HomeMy WebLinkAboutCape Cod Chamber of Commerce Expert PresentationThe Cape Cod Economy
229,000
Year -round Residents
MACAPECOD UNITED STATES
M EDI A N A GE
55.7 40.3 39.0 34%
of the population
is 65 years or older
compared to 18%statewide
3.3%3.4%3.8%
5.8%
7.3%
14.2%
1970 20201980199020002010
P E R CE N T OF P OP U L A T I ON N OT
I D E N TI F Y I N G A S W H I TE
6%increase from 2010 to 2020
13%
D EC R EA S E I N
P U B LIC S CH O O L
E NR OL L M E NT
F RO M 2 0 1 3 -1 4
TO 2 0 2 3 -24
FE D E R AL L Y
R E C OG NI Z E D
M A S HPE E
WAMPANOAG
T RI BE
Data Sources:Decennial Censuses,2022 American Community Survey 1-year Estimates Table DP05,Massachusetts Department of Elementary and Secondary Education
T H E C A P E C O D C O N T E X T
People
OVE R
500MILES OF COASTLINE
86%
of Cape Cod
is already
protected or
developed
80%
of homes are detached
single -family homes
36%
of homes are used seasonally
compared to 4%statewide
8DESIGNATED
CUL T U R AL DI ST R I CT S
Mor e t h a n
27,000
A CR E S IN
C AP E C OD
N AT I ON AL
S E A S HO R E
Data Sources:Cape Cod Commission analysis of assessors’data,2018 Regional Policy Plan,2022 American Community Survey 5-year Estimates Tables B25001 and B25001,Mass Cultural Council
T H E C A P E C O D C O N T E X T
Places
T H E C A P E C O D C O N T E X T
Economy
Over
5 Million
Visitors AnnuallyJanFebMarAprMayJunJulAugSepOctNovDec
On average,employment in the
region increases by over 33%
between the winter
and summer months
84,000
112,000
CAPE COD MA
L A BO R F O RC E
PAR T I C I PAT I O N R AT E
59%67%
M E D IA N
A NNU A L E A R NI NGS
19%
19%
17%
9%
6%
Health Care &
Social Assistance
Retail Trade
Accommodation &
Food Services
Construction
Professional &
Technical Services
TO P I N D U S TR I ES B Y EM P L O Y M EN T
CAPE COD
$48,462
$53,828
$41,623
MA
$52,528
$61,410
$44,843
TOTAL
MALE
FEMALE
Data Sources:5-year Average of Massachusetts Department of Economic Research ES-202 Data (not seasonally adjusted)for 2017,2018,2019,2021,2022;Cape Cod Commission Analysis;2022 American Community Survey 1-year Estimates Tables DP03 and S2001;UMDI analysis of 2022 Seasonally Adjusted ES-202 Data
Environmental
quality
Outdoor
recreational
opportunities
Access to the
coast
What Draws People To Cape Cod?
Key regional challenges like
Climate Change,Housing,Water
Quality,and Infrastructure
are all economic issues.
Rising Temperatures
C L I M A T E C H A N G E
Climate change
impacts every
aspect of Cape
Cod’s natural,
built,and
community
systems 3x
The Northwest Atlantic waters are warming
at 3 times the global average rate
•3.5°F
•Increase in average temperature since 1900 in MA
•4.6 -8.2 °F
•Projected average annual temperature
•increase by 2100 for Barnstable County
Data Sources: NOAA National Centers for Environmental Information Sate Climate Summaries 2022,Cape Cod Climate Action Plan
19%
O F T H E R E G I O N I S I N
T H E F E M A S P E C I A L
F L O O D H A Z A R D A R E A
$16 BI LLI O N
Total assessed value of property in the SFHA
3”
O F S E A L E V E L R I S E I N
B O S T O N S I N C E 2 0 0 0
Data Sources:S.A.Talke,“Relative Sea Level,Tides,and Extreme Water Levels in Boston Harbor From 1825 to 2018”;Cape Cod Commission Analysis
C L I M A T E C H A N G E
Rising Seas
Expected Losses,Low Lying Roads
C L I M A T E C H A N G E
$50
B I L L I O N
Damage and losses due to sea
level rise and storm surge
could exceed $50 billion
through 2100
200
miles
Inundated
Roads
700
miles
Isolated
Roads
Impacts to
roadways
By 2100,sea
level rise is
expected to
inundate
approximately
200 miles of
road and
isolate
another 700
miles of
road.
