High-growth industries, innovation and talent were the featured buzzwords at the State of Durham’s Economy Breakfast Tuesday morning.
The event, held at the Durham Performing Arts Center, brought together entrepreneurs, public sector professionals and job seekers for a presentation and panel discussion focused on the future growth of Durham’s economy. After a catered breakfast, the discussion of Durham’s economic prospects centered on employment, tax-based growth and high-growth industry activity.
Kevin Dick, workforce development administrator and executive director for Durham, led the presentation by focusing on the city’s past success in turning “trials into triumphs,” noting in particular the recent decrease in high school dropout rates from 3.88 percent in 2005-2006 to 2.97 percent in 2007-2008, as well as the fact that the city’s current unemployment rate of 8.6 percent is lower than both the state and national average.
Earlier this month, city officials announced efforts to close Durham’s $13 million budget deficit, largely by finding places to cut spending. City Manager Tom Bonfield noted earlier this month, however, the possibility of a 4 percent increase in property taxes. The increase would provide about $2.2 million in revenue and $8 million to service existing bonds.
Dick noted at Tuesday’s breakfast that the next step in bolstering the local economy is to connect job seekers to high-growth industries like health care and pharmaceuticals.
“We really need to make sure the alumni systems and the career centers of the universities are well-connected to the companies,” Dick said. “We’d be remiss if we didn’t try to make sure that those linkages were smooth and that we’re effectively connecting businesses with job seekers who are the future graduates from our schools.”
The panel was composed of Madhu Beriwal, president and chief executive officer of Innovative Emergency Management; Mary Ann Black, Duke University Health System’s assistant vice president for community affairs; Ryan Allis, chief executive officer and co-founder of iContact; Charles Becker, associate chair of Duke’s economics department; and Antoine Freeman, a graduate of the city’s Brownfields Environmental Technology Job Training Program at Durham Technical Community College.
This group was unanimously optimistic about Durham’s economic prospects and emphasized the need to expand the city’s global reach. Beriwal, whose company is relocating to Durham, said the city is an ideal location for corporate headquarters in the future.
“[Durham] is well placed on the Atlantic Coast by God’s grace,” she said. “[It also] has to do with the educated workforce. We need people with high skills, particularly when you go overseas.”
The event, which included short speeches by Mayor Bill Bell and Bonfield, was attended by numerous figures in the public sector. Ted Conner, vice president of economic development at the Durham Chamber of Commerce, helped plan the event. He said he thought the panel, which was the first of its kind for the annual breakfast, was a decided success.
Deputy City Manager Keith Chadwell echoed Conner’s sentiment.
“Not only was there an academic consideration, but the vast majority of it was shared from an experience base,” Chadwell said. “I thought [the members of the panel] were encouraging and exciting and really wanted us to push forward. I was very happy with it.”
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