Prince William County Prince William County Demographics and Economics Demographics and Economics January 18, 2012 January 18, 2012 Bill Vaughan Bill Vaughan Chief Economist/County Demographer Chief Economist/County Demographer Prince William Co. Finance Dept. Prince William Co. Finance Dept. www.pwcgov.org www.pwcgov.org Prince William County Prince William County Demographics and Economics Demographics and Economics January 18, 2012 January 18, 2012 Bill Vaughan Bill Vaughan Chief Economist/County Demographer Chief Economist/County Demographer Prince William Co. Finance Dept. Prince William Co. Finance Dept. www.pwcgov.org www.pwcgov.org
35
Embed
Prince William County Demographics and Economics January ... Vaughan Economic... · Prince William County Demographic and Economic Presentation 3 | January 18, 2012. Demographics:
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Prince William CountyPrince William County
Demographics and EconomicsDemographics and Economics
January 18, 2012January 18, 2012Bill VaughanBill Vaughan
Median Household Income, 2010:$92,655 (ranked 9th in U.S.) (region: $84,523)
One-way average commute, 2010:38 minutes (up from 36.9 in 2000)
Percent of labor force working outside of County, 2010:62.5%
Average assessed house value, 2011:$265,848
Average sold price, 2011:$271,558 (Dec., 2011—0.7% decrease y-o-y)
Prince William County Demographic and Economic Presentation 3 | January 18, 2012
Demographics: PopulationDemographics: Population
•PWC: 411,751 (as of Dec. 15, 2011); 2.43% growth rate since 2010•Manassas: 37,821 (Apr. 1, 2010) Manassas Park: 14,273 (Apr. 1, 2010)•1,215 persons per square mile of land area•PWC projected to grow to 535,629 persons by 2030
Prince William County Demographic and Economic Presentation 4 | January 18, 2012
PWC is now “majority-minority” community, meaning less than half (48.7%) of the population is reported as non-Hispanic and of one-race-White
Source: U.S. Dept. Of Commerce, Bureau of the Census 1990, 2000, 2010 Censuses,
Pr. Wm. Co. Population by Race and Ethnicity Percent Change 2000 - 2010
Prince William County Demographic and Economic Presentation 8 | January 18, 2012
Demographics: Nativity, Place of Birth and Demographics: Nativity, Place of Birth and LanguageLanguage
PWC Birth Place and Citizenship 2010Native to the U.S……………………………………….78.8% (U.S.: 87.5%)Foreign-born………………………………...………….21.2% (U.S.: 12.5%)
Naturalized citizens…………………………………10.0% (U.S.: 5.6%)Not a citizen……………………….……...………….11.2% (U.S.: 7.3%)
Sources: U.S. Department of Commerce, Bureau of the Census, 2010 American Community Survey 1-Year estimates.
Region of Birth of PWCForeign-Born Population, 2008
30.3% speaks a language other than English at home (U.S.: 20.6%)
Prince William County Demographic and Economic Presentation 9 | January 18, 2012
Demographics: Age and GenderDemographics: Age and Gender
28.9% of the total County population is under 18 years of age (over 4 percentage points higher than U.S. rate)6.8% is aged 65 and over (about half the U.S. rate), increasing over time49.7% male, 50.3% female The median age of the population is 33.2 years (U.S.: 36.8 years)
Sources: U.S. Department of Commerce, Bureau of the Census, 2010 American Community Survey, 2010 Census.
