A ULI Advisory Services Panel Report
18
export-oriented economic history began in the 1700s
during the agricultural age, with the growth of rice planta-
tions and other cash crops such as cotton and indigo.
Georgetown’s proximity to the water and the confluence
of five rivers created an active port with successful fishing
and shipping industries. With the expansion of the railroad
in the 19th century, forestry and timber evolved with the
industrial age into pulp and lumber production.
The history of commerce from the land to the sea contin-
ued to evolve through each century and continues to affect
the local economy today. The top three sectors with the
most percentage of employment in Georgetown County in-
clude accommodation and food services (NAICS 72), retail
trade (NAICS 44–45), and manufacturing (NAICS 31–33).
Of these, the first two are considered local or service em-
ployment, totaling 35 percent of total county employment
based on 2015 census data. Manufacturing continues to
dominate with the continued operations at International
Paper, which provides approximately 650 direct jobs at its
Georgetown location.
However, the leading sectors providing the highest
percentage of employment may differ from those that
contribute to the county’s economic base. Economic
base analysis is used to understand what industry sec-
tors drive a regional or local economy. The underlying
theme suggests that jobs drive demand for real estate:
in other words, for every job that is created, a multiplier
effect increases overall employment, thus increasing both
population and income within an area benefiting from
such job growth. The corresponding growth (or decline) in
jobs, population, and income corresponds to demand, and
stability, for various commercial and residential uses of
real estate. Two types of jobs exist: those that export their
goods and services outside the community (basic employ-
ment), and those that service the local community (service
or nonbasic employment). Therefore, companies with
basic jobs seeking to locate in an area are the goal of most
economic development officials. These companies occupy
both office and industrial space and are the catalysts for
subsequent growth in housing, retail, and other commer-
cial uses. Factors such as infrastructure, education, and
income also influence workforce development, commuting
patterns, and consumer expenditures.
The region’s employment location quotient, or percentage
of U.S. employment ratios that exceed base industry stan-
dards, identifies which sectors contribute the greatest local
job and economic growth, which drives demand for real
estate and creates tax base for Georgetown. Those with
quotients greater than 1.00 demonstrate higher than U.S.
averages and thus contribute to the local economic base.
Industry sector and subsector employment is reported at
state and county levels, with the top-ranked sectors shown
in the figure on the previous page.
Target Markets
Globalization has affected the market opportunities for the
production of steel and other heavy industrial products,
making the site no longer viable as a location for these
Ruckus: An Indianapolis
Maker Space
In 2015, a portion of the Circle City Industrial Complex
in Indianapolis, Indiana, was transformed into a
maker space called Ruckus, which is an industrial
space with a coworking component for the creation,
prototyping, fabrication, and production of new
products. The project was created as a partnership
between the complex’s owner, Teagen Development
Inc., and three local nonprofit organizations: Riley Area
Development Corporation, People for Urban Progress,
and Pattern. This maker space builds on Indianapolis’s
workforce, which has knowledge of skilled trades
such as woodworking, textiles, and metal working.
Shared equipment, such as laser cutters, photo print
systems, lathes, and bandsaws, as well as microloans
and conference centers allow small entrepreneurs to
start and grow their businesses. Other sections of the
complex house larger tenants, such as a recycling
center, a workforce training center, an art and
community installations company, and a cider and mead
production facility. The city of Indianapolis provided a
$1.5 million grant to help kick-start the project. More
information can be found at www.indyruckus.com/.