[Durham INC] Durham Reflects on Trials & Triumphs at State of the Economy Breakfast

[Blalock, Amy]

CITY OF DURHAM

Office of Public Affairs

101 City Hall Plaza

Durham, NC 27701

 

 

News Release

 

News Media Contact:

Amy Blalock

Sr. Public Affairs Specialist

(919) 560-4123 x 11253

(919) 475-7735 (cell)

Amy.Blalock at DurhamNC.gov

Like: http://Facebook.com/CityofDurhamNC 

Follow: http://Twitter.com/CityofDurhamNC   

 

For Immediate Release: June 6, 2012

 

 

Durham Reflects on Trials and Triumphs at State of the Economy Breakfast

Annual Event Reviewed Economic Progress in 2011and What's to Come in
2012

 

DURHAM, N.C. - Durham continues to rebound from one of the worst
recessions in recent U.S. history, thanks in part to the vitality of
established institutions and companies as well as and newer, small and
entrepreneurial ventures, especially in the life sciences and software
industries. That message was delivered to more than 500 business and
community leaders at the sold-out Annual State of the Economy Breakfast
held this morning at the Carolina Theatre in downtown Durham.

 

According to Kevin Dick, director of the City of Durham's Office of
Economic and Workforce Development, today's event was a benchmarking
opportunity for Durham's successes and challenges as well as a time to
look ahead at opportunities to come.  "The city stands ready to connect
small businesses and entrepreneurs with the resources they need on a
customized basis," Dick said. "The urban agriculture movement, mobile
vending, and social media based crowd funding as well as growth in
information technology, environmental technology, health care, and life
sciences fields provide fertile ground for entrepreneurship and small
business development."

 

After the opening remarks from Charles Hayes, chief executive officer of
the Research Triangle Regional Partnership, Dick provided specific
information on the past year on a wide range of economic indicators such
as population, employment, tax base growth, construction activity,
retail sales, commercial real estate markets, downtown growth, quality
of life, crime, visitor impacts, education, manufacturing, small
business, workforce employment and wages, and business development. Some
of the progress made during the past year that was cited by Dick during
his presentation included:

*         In 2011, Durham surpassed 2009 and 2010 levels of employment
to 130,449, but have still not recovered from the high of 134,263 in
2008, which was the year before the recession impacted the country.  

*         The public has helped stimulate and support the private sector
by investing in 32 businesses, which included investing over $845,000 to
bring a return on investment of more than $14 million worth of private
sector investment.    

*         Due in part to the great success of the Durham Performing Arts
Center (DPAC), which is the fourth-highest grossing theater in the
country, downtown is abounding with new restaurants and boasts the
lowest commercial vacancy rate of any city in the Triangle area.  

*         Durham's projected steady population growth and diverse
population should continue to produce healthy markets for businesses 

*         The fact that educational attainment in Durham is at such a
high level allows for the talent needed to fuel entrepreneurs and
provide small businesses with the talent they need to compete win the
global market place.  Also, systems and institutions are in place to
increase the skill levels of those that need upgrades to successfully
compete in the 21st century global marketplace.

 

This annual event also hosted several speakers and panelists with a wide
range of experience as entrepreneurs and small business owners in Durham
and beyond. As part of a panel discussion after Dick's presentation,
they offered their unique and progressive views on the opportunities for
small business and entrepreneurial success in Durham. Chris Gergen,
founding executive director with Bull City Forward and fellow at the
Center for the Advancement of Social Entrepreneurship at Duke
University's Fuqua School of Business, moderated a discussion about
various aspects of the healthy climate for small business and
entrepreneurship in Durham. 

 

Panelists included Keith Pigues, dean of North Carolina Central
University's School of Business; Joe Bushfan, owner of Joe's Diner;
Larry Herst, chief executive officer of Triangle Ecyling; Wendy Clark,
owner of John O'Daniel Exchange; and Chris Heively, managing partner of
Triangle Startup Factory. There was general consensus amongst the
panelists that Durham's major corporate expansion only bodes well for
entrepreneurs and small businesses because corporations need to expand
their supply chains, which creates business development opportunities.

 

The event was sponsored by the City's Office of Economic and Workforce
Development, in collaboration with the Greater Durham Chamber of
Commerce, Downtown Durham, Inc., Durham County Government, and the
Durham Convention and Visitors Bureau.

 

Many in the business community provided their support as event sponsors
including EMC2 Corporation and Duke Energy at the Platinum Level;
General Management Solutions, Inc., Key Source Commercial Bank, and Duke
University's Office of Durham and Regional Affairs at the Gold Level;
and Blue Cross Blue Shield of North Carolina, Skanska, TND Partners,
Capital Centre Development, Burt's Bees and New York Life at the Silver
Level. 

 

By noon today, Dick's complete presentation will be available on the
City's website at http://www.StateofDurhamEconomy.org. To view the video
shown during today's event, visit 
http://www.YouTube.com/watch?v=DKlR0IYD_Hg&feature=youtu.be.  

 

Residents can also tune in to Friday's debut of "City Hall This Week"
for a recap of the event. This new episode will air at 8 p.m. on DTV8
(Time Warner Cable channel 8) and be available to watch on demand on the
City's YouTube channel at http://www.YouTube.com/CityofDurhamNC.

 

For additional information about today's event, contact Public Relations
Coordinator Andrea Mia Groder with the City's Office of Economic and
Workforce Development at (919) 560-4965, ext. 15210 or by email at 
Andrea.Groder at DurhamNC.gov.   

 

About the Office of Economic and Workforce Development

Guided by the City's Strategic Plan, the Office of Economic and
Workforce Development helps ensure that Durham has a strong and diverse
economy by increasing the city's tax base through several revitalization
initiatives, including new development efforts in the central city area.
The department also plans and promotes cultural awareness and events,
identifies and recruits target industries as well as assesses and trains
Durham residents to fill new jobs. For more information, visit 
http://www.DurhamEconomicDevelopment.org.  

 

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