HomeMy WebLinkAboutNantucket Economic Base Study Update 2002_201401290851056021
Monitoring the
Nantucket Economy
An Update to the 1993
Nantucket Economic Base Study
June 2002
Sponsored by:
The Nantucket Planning and Economic Development Commission
and
The Nantucket Island Chamber of Commerce
Prepared by:
Nantucket Planning and Economic Development Commission
with assistance from
RKG Associates, Inc.
277 Mast Road
Durham, New Hampshire 03824
Table of Contents
Introduction 1
Executive Summary 3
Employment Change 6
Figure 1 - Average Annual Job Growth - Nantucket and Massachusetts Economies, 1997-2001 6
Figure 2 - Nantucket Employment by Major Sector, 2000 6
Figure 3 - Distribution of Jobs - Nantucket, 2000 7
Figure 4 - Distribution of Jobs - Massachusetts, 2000 7
Table 1 - Monthly Employment Change Nantucket; 1992-2001. 8
Figure 5 - Local Employment Trends and Projections by Major Sector, 1980-2020 9
Labor Force and Unemployment 10
Figure 6 - Nantucket Labor Force - Short Term Analysis, 2001-2002 10
Figure 7 - Local Labor Force Trends by Selected Months; 1992-2001 10
Figure 8 - Unemployment Rate Trends - Nantucket and MA 1991-2001 11
Figure 9 - Range of Unemployment – Nantucket; 1992-2001 11
The Size of the Economy 12
Table 2 - Earnings by Source and by Industry Nantucket and State Data; 1970-2000 13
Table 3 - Change in Earnings – Local and State Data; 1990-2000 14
Table 4 - Analysis of Personal Income Growth Nantucket and Massachusetts, 1970-2000 15
Table 5 - Per Capital Income Comparison Nantucket and Massachusetts, 1970-2000. 16
Table 6 - Estimate of Gross County Product (GCP) As a Percentage of GSP, 2000 17
Table 7 - Retail Businesses and Sales Trends Nantucket; 1987-1997 18
Table 7a- Estimated Current Distribution of Retail Businesses and Sales Nantucket; 2001 18
Table 8 - Retail Sales Estimates and Projections [1] Nantucket; 1997-2020 19
Table 9 - Service Businesses and Sales Trends Nantucket; 1987-1997 20
Changes in the Population 21
Figure 10 - Nantucket Population Growth by Age Group; 1990-2000 21
Income and Wages 22 Table 10 - Mean Household Income Trends and Projections Local and State; 1993-2012 22
Table 11 - Change in Total Wages – Nantucket; 1997-2000 22
Table 12 - Nantucket Wage Data by Sector and Selected Industries; 2000 22
Figure 11 - Average Wage Comparison by Sector, 2000 24
Other Measures of Change 25
Cost of Living 25 Table 13 - Utility Price Comparison Done March 1, 2002 25
Table 14 - Gasoline Price Per Gallon Comparison Done February 28, 2002 25
Table 15 - Retail Space Rents: March 1, 2002 25
Table 16 - Grocery Price Comparisons: February 28, 2002 26
Housing 27 Figure 12 - Residential Units Permitted Nantucket; 1992-Nov. 2001 27
Table 17 - New Construction Permit Activity (1996-Nov. 2001) Nantucket, MA 27
Figure 13 - Total Residential Sales – Nantucket; 1992-2001 28
Figure 14 - Median Res. Sales Price – Nantucket; 1992-2001 28
Figure 15 - Affordability of SF Homes – Nantucket; 2001 28
Table 18 - HUD Median Family Income Statistics Nantucket and Comparative Areas; 2001 30
Transportation 31 Table 19 - Total Aircraft Operations Per Year – 1980 through 2001 31
Table 20 - Nantucket Airport Monthly Enplanements – 1998 and 2000 32
Table 21 - Annual Passenger Traffic to/from Nantucket - Steamship Authority & Hy-Line: 1991-01 32
Table 22 - Auto and Truck Ferry Trips to/from Nantucket 1997 to 2001 33
Conclusions 34
Appendix Tables 35
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 1
INTRODUCTION
This document is the second update to The Nantucket Economic Base Study Report,
prepared by LandUse, Inc. in 1993. The purpose of the 1993 study was to provide a
comprehensive review of available economic information for Nantucket, in order to establish
a baseline for monitoring future economic activity.1 The Economic Base Study also
supported the creation of an economic development strategy and action plan for Nantucket,
which reflected the unique characteristics of the Island’s economy and the values of its
citizens in terms of defining what is “desirable” future economic growth for Nantucket.
The first update of the Economic Base Study was completed in April of 1998 by the firm of
Whiteman and Taintor.2 The 1998 Update provided a review of statistical information that
had changed during the preceding five years, and which happened to coincide with a period
of strong economic recovery following a recession in 1991-1992. The 1998 Update was
more statistical and less policy-oriented in nature. Its purpose was to present a thorough
overview of economic, population, housing, transportation and related information that
could be periodically monitored to measure the Island’s progress toward meeting its
economic development goals. The 1998 Update also noted the potential planning
implications of observed trends.
In 2001, the Nantucket Planning and Economic Development Commission (NP&EDC) and
the Nantucket Chamber of Commerce determined that a second update of the Economic
Base Study would be useful, in order to incorporate findings of the 2000 U.S. Census, as well
as other information sources that had changed since 1997. This second update was prepared
by RKG Associates, Inc. and is presented in the following report. This report is formatted in a
similar manner to the prior studies. Although it is intended to serve as a replacement for the
1998 Update, readers who are interested in comparing recent and longer-term trends are
encouraged to review both reports.
It is important to note that the most recent data available from public and private sources was
used to generate the trend analyses. However, there are some cases where 2001-2002 data
were not available. To this end, in instances where no new data is available, this report
reiterates the findings from the 1997 report. In addition, there are some differences in the
data presented in this report compared to the 1998 Update. The data collected from the
Massachusetts Division of Employment and Training (MDET), is presented in two formats.
First, are the annual employment totals. These data are collected directly from employers as
a requirement of the Commonwealth employment insurance program. As a result, the data
refers to jobs offered by Nantucket-based employers and only includes workers that are
covered by unemployment insurance. This category of employment is referred to below as
“wage and salary” or “covered” employment, and excludes a fairly large percentage of all
employed persons on Nantucket.
1 For the remainder of this document, the original 1993 Report will be referred to as the “Economic Base Study.”
2 The 1998 report was titled Monitoring the Nantucket Economy: An Update to the 1993 Nantucket Economic Base Study. For
the remainder of this document, it will be referred to as the “1998 Update.”
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 2
The second set of data is reported as monthly and annual averages and is used for purposes
of calculating changes in labor force, numbers of persons employed and local area
unemployment rates. The Commonwealth collects these figures through surveys of
households and businesses, as well as Federal estimates on population change. This data is
meant to include all workers and all types of jobs, regardless of whether they are covered by
unemployment insurance. This information is also reported by residence of the worker,
rather than the location of the employer. For purposes of this report, this second measure of
employment is referred to below as “resident” employment.
In addition to MDET data, this section reports data from Woods and Poole Economics, Inc.
(W&P)3. These data were used to provide employment and population projections. Woods
and Poole Inc. maintains its own method of estimating and projecting employment growth
that is not necessarily comparable to either of MDET’s data sets.
For further information about the Nantucket economy, the 1993 Economic Base Study, the
1998 Update or this report, please contact the Nantucket Planning and Economic
Development Commission or the Nantucket Island Chamber of Commerce.
3 Woods and Poole Economics, Inc. is a private data solutions company that provides certain economic and demographic data,
estimates and projections on a user fee basis. Their data was used in instances where local, state, and federal data sources are
incomplete.
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 3
EXECUTIVE SUMMARY
The following points highlight some of the more significant changes on Nantucket’s economy
in comparison to the 1998 Update.
· Although Nantucket has continued to out-perform the Massachusetts’ economy in
terms of overall employment growth, the rate of local job growth has slowed
substantially since 1997, particularly during the summer months.
· Total average annual employment on Nantucket peaked in 1999 and declined in
2000 and 2001. Although this has resulted primarily from a reduction in the number
of workers imported to the Island during the peak summer season, off peak
employment is also declining. The number of employed Nantucket residents in
December of 2001 was the lowest recorded total for that month since 1996.
· Woods and Poole Economics, Inc. (W&P) forecasts that Nantucket’s economy will
add an average of roughly 150 jobs per year through 2020. Nearly 77% of this
projected job growth will occur in retail trade and service industries.
· Nantucket’s unemployment has declined consistently since 1992 and has averaged
below 2.0% since 1998. According to the MDET, Nantucket had an overall average
unemployment rate of 1.5% in 2001, compared to a state average of 3.7%.
· Because of its higher rate of population and job growth, Nantucket out-performed
the Commonwealth in earnings growth from 1990 to 2000, particularly in wage and
salary disbursements. However, earnings growth among Nantucket proprietors grew
by only 33% from 1995 to 2000, less than the state average of 45.5% and slightly
more than half of the 62% increase achieved from 1990 to 1995. This suggests that
both the number of self-employed persons and earnings growth among the self-
employed, have been slowing on Nantucket in recent years.
· Measured in constant dollars, earnings growth on Nantucket averaged 6.6% per year
during the 1990’s. Industries with the fastest rate of earnings growth over the decade
were wholesale trade, which grew at a 24.2% annual rate, and Finance, Insurance
and Real Estate, which grew by 18% per year in real terms. The only private
industries with significantly below average earnings growth were manufacturing (1.5%
per year) and construction, which experienced an average annual earnings growth of
2.3%, roughly a third the growth rate generated by the total economy.
· Island residents had a per capita income of $42,393 in 2000, 112% higher than the
State average. Although Nantucket’s per capita income is still the highest among
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 4
Massachusetts’ 14 counties, the difference between local and statewide income levels
has narrowed over the past decade.
· According to the U.S. Bureau of the Census, Nantucket’s year-round population grew
nearly 6% annually during the 1990’s and reached 9,520 in 2000. Persons aged 35 to
44 accounted for the largest increase in absolute numbers (870 people), while the 45
to 54 year-old cohort exhibited the largest percentage increase (131%) over the
decade. Contrary to prior trends, the number of children and young people (15-24)
increased at rates similar to the total population during the 1990’s, indicating that the
in-migration of adults to the Island included many families with children. As was
noted in the 1993 Economic Base Study and remains true today, Nantucket has a
smaller percentage of population aged 65 and older (10.5%) than Massachusetts
(13.5%) and the number of elderly is growing at a much lower rate than the total
population.
· Despite the fact that Nantucket residents have higher per capita and average
household incomes that the state as a whole, average 2000 weekly wages paid by
Nantucket employers were below the state average in most industries. Nantucket
wages were below the state average in finance, insurance and real estate; wholesale
trade, the transportation, communications and utilities sector; services and
manufacturing. Nantucket wages are comparable to the state average in construction
and above the state average in agriculture, retail trade and government. Local wage
levels do not explain Nantucket’s higher per capita and household incomes
compared to the state average, and suggest that Nantucket’s higher local income
measures are attributable to self-employment and other non-wage related sources
such as investments, rental income, etc.
· A snapshot taken of various cost measures suggest that excluding real estate values,
the relative cost of living on the Island has risen at a rate roughly comparable to Cape
Cod since 1997. Local price premiums associated with gasoline, utilities and grocery
items are similar in percentage terms to the 1998 Update. Fastest rates of increase in
terms of cost are associated with housing and commercial rents.
· Despite a 36% decline in single-family home sales last year, median home prices on
Nantucket doubled from 1997 to 2001, rising from $395,000 to $795,000. The
number of building permits issued for new residential construction during 2001 also
increased over the prior year (from 217 to 227 units), while the average reported
construction cost per unit rose nearly 30%, from $293,000 to $379,800.
· The sharp increase in housing prices has created a severe gap between housing costs
and affordability based on median household income. The Island’s estimated 2001
median household income indicates that the “typical” Nantucket resident can afford
a home ranging between $250,000 and $350,000, depending upon the amount
available for a down payment. The corresponding income required to support a
median-priced Nantucket home valued at $795,000, is $200,000 to $250,000 per
year, again depending upon the amount available for down payment. This indicates
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 5
that many current Nantucket residents would not be able to purchase their current
homes in this market. Given this extreme affordability gap, it is difficult to explain
how the Island has sustained such rapid rates of resident population growth in recent
years. Clearly, much of this growth must have been among renters, and/or
households with substantial available savings for down-payments.
· As suggested by recent downward trends in employment, overall ferry and air
passenger traffic to/from the Island has generally declined since 1999, as have total
aircraft operations and numbers of automobiles and trucks carried by the SSA. It is
too soon to tell whether these traffic reductions have caused a resulting decline in
tourism visitation to the Island, or simply reflect a reduction in general resident and
commuter traffic following a period of extremely strong economic growth from 1997
to 1999.
These observations are explained in more detail in the following pages.
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 6
EMPLOYMENT CHANGE
After a period of rapid job growth
during the mid 1990’s, employment
on Nantucket appears to have
stabilized. According to MDET,
Nantucket “resident” employment
averaged 6,078 in 2001. Although
this annual average has increased by
nearly 1,400 jobs (29.8%) since
1992, “resident” employment on
Nantucket has grown by only 171
jobs or 0.7% annually since 1997 and
has actually declined since 1999.
This same measure grew at a 2.8%
annual rate from 1993 to 1997.
As seen in Figure 1, the rate of annual
employment change on Nantucket
remains almost 3 times higher than
the Commonwealth as a whole,
which has experienced virtually no
resident job growth (0.26% per year)
since 1997. The seasonal pattern of
job growth also remains consistent
with that observed in the 1998
Update, with employment in January
through March (Winter) increasing at
a faster rate than June through August
(Summer). However, annual resident
job growth for all months has slowed
substantially when compared to the
1993-1997 period.
Nantucket had a wage and salary
employment base of 5,698 jobs in
2000. Of this total, the retail trade
(34.6%) and services (27.2%) sectors provided by far the largest share of jobs, totaling 3,517
or 61.8% of total covered employment. (See Figure 2). The government and construction
1.72%
0.23%
0.72%
0.26%
0.00%
0.40%
0.80%
1.20%
1.60%
2.00%
Jan-Mar Jun-Aug Nantucket
Ann. Avg.
MA Ann.
Avg.
Average Annual Job Growth
Nantucket and Massachusetts Economies, 1997-2001
Source: Massachusetts Division of Employment and Training, 2002
Figure 1
Nantucket Employment
by Major Sector, 2000
0 500 1,000 1,500 2,000
Retail
Serv.
Gov't
Const.
TCPU
Agri.
FIRE
Whole.
Manu.Total Employment:
5,698
Source: Massachusetts Division of Employment and Training, 2002
Figure 2
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 7
sectors comprise a much smaller share of employment with 664 and 474 jobs, respectively,
while the remaining four industries collectively provided 915 jobs.
Compared to the 1995 percentage
distribution of Nantucket jobs by
industry, the trade sector
experienced a slight decline in
employment share, dropping from
37% in 1995 to just below 35% in
2000.4 The percentage of jobs in
government also declined from
13% to 12% of the Island’s total
job base. The percentage of local
jobs in services, agriculture and the
transportation, communications
and public utilities (TCPU) sectors
grew slightly as a share of covered
employment between 1995 and
2000, while the remaining industry
sectors were unchanged. If these
trends continue, services will
gradually approach and surpass
retail trade as Nantucket’s largest
industry.
Nantucket has a significantly
different employment base than
that of the Commonwealth of
Massachusetts, as shown in Figures
3 and 4. When comparing the
employment breakdown with
Massachusetts as a whole,
Nantucket is shown to have a
much higher concentration of
retail trade jobs (34.6%) than the
Commonwealth (17.5%). Also,
the percentage of jobs in
construction, TCPU and
agriculture is much higher on the
Island than statewide. By
comparison, the Commonwealth
has a significantly higher presence
of manufacturing jobs (13.3% of
total employment) than Nantucket
4 See Figure 3 (page 5) in the 1998 Update.
Source: Massachusetts Division of Employment and Training, 2002
Figure 3
Distribution of Jobs
Nantucket, 2000
Retail
34.6%
Serv.
