This article has nothing to to with current issues such as Beach Nourishment (which we need), a Mid Currituck Bridge (which we need), Beach Closures on Hatteras Island (which we don't need). I wanted to address the economic viability of our community during the soft years.
The Outer Banks is a small community. Fluctuating anywhere between 30,000 and 35,000 permanent residents. Our market is all about the housing and servicing of people. Part of that service is selling properties. Look in your home town - does anyone have numbers close to this.
- 1 out of 30 people that live on the Outer Banks are Realtors
- 1 out of 100 are tied to the sale of property (mortgage lenders, attorneys and support staff for those industries)
- I would guess that 2 out of 30 people are tied to the rental industry (maybe even more). Reservations, maintenance, Housecleaning, IT, Admin etc.
- Then add the other services that solely cater to the vacationers - Restaurants that are only open during the season, Beach Rental Companies, Charter Fishing, Cooks that shop and cook your meal, putt putt golf courses - the list goes on and on.
So out of the 35,000 folks that live here - I would be willing to guess that it would add up to 25% to 40% of the total workforce caters to folks from out of town. That is what many would call having too many eggs in one basket.
What are the solutions? It is a tough question and even a tougher answer. Most solutions cost money - and many Counties and Cities don't have a lot of cash laying around to spend. Many are operating very lean as it is.
If I were King (King Roach doesn't sound so good), I would focus on our strengths first. We are in the people business and we are great at what we do. Build some infrastructure to bring bodies down in the shoulder and off season.
- A nice convention center would be a start and cater to businesses that want an alternative place to host their meetings. Many major cities have these but we have something they don't - that beach. You ask any company in Virginia - would you like to host our meeting, our users group or sales meeting on the Outer Banks? I bet the overwhelming answer would be yes.
- Build the competitive pools that Dare County is considering. We have about 1,500 swimmers in Tidewater Virginia. Those swimmers (and especially their parents) would love to spend a long weekend between October through March. 700 families coming once or twice a month would not hurt anyone's feelings.
- Host weekend sports tournaments - Parks and Rec have great facilities. Friends we know that come down can not get over the quality of our fields.
I am sure there are many other alternatives and I would love to hear your ideas. Comment away.