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Highlights:
• One of state's most affluent and well-educated communities
• Young, university-oriented market
• Substantial amount of retail spending
• Sustained level of growth is projected
Orange County is home not only to the University of North Carolina at Chapel Hill, but to the large, affluent and vibrant population that comprises the southwest corner of the Triangle, a retail spending powerhouse.
The Orange County community of 46,755 households is exceedingly well educated: 60% hold a college degree (in Chapel Hill, 80.7% do) Accordingly, incomes are high. The county's average income is $61,609, putting it in the top three affluent counties in the state. Chapel Hill's income is even larger - an average of $77,473 - placing it among the top twenty municipalities. These high incomes and low unemployment translate directly into a substantial amount of retail spending: in 2001 Orange County was estimated to be a $1.1 billion retail market.
Orange County is also a young market. Its median age of 30 places it as the fourth youngest county in the state. Over a third of residents are ages 18-34 and one in five are members of the up-and-coming Millenial generation born since 1982. These consumers spend heavily on attire, entertainment (sports, movies, music and the arts), furniture, and household goods and 25% of them are supporting children.
Orange County is also fast becoming a highly desirable retirement destination. U.S. News and World Report recently ranked Carrboro as one of the top five places to retire.
Orange County is expected to maintain its 3% per year sustainable growth. By the end of five years, it is projected to be home to over 19,000 new high-spending consumers.
Source: NC Department of Commerce, US Census Bureau, SRC, Chapel Hill-Carrboro Chamber of Commerce, Woods and Poole Economics, US Bureau of Economic Analysis
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