Issue link: http://townofcary.uberflip.com/i/774879
CHALLENGES AND OPPORTUNITIES Over the years, Cary's central loca on and high-quality business and residen al areas have helped a ract corporate offices and technology companies offering well-paying jobs for highly-skilled professionals and middle- and senior-level execu ves. As a result, middle-age workers account for nearly three-quarters of Cary's workforce, as compared with less than 50% of the region's. While this has provided a boon to Cary's economy, the under-representa on of young professionals in Cary could be a stumbling-block to future economic growth and business recruitment. Firms that rely on an adequate supply of young crea ve and technical talent, such as those in many technology sectors, may bypass loca ons in Cary in favor of communi es having more young professionals. There is the opportunity to further diversify the local industry and employment mix to include more well-paying jobs for younger workers, and to posi on the Town to a ract more young professionals and families to live and work in Cary. Changes in Workplace Environments Maintaining Attractiveness to Prospective Businesses Many businesses throughout the na on are moving from tradi onal suburban business parks to downtown loca ons that offer an urban lifestyle and urban ameni es. A regional example is Red Hat's reloca on in 2013 from the NC State Centennial Campus to downtown Raleigh. 35 COUNCIL FINAL PUBLIC MEETING DRAFT [JAN. 24, 2017] Cary has been extremely successful in a rac ng corporate and technology-based businesses to its lush, well-planned office parks. Many businesses con nue to seek such loca ons, especially where they are located near high-quality residen al neighborhoods like the ones that Cary has to offer. At the same me, the workplace environment is shi ing for some industries that are trying to a ract today's younger and more mobile professional, who chooses a job partly based on the type of lifestyle offered by the employer. That lifestyle includes both the immediate urban environment in which the business is located, as well as the character of the overall community. A se ng that offers "urban amenity" value has become more important to nearly 40% of Cary's employers, according to a 2013 survey. To many of today's younger and more mobile workers, isolated loca ons in tradi onal suburban office parks are proving to be less a rac ve than business loca ons in more urban environments that offer a mix of nearby dining, shopping, and living op ons in a walkable community. In order to remain a compe ve loca on for 21st Century businesses and workers, our community may need to ensure that we offer the types of loca ons and built environments that will enable us to successfully compete for businesses that recruit this younger or more mobile workforce. Cary is well-known as a community that offers a very high quality of life for its residents and workers. That quality of life is created in part by the many public and private ameni es offered in the community, such as beau ful parks and greenways, recrea on ac vi es, access to first-rate health care, and abundant choices for shopping, dining, and services. Our high quality of life is also o en defined in terms of our Town's aesthe cs, a en on to community appearance, and the high quality of public and private development in our community. In fact, our community's development regula ons set high standards for the quality and appearance of new development. Historically, Cary's major employers – as well as new large businesses reloca ng to Cary – have recognized the value and costs of mee ng Cary's rigorous development standards, in order to sustain and reinforce the pres ge of their companies' Cary loca ons. However, as our community also comes to recognize the importance of nurturing entrepreneurship and growing small businesses, we may need to evaluate the ability of small businesses to meet our community's stringent development quality and design standards. The impact of such regula ons hits hardest on small businesses, where the propor onal cost and effort of mee ng Cary's aesthe c standards may be beyond their financial reach and exper se. In the coming years, our community may need to balance aspects of our aesthe c standards, in order to ensure that we con nue to a ract and grow small businesses in Cary. Large Proportion of Middle-Age Workers