Issue link: http://townofcary.uberflip.com/i/774879
3. WORK Strong Local Economy Challenges and Opportunities Regional Marketplace Cary has a rela vely diverse economic base, with six industry sectors each having more than 10% of the job base. Informa on Services is the largest employment sector in Cary, accoun ng for 20% (or one-fi h) of all jobs located in Cary. Retail trade is the second-largest in Cary, accoun ng for 16% of all jobs. Many of the retail jobs are concentrated in shopping centers like Cary Towne Center Mall, Crossroads, Crescent Commons, or in smaller shopping centers. There is a growing retail concentra on within the Downtown area, and the limited stock of Downtown retail, dining and entertainment has been iden fied by some as a challenge to business recruitment and resident sa sfac on. Professional, scien fic, and technical services cons tutes the third largest industry within Cary, with 13% of all jobs in the Town. This sector incorporates a broad range of businesses engaged in engineering, research and development, consul ng and other ac vi es. The Research Triangle Park (RTP) has spurred development of the region for decades. A concept design from the new Master Plan for RTP, shown above, is indica ve of shi s in development models to create mixed use, walkable centers in the Triangle Region. Cary has an opportunity to evolve with the region and compete within the larger market while also differen a ng the Town's business environment and workplace offerings from other communi es. While Cary's economy is diverse, the largest employment sector, Informa on Services, account for 1 out of 5 jobs in Cary. There is a significant dependence on the informa on services sector, especially because an economic downturn in that sector would not only impact Cary families dependent on informa on service jobs, but also other businesses that support informa on service businesses and families. Understanding the loca onal needs of target industries is a cri cal first step in maintaining the Town's unique cluster of informa on service businesses and in con nuing to diversify economic growth in Cary. 34 COUNCIL FINAL PUBLIC MEETING DRAFT [JAN. 24, 2017] According to a survey of local businesses, nearly 40% of the businesses in our community located here because of our central loca on and access to a growing regional market. The Raleigh- Durham region has close to 2.0 million people. Incomes are increasing along with the region's employment base. Being at the center of this growing market, with direct access to Raleigh- Durham Interna onal Airport and the Research Triangle Park, provides unprecedented opportuni es for business growth and development. Efforts to enhance economic growth for the region are likely to have posi ve spin-offs for Cary because of our Town's central loca on. Given our loca on in the region, the Town is in the enviable posi on of being able to define the type and scale of growth that we can accommodate. However, Cary is s ll part of a regional market, and retail, office, or other businesses that serve the local market must compete with a growing number of commercial centers, office parks, and mixed use projects in the region. In order to compete successfully in this regional market, Cary has – and must con nue to – strategically differen ate and dis nguish its overall built environment, community appeal, and business climate from those of its neighbors. Economic Diversity T h e M a s t e r P l a n 40 T h e R e s e a r c h T r i a n g l e P a r k M a s t e r P l a n I l l u s t r a t i v e c o n c e p t o n a n a c t i v e a n d i n t e g r a t e d o p e n s p a c e i n a r e d e v e l o p e d P a r k C e n t e r .