Wanchese Marine Industrial Park 2015 Economic Impact Analysis

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1 Wanchese Marine Industrial Park 2015 Economic Impact Analysis Marina Clough East Carolina University NCSECU Public Service Fellowship at the Wanchese Industrial Park July-September 2015

2 TABLE OF CONTENTS INTRODUCTION 3 METHODOLOGY 3 Sampling Method 3 Data Collection Method 4 Data Analysis Method 4 FINDINGS 4 Length of business activity 4 Location - location 5 Human Resources 6 Investments 6 Self evaluation: the notion of change and the role of Hispanic workers 7 Table 1: Changes in the past 5 years in the boat building industry 7 Table 2: Opinions about Hispanic American Workers in the Boat Building Industry 8 Evaluating the Wanchese Marine Industrial Park 8 DISCUSSION 9 APPENDIX 9 Excel file: Wanchese Industrial Park business owners responses to the semi-structured interview questions 9 2

3 INTRODUCTION From July to August of 2015, I worked as an intern at the Wanchese Marine Industrial Park under the direction of Bob Peele and Dr. Christine Avenarius. One of three projects I undertook was to assist Dr. Kleckley, professor in the Department of Finance at the ECU Business School and director of the ECU Bureau of Business Research, with an economic impact analysis of the Wanchese Industrial Park. That impact analysis is conducted every 5 years. The other two projects I engaged in during my internship are a survey of NC sail participants and a review of media outlets and websites that can promote NC Sail. Each of these project results are written up in a separate report. METHODOLOGY Sampling Method Since the goal of this study was to communicate with all businesses located in the Wanchese Industrial Park, I didn t use a sampling strategy but approached it as a census task, attempting to reach all of the 18 businesses located in the park. Between August 5 th and August 27 th, I managed to interview 11 business owners in the Wanchese Marine Industrial Park. I was unable to interview all of the business owners because I was working on the organization and implementation of two Sail NC regatta events and then had to return to East Carolina University in late August to attend classes at the beginning of the fall semester to finish my senior year. Scheduling conflicts and cancellations by business owners also contributed to the challenge of interviewing all business owners located in the Wanchese Industrial Park. I asked the business owners 21 questions that were all related to their business, including what their business does on a daily basis and what the challenges are of finding good employees. 3

4 I interviewed 9 male business owners and 3 female business owners. One of the 11 businesses was represented by a couple, hence 12 informants and 11 businesses. Data Collection Method To interview these businesses in the Wanchese Marine Industrial Park, I used a semi-structured interview instrument with open-ended and closed questions that took about minutes to answer for each business owner. I interviewed 11 businesses between August 5 th, 2015 and August 27 th, interviews took place in the Wanchese Marine Industrial Park, and 1 interview was over the phone due to the start of the semester. Data Analysis Method To analyze all of the data from the businesses in the Park, I used text analysis to find reoccurring themes and statistical analysis to quantify similarities and differences between the businesses. I typed up my notes from my interviews and put them into SPSS to find the similarities and differences of the businesses in the Wanchese Marine Industrial Park. FINDINGS Length of business activity The eleven businesses interviewed to date differ in their length of operation. The oldest business started in 1977, and the youngest started in Not all of the business started in the Park itself though. On average, businesses opened in the Park in the year The first business to open in the park was in 1985, with the last business to open being in early 2015 with a standard deviation of 9 and a half years. On average, businesses in the Park have 24 full time employees. There is a maximum number of 86 employees and a minimum of no employees, with a standard 4

5 deviation of The Park usually has a maximum of 9 part time employees, with a mean of 2 part time employees and a standard deviation of 3. One business is an exception. This business, during the shrimping season, brings in between 25 and 30 people in one day away to help with the shrimp overload. The average gross sales range of the businesses I interviewed in the Park is $3,024, There is a maximum of $16,000,000 and a minimum of $2,500, with a standard deviation of $4,722, Employees in the Wanchese Marine Industrial Park get paid between $12 per hour and $27 per hour. Location - location When asked why the business picked the park, 5 out of 11 said it was because of the location, 4 out of 11 said it was because it is convenient, and the remaining 2 said it was because they were given economic incentives to come to the Park, and because the park has a good assortment of services for the business. On a daily basis, 3 businesses do boat repair. The other businesses do a variety of things on a daily basis, including carbon fiber construction and design of boats, custom boats, boat maintenance, wholesale fish, and boat construction. 8 out of 11 businesses don t have any other locations outside of the Wanchese Marine Industrial Park. Others do have other locations, including Hampton, VA; Wilmington, NC; Maryland; and Florida. One business subcontracts work to China and the Netherlands. When asked where they sell their products, 4 out of 11 sell them locally, 3 out of 11 sell exclusively out of state, and 4 sell locally and out of state. All of the businesses said they have a good business relationship with other businesses in the park. 5

