Georgia Tech study shows growth ahead of projections
The population in Fannin County has increased by 10.3% from 2014 to 2019, well over the state increase of 5.5% and the national increase of 3.5% according to recent findings reported by Georgia Tech.
The Fannin County Development Authority (FCDA) requested Georgia Tech to perform a Entrepreneurial Ecosystem Study as part of the group’s research to determine if a shared workspace/incubater space would be worth creating.
During the Authority’s regular meeting January 21, Georgia Tech representative Juli Golemi presented the results of the study. The highest share of the population in Fannin in 2018 consisted of individuals between the ages of 60- to 74-years-old. However, the biggest percentage change was an increase of 18.71% in the 30 to 34-year-old age group. Golemi said that figure could be an indicator the Development Authority could focus on to keep the thirty-somethings in the county.
Overall, of the population figures sourced from U.S. Census Bureau statistics, FCDA Executive Director Christie Gribble said, “This is really good for a rural community. ... A lot of rural communities are losing population.”
Golemi said, “Actually, it’s one of the few communities that I’ve done this work that has shown growth. A lot of communities are losing a lot of folks. ... You guys are doing really good. You grew almost double the state’s rate and close to three times the national rate in the past five years.”
More Fannin residents are now working from home, according to study data. From 2009 to 2017, there was a 3.5% increase in the amount of folks who work from home.
Ninety-eight businesses opened in 2019, with nine operating from home and 89 operating from an office/other space. Ninety-three of those 98 new businesses were classified as “doing business as” while five were classified as corporations.
The make up of the new businesses include eight miscellaneous retail, six automotive dealers and service stations, five health services, four real estate, four business services, three each of wholesale trade-durable goods, apparel and accessory stores, eating and drinking places, and personal services. Twenty-four businesses chose not to classify themselves into one of the given categories.
The study also looked at various resources available to the area such as human assets, social assets, physical assets and financial assets. Golemi suggested an improvement could be made in the financial assets category because while there were plenty of banks to apply for and receive loans, there were no venture capital or private equity options for entrepreneurs to explore.
The data for the report were gathered from U.S. Census data, ReferenceUSA and other public information, interviews and a survey. The survey was sent to 500 entrepreneurs and 98 community leaders. Out of that pool, 128 entrepreneurs responded and 29 community leaders provided their input.
Twenty-one percent of those surveyed said they were interested in using a co-working space and that the space would be essential to their success.
The study concluded: “given the low investment required to set up the co-working space, the Fannin County leadership may consider setting up a co-working space in the vicinity of downtown.” Golemi said potential benefits from doing so could energize the entrepreneurs working from home, add visibility to the community’s entrepreneurship vision, and could be a central location for service providers such as mentors, advisors and other business related programs.
Other recommendations are to offer targeted programs to assist entrepreneurs, develop startup friendly policies, collaborate with local colleges, engage K-12 students, and develop programs specific to entrepreneurs working in tourism/hospitality, which happens to be the largest sector in Fannin County.
The FCDA will continue to review the data and discuss potential action items going forward.