Chesterfield County 2010 annual report
Snapshot from Chesterfield County 2010 annual report. This report provides regional and countywide business information on a variety of economic indicators. While each section might portray a snapshot of economic activity at any point in time, one long-term goal is to look at economic information over time. The purpose and intent of this report is to provide information to citizens, the business community, elected and appointed officials, and county staff, as well as other agencies involved in promoting and analyzing the economic environment of Chesterfield County.
Major findings from 2010 Chesterfield business report
Chesterfield County had an estimated population of 308,000 people in 2009, and is the third most-populous county in Virginia. Between 2000-09, the county grew by an annual average of 1.8 percent, while the state grew at 1.1 percent, and the region 1.3 percent.
There were nearly 167,000 persons in the county's labor force in 2009, a decrease of about 0.8 percent over 2008.
There were nearly 116,000 jobs in Chesterfield in 2009, a decrease of 4.4 percent over 2008 (5,329 jobs). The services grouping is the largest employment group, and accounts for 26 percent of the jobs located in Chesterfield County.
The health care and social assistance sector has been the fastest growing sector of the county's employment since 2000, adding an average of 523 jobs annually between 2000 and 2009.
The average weekly wage in Chesterfield was $768 in 2009, an increase of 1.1 percent over 2008. The highest average weekly wage was in the management of companies sector ($1,554), while the lowest was in the accommodation and food sector ($254).
The unemployment rate in Chesterfield was 6.8 percent in 2009, an increase from 2008, but below that of the Richmond region and the nation.
Personal income in Chesterfield reached over $12.5 billion in 2007, an increase of 5.9 percent over 2006. Per capita personal income reached nearly $41,900 in 2007, for an increase of 3.9 percent over 2006.
There was over $3.3 billion in taxable sales in Chesterfield in 2009, a decrease of 6.1 percent over 2008. The average establishment in Chesterfield generated over $829,000 in taxable sales in 2009, above the state's average of $805,000.
The construction sector had the greatest number of businesses in 2009 with 1,041 establishments, or 14 percent of the businesses in Chesterfield. The health care sector had the greatest gain in businesses between 2008-09 (91 establishments), while the
construction sector had the greatest decline with a loss of 86 businesses over the same period.
141 new and expanded businesses were created in Chesterfield's enterprise zones in 2007, creating 452 jobs and $121 million worth of investment.
The 22 financial institutions in Chesterfield had $3.5 billion in deposits in fiscal year (FY) 2008. Between FY 2000-08, deposits in Chesterfield's financial institutions increased an average of 16 percent annually, above the statewide average of 13 percent, but below the regional average of 20 percent.
Chesterfield had a personal bankruptcy rate of 4.6 percent in 2008, an increase of 36 percent over 2007. Chesterfield's personal bankruptcy rate was higher than both the state and nation (3.6 and 3.5 respectively).
There are over 13,600 acres (five percent of the county's area) of commercial development in Chesterfield; with nearly 71 million square feet of space. Since 2000, nearly 1.3 million square feet of new commercial development has been constructed in the county each year. Commercial development accounted for over $4.7 billion in assessed values in 2009, comprising 13.8 percent of the county's total assessed value.
Approximately $3.6 million in tax revenue was generated by the county's hotel/motel occupancy tax in 2009, a decrease of 16 percent over 2008.
Shopping centers in Chesterfield accounted for 12.7 million square feet of commercial space, or 17 percent of the county's total commercial square footage. These centers accounted for $1.3 billion of assessed value, or 29 percent of the commercial total. Thirteen of the county's 106 shopping centers have decreased in assessed value between 2008-09.
There were nearly 167,000 persons in the county's labor force in 2009, a decrease of about 0.8 percent over 2008.
There were nearly 116,000 jobs in Chesterfield in 2009, a decrease of 4.4 percent over 2008 (5,329 jobs). The services grouping is the largest employment group, and accounts for 26 percent of the jobs located in Chesterfield County.
The health care and social assistance sector has been the fastest growing sector of the county's employment since 2000, adding an average of 523 jobs annually between 2000 and 2009.
The average weekly wage in Chesterfield was $768 in 2009, an increase of 1.1 percent over 2008. The highest average weekly wage was in the management of companies sector ($1,554), while the lowest was in the accommodation and food sector ($254).
The unemployment rate in Chesterfield was 6.8 percent in 2009, an increase from 2008, but below that of the Richmond region and the nation.
Personal income in Chesterfield reached over $12.5 billion in 2007, an increase of 5.9 percent over 2006. Per capita personal income reached nearly $41,900 in 2007, for an increase of 3.9 percent over 2006.
