KANNAPOLIS, N.C. -- At a special city council meeting, Kannapolis officials unveiled the results from two separate studies -- an economic impact assessment that gauged the potential impacts of the NC Research Campus and strengths and weaknesses analysis that included a comparison of Kannapolis to three nationally recognized biotech and tech hubs.
The study, conducted in partnership with NorthEast Medical Center and with a funding grant with the North Carolina Biotechnology Center, examined the potential impact of the NC Research Campus on Kannapolis, Cabarrus County and many parts of the Charlotte region. Atlanta-based Market Street Services conducted the research.
"As the NC Research Campus construction continues to move forward at a rapid pace, it is critical that we as a city understand the potential impacts." said City Manager Mike Legg. "Additionally, we want to make sure that we do everything possible to maximize the positive effects the Campus can have on our economy."
Major Economic Engine
The report confirmed that the North Carolina Research Campus has the potential to be a major economic engine for the region with an estimated 37,450 jobs created by 2032. During the same time-frame, the estimated job impact in Cabarrus County is 13,616, while the estimate is 4,520 in Rowan County.
By comparison, Cabarrus County's largest employer, NorthEast, currently employs a little more than 4,100 people according to the Cabarrus County EDC.
However, in order for the job impact numbers to come to fruition, it was the finding that Kannapolis and its regional partners will need to fully implement the recommendations from the SWOT analysis, which compared this area to Cary, N.C., Rockville, MD and Rochester, MN.
Strong in Transportation and Regional Support
The SWOT analysis found the Kannapolis-area quite strong in transportation, regional support for entrepreneurship, and state support for biotechnology. On the other hand, Kannapolis has work to do in terms of developing amenities like parks and other infrastructure, improving K-12 performance and higher education opportunities and embracing diversity.
"Kannapolis leaders are savvy to try to capture as much of the positive results that the NC Research Campus will bring," said J. Mac Holladay, founder and CEO for Market Street Services. "The communities with whom Kannapolis will be competing are consistently ranked very highly in quality of life, educational opportunities and other typical municipal rankings. Comparing itself with these communities is a smart first step for Kannapolis as it makes its transition from a traditional manufacturing economy to a knowledge-based economy with a foundation in biotechnology."
With the SWOT Analysis and Economic Impact Analysis complete, Kannapolis plans to move forward with strategic plans aimed at helping the city fully capture the positive impacts of the North Carolina Research Campus.
Funding support for this project was provided in part by a regional development grant from the North Carolina Biotechnology Center. Additional project funding was provided by NorthEast Medical Center.
Source: City of Kannapolis