A recent economic impact study conducted by North Carolina State University shows that cumulative spending generated by the Chatham Park development will total $80 billion for Chatham County, $140 billion for the Triangle region and $154 billion for North Carolina by the completion of construction in 40 years.
The study, led by economist Dr. Michael Walden, also indicates that after the full build-out of Chatham Park, the development will have created 61,000 permanent jobs in Chatham County, 99,000 permanent jobs in the Triangle region and 115,000 permanent jobs in North Carolina.
“Prior to conducting the study, I knew that a project with the size and scope of Chatham Park will have a significant impact on the local, regional, and state economies, and after calculating the numbers, the impact is truly impressive,” said Walden, a William Neal Reynolds Distinguished Professor at North Carolina State University, who also advises the N.C. Department of Commerce and N.C. General Assembly on economic matters.
The study was commissioned by the Chatham Economic Development Corporation, the lead economic development agency marketing Chatham County.
“Chatham Park offers companies that are looking to relocate or expand their operations a marquee location in the Research Triangle region with direct access to highly educated talent from some of the country’s top universities,” said Dianne Reid, president of Chatham Economic Development Corporation. “This project alone will quadruple the number of permanent jobs in Chatham County, as well as double the county’s tax revenue.”
To measure the economic impacts from the Chatham Park development, Walden used the IMPLAN software, the most widely used economic model in the country. Federal and state government agencies, including the Federal Reserve Bank and the N.C. Department of Commerce, utilize IMPLAN for economic impact studies.
The complete Economic Impact of the Chatham Park Development study is available at http://bit.ly/chathamparkstudy
Chatham Park is a 7,000+ acre master-planned live, work, play sustainable community under construction in Pittsboro, North Carolina. With zoning approval for 22 million square feet of commercial, office, and civic space and 22,000 residential units, it will be one of the largest master-planned communities in the country upon completion. Nearly 2,000 acres will be set aside for parks and open space, along with 50+ miles of walking and biking trails that will interconnect homes, offices, and shopping and offer residents direct access to nearby Jordan Lake and the historic Haw River.
About Chatham Economic Development Corporation
Chatham Economic Development Corporation (EDC) is the lead economic development agency for Chatham County. The EDC is a 501(c)3 economic development non-profit that provides support to businesses throughout the County and markets Chatham as the preferred location for emerging growth companies. For more information, visit www.ChathamEDC.org
About Chatham Park
Nestled near the shores of Jordan Lake and the Haw River, Chatham Park will be a 7,000+ acre sustainable live, work, play community. Located in historic Pittsboro, North Carolina, Chatham Park will provide residents a place to build a career, raise a family and enjoy nature, all in one convenient location. By incorporating forward-thinking smart power and water technologies, a solar farm and LEED-certified buildings, Chatham Park will seek to keep its carbon footprint to a minimum by using 25 percent less energy than other communities of its size. For more information, visit www.ChathamPark.com.
