2005 Issue 1 Quick Links |
 Hamilton County Alliance e-News2004 Economic GrowthHamilton County has seen solid economic growth in 2004. Over 2000 new jobs were announced and related capital investments exceeded $200 million. Included in these totals are several projects assisted by the Hamilton County Alliance. The largest corporate attraction projects announced in 2004 were CallTech Communications (400 new jobs) and ACES Power Marketing (110 new jobs). The Alliance also assisted 23 existing Hamilton County businesses in adding nearly 300 new positions. Alliance assisted projects will generate over 1,030 new jobs and support $830,000 in new property tax revenues. Skill and tech training grant awards for the companies assisted by the Alliance totaled in excess of $1 million in 2004. For the year, Hamilton County recorded an unemployment rate of 2.7 percent with a labor force of over 116,000 people. Total NAICS-based employment data for the county shows employment at nearly 85,000 people. This figure places Hamilton County as the largest suburban employment center in the Indianapolis MSA. Real Estate MarketThe Class-A office real estate market in Hamilton County totals over 4.0 million square feet. The vacancy rate is estimated at 17 percent. The largest single building available is approximately 105,000 square feet on three floors in the Carmel market. The largest flex building available is nearly 92,000 square feet in the Fishers market (I-69 Corridor). Both buildings are well-suited for data centers or call centers. Each building offers broadband access. The latest market view shows 19 office buildings with 20,000 to 60,000 sq. ft. available in Hamilton County. Presently, there is about 320,000 sq. ft. of office space under construction in the county. Outlook 2005The eighth annual Outlook event will take place on February 22nd at the Ritz Charles in Carmel. The luncheon event is presenting a program by Mr. Joel Garreau, author of Edge Cities. The dynamic growth of Hamilton County's southern tier including Carmel and Fishers has vaulted the area into Edge City status. Related to the topic, presentations will also be given on the new Indianapolis Airport Terminal (and the airport system that serves the Hamilton County region) and an update report on the region's rapid transit study. Both of these topics contribute to and compliment the Edge City structure. EntrpreneurshipThe Alliance will kick-off its entrepreneurship initiative in 2005. Activities and program details will be outlined in our next newsletter. Marketing 2005The Hamilton County Alliance has adopted its work program for 2005 that includes a significant expansion of its marketing and business attraction efforts. This is being done in anticipation of an improving national economy. Key elements of the marketing plan include print media, direct sales, internet advertising, and targeted e-mail messages and special events. The center pieces are sales missions to select markets (California and New York) and a marketing event built around the Solheim Cup (to be held in Carmel in September of 2005). The outreach program will include an expanded contact list for national site selection consultants. The Alliance will also be partnering with the IDoC for a national branding campaign and tradeshows. Business targets for the Alliance include headquarters operations (50 to 300 employees), high technology firms involved in IT and computer software, advanced manufacturing firms (electronics) and selected logistics operations. The Solheim Cup presents a unique marketing opportunity that plays to the county's strengths; corporate environment and quality of life. The target markets for the event are site selection consultants and CEO's. The Solheim Cup is the women's version of the Ryder Cup with more than 80,000 expected to be in attendance for the three day event. The tournament will be preceded by three days of practice. The Alliance will build a series of meetings around the event to educate visitors on Hamilton County as a place to do business. The Alliance has created a special committee to organize and execute our event strategy. Outreach efforts to consultants and the corporate community will begin in February. Housing ActivityOne of the most consistent contributors to the county's economy over the past decade has been the homebuilding industry. In 2004, more than 3,500 single-family permits were issued for Hamilton County. By comparison, the total for all of 2003 was 3,655. Hamilton County accounts for 14 percent of the region's population but more than 20 percent of the areas homebuilding activity. Research data from the Metropolitan Indianapolis Board of Realtors indicates that the average sales price for homes in Hamilton County in 2004 was $238,000. County Business PatternsThe most recent (2002) and official business data from the U.S. Census Bureau shows Hamilton County with an employment total of 83,400 and more than 5,800 businesses. The data clearly show the county to be a marketplace of small businesses with over 4,900 of these businesses reporting less than 20 employees. Hamilton County Excels in National Quality of Life AssessmentHamilton County ranks #8 among all U.S. counties for its quality of life according to a recently released report conducted by American City Business Journals. The report applies 20 statistical measures to achieve its rankings. Hamilton County was the only Midwestern County to make the top 10. A review of the statistical analysis shows Hamilton County scoring well in several categories including percentage of young adults, racial diversity in the local population, percentage of workers in management