Presentation on theme: "Market Valuation and Action Plan Presented to the City of Lufkin Economic Development Corporation/Angelina Partnership."— Presentation transcript:
Market Valuation and Action Plan Presented to the City of Lufkin Economic Development Corporation/Angelina Partnership
Market Valuation and Action Plan Projects Intended Results Thorough understanding of Lufkin/Angelina County's Strengths and Challenges Active Participation from stakeholders and employers from within Lufkin/Angelina County Action with Marketing Plan and Marketing Effort Implement Quickly!
Market Valuation and Action Plan Strengths/Weaknesses/Opportunities/Threats Business ClimateWorkforce/Education Infrastructure/Sites Quality of Life Economic Development and Marketing
Market Valuation and Action Plan Stakeholders and Businesses Interviewed Lufkin/Angelina Chamber City of Lufkin Appointed Official City of Lufkin Elected Official(s) Angelina County Official Angelina College Angelina Hardwood Sales Lufkin Independent School District Memorial Hospital Angelina and Neches River Railroad Company Coca-Cola Brookshire Brothers Lockheed Martin Lufkin High School Temple Inland Lufkin Industries Vertis Woodland Heights Medical Center Atkinson Candy Express Staffing Spherion Staffing Stephen F. Austin University
Market Valuation and Action Plan Business Climate Strengths All Elements of the Community Work Together Pro Growth Attitude Incentives in Place and Willingness to Implement Texas is Strong Business State Available Land Engaged Community and EDC Community Appears Larger than Population Medical Facilities Present Suggest Regional Hub Regional Retail/Service Hub Weaknesses None Cited
Market Valuation and Action Plan Business Climate Opportunities EDC Can Positively Impact Business Climate Ongoing Success Will Create More Opportunities Potential Discussion of Air Service to Lufkin Enhanced Community College/SFA/Local School Districts Collaborative Efforts Will Create More Business Opportunities More Connectivity to Southeast Texas' Ports Threats Lack of Interstate Highway (Perception) "Perception of Piney Woods Curtain" Lack of "Brand or Image" in Marketplace Lack of Targeted/Focused Economic Development Marketing Program Potential for Building Permit Issues
Market Valuation and Action Plan Workforce/Education Strengths All 6 Districts are "Recognized" Outstanding Relationship Between Community and Angelina College Magnet Schools Receive High Marks Higher Skills Present in the Workforce Training for Needed Skills Available Workforce Commutes from Within Region Business and WIB Work Well Pilot Project (s) Get Workers Ramped Quickly (Nursing is Example) Weaknesses Lack of Quality Customer Service Training Lack of Integration in Business Community with Pre-K--12 Soft Skills Need Improvement Large Pool of Experienced Workers not Available Tradition of Heavy Industry Orientation While Economy Shifts Perception of the Pine Forest Curtain in Terms of Education/Workforce
Market Valuation and Action Plan Opportunities More Regional Approaches to Education-Get 6 Districts on Same Page More Integration Between All Education and Business Community More Integration With Stephen F, Austin Consideration of Career Academy Recognize Changing Economy and Have Education/Workforce to Meet the Change Continue Efforts from Manufacturing to Imagineering Workforce/Education Threats Lack of Understanding and Meeting the Needs of a Changing Economy in Workforce and Education Not Recognizing New Measurements for Success in a Regional Economy Continuation of the "Sawmill Mentality
Market Valuation and Action Plan Infrastructure/Sites/Buildings Strengths Excess Capacities in Water/Sewer Newly developed "Large Rail Site" New Industrial Park(s) Reasonable Inventory of Quality Buildings Good Highway Access Inter-City and Intra City AvailableLand Within and Outside of EDC Control of Varying Size/Locations Close Proximity to Houston Air Hub Enhanced Appearance of Highways Weaknesses Lack of Interstate Lack of Commercial Air Service
Market Valuation and Action Plan Infrastructure/Sites/Buildings Opportunities Consideration of Local/Regional Commercial Air Service Enhanced Public/Private Partnerships to Provide Sites/Buildings to End Users-- Risk/Entrepreneurial Create Locations for "Changing Economy" Business/Industry Threats Perception of Lack of Business/Industrial Locations Within the "Pine Curtain" Lack of Willingness to Continue Development of Sites