27.2%
Gov't
11.7%Const.
8.3%
TCPU
5.7%
Agri.
5.0%
FIRE
3.9%
Whole.
2.2%
Manu.
1.5%
Distribution of Jobs
Massachusetts, 2000
Retail
17.5%
Serv.
35.4%
Gov't
12.5%
TCPU
4.3%
Const.
4.0%
Manu.
13.3%
Whole.
5.4%FIRE
6.8%
Agri.
0.7%
Source: Massachusetts Division of Employment and Training, 2002
Figure 4
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 8
(1.5%). Due to the Island’s tourism-based economy, trade and services are likely to remain
the dominant industry sectors on Nantucket’s economy.
Not surprisingly, the monthly employment trends continue to indicate that Nantucket has a
much larger employment base during the peak summer tourism season than during the
winter months. In 2001, the MDET estimated that Nantucket “resident” employment
reached a low of 4,190 in January and peaked in July at 8,802, a 110% variation. In previous
years, the difference in employment totals between lowest and highest months varied by as
many as 5,113 jobs (132%) in 1997. This narrowing “seasonality” of Nantucket employment
reflects both a faster rate of employment growth in the off-season and an apparent reduction
in summer hiring in recent years
As seen in Table 1, Nantucket’s maximum or peak season monthly employment rose each
year from 1992 through 1999, reaching a high of 9,372 in August of 1999. Since that time,
however, employment has been on a consistently downward trend. Compared to the same
months in 1999, employment in July and August of 2001 was down 4.6% and 6.1%,
respectively. Table 1 also indicates that average annual resident employment on Nantucket
peaked at 6,346 in 1999 and has also declined in each of the past two years. The average
total employment has decreased from 6,346 in 1999 to 6,078 in 2001, a reduction of 4.2%.
A comparison of the monthly data shows a reduction in same-month employment for every
month since January of 1999, with the rate of decline accelerating during the last three
months of 2001. The number of employed Nantucket residents in December of 2001 was
the lowest total for that particular month since 1996.
Because the retail trade and service industries experience the largest seasonal fluctuation in
employment, most of the recent reductions in July and August job levels were also in trade
and services. From employment data alone, it is difficult to determine whether recent
seasonal job losses reflect a general downturn on Nantucket’s tourism economy. It is possible
Table 1
Monthly Employment Change
Nantucket; 1992-2001
Month 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
January 3,157 3,370 3,563 3,779 3,751 3,932 4,319 4,291 4,278 4,190
February 3,036 3,341 3,487 3,669 3,654 3,883 4,319 4,331 4,297 4,196
March 3,163 3,442 3,593 3,841 3,792 4,043 4,368 4,420 4,467 4,287
April 3,596 3,736 4,191 4,154 4,245 4,517 4,966 5,104 5,169 5,103
May 4,496 4,698 5,231 5,152 5,491 5,794 6,253 6,124 6,291 6,043
June 6,168 6,698 7,190 7,128 7,311 7,713 8,107 8,196 8,132 7,817
July 6,973 7,814 8,080 8,183 8,400 8,264 9,250 9,372 9,136 8,802
August 7,155 7,778 8,048 8,235 8,477 8,996 9,102 9,282 8,903 8,588
September 5,909 6,502 6,739 6,812 6,865 7,388 7,651 7,798 7,531 7,253
October 4,837 5,334 5,688 5,722 5,788 6,203 6,419 6,541 6,558 6,332
November 3,982 4,329 4,591 4,584 4,806 5,045 5,346 5,442 5,504 5,330
December 3,734 4,173 4,375 4,482 4,572 5,107 5,150 5,256 5,152 4,993
Annual Average 4,684 5,101 5,398 5,478 5,596 5,907 6,271 6,346 6,285 6,078
Maximum 7,155 7,814 8,080 8,235 8,477 8,996 9,250 9,372 9,136 8,802
Minimum 3,036 3,341 3,487 3,669 3,654 3,883 4,319 4,291 4,278 4,190
Difference 4,119 4,473 4,593 4,566 4,823 5,113 4,931 5,081 4,858 4,612
SOURCE: Massachusetts Division of Employment and Training
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 9
that these trends simply reflect a growing difficulty among employers in finding and housing
seasonal workers during the summer months.
Woods and Poole Economics, Inc. (W&P) prepares and annually updates economic and
demographic forecasts for all counties in the U.S. According to the latest available estimates
prepared by that source, Nantucket’s employment growth should remain strong over the
foreseeable future, averaging roughly 150 jobs per year through 2020.5 As seen in Figure 5,
W&P forecasts that future employment growth will continue to concentrate in the retail trade
and service sectors, which are projected to account for 77% of future job growth. This
finding is consistent with historical employment growth trends on the Island. The
construction and government sectors are also projected to experience employment growth,
but at a much slower pace (about 1.3% per year) than trade and service jobs. Almost all of
the remaining market sectors are projected to maintain their current employment levels.
Only the manufacturing sector is projected to decline in employment into the near future.
These projections are obviously based on historical trends and assume that there will be no
resource capacity constraints to economic growth over the forecast period.
5 Woods & Poole’s latest forecast was prepared using 2000 data and does not reflect the 2001 downturn in the U.S. economy
or the impact of September 11 on tourism travel. W&P’s 2001 employment estimates for Nantucket are significantly higher than
those reported by MDET.
Source: Woods & Poole Economics, Inc.
Figure 5
Local Employment Trends and Projections
by Major Sector, 1980-2020
0
1,000
2,000
3,000
4,000
1980 1985 1990 1995 2000 2005 2010 2015 2020
Manu.
Whole.
FIRE
Agri.
TCPU
Const.
Gov't
Serv.
Retail
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 10
LABOR FORCE AND UNEMPLOYMENT
Nantucket’s labor force changes on
a seasonal basis, in a similar
pattern to employment. Figure 6
shows the monthly change in
Nantucket’s labor supply, from
January of 2001 through May,
2002. Figure 6 shows that the
total labor force peaked in July of
2001 at nearly 9,000 workers, and
reached lows in January of 2001
(4,342 workers) and 2002 (4,360
workers). As mentioned in the
discussion of employment trends,
most of the Island’s seasonal jobs
are in retail trade and service
industries. Based on the seasonal
fluctuation of the labor force, it
appears that most of these jobs are
either (a) held by workers who do
not live on Nantucket year-round,
or (b) held by Nantucket residents
who enter and leave the labor
force on a seasonal basis.
Figure 7 details the changes in
seasonal labor supply over the past
10 years for four representative
months of February, May, August
and November. As seen in this
graphic, the Island’s available labor
force in August is substantially
larger than the other months,
while February is consistently the
smallest. It is important to note
that while the size of Nantucket’s
labor force fluctuates seasonally,
the overall growth trends appear
to be relatively consistent across all
seasons. As seen in the graphic, labor force availability has generally declined since 1999,
with the largest reduction occurring during the month of August. The graphic also shows a
Nantucket Labor Force
Short Term Analysis, 2001-2
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Source: Massachusetts Division of Employment and Training, 2002
Figure 6
Local Labor Force Trends
by Selected Months; 1992-2001
2,000
4,000
6,000
8,000
10,000
1992199319941995199619971998199920002001Feb.May Aug.Nov.
Source: Massachusetts Division of Employment and Training, 2002
Figure 7
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 11
significant increase in the February labor force estimate between 1996 and 1998, followed
by a marginal decline since that time. This suggests that growth of the Island’s year-round
resident labor force may be slowly abating.
Figure 8 compares the unemployment
rate for Nantucket and Massachusetts,
and shows that the Island has had a lower
unemployment rate than the state
average throughout the entire period.
Because the Island’s labor force has
declined along with employment, the
local unemployment rate has not
significantly increased since 1999. In fact,
Nantucket’s unemployment rate has
declined consistently since 1992 and has
averaged below 2.0% since 1998.
According to the MDET, Nantucket had
an overall average unemployment rate of
1.5% in 2001, compared to the state
average of 3.7% for the same year.
Figure 9 shows the trend in the total
number of unemployed Nantucket
residents since 1992. The maximum
and minimum values represent the
months with the lowest (typically
August) and highest (typically January
or February) number of unemployed
workers during each year. As the
Figure shows, both the total number
of unemployed and the seasonal
variation in unemployment has
declined steadily since 1992. The
maximum number of unemployed
residents in any month has declined
from more than 450 in 1992, to only
156 in 2001.6 Figure 9 also shows
that Nantucket has effectively
remained at full employment, despite
the job losses experienced since
1999. This suggests that rather than laying off residents, island businesses may have been
importing fewer seasonal workers in recent years.
6 Figure 9 does not reveal the fact that that the number of unemployed workers on Nantucket began to trend upward in July of
2001, mirroring the downturn of the national economy.
Unemployment Rate Trends
Nantucket and MA. 1991-2001
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%1992199319941995199619971998199920002001Nantucket Massachusetts
Range of Unemployment
Nantucket; 1992-2001
0
100
200
300
400
500
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001Number of WorkersMaximum Minimum
Source: Massachusetts Division of Employment and Training, 2002
Figure 9
Source: Massachusetts Division of Employment and Training, 2002
Figure 8
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 12
THE SIZE OF THE ECONOMY
Several indicators of the overall size and recent growth of the Island’s economy are presented
in the following section. These indicators include changes in earnings, personal income, per
capita income, gross domestic product and annual gross receipts of retail trade and service
industries. Each indicator provides a slightly different perspective on the performance of the
total economy and its individual industries.
As its name suggests, “earnings” measure the total earned income generated by the economy,
including wages and other sources of business income. According to the U.S. Bureau of
Economic Analysis, Nantucket County had earnings totaling slightly less than $208 million in
2000. This total represents an increase of 29.7% from the 1996 number reported in the
1998 Update. The Commonwealth was reported to have a total 2000 earnings level of
approximately $151.4 billion, indicating that Nantucket comprised 0.159% of statewide
earnings.
As seen in Table 2, the breakout of types of earnings between Nantucket and Massachusetts
is significant. Nantucket residents gain a substantial portion of total earnings from
proprietor’s income (22.3%), while Commonwealth earnings from proprietor’s income only
totals 10.2%. Wage and salary disbursements on Nantucket account for 70.5% of all
earnings, compared to 81.6% statewide. This difference is due to the disproportionate
amount of sole proprietor and partnership income generated on Nantucket. In other words,
there is a higher concentration of business owners on Nantucket than in the Commonwealth
as a whole.
Table 2 also provides a history and projection of Nantucket earnings by major industry group,
from 1990 through 2020. These estimates and forecasts were prepared by W&P based on
BEA data and are roughly comparable to the BEA estimates for 1990 and 2000. However,
W&P’s earnings data are presented in constant (inflation adjusted) rather than current dollars,
which accounts for the lower dollar values attached to W&P’s 1990 and 2000 earnings
estimates. W&P reports that Island’s largest industries in 2000, based on earnings, were
services (27.6% of total earnings), retail trade (24.7%), construction (14.4%) and government
(12.4%). Collectively, the five remaining industry groups accounted for less than 20% of total
earnings in 2000.
According to W&P, real earnings of Nantucket’s industries grew at an annual rate of nearly
$9.9 million or 6.6% during the past decade. Among specific industries, the fastest growing
over the past decade were wholesale trade, which grew at a 24.2% annual rate, and FIRE,
which grew by 18% per year. Annual earnings growth in retail trade (8.5%), services (6.5%),
TCPU (7.8%) and agricultural services (6.2%) was roughly comparable to the total economy,
while earnings in the government sector grew by 5.3% per year. The only private industries
with significantly below average earnings growth were manufacturing at 1.5% per year and
construction, which experienced an average annual earnings growth of 2.3%. This latter
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 13
finding is somewhat unexpected, given the fact that Nantucket is generally perceived to have
experienced a building boom over much of the past decade. This slower earnings growth in
the construction industry may indicate that not all growth in construction spending actually
benefited Nantucket-based contractors.
In terms of earnings growth, Nantucket’s economy outperformed Massachusetts over the past
decade. Between 1990 and 2000, the total earnings of Nantucket businesses and residents
increased 128.9%, or 12.9% annually. This compares to a total statewide earnings increase
of 79.0% or 7.9% annually over the same period (see Table 3). This trend is consistent with
the findings from the 1998 Update, which showed that earnings growth on Nantucket
County was substantially higher than the entire Commonwealth, due primarily to the faster
rate of job growth on the Island.
Table 2
Earnings by Source and by Industry
Nantucket and State Data; 1970-2000
NANTUCKET 1970 1975 1980 1985 1990 1995 2000
Total Earnings (in $000's of Current $)
Wage and salary disbursements $9,264 $16,265 $27,813 $56,673 $86,936 $126,311 $207,993
Other labor income $623 $1,660 $3,144 $7,116 $11,304 $16,030 $21,044
Proprietors' income $4,033 $5,743 $10,392 $22,751 $30,591 $49,512 $65,849
TOTAL $13,920 $23,668 $41,349 $86,540 $128,831 $191,853 $294,886
Percent of Total
Wage and salary disbursements 66.6%68.7%67.3%65.5%67.5%65.8%70.5%
Other labor income 4.5%7.0%7.6%8.2%8.8%8.4%7.1%
Proprietors' income 29.0%24.3%25.1%26.3%23.7%25.8%22.3%
MASSACHUSETTS 1970 1975 1980 1985 1990 1995 2000
Total Earnings
Wage and salary disbursements $17,024,332 $23,094,932 $37,575,452 $60,269,248 $83,144,989 $99,350,028 $151,352,144
Other labor income $1,224,092 $2,241,157 $4,552,963 $7,650,437 $11,062,920 $13,325,485 $15,292,916
Proprietors' income $1,709,007 $2,193,391 $3,881,652 $6,507,662 $9,447,710 $12,965,376 $18,868,702
TOTAL $19,957,431 $27,529,480 $46,010,067 $74,427,347 $103,655,619 $125,640,889 $185,513,762
Percent of Total
Wage and salary disbursements 85.3%83.9%81.7%81.0%80.2%79.1%81.6%
Other labor income 6.1%8.1%9.9%10.3%10.7%10.6%8.2%
Proprietors' income 8.6%8.0%8.4%8.7%9.1%10.3%10.2%
Nantucket Earnings by Industry
(In Million of 1996$)1990 2000 2010 2020 1990-00 2000-10 2010-20
Agricultural Services, Other $6.01 $9.76 $10.66 $12.29 $0.38 $0.09 $0.16
Construction & Mining $31.39 $38.50 $46.29 $54.02 $0.71 $0.78 $0.77
Manufacturing $2.12 $2.44 $2.65 $2.86 $0.03 $0.02 $0.02
TCPU $7.24 $12.88 $13.50 $14.82 $0.56 $0.06 $0.13
Wholesale Trade $1.32 $4.51 $5.64 $7.12 $0.32 $0.11 $0.15
Retail Trade $33.23 $61.45 $79.92 $104.16 $2.82 $1.85 $2.42
FIRE $7.07 $19.80 $25.37 $31.76 $1.27 $0.56 $0.64
Services $41.79 $68.84 $94.16 $129.52 $2.71 $2.53 $3.54
Government $20.30 $31.02 $37.24 $45.50 $1.07 $0.62 $0.83
TOTAL $150.47 $249.20 $315.43 $402.05 $9.87 $6.62 $8.66
Annual Percent Change
Agricultural Services, Other 4.0%3.9%3.4%3.1%6.2%0.9%1.5%
Construction & Mining 20.9%15.4%14.7%13.4%2.3%2.0%1.7%
Manufacturing 1.4%1.0%0.8%0.7%1.5%0.9%0.8%
TCPU 4.8%5.2%4.3%3.7%7.8%0.5%1.0%
Wholesale Trade 0.9%1.8%1.8%1.8%24.2%2.5%2.6%
Retail Trade 22.1%24.7%25.3%25.9%8.5%3.0%3.0%
FIRE 4.7%7.9%8.0%7.9%18.0%2.8%2.5%
Services 27.8%27.6%29.9%32.2%6.5%3.7%3.8%
Government 13.5%12.4%11.8%11.3%5.3%2.0%2.2%
TOTAL 100.0%100.0%100.0%100.0%6.6%2.7%2.7%
SOURCE: Bureau of Economic Analysis and Woods & Poole, Inc.