or professional occupations, median household income, home values, percentage of homes built since 1980, rate of home ownership, and percentage of adults with B.A.'s and advanced degrees. A list of the top 10 counties in the study is attached (See attachment). Hamilton County was also recently listed by the U.S. Census Bureau as one of the 25 fastest growing counties in the U.S. The county's 2003 population estimate is 216,000 with a gain of more than 34,000 people since the 2000 Census. Quality of Life ActivityHamilton County and several local communities are undertaking quality of life initiatives. One of the largest park undertakings in the county is Coxhall Park and Gardens. This 125-acre farm estate is being transformed into gardens, museum, reflecting pool, conservatory, and bell towers by the Hamilton County Parks and Recreation Department. The complex is under construction and will host the opening ceremonies of the 2005 Solheim Cup. The Town of Fishers recently announced the acquisition of Richey Woods. This 188-acre nature preserve and learning center will remain forested but will ultimately contain a nature center, trails and public use facilities. Fishers will hire a full-time naturalist to oversee the unique natural area. Design and engineering efforts are underway by the City of Carmel for its $55 million 160-acre Central Park. Located on one of the last natural settings in the community, Central Park will contain woodlands and opens spaces, a large aquatic center, skate park, hiking trails, 12-acre lagoon, recreation/athletic fields and facilities, and picnic areas. Noblesville is moving ahead with plans to acquire a 70-acre parcel for a new community park. Initial plans call for trails, gardens, natural areas with facility plans yet to come. Finally, Westfield is refining plans for four existing community parks. These parks will compliment its plans to start extending the Monon Trail north of 146th Street. Other major contributors to the county's quality of life is Conner Prairie (one of the nation's leading living history museums), and Morse Lake (a 1,500 acre recreational facility. The county also affords easy access to the regional amenities in Indianapolis. The quality of life actions in Hamilton County illustrates the local commitment to building a great place to live, work and play. It reinforces efforts of the Hamilton County Alliance to attract national and regional headquarters facilities and technology-related companies to the county. Hamilton County is home to more than 100 high technology firms and 17 of its top 25 employers maintain their headquarters in the county. Business ExpansionsAlliance retention and expansion activity validates an improving economy. Through the first half of 2004, the Alliance has assisted 15 companies with their expansion plans. These expansions will generate approximately 280 new jobs while assisting in the retraining of 1,300 current employees. Aiding these expansion projects was $740,000 in skills/tech training funds that the Alliance assisted the companies in obtaining through the State of Indiana. Associated with these projects are more than $19 million in capital investment. Hamilton County and other local governmental units will receive more than $410,000 in new tax support from these company expansions. The average wage of these projects exceeds $20 per hour. Marketing and Business AttractionThe Alliance has completed its print advertising for the first half of 2004. Internet marketing activity continues with a banner ad on Area Development Online. Coupled with these efforts is our continued use of Fast Facility to post selected building and sites that are currently available. Fast Facility is an internet site that primarily serves realtors, site selection consultants, and corporate real estate departments. At present, the Alliance has eight listings on Fast Facility. The site averages over 40,000 hits per month. To better access the nation's fast growing life science industry, the Alliance participated in BIO 2004 in California with the Indy Partnership and Indiana Department of Commerce. Workforce DataHamilton County is a vibrant and fast growing marketplace. The county's workforce has grown by more than 12,000 people since 2000. The April 2004 unemployment rate shows Hamilton County at 2.6 percent or 3,050 people (4/04). The average earnings per job (private sector) in the county are $37,900. The labor pool that serves the county is now in excess of 739,000 with approximately 38,000 people unemployed. The latest available at-place employment data (3rd Qtr - 2003) show Hamilton County with 85,900 jobs. This represents a gain of 9,000 jobs since the beginning of 2001. Employment gains have been the strongest in the FIRE, services and retail sectors. The county also houses approximately 5,600 manufacturing jobs according to ES-202 data. Real Estate MarketHamilton County's office market covers 4.5 million square feet of spec space. This space is concentrated in the Meridian Corporate Corridor (US 31) and the Northeast Commerce Corridor (I-69/SR 37). The overall vacancy rate is about 18 percent. There is approximately 150,000 square feet of office space under construction. The largest block of office space available is 100,000 square feet on three floors in Carmel. Significant flex space is available in Fishers with a 90,000 square foot facility ready for fit-up and offering easy access to I-69. For users of prime warehouse/distribution space, a 49,000 square foot option is available and ready for occupancy. The county is home to more than 20 business/office parks. |
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