Prince William County Demographic and Economic Presentation 10 | January 18, 2012
Pr. Wm Co. housing stock:56.7% SFD, 24.9% TH, 17.4% MF
31.2% (about one-in-three) of houses were built since 2000
Prince William County Demographic and Economic Presentation 11 | January 18, 2012
DemographicsDemographics: : EducationEducation
Pr. Wm Co. September 30, 2011 public school enrollment: 81,635 (19.9% of total population—1 in 5 persons in the County)36.9% of adults in Prince William County had bachelor’s degrees or higher(U.S.: 28.1%)
Persons 25 Years and overSource: U.S. Department of Commerce, Bureau of the Census, 2010 American Community Survey
Educational Attainment in Pr. William Co. 2010
Prince William County Demographic and Economic Presentation 12 | January 18, 2012
DemographicsDemographics: : Income and PovertyIncome and Poverty
2010 Median Household IncomePrince William County: $92,655 (U.S.: $50,046)Ranked 9th in U.S., 5th in Commonwealth11 of top 20 counties in the US are in Washington Metropolitan Area
Prince William County Demographic and Economic Presentation 13 | January 18, 2012
DemographicsDemographics: : Income and PovertyIncome and Poverty
2010 Median Household Income8.3% of households had income less than $25,00046.0% of households had incomes of $100,000 or greater10.0% of households had income of $200,000 or greaterPoverty rates: PWC: 5.5%; Virginia: 11.1%; US: 15.3%
Source: U.S. Department of Commerce, Bureau of the Census, 2010 American Community Survey
Prince William County Demographic and Economic Presentation 14 | January 18, 2012
DemographicsDemographics: : Journey to WorkJourney to Work
Pr. Wm. Co. 2010 average travel time to work (one-way): 38 minutes (U.S.: 25.3) Pr. Wm. Co. had the 12th longest average commute in the U.S.8 of top 20 longest commutes are in metropolitan Washington23.4% travel an hour or more one way to work (U.S.: 8.0%)68.6% drive to work alone (U.S.: 76.6%)15.5% carpool to work (U.S.: 9.7%)5.5% use public transportation (U.S.: 4.9%)
Prince William County Demographic and Economic Presentation 15 | January 18, 2012
DemographicsDemographics: : Place of WorkPlace of Work
Pr. Wm. Co. Labor Force 2010
About 1 in 3 (37.5%) of labor force live and work in Pr. Wm. Co. (2000: 34%)
Nearly 2 out of 3 (62.5%) of labor force commute out of Pr. Wm. Co. for work
About 1 in 8 (14%) work outside of Virginia
Worked outside of
County, 62.5%Worked in
County, 37.5%
Prince William County Demographic and Economic Presentation 16 | January 18, 2012
Economy: NationalEconomy: National
DJIA: peaked at over 14,100 in October 2007, lost over 54% of its value between October 2008 and March 2009, bottoming to 6,440 on March 9, 2009. Closed 2011 above 12,400.
Prince William County Demographic and Economic Presentation 17 | January 18, 2012
Economy: NationalEconomy: National
GDP: 1.8% in 3rd Quarter 2011, following 1.3% in 2nd Quarter, expanding, but at modest pace.
Prince William County Demographic and Economic Presentation 18 | January 18, 2012
Economy: NationalEconomy: National
Unemployment: Initial Claims•Outlook improved modestly in late 2011, but after falling to lowest level since 2008, initial claims have steadily increased over past few weeks. •Businesses expected strong holiday sales growth and increased labor forces to meet anticipated demand. As sales disappointed, which seems evident given the December retail sales report, firms may have cut back on staffing in January and reduced labor needs.
Prince William County Demographic and Economic Presentation 19 | January 18, 2012
Economy: NationalEconomy: National
Housing: New ConstructionHousing starts still at extremely low levels, but outlook improving. •First first time since peak of housing bubble, number of homes under construction increased for three consecutive months. •Still too early to call bottom, but growth in number of homes under construction is encouraging.•Housing starts are now at highest level since April 2010 when homebuyer tax credit artificially boosted production. Excluding that one-time event, housing starts are at their highest level since October 2008. •Increase in starts primarily due to a 25.3% surge in multifamily construction.
Prince William County Demographic and Economic Presentation 20 | January 18, 2012
Economy: NationalEconomy: National
Automobile Sales•Auto sales surpassed recent highs from April as negative effects following Japanese earthquake and tsunami -- which lowered inventory levels and elevated prices -- seem to have completely dissipated•Total U.S. light vehicle sales were up 9% y/y in December.•All motor vehicle manufacturers, with notable exception of Honda (-19% y/y), showed positive growth in December.