Average Annual Change
Percent Distribution of Earniungs Average Annual Percent Change
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 14
Among the different categories earnings, Nantucket residents had the highest earnings growth
in wage and salary disbursements, at 139.2% over the decade. It is also significant to note
that earnings growth was significantly lower in percentage terms in the proprietors’ and other
labor categories over the second half of the last decade, compared to the first half. In
particular, earnings growth among proprietors grew by only 33% from 1995 to 2000, less
than the state average of 45.5% and substantially less than the 62% increase achieved from
1990 to 1995. This suggests that the number of self-employed Nantucket residents, and/or
the rate of earnings growth among the self-employed, has been slowing in recent years.
Table 4 details growth trends in personal income for Nantucket and Massachusetts from 1970
through 2000. Due in large part to its faster rate of population growth, Nantucket has
experienced greater personal income growth than Massachusetts as a whole over the past 30
years. More recently, personal income on Nantucket increased over 11.7% annually between
1990 and 2000, compared to a statewide growth rate of 7.3% over the decade. Consistent
with the data presented above, the difference between Nantucket’s annual rate of personal
income growth and the State average from 1995 to 2000, was the narrowest of any of the
five-year periods covered in the table.
Table 3
Change in Earnings
Local and State Data; 1990-2000
% Change
1990 1995 2000 '90-'95 '95-'00 '90-'00
NANTUCKET
Total Earnings
Wage and salary disbursements $86,936 $126,311 $207,993 45.3%64.7%139.2%
Other labor income $11,304 $16,030 $21,044 41.8%31.3%86.2%
Proprietors' income $30,591 $49,512 $65,849 61.9%33.0%115.3%
TOTAL $128,831 $191,853 $294,886 48.9%53.7%128.9%
MASSACHUSETTS
Total Earnings
Wage and salary disbursements $83,144,989 $99,350,028 $151,352,144 19.5%52.3%82.0%
Other labor income $11,062,920 $13,325,485 $15,292,916 20.5%14.8%38.2%
Proprietors' income $9,447,710 $12,965,376 $18,868,702 37.2%45.5%99.7%
TOTAL $103,655,619 $125,640,889 $185,513,762 21.2%47.7%79.0%
SOURCE: Bureau of Economic Analysis
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 15
The above trends are due primarily to two factors. First, Nantucket has experienced much
faster population growth among persons in wage-earning age groups, than the State as a
whole. Faster rates of increase in the number of wage earners will produce faster increases
personal income. Second, wage earners on Nantucket have higher incomes than in other
parts of the Commonwealth. If these new and existing residents experience a larger increase
in annual income due to their higher base earnings, total personal income will also increase
at a faster rate.
This finding is corroborated by trends in per capita income growth. In 2000, W&P ranked
Nantucket first (highest) in per capita income and third in average household income among
the Commonwealth’s 14 counties. As seen in Table 5, per capita income on Nantucket has
historically been higher than the State average. According to the US Department of
Commerce, Bureau of Economic Analysis (BEA), Nantucket residents had a per capita income
of $42,393 in 2000. This figure was 112% of the State average of $37,704. However, the per
capita income gap between Nantucket and the rest of Massachusetts and has been closing
over the past decade. Since 1990, the annual percentage change in per capita income has
actually been higher statewide (6.2%) than on Nantucket (3.4%).
Table 4
Analysis of Personal Income Growth (in $000s)
Nantucket and Massachusetts, 1970-2000
NANTUCKET 1970 1975 1980 1985 1990 1995 2000
Earnings by place of work $13,920 $23,668 $41,349 $86,540 $128,831 $191,853 $294,886
LESS: Personal contrb. for social insurance $439 $902 $1,681 $4,340 $6,825 $10,783 $15,881
PLUS: Adjustment for residence ($542)($802)($896)($2,541)($3,652)($4,825)($7,921)
Net earnings by place of residence $12,939 $21,964 $38,772 $79,659 $118,354 $176,245 $271,084
PLUS: Dividends, interest, and rent $6,165 $8,962 $19,420 $36,453 $59,289 $74,617 $108,340
PLUS: Transfer payments $2,121 $5,251 $6,761 $9,847 $13,829 $21,665 $26,993
Personal income $21,225 $36,177 $64,953 $125,959 $191,472 $272,527 $406,417
Nonfarm personal income $21,225 $36,177 $64,953 $125,959 $191,472 $272,527 $406,417
Farm income $0 $0 $0 $0 $0 $0 $0
MASSACHUSETTS 1970 1975 1980 1985 1990 1995 2000
Earnings by place of work $19,957,431 $27,529,480 $46,010,067 $74,427,347 $103,655,619 $125,640,889 $185,513,762
LESS: Personal contrb. for social insurance $623,358 $1,062,628 $1,904,969 $3,718,675 $5,568,242 $7,147,950 $10,390,274
PLUS: Adjustment for residence ($108,699)($154,046)($478,961)($1,360,213)($2,099,398)($2,703,449)($4,716,534)
Net earnings by place of residence $19,225,374 $26,312,806 $43,626,137 $69,348,459 $95,987,979 $115,789,490 $170,406,954
PLUS: Dividends, interest, and rent $3,824,403 $5,123,604 $9,545,831 $17,575,719 $26,456,897 $30,199,135 $41,140,682
PLUS: Transfer payments $2,538,995 $5,663,443 $8,156,681 $11,404,509 $17,327,496 $24,062,943 $28,140,562
Personal income $25,588,772 $37,099,853 $61,328,649 $98,328,687 $139,772,372 $170,051,568 $239,688,198
Nonfarm personal income $25,513,096 $37,024,739 $61,219,141 $98,159,986 $139,621,428 $169,900,948 $239,573,574
Farm income $75,676 $75,114 $109,508 $168,701 $150,944 $150,620 $114,624
NANTUCKET, AS A % OF MASS.1970 1975 1980 1985 1990 1995 2000
Earnings by place of work 0.070%0.086%0.090%0.116%0.124%0.153%0.159%
LESS: Personal contrb. for social insurance 0.070%0.085%0.088%0.117%0.123%0.151%0.153%
PLUS: Adjustment for residence 0.499%0.521%0.187%0.187%0.174%0.178%0.168%
Net earnings by place of residence 0.067%0.083%0.089%0.115%0.123%0.152%0.159%
PLUS: Dividends, interest, and rent 0.161%0.175%0.203%0.207%0.224%0.247%0.263%
PLUS: Transfer payments 0.084%0.093%0.083%0.086%0.080%0.090%0.096%
Personal income 0.083%0.098%0.106%0.128%0.137%0.160%0.170%
Nonfarm personal income 0.083%0.098%0.106%0.128%0.137%0.160%0.170%
Farm income 0.000%0.000%0.000%0.000%0.000%0.000%0.000%
ANNUAL PERCENT CHANGE '70-'75 '75-'80 '80-'85 '85-'90 '90-'95 '95-'00 90-'00
Nantucket 14.1%15.9%18.8%10.4%8.5%9.8%11.2%
Massachusetts 9.0%13.1%12.1%8.4%4.3%8.2%7.1%
SOURCE: Bureau of Economic Analysis
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 16
This factor may be explained by the slowing growth rate in proprietors’ income noted above,
or the fact that Nantucket has not experienced job growth in high-valued, high-technology
manufacturing and service industries, that has characterized the Massachusetts’ economy
over the last half of the 1990s. It is also likely that the narrowing gap in per capita income
between Nantucket and the rest of Massachusetts is due in part to a recent increase in the
number of families with children on the Island, which has in turn reduced the proportion of
wage earners relative to the total population.
It is also important to note that the per capita income measure reported by the Bureau of
Economic Analysis is higher than the estimate of $31,314 reported by Nantucket respondents
to the 2000 U.S. Census. The reported per capita income by Nantucket residents was 20.7%
higher than the Massachusetts average of $25,952, according to the 2000 Census. Nantucket
also exceeded the statewide measure of median household income by a smaller margin of
9.9% ($55,522 compared to $50,502) and median family income by 8.3% ($66,786
compared to $61,664). Again, the difference in per capita income between Nantucket and
the State Average is significantly larger that these other income measures. This suggests that
higher income levels on the Island may be due primarily to the presence of more wage
earners relative to the total population, rather than the fact that Nantucket residents are
significantly more affluent that the State as a whole.
Table 5
Per Capita Income Comparison
Nantucket and Massachusetts, 1970-2000
NANTUCKET 1970 1975 1980 1985 1990 1995 2000
Personal income (in $000s)$21,225 $36,177 $64,953 $125,959 $191,472 $272,527 $406,417
Population 3,832 5,460 5,100 5,765 6,055 7,538 9,587
Per capita income $5,539 $6,626 $12,736 $21,849 $31,622 $36,154 $42,393
MASSACHUSETTS
Personal income (in $000s)$25,588,772 $37,099,853 $61,328,649 $98,328,687 $139,772,372 $170,051,568 $239,688,198
Population 5,703,706 5,762,138 5,746,075 5,880,734 6,022,639 6,141,445 6,357,072
Per capita income $4,486 $6,439 $10,673 $16,720 $23,208 $27,689 $37,704
NANTUCKET, AS A % OF MASS.
Personal income 0.083%0.098%0.106%0.128%0.137%0.160%0.170%
Population 0.067%0.095%0.089%0.098%0.101%0.123%0.151%
Per capita income 123.5%102.9%119.3%130.7%136.3%130.6%112.4%
ANNUAL PCI PERCENTAGE GROWTH '70-'75 '75-'80 '80-'85 '85-'90 '90-'95 '95-'00 '90-'00
Nantucket 3.9%18.4%14.3%8.9%2.9%3.5%3.4%
Massachusetts 8.7%13.2%11.3%7.8%3.9%7.2%6.2%
SOURCE: Bureau of Economic Analysis
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 17
Another measure of the size of a given economy is Gross Domestic Product (GDP). GDP
measures all of the productivity in the United States, including all forms of economic activity
and transfers. While this analysis is not performed at the county level, it is possible to
estimate county-level GDP by comparing the total employment and personal income of a
county with the Commonwealth totals, and then applying a similar ratio to the Gross State
Product measured by the
U.S. Bureau of Economic
Analysis (BEA). As shown
in Table 6, RKG estimates
that Nantucket comprised
roughly 0.172% of the
Commonwealth’s GDP in
2000. This equates to a
Gross County Product of
$489.5 million in that
year.
A final indicator of the size of the economy is the annual output or sales of trade and service
industries. As mentioned previously, the retail trade and service sectors constitute the largest
portion of Nantucket’s employment base. Tables 7 and 7a provide detailed retail sales trends
and current (2001) estimates by store type, as reported by the U.S. Bureau of the Census and
Claritas, Inc. of Arlington, VA. Retail sales projections from 1990n through 2020 were
obtained from W&P and are provided in Table 8. Comparable sales trend data for the
Island’s service industries appear in Table 9.
According to the U.S. Census Bureau, there were 251 retail establishments on Nantucket in
1997, which generated an estimated $244.2 million in annual sales. Eating & drinking places
(73), miscellaneous retail stores (63) and apparel stores (51) comprised most of Nantucket’s
retail businesses at that time. In terms of total annual sales, eating & drinking establishments
($48.4 million), food stores ($48.2 million) and building materials stores ($41.7 million) had
the highest annual sales receipts. Building materials and food stores also had the highest
average per store sales at $4.6 million and $2.5 million, respectively.
Not adjusted for inflation, total retail sales on Nantucket increased by nearly $100 million
(68.6%) between 1992 and 1997, while the number of retail businesses also increased by 52
(26%). Yet despite the rapid increase in store counts, average sales per store also grew by
roughly 34%. This indicates that in addition to sales growth attributed to larger numbers of
stores, existing stores experienced an overall growth of sales. In short, the retail trade sector
on Nantucket experienced strong growth during this period. In fact, every store type
experienced an increase in total sales regardless of the change in establishments.
Current (2001) estimates of Nantucket retail sales by store type were obtained from Claritas,
Inc. and appear in Table 7.a. Claritas is a national provider of demographic and business
data, and its updated retail sales estimates are the source of Sales and Marketing
Management’s Annual Survey of Buying Power, which is widely used by the retail industry.
Although these current estimates are projected from the U.S. Census of Retail Trade, results
are not entirely comparable to the Census Bureau estimates.
Table 6
Estimate of Gross County Product (GCP)
As a Percentage of GSP, 2000
Nantucket Massachusetts % of State
Employment 5,698 3,273,735 0.174%
Total Personal Income (in $000s)$406,417 $239,688,198 0.170%
Average Share 0.172%
Massachusetts GSP (in $000s)$284,934,000
Estimated GCP (in $000s)$489,535
SOURCE: Bureau of Economic Analysis / Woods and Poole, Inc.
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 18
Table 7
Retail Businesses and Sales Trends
Nantucket; 1987-1997
1987 1992 1997 1987 1992 1997 1987 1992 1997
Gross Numbers
Building Matr.8 4 9 $16,780 $19,164 $41,667 $2,098 $4,791 $4,630
General Merc.1 1 1 N/A N/A N/A N/A N/A N/A
Food Stores 18 14 19 $21,006 $24,704 $48,249 $1,167 $1,765 $2,539
Auto Dealers 5 6 8 $13,556 $9,683 $15,258 $2,711 $1,614 $1,907
Gas Stations 2 4 3 $6,114 $5,042 $7,166 $3,057 $1,261 $2,389
Apparel et al 30 28 51 $8,660 $14,131 $31,996 $289 $505 $627
Furniture et al 9 9 16 $1,943 $4,064 $10,009 $216 $452 $626
Eating, Drinking 57 68 73 $23,118 $35,741 $48,442 $406 $526 $664
Drug Stores 3 3 8 $2,540 $3,855 $8,055 $847 $1,285 $1,007
Misc. Retail 51 62 63 $18,324 $28,452 $33,310 $359 $459 $529
Total 184 199 251 $112,041 $144,836 $244,152 $609 $728 $973
Percentage of Totals
Building Matr.4.3%2.0%3.6%15.0%13.2%17.1%344.5%658.3%476.0%
General Merc.0.5%0.5%0.4%N/A N/A N/A N/A N/A N/A
Food Stores 9.8%7.0%7.6%18.7%17.1%19.8%191.7%242.4%261.1%
Auto Dealers 2.7%3.0%3.2%12.1%6.7%6.2%445.2%221.7%196.1%
Gas Stations 1.1%2.0%1.2%5.5%3.5%2.9%502.0%173.2%245.6%
Apparel et al 16.3%14.1%20.3%7.7%9.8%13.1%47.4%69.3%64.5%
Furniture et al 4.9%4.5%6.4%1.7%2.8%4.1%35.5%62.0%64.3%
Eating, Drinking 31.0%34.2%29.1%20.6%24.7%19.8%66.6%72.2%68.2%
Drug Stores 1.6%1.5%3.2%2.3%2.7%3.3%139.0%176.6%103.5%
Misc. Retail 27.7%31.2%25.1%16.4%19.6%13.6%59.0%63.1%54.4%
Total 100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
SOURCE: Census of Retail Trade
Count Receipts ($000s)Sales Per Business (in $000s)
Table 7a
Estimated Current Distribution of Retail Businesses and Sales
Nantucket; 2001
2001 Total Sales Sales/Business
Establishments ($000s)($000s)
Gross Numbers
Building Materials 16 $22,300 $1,394
General Merchandise 2 $400 $200
Food Stores 16 $31,200 $1,950
Auto/Boat Dealers & Supply 11 $24,900 $2,264
Gas Stations 2 $3,600 $1,800
Apparel and Accessories 47 $19,900 $423
Furniture & Home Furnishings 35 $22,100 $631
Eating, Drinking Places 80 $69,100 $864
Drug & Proprietary Stores 3 $3,200 $1,067
Miscellaneous Retail 170 $55,700 $328
Total 382 $252,400 $661
Percentage of Totals
Building Materials 4.2%8.8%210.9%
General Merchandise 0.5%0.2%30.3%
Food Stores 4.2%12.4%295.1%
Auto/Boat Dealers & Supply 2.9%9.9%342.6%
Gas Stations 0.5%1.4%272.4%
Apparel and Accessories 12.3%7.9%64.1%
Furniture & Home Furnishings 9.2%8.8%95.6%
Eating, Drinking Places 20.9%27.4%130.7%
Drug & Proprietary Stores 0.8%1.3%161.4%
Miscellaneous Retail 44.5%22.1%49.6%
Total 100.0%100.0%100.0%
SOURCE: Claritas, Inc. Data are not comparable to Census of Retail Trade totals.
