County Economic Pull Factors and Agriculture Industry Impacts – FY 17-18
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Three easy to understand economic factors: County Trade Pull Factors (CTPF), Trade Area Capture (TAC) and Market Share (MS) are used to determine how a county’s economy is doing relative to adjacent counties. Combining CTPF, TAC and MS shows the economic pull, on a sales tax per capita basis, that a county has and quantifies the portion of the state’s business it conducts based on its population.
The report North Carolina County Trade Pull Factors, Trade Area Capture and Percent Market Share Analysis and Industry Wealth by Mark Seitz, Extension Director of Pender County, looks at the economic performance of 100 counties in North Carolina. County data is sorted into five districts used by N.C. Cooperative Extension: Northeast, North Central, South Central, Southeast, and West. Mecklenburg County has the largest economic impact in North Carolina, generating 16.6 percent of the state’s business with Wake County at 13.3 percent. Dare County’s 36,099 permanent residents’ benefit from the highest CTPF in North Carolina at 3.21. This means the pull that the Outer Banks creates generates sales tax revenues comparable to a county with 115,877 people. While significant it only generates 1.12 percent of the state’s economy.
CTPF, TAC, and MS are calculated based on per capita sales tax revenue but they do not directly measure the economic impact the agriculture and timber industries have on North Carolina’s economy. Agriculture and timber revenues are generated from the sale of crops, livestock and trees but at the point of sale no sales tax is collected. This is reflected in the agriculture wealth generated in Sampson County. Combined, farms and food processing in Sampson County generate more than $1.2 billion in agriculture sales and yet the CTPF in Sampson County is 0.60.
The agriculture and timber industry’s’ wealth tends to go unnoticed because there is no sales tax, e.g., no line item in county government tax ledgers, that says, “Agriculture and timber sales tax revenue.” However, that revenue is not staying home. It flows out to larger counties with more goods and services and gets flagged as ‘tourism’ revenue through sales tax on admissions to museums, aquariums, hotels, restaurants, and recreation businesses.
Read more at: NORTH CAROLINA CTPF Report #2