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March 20, 1996 7
<br />
<br />Report No. 217-HH
<br /> Cabarrus County
<br /> North Carolina
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<br />New Bonds Sold or Contemplated - continued
<br />facilities could be built or which could be sold to fund construction. The landfill space now being
<br />used is expected to be closed in December 1997. A decision on whether to build a new lined cell
<br />or other disposal alternatives has not been reached.
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<br />RESOURCES
<br /> Cabarrus County, formed in 1792, is located in the southern Piedmont section of North
<br />Carolina, adjacent to Mecklenburg County which includes the City of Charlotte. Cabarrus is one
<br />of the leading industrial counties in the State, with approximately 40% of its labor force employed
<br />in manufacturing. The largest industrial employers are Fieldcrest Cannon, Inc. (towels, sheets,
<br />other textiles) with over 8,000 employees, and Philip Morris (cigarettes), which employs about
<br />1,740 people. Other major industries include food processing and plants making plastics, apparel,
<br />yarn, hosiery, lace, display racks, screen doors, corrugated boxes, coffee products, surgical
<br />supplies and building products. Philip Morris is nearing completion of a $400 million expansion
<br />which is expected to increase employment by about 400 workers at completion. Philip Morris
<br />and Fieldcrest Cannon are the two largest taxpayers, accounting for 19.3% and 2.1%,
<br />respectively, of the County's 1994-95 assessed valuation. IBM operates a large manufacturing
<br />and research facility nearby in Mecklenburg County, which employs approximately 4,500 people.
<br />The County's economy was traditionally centered around textile manufacturing and agriculture.
<br />In recent years, numerous small textile plants have been closed, but as industrial resources in the
<br />area have grown and diversified, service-oriented employment has increased such that in 1992,
<br />service producing employment accounted for 58% of Cabarrus County's employment. The
<br />unemployment rate for December 1995 in Cabarrus County was 4.2%', Statewide rate was 4.5%;
<br />U. S. rate was 5.2%. The County's unemployment rate averaged 3.67% for 1995 and averaged
<br />3.4% for 1994. Gross retail sales in the County for 1994-95 amounted to $987,801,017, which
<br />was an increase of 11.8% over the previous year. Agriculture in the County is centered around
<br />dairy farming and cattle production. The value of farm products sold and government payments
<br />received for 1993 amounted to $13,546,000. The Charlotte Motor Speedway is located in the
<br />County and hosts two major NASCAR races and several other racing events each year. The
<br />Speedway's owners have expanded their facilities in recent years to include a restaurant and
<br />private club, offices, tourist/fan attractions. The adjoining property includes shops and offices of
<br />several racing teams and an industrial park. Other new business and industrial parks have been
<br />develope~t in recent years. Freight rail service is provided by a main line of the Southern Railway
<br />and by a line of the Atlantic Coast & Western Railroad which passes through the County's
<br />southern corner. Amtrak provides passenger service in Kannapolis. The County is also served by
<br />Interstate Highway 85, two U. S. highways and five N. C. highways. A new general aviation
<br />airport has been developed in Concord and commercial airline service is available at the
<br />Charlotte/Douglas International Airport in Charlotte. The County's population increased by 9.5%
<br />from 1960 to 1970, and by 15.1% from 1970 to 1980. The 1990 Census count of 98,935 reflects
<br />an increase of 15.2% since 1980. The 1994 population estimate of 107,216 reflects an increase of
<br />8.4% since 1990. Concord, the county seat, and Kannapolis are the largest municipalities in the
<br />County with 1994 populations of 32,996 and 33,913, respectively.
<br /> -continued-
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