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 19
As shown in Table 7.a, Claritas estimates that there are now more than 380 retail businesses
on Nantucket, which generated an estimated $252.4 million in retail sales during 2001.
While Claritas’ aggregate sales estimates may be consistent with the 1997 retail census, the
suggested increase in store counts from 1997 to 2001(131 in total) does not appear justified,
based upon the limited amount of new commercial construction that has occurred on
Nantucket over the past several years. Claritas’ data also show a very large increase in
numbers of stores and aggregate sales in the “miscellaneous retail” category, which
presumably represents nearly 45% of all retail establishments on the island. This may reflect
a classification error among certain store types, or other problem with the database.
However, store counts and sales estimates for some store categories, such as eating and
drinking places, appear to be reasonable.
Inflation-adjusted or constant dollar sales trends and forecasts were obtained from W&P and
are illustrated in Table 8. W&P is one of few commercial data service providers that develop
retail sales forecasts. W&P estimates that Nantucket retail sales grew at an average annual
rate of 7.8% in real terms throughout the 1990’s, reaching $280.7 million (in 1996$) by
2000, a figure that is substantially higher than Claritas’ estimate. Among specific store types,
fastest rates of growth occurred among furniture and home furnishings stores, apparel, drug
and food stores. From 2000 to 2020, W&P projects annual sales growth to slow to 2.8% in
constant dollars, consistent with an expected slowdown in the rate of population growth.
Trend data from the U.S. Census of Service industries appear in Table 9. Similar to the retail
sector, that source indicates that Nantucket added 26 service establishments between 1992
and 1997. Among the Island’s 126 service businesses in 1997, the largest numbers were in
the hotel & motel (33), health services (19) and business services industries (17).
Unfortunately, total 1997 sales for all services, as well as data for individual industry sectors
were suppressed by the Census Bureau, making trend comparisons with prior years more
difficult. The data also show that 1997 hotel receipts (at $20.6 million) were down
significantly from 1992 levels ($34.0 million), despite the addition of 12 new establishments
over the preceding five years. It is possible that 1997 was an anomaly for the lodging
industry, perhaps indicating that some facilities may have been closed for renovations during
portions of that year.
Table 8
Retail Sales Estimates and Projections [1]
Nantucket; 1990-2020
Store Type 1990 2000 2005 2010 2020 Number Percent Number Percent
Bldg Materials $21.29 $35.94 $39.76 $44.33 $55.18 $1.47 6.9%$0.96 2.7%
Gen. Mdse.$4.53 $1.97 $2.32 $2.63 $3.14 ($0.26)-5.7%$0.06 3.0%
Food Stores $28.33 $54.24 $58.69 $62.89 $70.77 $2.59 9.1%$0.83 1.5%
Auto Dealers $11.81 $18.55 $20.77 $23.21 $29.03 $0.67 5.7%$0.52 2.8%Gas Stations $6.37 $7.80 $8.86 $9.81 $11.90 $0.14 2.2%$0.21 2.6%
Apparel et al $13.86 $34.06 $37.60 $41.62 $50.90 $2.02 14.6%$0.84 2.5%
Furniture et al $3.69 $11.19 $12.50 $13.93 $17.33 $0.75 20.3%$0.31 2.7%
Eat & Drink $36.79 $56.35 $65.86 $75.99 $99.28 $1.96 5.3%$2.15 3.8%
Drug Stores $3.96 $9.69 $11.40 $12.94 $15.70 $0.57 14.5%$0.30 3.1%
Misc. Retail $26.89 $50.95 $60.80 $69.65 $85.64 $2.41 8.9%$1.73 3.4%
Total $157.52 $280.74 $318.56 $356.98 $438.87 $12.32 7.8%$7.91 2.8%
[1] All Sales are expressed in 1996 Constant $
Sources: US Census of Retail Trade and Woods & Poole Economics, Inc.
Annual Chg: 90-00 Annual Chg: 00-20Forecast
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 20
Despite these data gaps, Nantucket’s service industries appear to have experienced strong
rates of sales growth during the 1990’s. According to W&P, earnings growth among
Nantucket’s service industries grew at a healthy 6.5% annual rate from 1990 to 2000 (W&P
does not estimate total receipts). Total receipts among service businesses also increased
115% between 1987 and 1992, while the average receipts per business increased 110%.
These indicators suggest that the Island’s service industries grew at a similar rate to retail sales
over the decade.
RKG Associates attempted to obtain updated and more detailed hotel occupancy statistics for
Nantucket from Smith Travel Research (STR), a national provider of market research data to
the lodging industry. STR’s database listed 13 Nantucket-based lodging establishments with a
total of 638 rooms. However, only one of these facilities has regularly reported room rates
and occupancy statistics to STR, so it was not possible to obtain a Nantucket-specific trend
report. STR’s database also contained 17 lodging facilities in Dukes County totaling 671
rooms, plus 189 facilities with more than 11,000 rooms in Barnstable County. However, only
17 of these establishments have consistently reported monthly room rate and occupancy data
to STR over the past three years. Reporting entities were generally concentrated among Cape
Cod’s larger hotels and motels (averaging roughly 125 rooms each), and were not considered
representative of Nantucket. Consequently, it was not possible to obtain relevant trend data
for Nantucket’s lodging industry.
Table 9
Service Businesses and Sales Trends
Nantucket; 1987-1997
1987 1992 1997 1987 1992 1997 1987 1992 1997
Gross Numbers
Hotel, Motel, Etc.22 21 33 $10,288 $34,043 $20,629 $468 $1,621 $625
Personal Services 10 11 12 $962 $1,791 $1,760 $96 $163 $147
Business Services 5 7 17 $272 $1,145 $4,471 $54 $164 $263
Automotive Services 9 6 5 $2,267 $2,255 $1,973 $252 $376 $395
Misc. Repair 2 3 3 $170 $192 N/A $85 $64 N/A
Amusement, Etc.13 12 9 $4,093 $5,750 N/A $315 $479 N/A
Health Services 9 13 19 $1,285 $3,488 N/A $143 $268 N/A
Legal Services 7 10 14 $2,537 $3,309 $4,849 $362 $331 $346
Educational Services 0 0 0 $0 $0 $0 $0 $0 $0
Social Services 4 1 1 $300 $125 N/A $75 $125 N/A
Engineering, Accounting, Etc.16 13 13 $3,020 $3,720 $4,998 $189 $286 $384
Other NC Services 1 3 0 $971 $381 $0 $971 $127 $0
TOTAL [1]98 100 126 $26,165 $56,199 N/A $267 $562 N/A
Percentage of Totals
Hotel, Motel, Etc.22.4%21.0%26.2%39.3%60.6%N/A 175.2%288.5%N/A
Personal Services 10.2%11.0%9.5%3.7%3.2%N/A 36.0%29.0%N/A
Business Services 5.1%7.0%13.5%1.0%2.0%N/A 20.4%29.1%N/A
Automotive Services 9.2%6.0%4.0%8.7%4.0%N/A 94.3%66.9%N/A
Misc. Repair 2.0%3.0%2.4%0.6%0.3%N/A 31.8%11.4%N/A
Amusement, Etc.13.3%12.0%7.1%15.6%10.2%N/A 117.9%85.3%N/A
Health Services 9.2%13.0%15.1%4.9%6.2%N/A 53.5%47.7%N/A
Legal Services 7.1%10.0%11.1%9.7%5.9%N/A 135.7%58.9%N/A
Educational Services 0.0%0.0%0.0%0.0%0.0%N/A 0.0%0.0%N/A
Social Services 4.1%1.0%0.8%1.1%0.2%N/A 28.1%22.2%N/A
Engineering, Accounting, Etc.16.3%13.0%10.3%11.5%6.6%N/A 70.7%50.9%N/A
Other NC Services 1.0%3.0%0.0%3.7%0.7%N/A 363.7%22.6%N/A
TOTAL 100.0%100.0%100.0%100.0%100.0%N/A 100.0%100.0%N/A
SOURCE: U.S. Census of Service Industries and Woods & Poole Economics, Inc.
Receipts ($000s)Sales Per Business (in $000s)Count
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 21
CHANGES IN THE POPULATION
The population on Nantucket grew
nearly 6% annually between 1990
and 2000. According to the U.S.
Bureau of the Census, Nantucket
had a population of 9,520 in 2000,
up from roughly 6,000 (58%) in
1990. As seen in Figure 10,
population growth has
concentrated in the 25 to 54 year-
old age cohorts. Persons between
the ages of 35 to 44 accounted for
the largest increase in absolute
numbers (870 people), while the
45 to 54 year-old cohort exhibited
the largest percentage increase
(131%) over the decade. Other
age cohorts that grew significantly
during the 1990’s were the 10-14
age group, which increased by
81.3%, and the 15-24 age group,
which grew by nearly 51%. This is not surprising, given that adults in the 35-54 age range are
more likely to have older children. Apparently, the in-migration of adults to Nantucket
during the 1990’s included many families with children.
In comparison with the entire Commonwealth, Nantucket has a disproportionate amount of
residents aged 25 to 54 years old. According to the 2000 Census, people aged 25 to 54 in
the Commonwealth account for 44.9% of the population. On Nantucket, the percentage is
54.6%. As was noted in the 1993 Economic Base Study and remains true today, the Island
has a smaller percentage of residents aged 65 and older (10.5%) than Massachusetts (13.5%).
This finding indicates that Nantucket is not experiencing rapid year-round population growth
among retirees. In fact, the cost of living on the Island (discussed later in this document) may
have priced many younger professionals and older retirees out of the market. This is may be
the reason why the largest and fastest-growing age brackets on Nantucket have been persons
in their “prime” wage-earning years of 35 through 54.
Source: U.S. Bureau of the Census, 2002
Figure 10
Nantucket Population Growth
by Age Group; 1990-2000
0
500
1,000
1,500
2,000
1990 2000
2000 Population:
9,520
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 22
INCOME AND WAGES
Income and wage levels continue to be higher on Nantucket, compared to the
Commonwealth as a whole. As seen in Table 10, W&P estimates the 2002 mean household
income on Nantucket to be $107,470, roughly 10% higher than the state average of
$97,814. This difference is similar to income measures contained in the 2000 Census, which
reported that Nantucket exceeded the statewide measure of median household income by
9.9% ($55,522 compared to $50,502) and median family income by 8.3% ($66,786
compared to $61,664). Similar to per capita income, W&P estimates that the difference in
household income levels between Nantucket and the Commonwealth as a whole has been
narrowing since 1993. The difference has gone from almost 25% in 1993 to less than 10% in
2002. This trend is expected to continue into the future as well, with the gap shrinking to
7.4% by 2012.
Table 11 provides a
distribution of total
annual wages paid by
major industry sectors in
1997 and 2000. As
seen, the annual payroll
for all “covered”
Nantucket wage and
salary workers totaled
$194.8 million in 2000,
and grew 36.2% from
1997. The retail trade
sector continued to account for the largest share of total 2000 wages (26.5%), followed by
services (24.8%), government (14.5%) and construction (11.4%). The industry with the fastest
growth in wages from 1997 to 2000 was agriculture, which increased by more than 77%,
followed by wholesale trade (47.1%), construction (45.5%) and services (43.2%). The slowest
rate of wage growth was in retail trade (27.4%), manufacturing (27.4%) and government
(22.0%). More detailed information showing total wages and average annual wages per
establishment and per employee appears in Table 12.
Table 10
Comparison of Mean Household Income Trend and Projections
Local and State; 1993-2012
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2007 2012
Nantucket $82,467 $83,396 $87,890 $88,727 $96,149 $99,346 $98,613 $101,443 $104,376 $107,470 $126,804 $154,646
Massachusetts $66,265 $69,498 $72,179 $75,768 $80,534 $85,117 $88,367 $91,498 $94,608 $97,814 $116,799 $143,957
Difference $16,202 $13,898 $15,711 $12,959 $15,615 $14,229 $10,246 $9,945 $9,768 $9,656 $10,005 $10,689
% Difference 24.5%20.0%21.8%17.1%19.4%16.7%11.6%10.9%10.3%9.9%8.6%7.4%
SOURCE: Woods and Poole, Inc.
Table 11
Change in Total Wages
Nantucket; 1997-2000
Total Percent
Total % Share Total % Share Change Change
Agriculture $5,720,000 4.0%$10,134,000 5.2%$4,414,000 77.2%
Construction $15,248,000 10.7%$22,182,000 11.4%$6,934,000 45.5%
Manufacturing $2,432,000 1.7%$3,098,000 1.6%$666,000 27.4%
TCPU $9,459,000 6.6%$13,188,000 6.8%$3,729,000 39.4%
Wholesale Trade $3,460,000 2.4%$5,089,000 2.6%$1,629,000 47.1%
Retail Trade $40,507,000 28.3%$51,607,000 26.5%$11,100,000 27.4%
FIRE $9,281,000 6.5%$12,880,000 6.6%$3,599,000 38.8%
Services $33,792,000 23.6%$48,396,000 24.8%$14,604,000 43.2%
Total Private $119,899,000 83.8%$166,574,000 85.5%$46,675,000 38.9%
Government $23,103,000 16.2%$28,185,000 14.5%$5,082,000 22.0%
TOTAL $143,002,000 100.0%$194,759,000 100.0%$51,757,000 36.2%
SOURCE: Massachusetts Division of Employment and Training
1997 2000
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 23
The distribution of wages by industry sector differs significantly on Nantucket, compared to
the Commonwealth as a whole. The most significant difference is the disproportionate share
of retail trade income on Nantucket. Over 26% of the wage income on Nantucket is
generated in the retail trade sector, compared to only 8% statewide. Services and
manufacturing produce much higher shares of overall wages in Massachusetts as a whole
(34.6% and 17.2% respectively) than on Nantucket (24.8% and 1.6% respectively). This
finding is consistent with the employment analysis provided earlier.
Figure 11 compares 2000 average weekly wages between the Commonwealth and
Nantucket, for several major industry groups. As seen in the graphic, Nantucket wages are
Table 12
Nantucket Wage Data
by Sector and Selected Industries; 2000
Total Wages
Estab.
Count
Average Wage
per Estab.