There was over $3.3 billion in taxable sales in Chesterfield in 2009, a decrease of 6.1 percent over 2008. The average establishment in Chesterfield generated over $829,000 in taxable sales in 2009, above the state's average of $805,000.
The construction sector had the greatest number of businesses in 2009 with 1,041 establishments, or 14 percent of the businesses in Chesterfield. The health care sector had the greatest gain in businesses between 2008-09 (91 establishments), while the
construction sector had the greatest decline with a loss of 86 businesses over the same period.
141 new and expanded businesses were created in Chesterfield's enterprise zones in 2007, creating 452 jobs and $121 million worth of investment.
The 22 financial institutions in Chesterfield had $3.5 billion in deposits in fiscal year (FY) 2008. Between FY 2000-08, deposits in Chesterfield's financial institutions increased an average of 16 percent annually, above the statewide average of 13 percent, but below the regional average of 20 percent.
Chesterfield had a personal bankruptcy rate of 4.6 percent in 2008, an increase of 36 percent over 2007. Chesterfield's personal bankruptcy rate was higher than both the state and nation (3.6 and 3.5 respectively).
There are over 13,600 acres (five percent of the county's area) of commercial development in Chesterfield; with nearly 71 million square feet of space. Since 2000, nearly 1.3 million square feet of new commercial development has been constructed in the county each year. Commercial development accounted for over $4.7 billion in assessed values in 2009, comprising 13.8 percent of the county's total assessed value.
Approximately $3.6 million in tax revenue was generated by the county's hotel/motel occupancy tax in 2009, a decrease of 16 percent over 2008.
Shopping centers in Chesterfield accounted for 12.7 million square feet of commercial space, or 17 percent of the county's total commercial square footage. These centers accounted for $1.3 billion of assessed value, or 29 percent of the commercial total. Thirteen of the county's 106 shopping centers have decreased in assessed value between 2008-09.
Chesterfield County employment
Employment in Chesterfield decreased 4.4 percent between 2008-09, or an equivalent of 5,300 jobs. Employment in the county dropped to approximately 116,000 jobs in 2009, an increase of approximately seven percent over the total employment in 2000, or an annual
growth rate of 0.7 percent.
The largest employment sector in Chesterfield County is services with nearly 30,000 jobs, or 26 percent of the county's employment. The industry sector is second with 19 percent of the county's jobs. All groupings, except for Leisure & Other Services, declined between 2008-09.
Chesterfield had approximately 0.69 jobs per worker in 2009, below both the Richmond region and Virginia overall. Chesterfield's per worker
employment decreased by two hundredths of a point between 2008-09. Per worker employment in both the Richmond region and Virginia
overall decreased during this time.
The fastest growing sector of Chesterfield's employment between 2000-09, in terms of percentage, has been the health care sector, which grew by an average of 7.3 percent annually. On the other hand, the management of companies sector has declined an average of 4.7 percent per year. More recently, between 2008-09, the arts and entertainment sector had the greatest increase with a 3.5 percent gain in employment, while
the administrative sector had a 21 percent loss of employment.
The region's highest-paying employment sectors were the finance/insurance, professional/technical services, management of companies, wholesale trade, and manufacturing. In Chesterfield, the financial services sector increased two percent between 2008-09, while the manufacturing sector declined 8.2 percent. The professional sector has increased by an average of 6.4 percent annually between 2000-09, while the management sector declined by 4.7 percent annually.
growth rate of 0.7 percent.
The largest employment sector in Chesterfield County is services with nearly 30,000 jobs, or 26 percent of the county's employment. The industry sector is second with 19 percent of the county's jobs. All groupings, except for Leisure & Other Services, declined between 2008-09.
Chesterfield had approximately 0.69 jobs per worker in 2009, below both the Richmond region and Virginia overall. Chesterfield's per worker
employment decreased by two hundredths of a point between 2008-09. Per worker employment in both the Richmond region and Virginia
overall decreased during this time.
The fastest growing sector of Chesterfield's employment between 2000-09, in terms of percentage, has been the health care sector, which grew by an average of 7.3 percent annually. On the other hand, the management of companies sector has declined an average of 4.7 percent per year. More recently, between 2008-09, the arts and entertainment sector had the greatest increase with a 3.5 percent gain in employment, while
the administrative sector had a 21 percent loss of employment.
The region's highest-paying employment sectors were the finance/insurance, professional/technical services, management of companies, wholesale trade, and manufacturing. In Chesterfield, the financial services sector increased two percent between 2008-09, while the manufacturing sector declined 8.2 percent. The professional sector has increased by an average of 6.4 percent annually between 2000-09, while the management sector declined by 4.7 percent annually.
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