Loading...
Nantucket 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