Average Job
Count
Average
Weekly Wage
Average
Annual Wage
% ot Overall
Average Wage
AGRICULTURE $10,133,622 57 $177,783 285 $683.79 $35,557 104.0%
7 AGRICULTURAL SERVICES $8,633,520 51 $169,285 234 $709.52 $36,895 107.9%
CONSTRUCTION $22,181,782 149 $148,871 474 $899.94 $46,797 136.9%15 GENERAL CONTRACTORS $9,881,904 53 $186,451 189 $1,005.48 $52,285 153.0%
17 SPECIAL TRADE CONSTRACTORS $11,834,747 93 $127,255 267 $852.40 $44,325 129.7%
MANUFACTURING $3,097,795 15 $206,520 84 $709.21 $36,879 107.9%27 PRINTING & PUBLISHING $2,116,257 6 $352,710 53 $767.87 $39,929 116.8%
TCPU $13,188,452 27 $488,461 323 $785.21 $40,831 119.5%
42 MOTOR FREIGHT TRANSPORTATION $3,389,719 3 $1,129,906 66 $987.67 $51,359 150.3%
44 WATER TRANSPORTATION $987,327 3 $329,109 23 $825.52 $42,927 125.6%
45 AIR TRANSPORTATION $2,611,163 6 $435,194 116 $432.88 $22,510 65.9%
48 COMMUNICATION $2,123,734 4 $530,934 32 $1,276.29 $66,367 194.2%
49 ELECTRIC, GAS & SANITARY UTILITIES $3,266,438 4 $816,610 59 $1,064.67 $55,363 162.0%
WHOLESALE TRADE $5,089,381 19 $267,862 128 $764.63 $39,761 116.3%
50 DURABLE GOODS $811,613 10 $81,161 23 $678.62 $35,288 103.2%
51 NON DURABLE GOODS $4,277,768 9 $475,308 105 $783.48 $40,741 119.2%
RETAIL TRADE $51,606,754 236 $218,673 1,969 $504.04 $26,210 76.7%
54 FOOD STORES $4,409,161 15 $293,944 206 $411.62 $21,404 62.6%55 AUTOMOTIVE DEALERS & GASOLINE STORES $3,346,352 9 $371,817 100 $643.54 $33,464 97.9%
56 APPAREL & ACCESSORY STORES $4,723,394 34 $138,923 166 $547.19 $28,454 83.2%57 HOME FURNITURE, FURNISHINGS & EQUIPMENT $1,378,542 12 $114,879 34 $779.71 $40,545 118.6%
58 EATING & DRINKING PLACES $21,959,859 80 $274,498 984 $429.17 $22,317 65.3%59 MISCELLANEOUS RETAIL $9,641,737 82 $117,582 354 $523.79 $27,237 79.7%
FIRE $12,879,745 44 $292,721 223 $1,110.71 $57,757 169.0%
60 DEPOSITORY INSTITUTIONS $3,872,310 6 $645,385 94 $792.21 $41,195 120.5%64 INSURANCE AGENTS, BROKERS & SERVICES $2,607,826 4 $651,957 31 $1,617.75 $84,123 246.1%
65 REAL ESTATE $5,413,763 27 $200,510 82 $1,269.65 $66,022 193.2%
SERVICES $48,396,226 231 $209,507 1,548 $601.23 $31,264 91.5%
70 HOTELS, ROOMING HOUSES & OTHER LODGING $15,704,275 50 $314,086 537 $562.38 $29,244 85.6%
72 PERSONAL SERVICES $1,246,813 13 $95,909 51 $470.13 $24,447 71.5%
73 BUSINESS SERVICES $3,237,811 26 $124,531 97 $641.90 $33,379 97.7%
75 AUTOMOTIVE REPAIR, SERVICES & PARTS $1,638,318 8 $204,790 47 $670.35 $34,858 102.0%
76 OTHER REPAIR SERVICES $264,864 5 $52,973 10 $509.35 $26,486 77.5%
79 AMUSEMENT & RECREATION SERVICES $6,303,428 18 $350,190 236 $513.63 $26,709 78.1%
80 HEALTH SERVICES $7,973,334 18 $442,963 217 $706.60 $36,743 107.5%
81 LEGAL SERVICES $2,307,497 17 $135,735 49 $905.62 $47,092 137.8%
82 EDUCATIONAL SERVICES $809,763 4 $202,441 32 $486.63 $25,305 74.0%83 SOCIAL SERVICES $1,031,847 7 $147,407 46 $431.37 $22,431 65.6%
86 MEMBERSHIP ORGANIZATIONS $1,777,318 7 $253,903 60 $569.65 $29,622 86.7%87 ENGINEERING, ACCOUNTING & RESEARCH $4,263,644 24 $177,652 92 $891.23 $46,344 135.6%
88 PRIVATE HOUSEHOLDS $1,213,222 27 $44,934 42 $555.50 $28,886 84.5%
PRIVATE TOTAL $166,573,757 778 $214,105 5,034 $636.34 $33,090 96.8%
GOVERNMENT $28,185,343 18 $1,565,852 664 $816.30 $42,448 124.2%
TOTAL $194,759,100 796 $244,672 5,698 $657.31 $34,180 100.0%
SOURCE: Massachusetts Division of Employment and Training
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 24
below the state average in several industries, including finance, insurance and real estate,
wholesale trade, the transportation, communications and utilities sector, services and
manufacturing. Nantucket wages are comparable to the state average in construction and
above the state average in agriculture, retail trade and government. As indicated in this
graphic, local wage levels do not explain Nantucket’s higher per capita and household
incomes compared to the state average.
Average Wage Comparison
by Sector, 2000
$0 $20,000 $40,000 $60,000 $80,000
Agriculture
Construction
Manufacturing
TCPU
Wholesale Trade
Retail Trade
FIRE
Services
Government
Nantucket Massachusetts
Source: Massachusetts Division of Employment and Training, 2002
Figure 11
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 25
OTHER MEASURES OF CHANGE
Cost of Living
The final section of this report
updates several indicators of change
that have been monitored since the
completion of the 1993 Economic
Base Study. The first of these
measures is the comparative cost of
living between Nantucket and
nearby areas of Cape Cod.
The cost of living on Nantucket has
historically been higher than other
places in Massachusetts. The next
four tables detail cost differences
between Nantucket and other
communities within the
Commonwealth. As Tables 13
through 16 indicate, Nantucket is at the top end of pricing for most goods. The most
noticeable differences in cost of living are the price of gasoline and the cost of retail space on
Nantucket. At the time of this study, the average price per gallon of gasoline on Nantucket
was between 32% and 42% above the Town of Hyannis. In terms of retail space, prices are
at a premium for “downtown” Nantucket, ranging from $80 to $100 per square foot (triple
net). In comparison, the midtown area of Nantucket and Main Street in Hyannnis average
approximately $15 and $20 respectively, with peak rents for newer space around $30.
Table 13
Utility Price Comparison
Done March 1, 2002
Electricity
Nantucket Cape Cod
Nantucket
Electric Co.
NStar Electric
and Gas
Nantucket as %
of Cape Cod
Base Rate $5.81 $3.73 155.8%
Per KWH $0.13886 $0.14644 94.8%
Propane Gas per gallon
Nantucket South DennisTony Yates Gas
Service Eastern Propane
Nantucket as %
of South Dennis
Cooking 2.61 2.65 98.5%
Heating 1.47 1.3 113.1%
Home Heating Oil
Nantucket Cape Cod Nantucket as %
Harbor Fuel Oil Cap Cod Fuels of Cape Cod
Per Gallon 1.479 0.999 148.0%
Table 14
Gasoline Price Per Gallon Comparison
Done February 28, 2002
Self-Serve
Nantucket Hyannis
Mobil
Station
Texaco
Station
Nantucket as %
of Hyannis
Regular $1.699 $1.199 141.7%
Mid-Grade $1.779 $1.299 137.0%
High Octane $1.849 $1.399 132.2%
Table 15
Retail Space Rents
Done March 1, 2002
Retail Rents (Triple Net)
Nantucket Hyannis
Heard Real Estate
Carey Comercial
Real Estate
Nantucket
Downtown $80 to $120 per SF
Midtown $20+ per SF
Hyannis, MA
Main Street
$10 to $15 PSF,
High of $30 PSF
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 26
A “market basket” comparison of typical grocery items priced at Nantucket’s two
supermarkets and two comparable markets in Hyannis, found that Nantucket prices were
higher on 21 of the 25 items sampled. (Two items were the same price and two items were
priced lower on the Island.) In general, produce and other perishable items tended to carry
higher price “premiums” on the Island, ranging from roughly 8% to 25%, with the cost of
most other staples ranging from 2% to 10% higher.
Table 16
Grocery Price Comparisons
Done February 28, 2002
Stop n
Shop A & P Average Star
Stop n
Shop Average
Nantucket as a
% of Hyannis
Kikkoman Soy Sauce - 20 oz.$2.99 N/A $2.99 $2.89 $2.89 $2.89 103.5%
Diet Pepsi Twist - 12 pack cans $3.99 $4.39 $4.19 $3.99 $3.99 $3.99 105.0%
Progresso Chicken Vegetable Soup - 17 oz.$2.49 N/A $2.49 $2.29 $2.29 $2.29 108.7%
Land O Lakes Stick Butter - 1 lb.$4.29 $4.19 $4.24 $3.99 $3.99 $3.99 106.3%
Gallon of 1% Milk $3.59 $3.99 $3.79 $2.99 $2.99 $2.99 126.8%
Chuncky Chips Ahoy Cookies - 15 oz.$3.59 $3.29 $3.44 $3.29 $3.29 $3.29 104.6%
Minute Maid Original Frozen OJ - 12 oz.$1.79 $1.69 $1.74 $1.50 $1.59 $1.55 112.6%
Grannysmith Apples per lb.$1.69 $1.49 $1.59 $1.29 $1.49 $1.39 114.4%
Bananas per lb.$0.79 $0.79 $0.79 $0.69 $0.69 $0.69 114.5%
Del Monte Canned Lima Beans
15.25 ounce $1.29 N/A $1.29 N/A $1.19 $1.19 108.4%
8.5 ounce N/A $0.89 $0.89 $0.79 N/A $0.79 112.7%
Fresh Asparagus per lb.$4.99 $3.79 $4.39 $2.99 $3.99 $3.49 125.8%
Maxwell House French Roast - 11.5 oz.$2.69 $3.59 $3.14 $2.29 $2.49 $2.39 131.4%
Cheerios Cereal - 15 oz.$3.89 $3.99 $3.94 $3.69 $3.59 $3.64 108.2%
Wheaties Cereal - 18 oz.$4.29 N/A $4.29 N/A $4.19 $4.19 102.4%
JIF Creamy Peanut Butter - 40 oz.$4.99 N/A $4.99 $4.29 $4.39 $4.34 115.0%
Ground Beef per lb.
93% Lean $3.99 N/A $3.99 $3.49 N/A $3.49 114.3%
90% Lean N/A $3.79 $3.79 N/A $3.59 $3.59 105.6%
Perdue Whole Chicken per lb.$1.49 $1.49 $1.49 $1.49 $1.49 $1.49 100.0%
Bounty Paper Towels - 80.6 SF $1.99 NA $1.99 $2.39 $1.89 $2.14 93.0%
Pampers Disposable Diapers
34 Count $14.99 N/A $14.99 $13.99 N/A $13.99 107.1%
38 Count N/A $13.69 $13.69 $13.99 N/A $13.99 97.9%
Tide Liquid Detergent - 100 oz.$8.79 $8.79 $8.79 $7.99 $7.99 $7.99 110.0%
Thomas English Muffins $2.69 $2.69 $2.69 $2.69 $2.69 $2.69 100.0%
Breyers French Vanilla - 1/2 gallon $5.49 $6.49 $5.99 $4.79 $4.99 $4.89 122.5%
TOTAL $86.78 $69.03 $77.91 $87.79 $65.69 $76.74 101.5%
Nantucket Hyannis
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 27
Housing
Housing growth is another measure
of economic performance. As seen
in Figure 12, Nantucket has been
experiencing a steady pace of single-
family residential development over
the past 10 years, ranging from 171
units in 1992 to 299 units in 1994.
As of November 2001, Nantucket
had permitted 216 single-family
units. In comparison, there has been
a slight growth of permitted multi-
family units, but still small compared
to single-family units. Permitted
multi-family units peaked at 32 in
2000. However, the number of
multi-family units permitted in 2001
through November (only 11) was
comparable to mid-1990s levels.
Table 17 details building permit
trends on Nantucket between 1997
and November of 2001. While the
number of single-family units has
fluctuated during this time frame, the
average construction cost per unit has
steadily increased, growing from
$242,250 in 1997 to nearly $400,000
in 2001. This trend is indicative of
the growth in residential sales
(discussed later in this section). It is
important to note that these prices do
not include the cost for land. In
comparison, the cost of construction,
per unit, of multi-family housing has
varied between years, but remained
fairly level during this study period,
ranging from roughly $70,000 for
three-unit structures built in 1997, to
over $136,500 for duplex units in
1999.
Residential Units Permitted
Nantucket; 1992 - Nov. 2001
0
50
100
150
200
250
300
350
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Single Family Multi-Family
Source: U.S. Department of the Census, 2002
Figure 12
Table 17
New Construction Permit Activity (1996-Nov. 2001)
Nantucket, MA
Single Family
Year Permits Units Total Cost Ave. Cost/Unit
1997 233 233 $56,444,244 $242,250
1998 244 244 $72,861,094 $298,611
1999 218 218 $73,137,527 $335,493
2000 185 185 $60,754,077 $328,400
2001 216 216 $85,186,240 $394,381
Two Family
1997 5 10 $970,000 $97,000
1998 13 26 $2,242,640 $86,255
1999 7 14 $1,771,526 $126,538
2000 16 32 $2,827,312 $88,354
2001 4 8 $740,500 $92,563
Three & Four Family
1997 5 15 $1,049,424 $69,962
1998 0 0 $0 $0
1999 0 0 $0 $0
2000 0 0 $0 $0
2001 1 3 $288,000 $96,000
Total
Year Permits Units Total Cost Ave. Cost/Unit
1997 243 258 $58,463,668 $226,603
1998 257 270 $75,103,734 $278,162
1999 225 232 $74,909,053 $322,884
2000 201 217 $63,581,389 $293,002
2001 221 227 $86,214,740 $379,801
SOURCE: U.S. Census
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 28
In terms of residential sales, Nantucket
has experienced an active market over
the past 10 years. Figure 13 shows that
an average of roughly 230 single-family
homes and 25 condominiums have sold
annually since 1992. While the
condominium market has been relatively
stable in terms of annual sales, the
number of single-family homes sold has
varied more widely. Transactions peaked
in 1994 at roughly 300 and then ranged
from 200 to 250 sales per year through
2000. In 2001, the number of single-
family home sales fell by 36.3% to 160
units, the lowest number recorded since
1991.
Despite the reduction on Nantucket
home sales during 2001, the median
sales price for these homes continued to
increase (see Figure 14). The median
single-family home price on Nantucket
has increased by 101.3% since 1997, and
reached $795,000 in 2001. Median
sales prices for condominiums have also
increased. The 2001 median sale price
for condominiums was $302,500, over
65.8% higher than the 1997 median of
$189,500. These pricing trends suggest
that declining numbers of sales may be
due more to a reduced availability of
supply than a reduction in demand. For
example, according to the Massachusetts
Department of Revenue, the number of
vacant (tax) parcels on Nantucket decreased by over 50% between 1988 and 2001,
indicating that there are fewer available parcels for new home construction.
Source: U.S. Bureau of the Census, 2002
Figure 14
Source: U.S. Bureau of the Census, 2002
Figure 13
Total Residential Sales
Nantucket; 1992-2001
0
50
100
150
200
250
300
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Single Family Condominium
Median Res. Sales Price
Nantucket; 1992-2001
$0
$200,000
$400,000
$600,000
$800,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Single Family Condominium
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 29
As a result of this sharp increase in
housing prices, a severe gap has
been created between housing
affordability and median household
income. Figure 15 shows that based
on the Island’s estimated 2001
median household income
($78,280), the “typical” Nantucket
resident can afford a home ranging
between $250,000 and $350,000,
depending upon the amount
available for a down payment. This
range is significantly below the 2001
median home price of $795,000.
The corresponding income required
to support a median-priced
Nantucket home is $200,000 to
$250,000 per year, again depending
upon the amount available for down
payment. The 2001 median sale price for condominiums ($302,500) is also barely affordable
to most residents, unless they can provide a substantial down payment. This indicates that
many current Nantucket residents would not be able to purchase their current homes in this
market.