$9.7B
$8.6B
$14.5B $15.3B
ROAD
DAMAGED
$1.5B
TAX
REVENUE
LOST
BEACH
TOURISM
REDUCED
LAND VALUE
DECREASED
BUILDING
DAMAGE
Data Sources:Economic Impacts of Climate Change on Cape Cod,Eastern Research Group,Inc.,and Synapse Energy Economics,Inc.
$730,000
$449,000
2,090
400
JUNE 2023JUNE2019JUNE2020
Median Sales Price for a Single -Family Home
JUNE 2021 JUNE 2022
Inventory of Single -Family Homes for Sale Data Source:Cape Cod and Islands Association of Realtors
H O U S I N G
Rising Prices,Declining Inventory
Median sales price and inventory of single -family homes
H O U S I N G
Housing Costs are Too High
R EN TER
Median Household
Income (2022)
OV ER A LL
Median Household
Income (2022)
$210,000Estimatedannualhouseholdincomeneededto
affordably buy a median priced single -family home
$90,500
$46,300
RE Q UIRE D
Household Income
Data Sources:2022 Cape Cod Regional Housing Needs Assessment;2022 American Community Survey 5-year Estimates Table S2503
Wages Aren’t Keeping Up
H O U S I N G
JUNE 2020JUNE2019
housing prices
increased by
64%
but average
weekly wages
only increased by
24%
$930
$427,000
$1,075
$447,500
Median sales prices for single -family homes
on Cape Cod increased at nearly 3 times the
rate of average weekly wages between 2019
and 2023,widening the gap between
income and housing costs.
$603,000
$1,061
$690,000
$1,109
$700,500
$1,153
JUNE 2021 JUNE 2022 JUNE 2023
Data Sources:Cape Cod and Islands Association of Realtors, median sales price is for June YTD for single family home;Massachusetts Department of Economic Research ES-202 Data Average Wages for Q2
H O U S I N G
Housing Supply is Insufficient
Estimated housing demand is
projected to outpace supply by 11,000
to nearly 22,000 housing units by 2035
of the region is zoned to allow
housing developments with more
than two units to be built by-right
ONLY
2%
for average short -
term rents to
exceed average
year -round rents
It takes 2 MONTHS
Y E A R
There were more than17,800
registered short -term rentals
in Barnstable County in 2023
“A less than a 1%
vacancy rate for
rentals,when 7%is
considered healthy.”
–Housing Assistance Corporation
Data Sources:Massachusetts Department of Revenue Registered Short -term Rentals,2023;Housing Assistance Corporation;2022 Cape Cod Regional Housing Needs Assessment;Cape Cod Zoning for Housing Assessment,Utile and Outwith Studio for the Cape Cod Commission,2023
The Blue Economy
The history of Cape Cod’s economy relates directly to the
surrounding bodies of water and the marine life therein. Today,
marine research and preservation organizations based in the
region are globally recognized for their contributions to science
and technology. Further highlighting the region’s dependency on
surrounding waterways, Cape Cod’s most utilized mass-transit
are ferries.
To support and draw attention to our region’s strong relationship
with water, the Cape Cod Chamber of Commerce established
the Cape Cod Blue Economy Foundation in 2017. The mission of
the Cape Cod Blue Economy Foundation is to grow the region’s
economy in a sustainable and balanced way, focusing on
protecting and promoting our water and coastal resources.
Recognizing that the Cape Cod region’s environment is its
economy, the Blue Economy balances our economic and
environmental health, creates a new regional identity focused on
pride in our water and coastal resources, and supports a
sustainable year-around economy for its residents.
The Tourism Economy