Market Valuation and Action Plan Quality of Life Strengths "Gem of the Region" Medical Regional Hub Regional Retail/Restaurant Hub Great Parks/Zoo Outdoor Recreation is Superb Outstanding Golf Courses Foundations Provide Funding Angelina College is Major Asset to Quality of Life Abundance of "New" Motels Weaknesses Concern for Young Professionals Finding Lufkin Adequate for Their Needs Outmigration of Youth to Larger Cities
Market Valuation and Action Plan Quality of Life Opportunities Additional Tourism Marketing Could Lure New Firms Further Engagement with Angelina College and Other Educational Resources Market Quality of Life as Part of EDC Inventory Continuing Beautification Effort(s) Enhance Downtown Appearance Threats Lack of Engagement of Public on Beautification Issues Lack of Focus on Downtown Poor Attendance at Some Venues Could Cause Apathy
Market Valuation and Action Plan Economic Development and Marketing Strengths Quality Leadership at Policy and Staff Levels Considerable Improvement Over Previous Years Community has the Ingredients Have Funds for "Closing the Deal" Underway with New/Higher Level Jobs Weaknesses Lack of National Image No Plan in Place "Scatter shoot vs. Target" Outside the "Houston Commute Pattern"
Market Valuation and Action Plan Economic Development and Marketing Opportunities Examine Regional Linkages for ED Create even more "deal closing" approaches Increase Marketing to Targets from Strategy Develop Relationships with Corporate Decision Makers Become More Engaged in Marketing Functions Nationally Threats Apathy Inadequate Number of Staff for Enhanced E.D. Activities Sales Tax Revenue Decreasing Lack of "Risk Taking" in E.D. Projects Lack of Understanding of E.D. by Larger Community
Market Valuation and Action Plan Summary of SWOT Strengths are far greater than Weaknesses Opportunities are significant in economic development terms Threats relate more to apathy than impediments to development Focus on Workforce/Education Take advantage of Strengths
Market Valuation and Action Plan Targeted Industries Are there local assets that give specific industries a competitive edge? What clusters currently exist locally, and are they growing? Are existing or emerging local clusters growing nationally or undergoing geographic dislocation? Communities are as unique as people Does the industry match community goals?
Market Valuation and Action Plan Primary Targets for Lufkin/Angelina County * Food Product Machinery Manufacturing 54162* Environmental Consulting Services/Engineering 54171* Research and Development in the Physical, Engineering, and Life Sciences * Interior and Graphic Design Services 5614* Business Support Services/Back Offices
Market Valuation and Action Plan Secondary Targets for Lufkin/Angelina County * Soil Preparation, Planting, and Cultivating * Postharvest Crop Activities (except Cotton Ginning) 33321* Sawmill and Woodworking Machinery Manufacturing 3327* Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing * General Freight Trucking, Long-Distance, Less Than Truckload * Packaging Machinery Manufacturing 3335* Metalworking Machinery Manufacturing
Market Valuation and Action Plan Organizational Analysis and Marketing Plan Lufkin EDC/Angelina Partnership Board of Directors Mayor/City Council President/CEO Director of Economic Development Project Manager for Economic Development Economic Development Assistant In order to adequately meet this Program of Action/Work, the Consultant Team is recommending an additional economic development professional. Please see Appendix 1 in the Study for supporting research.
Market Valuation and Action Plan Internal Marketing Create and Sustain an Ongoing Business Retention and Expansion ProgramBREP Create (Implement) and Sustain an Ongoing Business Retention/Expansion Program Create and Sustain an Ongoing Business Retention and Expansion ProgramBREP Create a BREP Committee Members of this Committee accompany staff on visits to local business and industry Establish a goal of at least 2 BRE Visits/ Week annualized This will total over 100 visits per year of differently sized firms! The President/CEO should visit the higher profile firms with the BREP Committee Include elected officials Utilize a standard questionnaire for all visits tabulating the results for internal usage--do problems exist? How can the ED organization help? Identify vendors for marketing purposes! Expansion? Work with the company to overcome issues, develop leads, and liaison with government!