Table 20 reveals the HUD median family income statistics for Nantucket and comparative
areas. The Boston Primary Metropolitan Statistical Area (PMSA) has the highest 2001 median
family income at $70,000. Nantucket ranks second, with a median value of $68,500. Dukes
($57,000) and Barnstable ($52,000) counties both fall well below the Nantucket. Despite
this fact, Nantucket has the highest income affordability thresholds of all the study areas,
including the Boston PMSA. In addition, the fair market rental rates for Nantucket are higher
than the other study areas, ranging from $774 for an efficiency unit to $1,935 for a 4-
bedroom apartment. These rental rates are roughly 50% higher than those of Dukes and
Barnstable counties, and roughly 8% higher than the Boston PMSA.
Affordability of SF Homes
Nantucket; 2001
$0
$50
$100
$150
$200
$250
$300
$350
Housing Cost (in $000s)
20% Down 5% Down
Median Income:
$78,280
Median SF Sale Price:
$795,000
Source: Warren Information Services & RKG Associates, Inc., 2002
Figure 15
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 30
Table 18
HUD Median Family Income Statistics
Nantucket and Comparative Areas; 2001
NANTUCKET
1 2 3 4 5 6 7 8
Extremely Low (30%)$16,250 $18,600 $20,900 $23,200 $25,100 $26,950 $28,800 $30,650
Very Low (50%)$27,100 $30,950 $34,850 $38,700 $41,800 $44,900 $48,000 $51,100
Low (80%)$43,350 $49,550 $55,750 $61,900 $66,850 $71,850 $76,800 $81,750
Median Family (100%)$68,500
DUKES COUNTY [1]
1 2 3 4 5 6 7 8
Extremely Low (30%)$11,195 $13,700 $15,400 $17,100 $18,450 $19,850 $21,200 $22,550
Very Low (50%)$19,950 $22,800 $25,650 $28,500 $30,800 $33,050 $35,350 $37,600
Low (80%)$31,900 $36,500 $41,050 $45,600 $49,250 $52,900 $56,550 $60,200
Median Family (100%)$57,000
BARNSTABLE COUNTY [1]
1 2 3 4 5 6 7 8
Extremely Low (30%)$10,900 $12,500 $14,050 $15,600 $16,850 $18,100 $19,350 $20,600
Very Low (50%)$18,200 $20,800 $23,400 $26,000 $28,100 $30,150 $32,250 $34,300
Low (80%)$29,100 $33,300 $37,450 $41,600 $44,950 $48,250 $51,600 $54,900
Median Family (100%)$52,000
Boston, MA-NH PMSA
1 2 3 4 5 6 7 8
Extremely Low (30%)$14,700 $16,800 $18,900 $21,000 $22,700 $24,350 $26,050 $27,700
Very Low (50%)$24,500 $28,000 $31,500 $35,000 $37,800 $40,600 $43,400 $46,200
Low (80%)$36,750 $42,000 $47,250 $52,500 $56,700 $60,900 $65,100 $69,300
Median Family (100%)$70,000
[1] Non metropolitan areas
SOURCE: U.S. Department of Housing & Urban Development and Federal Register, Vol. 66, No. 190 (October 1, 2001)
Number of Persons
Number of Persons
Number of Persons
Number of Persons
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 31
Transportation
Nantucket has experienced a general growth in the numbers of flights and airline passengers
over the past several years. As seen in Table 19, total aircraft operations (takeoffs and
landings) to/from Nantucket, have increased from 133,139 in 1991 to 161,310 in 2001,
representing an increase of more than 28,000 annual flights or approximately 21%. The
majority of these annual operations (73.5% in 2001) are commercial aircraft and the balance
are general aviation flights. Operations attributed to general aviation have trended
consistently downward over the past several years, falling from roughly 61,000 in 1995 to
42,792 in 2001, while the number of commercial flights has risen steadily.
A closer review
of more recent
trends shows
that air traffic
to/from
Nantucket grew
sharply between
1995 and 2000
increasing by an
average rate of
6.1% per year.
Annual aircraft
operations
peaked in 2000
at nearly 170,400, and then decreased by 5.3% in 2001. While most of this reduction in
operations occurred over the last four months of 2001, reductions in air traffic to/from the
Island began prior to September 11 and cannot be attributed entirely to that event. This
finding is illustrated in the monthly air passenger statistics provided in Table 20.
Table 20 details the number of air travelers boarding commercial aircraft on Nantucket by
month.7 As the table reveals, the number of enplanements recorded riders during the first
seven months of 2000 were higher than the same months in 1999. However, beginning in
August of 2000, monthly enplanements began to steadily decrease compared to prior-year
totals for the same month, with substantial traffic reductions recorded from May through
August of 2001. Air passenger traffic then declined substantially in September and October
of 2001, following the events of September 11. As a result, total enplanements dropped
more than 25,000 or roughly 8% from 2000 to 2001. This decline in departing passengers
may reflect a reduction in off-island workers traveling to/from the Island, a reduction in the
frequency of seasonal and year-round resident travel to/from the Island or an overall
reduction in tourism traffic. As will be discussed in the following section, a portion of this
reduction in air traffic may have also diverted to other modes.
7 Airline traffic counts are maintained only for passengers leaving Nantucket (enplanements). Numbers of arrivals are assumed to
be comparable. Persons traveling on private aircraft are excluded from these totals.
Table 19
Total Aircraft Operations Per Year
1980 through 2001
Year Operations
% Annual
Change Year Operations
% Annual
Change
1980 101,878 19.6%1991 133,139 4.5%
1981 98,749 -3.1%1992 134,065 0.7%
1982 105,449 6.8%1993 115,522 -13.8%
1983 117,931 11.8%1994 115,371 -0.1%
1984 131,369 11.4%1995 126,941 10.0%
1985 142,880 8.8%1996 125,642 -1.0%
1986 150,649 5.4%1997 132,675 5.6%
1987 150,188 -0.3%1998 152,673 15.1%
1988 148,710 -1.0%1999 162,370 6.4%
1989 151,328 1.8%2000 170,367 4.9%
1990 127,375 -15.8%2001 161,310 -5.3%
SOURCE: Year 2001 Update: Optimal Transporation Carrying Capacity for Nantucket by Howard/Stein-Hudson Associates, Inc.
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 32
Annual trends in the number of passengers carried to/from Nantucket by ferry, including the
Steamship Authority and privately operated Hy-Line service, are shown in Table 21. From
1991 through 2001, the number of annual ferry passengers grew from roughly 855,000 in
1991 to more than 924,000 in 2001, a total increase of 69,000 or 8.1%. Growth in ferry
passenger traffic was not as significant as air traffic over the same period, indicating that a
shift in the modal split of passenger traffic occurred over the decade. Growth in ferry
passenger traffic was also volatile from year to year, as four of the 11 years measured showed
traffic reductions compared to prior year totals. It is also significant to note that after
declining in 1999 and 2000, ferry traffic increased in 2001, with much of the increase
occurring after September 11.
Table 22 presents a five-year trend line showing the monthly record of automobile and truck
traffic ferried to/from Nantucket. Vehicle traffic, particularly automobiles, peaked in 1999
and has trended downward in 2000 and 2001. The Steamship Authority carried 5.9% fewer
automobiles in 2001 (81,771) than in 1999 (86,862). Truck traffic peaked a year later at
36,118 vehicles and also declined slightly (by less than 1%) in 2001 to 35,784. In total, autos
and trucks traffic has fallen by 5,136 vehicles (4.2%) over the past two years. Although this
trend may reflect an overall reduction in economic activity on the Island, there has also been
a corresponding tendency of seasonal residents to garage vehicles on the Island for longer
Table 21
Annual Ferry Passenger Traffic To and From Nantucket
Steamship Authority and Hy-Line Ferries: 1991-2001
Carrier 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Number Percent
SSA 489,850 483,943 488,810 545,911 559,636 515,662 497,194 584,370 566,195 578,560 604,025 114,175 23.3%
Hy-Line 365,323 360,563 365,460 354,510 347,267 314,763 348,906 338,960 344,072 322,395 320,199 (45,124) -12.4%
TOTALS:855,173 844,506 854,270 900,421 906,903 830,425 846,100 923,330 910,267 900,955 924,224 69,051 8.1%
ANNUAL % CHANGE
SSA -0.23%-1.21%1.01%11.68%2.51%-7.86%-3.58%17.53%-3.11%2.18%4.40%
Hy-Line 7.97%-1.30%1.36%-3.00%-2.04%-9.36%10.85%-2.85%1.51%-6.30%-0.68%
TOTALS:3.1%-1.2%1.2%5.4%0.7%-8.4%1.9%9.1%-1.4%-1.0%2.6%
SOURCE: Year 2001 Update: Optimal Transporation Carrying Capacity for Nantucket
Change 1991-01
Table 20
Nantucket Airport Monthly Enplanements
1998 and 2000
1999 2000 2001
1999-2000
Change
1999-2000
% Change
2000-2001
Change
2000-2001
% Change
Jan 11,685 14,839 13,665 3,154 27.0%(1,174)-7.9%
Feb 11,324 13,185 13,497 1,861 16.4%312 2.4%
Mar 13,414 15,224 13,675 1,810 13.5%(1,549)-10.2%
Apr 19,129 19,511 19,572 382 2.0%61 0.3%
May 23,648 26,361 25,440 2,713 11.5%(921)-3.5%
Jun 31,315 32,287 28,117 972 3.1%(4,170)-12.9%
Jul 43,554 44,390 42,851 836 1.9%(1,539)-3.5%
Aug 45,586 43,248 41,038 (2,338)-5.1%(2,210)-5.1%
Sep 33,771 32,804 25,373 (967)-2.9%(7,431)-22.7%
Oct 27,506 24,060 20,952 (3,446)-12.5%(3,108)-12.9%
Nov 18,133 17,867 16,592 (266)-1.5%(1,275)-7.1%
Dec 19,384 18,394 16,152 (990)-5.1%(2,242)-12.2%
TOTAL 298,449 302,170 276,924 3,721 1.2%(25,246)-8.4%
SOURCE: Year 2001 Update: Optimal Transporation Carrying Capacity for Nantucket
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 33
periods of time, which has in turn reduced ferry traffic. According to a recent report, the
number of registered vehicles on the Island has been growing at a 7.2% annual rate since
1995, significantly faster than both resident population and housing growth.8
Although vehicle traffic has been on a steady downward trend since April of 2000, it is
interesting to note that traffic in November and December of 2001 showed fairly significant
increases over the same months in 2000. It is not known whether this was an anomaly or
signals a period of renewed traffic growth.
8 Year 2001 Update: Optimal Transportation Carrying Capacity for Nantucket, March, 2002, Howard/Stein-Hudson, Inc. and
RKG Associates, Inc., page32.
Table 22
Auto and Truck Ferry Trips To and From Nantucket
1997 to 2001
Jan.Feb.Mar.Apr.May Jun.Jul.Aug.Sep.Oct.Nov.Dec.Total
AUTOS
1997 3,448 3,582 3,816 4,644 6,669 8,745 9,837 11,494 8,990 7,963 5,137 5,211 79,536
1998 3,830 3,630 4,359 5,515 7,089 9,112 10,585 11,471 9,514 8,163 5,940 5,619 84,827
1999 4,071 3,887 4,381 5,954 7,430 9,570 11,096 11,720 9,272 8,320 5,570 5,591 86,862
2000 3,954 3,920 4,810 5,550 7,115 8,918 10,911 11,061 8,801 7,360 5,544 4,950 82,894
2001 3,904 3,589 3,974 5,458 6,749 8,974 10,279 11,201 8,831 6,980 5,961 5,871 81,771
TRUCKS
1997 2,160 2,014 2,521 2,824 3,410 3,435 3,217 2,825 2,881 3,024 2,308 2,122 32,741
1998 2,229 2,098 2,926 3,018 3,440 3,405 3,462 3,016 2,982 2,935 2,348 2,171 34,030
1999 2,064 2,057 2,798 3,318 3,674 3,804 3,520 3,254 3,043 3,196 2,689 2,412 35,829
2000 2,098 2,365 3,065 3,123 3,913 3,932 3,586 3,372 3,039 2,985 2,539 2,101 36,118
2001 2,235 2,248 2,571 3,234 4,022 3,709 3,641 3,356 2,883 3,006 2,652 2,227 35,784
TOTAL
1997 5,608 5,596 6,337 7,468 10,079 12,180 13,054 14,319 11,871 10,987 7,445 7,333 112,277
1998 6,059 5,728 7,285 8,533 10,529 12,517 14,047 14,487 12,496 11,098 8,288 7,790 118,857
1999 6,135 5,944 7,179 9,272 11,104 13,374 14,616 14,974 12,315 11,516 8,259 8,003 122,691
2000 6,052 6,285 7,875 8,673 11,028 12,850 14,497 14,433 11,840 10,345 8,083 7,051 119,012
2001 6,139 5,837 6,545 8,692 10,771 12,683 13,920 14,557 11,714 9,986 8,613 8,098 117,555
ANNUAL % CHANGE
'97-'98 8.0%2.4%15.0%14.3%4.5%2.8%7.6%1.2%5.3%1.0%11.3%6.2%5.9%
'98-'99 1.3%3.8%-1.5%8.7%5.5%6.8%4.1%3.4%-1.4%3.8%-0.3%2.7%3.2%
'99-'00 -1.4%5.7%9.7%-6.5%-0.7%-3.9%-0.8%-3.6%-3.9%-10.2%-2.1%-11.9%-3.0%
'00-'01 1.4%-7.1%-16.9%0.2%-2.3%-1.3%-4.0%0.9%-1.1%-3.5%6.6%14.8%-1.2%
'97-01 2.4%1.1%0.8%4.1%1.7%1.0%1.7%0.4%-0.3%-2.3%3.9%2.6%1.2%
SOURCE: Year 2001 Update: Optimal Transporation Carrying Capacity for Nantucket
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 34
CONCLUSIONS
This second Nantucket Economic Base Update attempts to quantify some of the changes that
have occurred on the Island over the past four years. Based on most of the measures
analyzed, it appears that the local economy has cooled considerably, when compared to the
rapid (and probably unsustainable) growth rates observed between 1993 and 1997. Much
of this reduction may be the inevitable result of “resource capacity” constraints, including
high housing costs and the difficulties associated with both attracting and housing seasonal
workers. For many residents, this reduction in the size of the seasonal work force and the
volume of traffic carried to/from the Island may be viewed as a positive rather than negative
trend.
Because most of this reduction in seasonal employment and traffic volumes has occurred
since mid-1999, it is difficult to quantify the extent to which the Island’s tourism industry has
been impacted by these recent trends. Although economic activity began to slow prior to
September of 2001, the aftermath of September 11 greatly reduced travel to/from Nantucket
over the last quarter of 2001. Due to time lag effects in the reporting of lodging receipts,
retail sales and other tourism indices, impacts on local tourism may not be measurable for
some time. To date, however, most of the reductions in local economic activity appear to
have reduced the amount of seasonal labor brought to the Island, while the resident work
force has essentially remained at full employment.
While Nantucket residents continue to exhibit the highest income measures of any county in
Massachusetts, the difference between local and statewide incomes narrowed throughout the
last decade. The rate of earnings growth, particularly among the self-employed, slowed on
Nantucket over the later half of the 1990’s and may be cause for concern. Despite rapid rates
of housing construction during most of the 1990’s, earnings growth in the construction sector
was the second lowest of any local industry, growing at roughly a third of the rate of the
economy as a whole. This trend is somewhat puzzling and suggests that further analysis of
the Island’s construction sector may be warranted to determine why.
The 1998 Update also concluded that “(Nantucket’s) housing market has risen so much and
so rapidly that the average Nantucket family cannot attain home ownership unless it has
equity which rose in tandem with the recent real estate boom.” During the four years since
that report was written, housing prices have escalated at an even faster rate relative to
incomes, while resident population growth has continued, seemingly unaffected by housing
costs. This trend continues to defy conventional wisdom and suggests that a deeper
understanding of the dynamics of resident population growth and housing market conditions
may be warranted.
