Morrisville Town Center Plan - 2007

Appendix 4

Resident Economic Characteristics Selected economic characteristics of the Morrisville population are summarized below. Table 2. SELECTED ECONOMIC CHARACTERISTICS, MORRISVILLE, NC, 2000

Factor

Number

Note

Labor Force Particip.

3,450

83% Versus 63.9% nationwide

Median HH Income $ 56,548

135% Of national median

Poverty Level

235 21.1

4.6% Versus 12.4% nationwide

Commuting Time

83% Of national median

Sources:

U.S. Bureau of the Census and Randall Gross / Development Economics.

Partly because of higher education levels, as well as smaller families, the labor force participation rate in Morrisville (83%) was much higher than the national average, at 63.9%. Labor force participation is the share of the adult population that is either working or actively seeking employment. More people working and higher salaries have contributed to median household incomes that are 35% higher than the national average. Conversely, the poverty level is relatively low in Morrisville, at 4.6% versus 12.4% of individuals nationwide. One of the primary reasons that new residents are flocking to Morrisville is its incomparable location within a short commuting distance of RTP. Even though Morrisville is a suburban area on the outer fringe of Raleigh, commuting times are relatively short. On average, Morrisville’s residents were commuting an average 21.1 minutes in 2000, which was just 83% of the national average commute. Business & Employment Trends Trends in business base, employment, and payroll in the Morrisville area from 1998 through 2004 are summarized in Table 3. Morrisville, while known as a growing bedroom community near RTP, actually has a large and growing business base of its own. The Morrisville area (including zip code 27560) was home to about 730 businesses in 2004, according to the U.S. Census Bureau. That number represented growth of more than 250 businesses or 55% from 1998. By comparison, the business base in Wake County expanded overall by about 17% during this same period. While the Morrisville area added new businesses in almost all major industry sectors during this period, the most prominent growth has been in professional and technical service establishments (such as architects, engineers, information technology specialists, etc). Morrisville added almost 100 businesses in that sector, for a growth rate of 176% (or almost 30% per year). Most of these businesses are clearly spun-off, contracting, or otherwise related to activity in Research Triangle Park. The businesses are mostly located in the office and business parks positioned along Aviation Parkway closer to I-40, RTP, and the airport.

77 │ Town Center Plan

January 2007