Franklin Tomorrow held its final FrankTalks of 2017 on Monday, Dec. 11, at Columbia State Commuity College to take a look ahead at trends and emerging issues expected to impact the community in 2018.
A panel of experts included Franklin Mayor Ken Moore; Lisa Wurth, past president of the Williamson County Association of REALTORS; Ellie Westman Chin, CEO of the Williamson County Convention & Visitors Bureau; and Richard Herrington of Franklin Synergy Bank representing Williamson Inc. as its incoming Board chairman. He was later joined by Matt Largen, Williamson Inc. CEO.
Each panelist shared insights from their industry arena. Here’s some of what we learned and from whom:
- The City of Franklin hopes the State of Tennessee will bid the northwest extension of Mack Hatcher in February, according to Mayor Moore.
Inventory shortages in new home construction is an issue in Williamson County, with local economist Edsel Charles saying the new home shortage was approximately 90% of the actual demand in the county’s southeast region, according to Wurth.
Williamson County saw 1.4 million visitors in 2016, with a 36% increase in spending by visitors over the last five years, resulting in more than $500 in savings for Williamson County taxpayers, according to Chin.
The shortage for housing extends to available lots, with the inventory of vacant lots less than a 13-month supply while the national standard is 26 months, according to Herrington.
Education continues to be a driving factor in economic development, but companies are relocating to Williamson County to follow the workforce, Largen said, rather than people following their company to the region.
He also reviewed the numbers behind the upcoming Feb. 6 referendum on a hike to the local option sales tax which is expected to generate more than $20 million for school construction and renovation.
To learn more about the sales tax referendum and download fact sheets, follow this link.
The slides by Mayor Ken Moore and Richard Herrington of Franklin Synergy Bank are below.