Update of the Nantucket Economic Base Study Report July, 2002
RKG Associates, Inc. Page 35
APPENDIX
Appendix A: Claritas Data Tables, Nantucket County
Appendix B: Woods & Poole Data Tables, Nantucket County
Appendix A
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Household Trend Information) (Page 1 of 7)
1980 1990 % Chg 2001 % Chg 2006 % Chg Universe Census Census 80-90 (Est.) 90-01 (Proj.) 01-06 -------------- --------- --------- ----- --------- ----- --------- -----
Population.... 5088 6012 18.2 9783 62.7 11116 13.6 Households.... 2155 2597 20.5 4126 58.9 4667 13.1
Families...... 1310 1488 13.6 2292 54.0 2555 11.5 Housing Units. 4784 7021 46.8 11219 59.8 12719 13.4 Grp Qrt. Pop.. 82 75 -8.5 76 1.3 76 0.0
Household Size 2.32 2.29 -1.6 2.35 2.9 2.37 0.5
1979 1989 % Chg 2001 % Chg 2006 % Chg Income (Census) (Census) 79-89 (Est.) 89-01 (Proj.) 01-06 -------------- --------- --------- ----- --------- ----- --------- -----
Aggregate($MM) 50 123 143.4 324 162.5 445 37.2 Per Capita.... 9987 20569 106.0 33183 61.3 40059 20.7
Avg. Household 23071 47107 104.2 78083 65.8 94775 21.4 Median Hhold.. 18958 40648 114.4 64981 59.9 76820 18.2 Avg. Family HH 27045 56137 107.6 91733 63.4 110770 20.8 Med. Family HH 22478 49056 118.2 78280 59.6 90074 15.1
Avg. HH Wealth 249964 280020 12.0 Med. HH Wealth 134444 186066 38.4 ------------------- Households --------------------
Household Income 1990 Census 2001 Estimate 2006 Proj.
------------------------- ---------------- ---------------- ---------------- Total.................... 2597 4126 4667 Less than $5,000..... 67 2.6% 55 1.3% 46 1.0% $5,000 to $9,999..... 172 6.6% 106 2.6% 93 2.0%
$10,000 to $14,999..... 208 8.0% 172 4.2% 142 3.0%
$15,000 to $19,999..... 110 4.2% 195 4.7% 163 3.5% $20,000 to $24,999..... 148 5.7% 240 5.8% 218 4.7% $25,000 to $29,999..... 188 7.2% 131 3.2% 249 5.3% $30,000 to $34,999..... 189 7.3% 131 3.2% 154 3.3%
$35,000 to $39,999..... 182 7.0% 164 4.0% 110 2.4%
$40,000 to $44,999..... 190 7.3% 198 4.8% 190 4.1% $45,000 to $49,999..... 136 5.2% 120 2.9% 100 2.1% $50,000 to $59,999..... 272 10.5% 376 9.1% 299 6.4% $60,000 to $74,999..... 346 13.3% 527 12.8% 516 11.1%
$75,000 to $99,999..... 212 8.2% 629 15.2% 735 15.7%
$100,000 to $124,999..... 83 3.2% 487 11.8% 498 10.7% $125,000 to $149,999..... 54 2.1% 178 4.3% 435 9.3% $150,000 to $249,999..... 29 1.1% 352 8.5% 465 10.0% $250,000 to $499,999..... 11 0.4% 51 1.2% 218 4.7%
$500,000 or More......... 0 0.0% 14 0.3% 36 0.8%
============================================================================== NOTE: When the median household wealth for an area is less than $25,000 it will be listed on this report as $24,999.
Data on income are expressed in "current" dollars for each year. Decennial Census data reflects prior year income.
2001 estimates and 2006 projections produced by Claritas Inc. Copyright 2001 Claritas Inc. Arlington, VA
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Age Information) (Page 2 of 7)
------------------- Population --------------------
Age 1990 2001 Est. 2006 Proj. ------------ ---------------- ---------------- ----------------
Total....... 6012 100.0% 9783 100.0% 11116 100.0% under 5... 434 7.2% 624 6.4% 674 6.1%
5 to 9... 360 6.0% 626 6.4% 690 6.2%
10 to 14... 286 4.8% 614 6.3% 691 6.2% 15 to 17... 187 3.1% 343 3.5% 424 3.8%
18 to 20... 136 2.3% 193 2.0% 246 2.2% 21 to 24... 318 5.3% 370 3.8% 426 3.8%
25 to 29... 603 10.0% 665 6.8% 699 6.3% 30 to 34... 639 10.6% 784 8.0% 820 7.4% 35 to 39... 603 10.0% 906 9.3% 903 8.1%
40 to 44... 503 8.4% 929 9.5% 968 8.7% 45 to 49... 306 5.1% 772 7.9% 927 8.3%
50 to 54... 269 4.5% 701 7.2% 844 7.6% 55 to 59... 260 4.3% 475 4.9% 761 6.8% 60 to 64... 287 4.8% 402 4.1% 483 4.3%
65 to 69... 244 4.1% 337 3.4% 423 3.8% 70 to 74... 186 3.1% 365 3.7% 343 3.1%
75 to 79... 173 2.9% 299 3.1% 330 3.0% 80 to 84... 119 2.0% 186 1.9% 239 2.2% 85 + ...... 99 1.6% 192 2.0% 225 2.0%
Median..... 35.4 38.7 39.9
------------------- Population -------------------- 1990 2001 Est. 2006 Proj. Age Male Female Male Female Male Female
------------ ------ ------ ------ ------ ------ ------ Total....... 50.0% 50.0% 50.0% 50.0% 50.1% 49.9%
under 5... 3.9% 3.3% 3.3% 3.1% 3.2% 2.9% 5 to 9... 3.5% 2.5% 3.3% 3.1% 3.2% 3.0% 10 to 14... 2.6% 2.2% 3.3% 2.9% 3.2% 3.0%
15 to 17... 1.7% 1.4% 2.0% 1.5% 2.0% 1.8% 18 to 20... 1.1% 1.2% 1.1% 0.8% 1.3% 0.9%
21 to 24... 2.4% 2.9% 1.8% 2.0% 2.1% 1.8% 25 to 29... 5.1% 5.0% 3.6% 3.2% 3.2% 3.1% 30 to 34... 5.2% 5.5% 3.8% 4.2% 3.6% 3.8%
35 to 39... 5.3% 4.7% 4.8% 4.4% 4.3% 3.9% 40 to 44... 4.7% 3.7% 5.2% 4.3% 4.7% 4.0%
45 to 49... 2.7% 2.4% 4.0% 3.9% 4.1% 4.2% 50 to 54... 2.2% 2.2% 3.6% 3.5% 3.9% 3.7% 55 to 59... 2.2% 2.1% 2.6% 2.2% 3.5% 3.4% 60 to 64... 2.2% 2.6% 1.8% 2.3% 2.2% 2.2%
65 to 69... 1.6% 2.4% 1.6% 1.8% 1.7% 2.1%
70 to 74... 1.3% 1.7% 1.6% 2.1% 1.4% 1.7% 75 to 79... 1.1% 1.8% 1.2% 1.9% 1.2% 1.8% 80 to 84... 0.7% 1.3% 0.7% 1.2% 0.8% 1.3% 85 + ...... 0.5% 1.1% 0.6% 1.4% 0.6% 1.4%
Median..... 34.6 36.2 37.9 39.6 38.9 41.1
============================================================================== 2001 estimates and 2006 projections produced by Claritas Inc. Copyright 2001 Claritas Inc. Arlington, VA
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Age Information) (Page 3 of 7)
--------------- Female Population -----------------
Age 1990 2001 Est. 2006 Proj. ------------ ---------------- ---------------- ----------------
Total....... 3008 100.0% 4888 100.0% 5549 100.0% under 5... 199 6.6% 299 6.1% 321 5.8%
5 to 9... 152 5.1% 300 6.1% 330 5.9%
10 to 14... 131 4.4% 287 5.9% 334 6.0% 15 to 17... 87 2.9% 151 3.1% 200 3.6%
18 to 20... 70 2.3% 83 1.7% 101 1.8% 21 to 24... 172 5.7% 194 4.0% 196 3.5%
25 to 29... 298 9.9% 317 6.5% 346 6.2% 30 to 34... 328 10.9% 415 8.5% 425 7.7% 35 to 39... 283 9.4% 433 8.9% 428 7.7%
40 to 44... 220 7.3% 420 8.6% 440 7.9% 45 to 49... 142 4.7% 385 7.9% 466 8.4%
50 to 54... 135 4.5% 347 7.1% 414 7.5% 55 to 59... 127 4.2% 216 4.4% 377 6.8% 60 to 64... 157 5.2% 223 4.6% 243 4.4%
65 to 69... 145 4.8% 178 3.6% 236 4.3% 70 to 74... 105 3.5% 206 4.2% 189 3.4%
75 to 79... 109 3.6% 184 3.8% 196 3.5% 80 to 84... 79 2.6% 114 2.3% 149 2.7% 85 + ...... 69 2.3% 136 2.8% 158 2.8%
Median..... 36.2 39.6 41.1
---------------- Male Population ------------------ Age 1990 2001 Est. 2006 Proj. ------------ ---------------- ---------------- ----------------
Total....... 3004 100.0% 4895 100.0% 5567 100.0% under 5... 235 7.8% 325 6.6% 353 6.3%
5 to 9... 208 6.9% 326 6.7% 360 6.5% 10 to 14... 155 5.2% 327 6.7% 357 6.4% 15 to 17... 100 3.3% 192 3.9% 224 4.0%
18 to 20... 66 2.2% 110 2.2% 145 2.6% 21 to 24... 146 4.9% 176 3.6% 230 4.1%
25 to 29... 305 10.2% 348 7.1% 353 6.3% 30 to 34... 311 10.4% 369 7.5% 395 7.1% 35 to 39... 320 10.7% 473 9.7% 475 8.5%
40 to 44... 283 9.4% 509 10.4% 528 9.5% 45 to 49... 164 5.5% 387 7.9% 461 8.3%
50 to 54... 134 4.5% 354 7.2% 430 7.7% 55 to 59... 133 4.4% 259 5.3% 384 6.9% 60 to 64... 130 4.3% 179 3.7% 240 4.3% 65 to 69... 99 3.3% 159 3.2% 187 3.4%
70 to 74... 81 2.7% 159 3.2% 154 2.8%
75 to 79... 64 2.1% 115 2.3% 134 2.4% 80 to 84... 40 1.3% 72 1.5% 90 1.6% 85 + ...... 30 1.0% 56 1.1% 67 1.2% Median..... 34.6 37.9 38.9
============================================================================== 2001 estimates and 2006 projections produced by Claritas Inc. Copyright 2001 Claritas Inc. Arlington, VA
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Household Age by Income Information)(Page 4 of 7)
Household ---------1990 Households by Age of Householder ---------
Income in 1989 Total 15-24 25-34 35-44 45-54 55-59 ----------------- -------- -------- -------- -------- -------- --------
Total Households. 2597 108 584 652 355 151 Under $5,000 67 1 6 8 13 2
$5,000-$9,999 172 2 39 29 8 7
$10,000-$14,999 208 20 44 47 20 12 $15,000-$24,999 258 11 62 45 18 7
$25,000-$34,999 377 18 98 109 41 21 $35,000-$49,999 508 13 131 138 51 31
$50,000-$74,999 618 40 141 149 122 47 $75,000-$99,999 212 2 38 88 29 11 $100,000-$149,999 137 1 22 28 38 8
$150,000-$249,999 29 0 2 7 10 4 $250,000-$499,999 11 0 1 4 5 1
$500,000 or More 0 0 0 0 0 0 Median Income.... 40648 37307 39923 44565 55430 47822
60-64 65-69 70-74 75-79 80-84 85 + -------- -------- -------- -------- -------- --------
Total Households. 179 161 131 120 93 63 Under $5,000 3 4 5 10 8 7 $5,000-$9,999 8 13 10 23 19 14
$10,000-$14,999 16 11 8 13 12 5 $15,000-$24,999 8 33 26 23 16 9
$25,000-$34,999 29 17 15 13 10 6 $35,000-$49,999 38 42 29 14 12 9 $50,000-$74,999 52 19 19 12 9 8
$75,000-$99,999 9 16 11 3 3 2 $100,000-$149,999 11 5 8 9 4 3
$150,000-$249,999 5 1 0 0 0 0 $250,000-$499,999 0 0 0 0 0 0 $500,000 or More 0 0 0 0 0 0
Median Income.... 45065 35892 35775 21086 19687 21111
--- Percent 1990 Households by Age of Householder --- Household 15- 25- 35- 45- 55- 60- 65- 70- 75- 80- Income in 1989 Total 24 34 44 54 59 64 69 74 79 84 85 +
----------------- ----- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Total Households. 100.0 4.2 22.5 25.1 13.7 5.8 6.9 6.2 5.0 4.6 3.6 2.4
Under $5,000 2.6 0.0 0.2 0.3 0.5 0.1 0.1 0.2 0.2 0.4 0.3 0.3 $5,000-$9,999 6.6 0.1 1.5 1.1 0.3 0.3 0.3 0.5 0.4 0.9 0.7 0.5 $10,000-$14,999 8.0 0.8 1.7 1.8 0.8 0.5 0.6 0.4 0.3 0.5 0.5 0.2 $15,000-$24,999 9.9 0.4 2.4 1.7 0.7 0.3 0.3 1.3 1.0 0.9 0.6 0.3
$25,000-$34,999 14.5 0.7 3.8 4.2 1.6 0.8 1.1 0.7 0.6 0.5 0.4 0.2
$35,000-$49,999 19.6 0.5 5.0 5.3 2.0 1.2 1.5 1.6 1.1 0.5 0.5 0.3 $50,000-$74,999 23.8 1.5 5.4 5.7 4.7 1.8 2.0 0.7 0.7 0.5 0.3 0.3 $75,000-$99,999 8.2 0.1 1.5 3.4 1.1 0.4 0.3 0.6 0.4 0.1 0.1 0.1 $100,000-$149,999 5.3 0.0 0.8 1.1 1.5 0.3 0.4 0.2 0.3 0.3 0.2 0.1
$150,000-$249,999 1.1 0.0 0.1 0.3 0.4 0.2 0.2 0.0 0.0 0.0 0.0 0.0
$250,000-$499,999 0.4 0.0 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $500,000 or More 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ============================================================================== 2001 estimates and 2006 projections produced by Claritas Inc.