6 Human Resources When asked how businesses find their employees, 5 out of 11 said that they are hard to find. The rest of the businesses find employees through word of mouth, the unemployment office, and through family. One business I interviewed did not have any employees. When asked how they keep their good employees, 6 out of 11 said they pay them well and 4 out of 11 said they treat them well. The rest of the businesses keep their good employees by keeping them excited about their products, having a great work atmosphere, and managing them well. One business hires mostly family members, and they said that family can t leave. When businesses were asked if their employees receive benefits, 4 out of 11 said no, and 6 out of 11 said yes. The other business didn t have any employees. These benefits vary between businesses. Five out of 11 businesses in the Wanchese Marine Industrial Park are mostly year round businesses, 4 out of 11 saying they are busier in the summer, and others saying they re busier in the spring or winter. Investments Businesses in the park either lease buildings from the parks, or they have invested into the buildings themselves. One business said they have invested at least $1 million, one invested $500,000, another said they invested $2 million. One business said they purchased their restaurant and added freezers to it. Out of 11 businesses, 4 of them mentioned something about leasing. Since 2010, businesses in the Wanchese Marine Industrial Park have invested an average of $324,25. There is a maximum of $2 million, and a minimum of $4,500 with a standard deviation of $615,

7 Self evaluation: the notion of change and the role of Hispanic workers When businesses were asked how their business has changed in the last 5 years, 7 out of 11 said they have gotten busier. One business mentioned they have gotten busier on the retail side of things, but also mentioned that there has been abuse of fisheries management which has made things for them difficult at times. Other businesses said they have become less busy, the technology in the industry has changed, and they only repair old boats instead of new boats. Table 1: Changes in the past 5 years in the boat building industry Change in past 5 years Frequency Busier 7 Fishery abuse 1 I don't know 1 Less busy 1 Only repair old boats 1 Technology changed 1 Total 12 Business owners were asked about the changes in the last 5 years and what has changed in respect to the Hispanic American workers in the boat building industry. 4 out of 11 said they are a huge asset to their business because of their reliability. As one business put it, they are crucial to survival because they are so dependable. Others said that the best Hispanic American workers are still working at their business, especially after the financial crisis of One business didn t have any Hispanic American workers. One business owner mentioned that they hold their Hispanic American workers to a higher standard than previously because the boats they build now are more advanced. Another business mentioned that since they train their Hispanic American workers, now they make the same amount as everyone else in the business. One business said that the Hispanic American working population in the boat building industry 7

8 hasn t changed, but the challenge is how to keep them. The language barrier for some businesses, like this one, is difficult at times. Some employees act as interpreters for the Hispanic American workers, but the language barrier holds them back from advancing. Table 2: Opinions about Hispanic American Workers in the Boat Building Industry Opinions about Hispanic American Workers Frequency Best still here 1 hard to find 1 Held to higher standard 1 Huge plus 4 Language difficulties 1 Make the same amount 1 Never had any 1 They've always been here Total 11 1 The best still here statement refers to the Hispanic American workers that are still working in the boat building industry. After the economic crisis of 2008, a lot of Hispanic American workers left the industry. The business owner was glad to see that the best Hispanic American workers stuck around after the crisis. Evaluating the Wanchese Marine Industrial Park Overall, businesses in the Wanchese Marine Industrial Park are happy with the Park Administration. 6 out of 11 business owners that were interviewed mentioned outright that Bob Peele, the Director of the Wanchese Marine Industrial Park, is doing a great job and are happy with what he has done. Three of the 11 businesses would like to see more advertising for the park, including a sign at the entrance of the Park that has names of all the businesses in the Park. 8

9 One business mentioned that the Park Administration should help get Oregon Inlet open to boat traffic, because getting out into the Atlantic Ocean is essential for their business. Another business also mentioned that they would not move their business to the Perquimans Marine Industrial Park due to difficulties getting out to the Atlantic Ocean from that location. DISCUSSION It was a very interesting experience to interview business owners at the Wanchese Marine Industrial Park. Before I started my internship at the Industrial Park, I was not aware of what went on behind closed doors. I had been to the Park a couple times in the past, but this internship opened my eyes to the multi-million dollar boat building industry that exists here. I gathered the business owners input on their own business, and it was especially interesting to hear what they had to say about the recent changes in the last 5 years in respect to the Hispanic American workers in the boat building industry. All conversation partners had valuable suggestions for the current and future development of the Park itself, including more advertising for business and trying to keep Oregon Inlet accessible. APPENDIX Excel file: Wanchese Industrial Park business owners responses to the semi-structured interview questions See separate file. 9

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