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Top 10 Small Markets in the South
the Last 10 Years
By Mike Randle
Methodology: The top 10 Southern small markets
over the last 10 years were chosen based on the results
of the SB&D 100 between 1993-2002 (1992-2001 calendar
years). Under SB&D 100 rules, states, counties and
markets receive 10 points for each corporate expansion,
relocation or startup that makes the SB&D 100. The
SB&D 100 ranks the top 100 job announcements and
top 100 investment announcements made in the South each
calendar year. In addition, five points are earned for
just missed deals. Just missed deals are those that
announce 200 jobs and/or $30 million in investment up
to the SB&D Job 100 and SB&D Investment 100
thresholds that are created each year. For example,
if the 100th-largest job announcement made in the South
was 550 jobs, all job announcements from 200 jobs to
549 are worth five points. The following small markets
are the top 10 earners of points over the last 10 years
of the SB&D 100.
#1 Martinsville, Virginia: 105 Points
The last 10 years have been bitter sweet for Martinsville
and Henry County. The area's largest and second-largest
industries - textiles and furniture manufacturing, have
collapsed. In fact, Martinsville and Henry County have
lost nearly 10,000 jobs since SB&D was founded in
1992 (textiles and furniture have left the rural South
in droves, not just in Martinsville and Henry County).
The SB&D 100, the method this magazine uses to
rank its top markets over the last 10 years, doesn't
deduct points for jobs or industry lost. What it does
is give points for attracting jobs and investment in
large amounts (200 jobs or more and/or $30 million in
investment or more). Why? Big deals have the potential
to transform economies within a year or two.
Our opinion regarding lost industry is this: in almost
every case, the economic development group of a city,
county or state, as well as its entire political structure,
has very little power in retaining industry. If they
are going to go, they're gone. For example, name a market
in the South with a high concentration of textiles,
apparel or furniture that hasn't lost thousands of jobs?
There isn't one.
That being the case, how can you deduct points or,
for that matter, hammer a market for not retaining industry
that is not retainable? You can't justify it. No, economic
development groups should be judged mostly by how many
industries they attract, regardless of their industry
sector. That's how other salespeople are judged. And
economic developers are, for all practical purposes,
salespeople.
Martinsville/Henry County has attracted more companies
and new jobs than any small market (under 100,000 in
population) in the South over the last 10 years. In
fact, while the south-central Virginia area has lost
nearly 10,000 jobs during that time, it has generated
nearly 8,000.
#2 Aiken/Edgefield Counties, South Carolina: 95
Points
No small market in the South has been recognized more
in the SB&D 100 than Aiken, S.C. Charming Aiken,
located just across the border from Augusta, Ga., has
turned some very impressive deals in the last 10 years
beginning with Bridgestone/Firestone in 1997, a $435
million, 1,200-employee announcement.
Tiny Aiken County led South Carolina in capital investment
in 1997 and 1998, and ranked second in 1996 and 2000.
The area, which includes Aiken and Edgefield Counties,
has attracted an array of industries in the last 10
years including distribution, automotive, wood products,
electronics general manufacturing and textiles.
A strong global presence has also emerged in Aiken
and Edgefield Counties. Many companies with international
parent companies, such as Bridgestone/Firestone South
Carolina (Japan), Beaulieu of America (Belgium), SmithKline
Beecham (United Kingdom), SKF USA (Sweden), UCB Chemicals
(Belgium) and Rieter (Switzerland) call the small market
home.
Greeneville/Greene County, Tennessee: 95 Points
This northeast Tennessee market is within a day's drive
of more than 70 percent of the U.S. population. It is
located on Interstate 81, within 50 miles of I-40, I-75
and I-26. Greeneville is where Wal-Mart built one of
its 22 regional distribution centers it has constructed
in the South since 1992, making it the top company in
the region over the last 10 years (see report in this
edition).
Other significant corporate deals announced in Greeneville
include Japanese auto parts maker DTR and Alpine Industries,
a maker of home air and water purification systems.
The community's diverse industrial base of more than
90 industries manufacture a variety of products such
as skyscraper trusses and rollover cabs to bottled water
and paper products. New industry locations and expansions
have resulted in more than 10,000 new jobs and more
than $315 million in corporate investments over the
last 10 years in Greene County.
#4 Tupelo/Lee County, Mississippi: 90 Points
Name the industry sector and you'll find it in Tupelo.
This northeast Mississippi small metro has helped redefine
economic development in the South, not only in the last
10 years, but for over the last 50 years. The economic
development organization in Tupelo (Community Development
Foundation) was one of the first economic development
agencies formed in the U.S. when it opened for business
in 1948. In fact, one of the largest contributions CDF
has made is the collaboration with government in the
building of nine industrial parks in the area. CDF has
been characterized as an organization that is at the
center of innovation, as well as the most significant
creative force in rural American economic and community
development. For more information on Tupelo/Lee County,
read Top 10 Economic Development Organizations feature
in this edition.