Prince William County Demographic and Economic Presentation 21 | January 18, 2012
Economy: NationalEconomy: National
Retail Sales•Retail sales increased 0.1% in December after increasing an upwardly revised 0.4% (from 0.2%) in November•Consumers increased savings rate in December, suggests that consumer debt remains a hindrance for current consumption.•Business conditions have notably improved over the last few months. That has led to higher wages, better job security, stronger consumer confidence, overall better consumption outlook.
Prince William County Demographic and Economic Presentation 22 | January 18, 2012
Economy: StateEconomy: State
Employment and Wage Growth•Employment (3,596,042 in 2nd Quarter 2011) grew by 0.9% year-over-year•Average weekly wages ($949 in 2nd Quarter 2011) grew by 2.2% year-over-year
Prince William County Demographic and Economic Presentation 23 | January 18, 2012
Economy: StateEconomy: State
Unemployment Rate•Unemployment rate: 5.7% in November, 2011, compared to 6.6% one year earlier•Lowest monthly rate since Dec. 2008
Prince William County Demographic and Economic Presentation 24 | January 18, 2012
Economy: StateEconomy: State
Corporate Income Tax Receipts•Exceeded annual estimate by $55.7 million (7.3%) in FY 2011
Prince William County Demographic and Economic Presentation 25 | January 18, 2012
Economy: StateEconomy: State
Employment and Withholding•Employment Survey is starting to reflect actual withholding data
Prince William County Demographic and Economic Presentation 26 | January 18, 2012
Economy: LocalEconomy: Local
Unemployment•4.7% in November 2011, compared to 5.5 one year earlier•5 Years: civilian labor force increased by 7.3% in last year, while number of unemployed persons increased by 101.6%•1 Year: civilian labor force increased by 2.0% in last year, while number of unemployed persons decreased by 26.5%
Prince William County Demographic and Economic Presentation 27 | January 18, 2012
Economy: LocalEconomy: Local
At-place Employment•At-place employment (108, 630 in 2nd Qtr.. 2011) grew by 3.5% in last year and 3.3% in 5 years•Establishments (7,557 in 2nd Qtr.. 2011) grew by 3.8% in last year and 17.7% in 5 years•Average weekly wage ($804 in 2nd Quarter 2011--$41,808 average annual salary) grew by 1.1% in last year and 12.4% in 5 years
Prince William County Demographic and Economic Presentation 28 | January 18, 2012
Economy: LocalEconomy: Local Residential Real EstateResidential Real Estate
Pr. Wm. Co. Residential Real Estate Market (Dec. 2011)Home Sales: 435 (11.8 decrease y-o-y)Average Sale Price: $271,558 (0.7% decrease y-o-y)Average Days on the Market: 60 (48 days one year ago)
Prince William County Demographic and Economic Presentation 29 | January 18, 2012
J F M | A M J | J A S | O N D || J F M | A M J | J A S | O N D || J F M | A M J | J A S2006 2007 2008
Peak in July, September 2008 at nearly 800 per monthOctober 2011: 87Pr. Wm., Manassas, Manassas Park: over 18,000 recorded 2006-10Pr. Wm. 2010-11 year-to-date (Jan.-Oct.): 37% decline
Prince William County Demographic and Economic Presentation 31 | January 18, 2012
Economy: Local Sales RevenueEconomy: Local Sales Revenue
November 2011: $4.3 million of sales tax revenue (4.4% increase y-o-y)22 straight months of y-o-y increases)
Prince William County Demographic and Economic Presentation 32 | January 18, 2012
December 2011Inventory• Net of 7 new buildings in last year year, 93 net new buildings in 5 years• Occupied space increased by 1.1% in last year but increased by 3.5% in last 5 years
Prince William County Demographic and Economic Presentation 34 | January 18, 2012
Economy: NationalEconomy: National
Prince William CountyPrince William County
Demographics and EconomicsDemographics and Economics
January 18, 2012January 18, 2012Bill VaughanBill Vaughan