Chamber of Commerce

Push to Progress Fayetteville moves to attract businesses to Cumberland County in order to meet BRAC needs. By: Michael Jaenicke W ages are down. Gas prices are soaring. Real estate values are plummeting. Unemployment and the cost of health care have skyrocketed. During the past two years a nation of people have put off vacations, cashed in retirement plans and lived paycheck to paycheck. Cities and counties across America redefined the "bare bones" budget concept. But the greater Fayetteville area has weathered the bleak economic landscape and brutal recession with far more resilience than most of its counterparts. The state's sixth largest city has the second-highest per capita in- come, trailing only Jacksonville. According to the Bureau of Economic Analysis, per captia income in Fayetteville rose 4.8 percent — climbing from $39,054 in 2008 to $40,917 in 2009. In 2010, Fayetteville went from 34th to 18th on the Milken Institute's 200 Best Performing Cities Index. Key factors in the study are how well metropolitan cities create and sustain jobs, wages, general economic growth and the advancement of technology. While home sales have declined nationwide, the average price for pre-existing homes in Fayetteville has shown a steady rise — from $124,547 in 2007 to $135,838 in 2010. Cumberland County has about 300,000 residents, 17 percent of whom come directly from Fort Bragg and Pope Army Air Field. It has been nearly five years since the government announced plans to close some bases and increase the size of others. During that time the acronym BRAC — Base Realignment and Closure — became as common vernacular among greater Cumberland County business leaders and residents as it is for those wearing uniforms. The official date for the completion of a plan that would increase the military presence at Fort Bragg to 56,000 is Sept. 15. That translates into an estimated 15,000 to 40,000 addi- tional people in the area. According to Tim Richardson, Area Vice President for First Citizens Bank, the greater Fay- etteville area will continue to prosper and grow. "Right now we're seeing roughly 300 a month in terms of command forces people," he said. www.FayettevilleNCChamber.org | 45

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