Shelby/Cleveland County, N.C. (90 Points)
Cleveland County is home to numerous ISO 9000 certified
companies, and over 40 percent of the work force is
involved in manufacturing. The county has a broad diversity
of manufacturing firms, over forty of which employ 100
or more people. The local economy is also diverse, with
no dependence on any one industry. Truck cabs, compact
discs, transmissions, aircraft parts, ceramic capacitor
material, electric motors and production equipment are
just a few of the items fabricated in Cleveland County.
The presence of Copeland, KEMET, Reliance Electric,
Curtiss-Wright and Fasco are a testament to the quality
of our business environment.
Geography is one of Cleveland County's biggest advantages.
Easy access to Interstate Highways 85, 40, 26 &
77 assures that goods and services flow freely to their
destination from one of 250 trucking firms located throughout
the area. More than half of the nation can be reached
within 24 hours. The market's location certainly adds
value. It is located near Charlotte and Asheville, N.C.
as well as Greenville, S.C., three of the fastest-growing
markets in the South over the last 10 years.
Jackson, Tenn. (90 Points)
Jackson, located between Memphis and Nashville, has
been a consistent Southern small market player over
the last decade. Jackson has been cited by numerous
publications, including this one, Expansion Management,
Plants, Sites and Parks and Demographics Daily for its
economic development performance. It was also cited
by the U.S. Department of Commerce as the 13th fastest-growing
export market in the U.S. in 2000. Not unlike most successful
small markets in the American South, Jackson's employers
fill virtually every industry sector.
Statesville, N.C. (90 Points)
We're unsure we have Statesville's points right. When
doing our research, Statesville was mentioned time and
again by the so-called "experts" that we interviewed.
We admit we could have missed some deals announced in
Statesville since we could find only 90 points turned
by the market from SB&D 100 issues 1993-2002. Statesville
has been named the No. 1 small town for attracting new
and expanding industry by Site Selection magazine in
addition to being cited by dozens of other publications.
Statesville is one of a few small cities in the Carolinas
with two interstates connecting within its boundaries;
I-77 runs north and south, and I-40 east and west.
# 8 Lake City/Columbia County, Fla. (80 Points)
For 10 years, we wondered why the Lake City area of
north Florida didn't turn more deals. Located as you
approach Florida on I-75 from Georgia and east to west
on I-10, you would think this small market would be
swimming in deals. Well, apparently it is. We just didn't
notice since Lake City has never been first, second
or third in the small market category in any of the
10 SB&D 100s.
Wilson, N.C. (80 Points)
Wilson County, N.C. is home to a roster of companies
that even a major market would envy. The small market
located east of Raleigh on I-95 has had particular success
in the life sciences industry. It is home to Merck and
Purdue Pharmaceuticals, as well as Eon Pharma and Leiner
Health Products. Jointly, these companies employ over
1,200 people in their Wilson facilities. Wilson currently
has over 1 million square feet of pharmaceutical manufacturing
space, most of which is less than five years old.
Auburn/Opelika, Ala. (80 Points)
The Auburn-Opelika MSA is Alabama's newest and fastest-growing
metropolitan area in the state, experiencing a 32 percent
growth rate in the 1990s. During the last three years,
industries have announced investments exceeding $140
million and employing over 3,000 persons. Opelika is
home to an 880,000-square-foot Wal-Mart distribution
center and the area's newest company is Afni, Inc. Afni
selected Opelika as the location for a 450 employee
customer service center. Of course Auburn is home to
Auburn University, one of Alabama's largest centers
of higher learning.
Top 20 Small Markets in the South 1992-2001
1. Martinsville/Henry County, Va. (105 Points)
2. Aiken/Edgefield, S.C. (95 Points)
Greeneville/Greene County, Tenn.
(95 Points)
4. Tupelo/Lee County, Miss. (90 Points)
Shelby/Cleveland County, N.C.
(90 Points)
Jackson, Tenn. (90 Points)
Statesville, N.C. (90 Points)
8. Columbia County, Fla. (80 Points)
Wilson County, N.C. (80 Points)
Auburn/Opelika, Ala. (80 Points)
11. Ardmore, Okla. (65 Points)
Lynchburg, Va. (65
Points)
13. Bryan-College Station, Tex. (60 Points)
Bowling Green, Ky.
(60 Points)
15. Greenwood, S.C. (55 Points)
16. Cullman, Ala. (50 Points)
Sherman, Tex. (50
Points)
Jonesboro, Ark.
(50 Points)
19. Elizabethtown, Ky. (45 Points)
Sumter County, S.C.
(45 Points)
Winchester, Va.
(45 Points)
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