 62% 61% 58% 53% 53% 46% 43% 42% % 24% 16% Core Outer

23 Commuter Flows The is better for walking, biking, and transit than, but has room for improvement -Comparing the to peer cities, its average score would rank 10th out of 17 (while would rank 14th) The ortheast is the most walkable and bikeable quadrant in the while the est is the least YC 89 Very alkable 81 Very Bikeable YC 84 Excellent Transit 49 Car-Dependent 50 Bikeable 44 Some Transit 61 Somewhat alkable 61 Bikeable 47 Some Transit est 46 Car-Dependent est 55 Bikeable est 49 Some Transit orth 61 Somewhat alkable orth 56 Bikeable orth 45 Some Transit ortheast 77 Very alkable ortheast 72 Very Bikeable ortheast 47 Some Transit Southeast 58 Somewhat alkable Southeast 64 Bikeable Southeast 45 Some Transit S/Southwest 56 Somewhat alkable S/Southwest 56 Bikeable S/Southwest 50 Good Transit 26 Car-Dependent 36 Somewhat Bikeable 34 Some Transit

24 Labor Force and Income Few working poor residents of the are working full time, year-round -Among the working poor living in the, fewer are working full time, year-round and more are only working part time or for part of the year compared to the, region, and as a whole 14% 11.8% 11.6% 11.2% % 9.5% 9.4% Percent of Poverty Population orking Full Time Year-Round, Aged 16+, % 8.1% % 7.4% 7.4% 7.1% 7.1% % 6.6% % 5.5% 5.3% 4.5% 4.5% S/S E % 43% 43% 42% 4 Percent of Poverty Population orking Part Time or Part-Year, Aged 16+, % 36% 36% 36% 35% 33% 32% 32% 32% 31% 3 28% 28% 2 24% E S/S

25 Housing The average number of people in households is smaller than most peer cities -The average household size is relatively small in the but especially so in the and E (which have the highest percentages of non-family households) -The S/S has a very high average household size (similar to the region) and has grown by about 2.3X the rate in the overall Average Household Size, Occupied Housing Units, S/S E 15% % 5.1% 5.1% % Average Household Size Growth, Occupied Housing Units, % % 3.2% 3.1% % 2.3% % 0.5% -0.4% -0.5% -1.4% -1.6% -2.4% -5.4% -1 S/S E

26 Overview

2017 State of the Northwest Arkansas Region Report

2017 State of the Northwest Arkansas Region Report 2017 State of the Northwest Region Report Sam M. Walton College of Business Center for Business & Economic Research Northwest Overview The State of the Northwest Region Report is an annual publication,