Copyright 2001 Claritas Inc. Arlington, VA
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Household Age by Income Information)(Page 5 of 7)
Household ---------2001 Households by Age of Householder ---------
Income in 2001 Total 15-24 25-34 35-44 45-54 55-59 ----------------- -------- -------- -------- -------- -------- --------
Total Households. 4126 139 681 1014 873 266 Under $5,000 55 1 6 6 7 2
$5,000-$9,999 106 6 19 19 7 5
$10,000-$14,999 172 14 32 31 13 6 $15,000-$24,999 435 22 94 102 41 20
$25,000-$34,999 262 11 60 69 28 14 $35,000-$49,999 482 29 100 117 89 33
$50,000-$74,999 903 44 165 273 167 56 $75,000-$99,999 629 6 90 152 156 34 $100,000-$149,999 665 5 84 132 201 44
$150,000-$249,999 352 0 24 92 137 47 $250,000-$499,999 51 0 4 18 25 4
$500,000 or More 14 1 3 3 2 1 Median Income.... 64981 43017 54469 64926 88541 73660
60-64 65-69 70-74 75-79 80-84 85 + -------- -------- -------- -------- -------- --------
Total Households. 244 214 243 195 134 123 Under $5,000 2 3 4 8 7 9 $5,000-$9,999 6 6 5 13 11 9
$10,000-$14,999 7 16 16 16 12 9 $15,000-$24,999 19 32 34 29 23 19
$25,000-$34,999 15 19 18 10 10 8 $35,000-$49,999 28 24 25 15 10 12 $50,000-$74,999 46 47 49 20 18 18
$75,000-$99,999 33 29 49 39 21 20 $100,000-$149,999 48 24 43 45 20 19
$150,000-$249,999 40 12 0 0 0 0 $250,000-$499,999 0 0 0 0 0 0 $500,000 or More 0 2 0 0 2 0
Median Income.... 74456 53723 59948 58125 41000 44375
--- Percent 2001 Households by Age of Householder --- Household 15- 25- 35- 45- 55- 60- 65- 70- 75- 80- Income in 2001 Total 24 34 44 54 59 64 69 74 79 84 85 +
----------------- ----- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Total Households. 100.0 3.4 16.5 24.6 21.2 6.4 5.9 5.2 5.9 4.7 3.2 3.0
Under $5,000 1.3 0.0 0.1 0.1 0.2 0.0 0.0 0.1 0.1 0.2 0.2 0.2 $5,000-$9,999 2.6 0.1 0.5 0.5 0.2 0.1 0.1 0.1 0.1 0.3 0.3 0.2 $10,000-$14,999 4.2 0.3 0.8 0.8 0.3 0.1 0.2 0.4 0.4 0.4 0.3 0.2 $15,000-$24,999 10.5 0.5 2.3 2.5 1.0 0.5 0.5 0.8 0.8 0.7 0.6 0.5
$25,000-$34,999 6.3 0.3 1.5 1.7 0.7 0.3 0.4 0.5 0.4 0.2 0.2 0.2
$35,000-$49,999 11.7 0.7 2.4 2.8 2.2 0.8 0.7 0.6 0.6 0.4 0.2 0.3 $50,000-$74,999 21.9 1.1 4.0 6.6 4.0 1.4 1.1 1.1 1.2 0.5 0.4 0.4 $75,000-$99,999 15.2 0.1 2.2 3.7 3.8 0.8 0.8 0.7 1.2 0.9 0.5 0.5 $100,000-$149,999 16.1 0.1 2.0 3.2 4.9 1.1 1.2 0.6 1.0 1.1 0.5 0.5
$150,000-$249,999 8.5 0.0 0.6 2.2 3.3 1.1 1.0 0.3 0.0 0.0 0.0 0.0
$250,000-$499,999 1.2 0.0 0.1 0.4 0.6 0.1 0.0 0.0 0.0 0.0 0.0 0.0 $500,000 or More 0.3 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ============================================================================== 2001 estimates and 2006 projections produced by Claritas Inc.
Copyright 2001 Claritas Inc. Arlington, VA
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Household Age by Income Information)(Page 6 of 7)
Household ---------2006 Households by Age of Householder ---------
Income in 2006 Total 15-24 25-34 35-44 45-54 55-59 ----------------- -------- -------- -------- -------- -------- --------
Total Households. 4667 165 707 1024 1040 421 Under $5,000 46 0 5 4 5 2
$5,000-$9,999 93 5 14 14 8 6
$10,000-$14,999 142 11 23 23 11 9 $15,000-$24,999 381 23 74 77 40 22
$25,000-$34,999 403 18 84 90 45 28 $35,000-$49,999 400 24 78 91 64 38
$50,000-$74,999 815 48 144 206 159 75 $75,000-$99,999 735 26 113 182 165 61 $100,000-$149,999 933 8 113 181 272 80
$150,000-$249,999 465 2 41 93 166 61 $250,000-$499,999 218 0 13 54 93 35
$500,000 or More 36 0 5 9 12 4 Median Income.... 76819 50781 63107 75961 104227 87500
60-64 65-69 70-74 75-79 80-84 85 + -------- -------- -------- -------- -------- --------
Total Households. 290 266 227 213 171 143 Under $5,000 2 4 2 8 7 7 $5,000-$9,999 6 5 4 11 11 9
$10,000-$14,999 7 13 11 13 12 9 $15,000-$24,999 19 34 26 27 24 15
$25,000-$34,999 21 34 29 20 20 14 $35,000-$49,999 26 25 18 12 12 12 $50,000-$74,999 47 47 35 18 18 18
$75,000-$99,999 41 41 37 29 21 19 $100,000-$149,999 60 42 52 59 34 32
$150,000-$249,999 42 17 12 15 8 8 $250,000-$499,999 19 4 0 0 0 0 $500,000 or More 0 0 1 1 4 0
Median Income.... 85365 59574 66785 71527 49375 57638
--- Percent 2006 Households by Age of Householder --- Household 15- 25- 35- 45- 55- 60- 65- 70- 75- 80- Income in 2006 Total 24 34 44 54 59 64 69 74 79 84 85 +
----------------- ----- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Total Households. 100.0 3.5 15.1 21.9 22.3 9.0 6.2 5.7 4.9 4.6 3.7 3.1
Under $5,000 1.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.0 0.2 0.1 0.1 $5,000-$9,999 2.0 0.1 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 $10,000-$14,999 3.0 0.2 0.5 0.5 0.2 0.2 0.1 0.3 0.2 0.3 0.3 0.2 $15,000-$24,999 8.2 0.5 1.6 1.6 0.9 0.5 0.4 0.7 0.6 0.6 0.5 0.3
$25,000-$34,999 8.6 0.4 1.8 1.9 1.0 0.6 0.4 0.7 0.6 0.4 0.4 0.3
$35,000-$49,999 8.6 0.5 1.7 1.9 1.4 0.8 0.6 0.5 0.4 0.3 0.3 0.3 $50,000-$74,999 17.5 1.0 3.1 4.4 3.4 1.6 1.0 1.0 0.7 0.4 0.4 0.4 $75,000-$99,999 15.7 0.6 2.4 3.9 3.5 1.3 0.9 0.9 0.8 0.6 0.4 0.4 $100,000-$149,999 20.0 0.2 2.4 3.9 5.8 1.7 1.3 0.9 1.1 1.3 0.7 0.7
$150,000-$249,999 10.0 0.0 0.9 2.0 3.6 1.3 0.9 0.4 0.3 0.3 0.2 0.2
$250,000-$499,999 4.7 0.0 0.3 1.2 2.0 0.7 0.4 0.1 0.0 0.0 0.0 0.0 $500,000 or More 0.8 0.0 0.1 0.2 0.3 0.1 0.0 0.0 0.0 0.0 0.1 0.0 ============================================================================== 2001 estimates and 2006 projections produced by Claritas Inc.
Copyright 2001 Claritas Inc. Arlington, VA
CONNECT STUDY REPORT OF MARKET TREND IN NANTUCKET, MA
Claritas Inc. 2-JAN-02 Sales (800)234-5973 Support (800)780-4237
Study area name: NANTUCKET, MA
Market Trend Report (Race and Hispanic Information) (Page 7 of 7)
Race and -------------------- Population -------------------- Hispanic Origin 1990 (Census) 2001 Est. 2006 Proj.
------------------------- ---------------- ---------------- ----------------
Total.................... 6012 100.0% 9783 100.0% 11116 100.0% Hispanic................ 50 0.8% 224 2.3% 291 2.6%
Non-Hispanic............ 5962 99.2% 9559 97.7% 10825 97.4% White.................. 5759 95.8% 8578 87.7% 9528 85.7%
Black.................. 140 2.3% 855 8.7% 1143 10.3% Am. Indian/Eskimo/Aleut 5 0.1% 7 0.1% 7 0.1% Asian/Pacific Islander. 18 0.3% 72 0.7% 91 0.8%
Other Race............. 40 0.7% 47 0.5% 56 0.5%
M.A.R.S. Race and -------------------- Population -------------------- Hispanic (OMB consistent) 1990 2001 Est. 2006 Proj.
------------------------- ---------------- ---------------- ---------------- Total.................... 6012 100.0% 9783 100.0% 11116 100.0%
White.................. 5834 97.0% 8778 89.7% 9789 88.1% Black.................. 155 2.6% 901 9.2% 1191 10.7% Am. Ind./Eskimo/Aleut.. 5 0.1% 13 0.1% 16 0.1%
Asian/Pacific Isl...... 18 0.3% 91 0.9% 120 1.1%
Hispanic................ 50 0.8% 224 2.3% 291 2.6% ==============================================================================
Hispanic Origin is considered an ethnicity, not a race. Hispanic and race
counts are derived from separate census questions, and persons of Hispanic ethnicity can be of any race. The term "Non-Hispanic" refers to persons who indicated that they are not of Hispanic ethnicity. The sum of Hispanics, White
(Non-Hispanic), Black (Non-Hispanic), American Indian (Non-Hispanic), Asian (Non-Hispanic), and Other (Non-Hispanic) equals "All Persons."
"M.A.R.S. Race and Hispanic" refers to race data from the "Modified Age/Race/Sex" files, in which persons who identified themselves on the census
as "Other race" were reclassified to specified race categories such as White, Black, American Indian or Asian. The Census Bureau made these modifications to
bring the 1990 data into conformity with race definitions established for government use by the Office of Management and Budget (OMB). Although Hispanic ethnicity was not subject to direct modification, the M.A.R.S. procedures resulted in occasional minor changes in the Hispanic count, so occasional but
minor discrepancies with the original Hispanic counts may be observed.
==============================================================================
2001 estimates and 2006 projections produced by Claritas Inc. Copyright 2001 Claritas Inc. Arlington, VA
2001 RETAIL SALES REPORT NANTUCKET COUNTY
Claritas Inc. 22-NOV-02 Sales (800)234-5973 Support (800)678-8110
Study area name: NANTUCKET COUNTY
SUMMARY BUSINESS DATA REPORT FOR SELECTED RETAIL SIC CATEGORIES (Page 1 of 2)
-----Estimated-----
SIC Total Total Sales (in Estab.
Code Business Description Estab. Employ. millions) 20+ Emp. ----- ----------------------------------- -------- --------- --------- --------
RET ALL RETAILING (SIC 52-59) 382 2866 252.4 31
52 BLDG MAT'RL/GARDEN SUP./MOB'L HOMES 16 156 22.3 1
521 LUMBER AND OTHER BUILDING MAT'RLS 5 112 14.4 1 523 PAINT, GLASS, AND WALLPAPER STORE 1 1 0.2 0
525 HARDWARE STORES 0 0 0.0 0 526 NURSERIES & GARDEN SUPPLY STORES 10 43 7.7 0
527 MOBILE HOME DEALERS 0 0 0.0 0 53 GENERAL MERCHANDISE STORES 2 6 0.4 0
531 DEPARTMENT STORES 1 1 0.1 0 54 FOOD STORES 16 191 31.2 2
541 GROCERY STORES 4 143 25.3 2 542 MEAT & FISH MARKETS, FREEZER PROV 6 16 2.5 0 543 FRUIT AND VEGETABLE MARKETS 0 0 0.0 0
544 CANDY, NUT, & CONFECT'NERY STORES 1 4 0.2 0 545 DAIRY PRODUCTS STORES 0 0 0.0 0
546 RETAIL BAKERIES 2 13 0.5 0 549 MISCELLANEOUS FOOD STORES 3 15 2.7 0
55 AUTO. DEALERS & GAS. SERV. STATIONS 13 98 28.5 1 551 MOTOR VEHICLE DEALERS (NEW&USED) 1 28 11.3 1
552 MOTOR VEHICLE DEALERS (USED ONLY) 1 2 0.5 0 553 AUTO AND HOME SUPPLY STORES 3 11 2.0 0 554 GASOLINE SERVICE STATIONS 2 20 3.6 0
555 BOAT DEALERS 6 37 11.1 0 556 RECREATIONAL VEHICLE DEALERS 0 0 0.0 0
557 MOTORCYCLE DEALERS 0 0 0.0 0 559 AUTOMOTIVE DEALERS, N.E.C. 0 0 0.0 0
56 APPAREL AND ACCESSORY STORES 47 303 19.9 2 561 MEN'S & BOYS' CLOTHING STORES 0 0 0.0 0
562 WOMEN'S CLOTHING STORES 4 20 1.1 0 563 WOMEN'S ACCESSORY & SPECIALTY 3 9 0.6 0 564 CHILDREN'S AND INFANTS' WEAR 1 1 0.1 0
565 FAMILY CLOTHING STORES 24 172 9.3 1 566 SHOE STORES 2 43 5.4 1
569 MISC. APPAREL & ACCESSORIES 13 58 3.4 0 57 HOME FURNITURE/FURNISHINGS/EQUIP. 35 138 22.1 0 571 FURNITURE, HOME FURNISHINGS STORE 21 93 12.6 0
5712 FURNITURE STORES 10 48 7.7 0
5713 FLOOR COVERING STORES 5 12 2.4 0 5719 MISC. HOME FURNISHINGS STORES 5 31 2.4 0 ==============================================================================
Prepared from Claritas' Business Facts database
using data from InfoUSA Copyright 2002 Claritas Inc. Arlington, VA
2001 RETAIL SALES REPORT NANTUCKET COUNTY
Claritas Inc. 22-NOV-02 Sales (800)234-5973 Support (800)678-8110
Study area name: NANTUCKET COUNTY
SUMMARY BUSINESS DATA REPORT FOR SELECTED RETAIL SIC CATEGORIES (Page 2 of 2)
-----Estimated-----
SIC Total Total Sales (in Estab.
Code Business Description Estab. Employ. millions) 20+ Emp. ----- ----------------------------------- -------- --------- --------- --------
572 HOUSEHOLD APPLIANCE STORES 2 3 0.6 0 573 RADIO,TV,CONSUM.ELEC.,MUSIC STORE 12 42 8.9 0
5731 RADIO, TV, CONSUMER ELECTRONICS 4 10 1.6 0
5734 COMPUTER/COMPUTER SOFTW. STORES 5 18 5.1 0 5735 RECORD, PRERECORDED TAPE STORES 2 11 1.7 0
58 EATING AND DRINKING PLACES 80 1382 69.1 23
5812 EATING PLACES 78 1322 66.7 21 5813 DRINKING PLACES (ALCOHOLIC BEV.) 2 60 2.4 2
59 MISCELLANEOUS RETAIL 173 592 58.9 2 591 DRUG STORES & PROPRIETARY STORES 3 25 3.2 0
592 LIQUOR STORES 6 39 3.1 0 593 USED MERCHANDISE STORES 32 71 4.5 0 5932A ANTIQUE STORES 30 69 4.3 0
5932B USED AND RARE BOOKS 0 0 0.0 0 594 MISC. SHOPPING GOODS STORES 75 280 18.6 1
5941 SPORTING GOODS & BICYCLE STORES 16 94 5.2 1 5942 BOOK STORES 2 9 0.5 0 5943 STATIONERY STORES 2 12 2.2 0
5944 JEWELRY STORES 15 38 2.3 0 5945 HOBBY, TOY, AND GAME SHOPS 12 24 1.8 0
5946 CAMERA/PHOTOGRAPHIC SUPPLY 0 0 0.0 0 5947 GIFT, NOVELTY, AND SOUVENIR 23 74 5.1 0 5948 LUGGAGE AND LEATHER GOODS 2 11 0.6 0
5949 SEWING/NEEDLEWORK/PIECE GOODS 3 18 0.9 0 596 NONSTORE RETAILERS 2 29 5.8 1
5961 CATALOG AND MAIL ORDER HOUSES 2 29 5.8 1 598 FUEL DEALERS 1 3 0.6 0 599 RETAIL STORES, N.E.C. 54 145 23.1 0
5992 FLORISTS 5 21 1.2 0 5993 TOBACCO STORES AND STANDS 1 1 0.1 0
5994 NEWS DEALERS AND NEWSSTANDS 0 0 0.0 0 5995 OPTICAL GOODS STORES 0 0 0.0 0 5999 MISC. RETAIL STORES, N.E.C. 48 123 21.8 0
5999M PET SHOPS 2 10 1.8 0
==============================================================================
Prepared from Claritas' Business Facts database using data from InfoUSA Copyright 2002 Claritas Inc. Arlington, VA
Appendix B