Market Valuation and Action Plan Internal Marketing Develop a Workforce/Business Roundtable The Group should be comprised of the presidents of Angelina College, SFA, business and industry leaders, WIB representatives, and the economic development team. Effort should be undertaken to get all the educational/business/economic development players in sync with the workforce/educational needs of today and the future. This sends a strong message to prospects that Lufkin/Angelina recognize the importance of education and workforce in economic development! Continue the ongoing efforts of utilizing press releases. This gets the word out to the local community as to what the economic development team is doing and accomplishing.
Market Valuation and Action Plan External Marketing Establishing the Effort Are inquires increasing as a result of the marketing campaign? Are site visits increasing as a result of the marketing campaign? Is the Lufkin EDC/Angelina ED Partnership submitting more proposals as a result of the marketing campaign? Is Lufkin/Angelina County becoming a finalist in the site selection process as a result of the marketing campaign? Is Lufkin/Angelina County locating (or expanding) more firms as a result of the marketing campaign?
Market Valuation and Action Plan External Marketing MBG urges the Lufkin EDC to join these organizations and participate: CoreNet Global Industrial Asset Management Council CoreNet alleges its membership consists of the following: Members represent sixty percent of Fortune/Global 1000 companies Our executives manage more than 750 billion square feet of real estate, worth $1.2 trillion Individual members typically manage 20 million square feet We are the only association that caters to a cross section of all industries, including retail, life sciences/pharma, industrial/manufacturing, hi-tech and government. IAMC alleges its membership consists of the following: 3M, Alcoa Inc., Air Products and Chemicals Inc., BASF Corporation, Frito Lay, General Mills, Hewlett Packard, Honda of America Manufacturing, Johnson & Johnson Pharmaceuticals Group, The Linde Group, Inc., Pfizer, The ServiceMaster Company, Weyerhaeuser Company and Wyeth and many other large industrial firms. Texas has the most members from within the economic development ranks!
Market Valuation and Action Plan External Marketing The Lufkin EDC is a member of Team Texasengage more fully and participate with Team Texas at the IAMC venues and other venues! The Lufkin EDC is a member of Texas ONEengage more fully and participate with Texas ONE at their venues, including site selector visits and corporate real estate executive calls! Potential Upcoming Events Los Angeles, Chicago, New York, Albuquerque and others cited in the Market Valuation and Action Plan. Consider global marketing with allies. Familiarization Tours for decision makers within 3-4 hours drive of Lufkin/Angelina County. Invite groups of 8-10 persons in for golf outings, hunting, and other events oriented toward familiarizing decision makers with Lufkin/Angelina County. Create and distribute a Lufkin EDC/Angelina ED Partnership Newsletter electronically monthly or quarterly.
Market Valuation and Action Plan Year 1 Join CoreNet/IAMC and attend minimum 2 events Conduct a Marketing Trip with Allies/Regional/State Host a Prospect Function in Lufkin/Angelina Co. Attend at least 1 Trade Show Create and Distribute Newsletter to Decision-Makers Research Global Opportunities Lufkin/Angelina County Marketing Plan Years 1-5
Market Valuation and Action Plan Year 2 Increase Marketing Trips/Site Selector Visits Participate in an International Event with Allies Further Engagement w/CoreNet/IAMC Host "Larger or More Event(s) in Lufkin/Angelina County"
Market Valuation and Action Plan Year 3 Evaluate Efforts and Adjust as Needed Continue CoreNet/IAMC-sponsorship options within those organizations; perhaps w/Allies Continue /Expand Marketing Trips /Site Selector Visits w/Allies Expand Trade Shows, if beneficial
Market Valuation and Action Plan Year 4 Continue Year 3 Efforts as Evaluated Develop Revised Strategy Based upon Review of Leads/Prospect Visits/Proposals/Projects Be Flexible and Creative/Adaptive
Market Valuation and Action Plan Year 5 Overall Evaluation of Years 1-4 Implement Strategy that Works! Delete Non-Productive Activities
Market Valuation and Action Plan Conclusion Lufkin/Angelina County enjoys a solid foundation upon which to expand its economic development effort. The framework for economic development for Lufkin/Angelina County has been laid through the EDC and the Angelina Partnership Lufkin/Angelina County should continue its emphasis on youth and developing needed skills for young people. Lufkin/Angelina County possess the assets to engage further with regional and state partners in order to further enhance the economic development effort. Recognition of the city/ countys assets and opportunities and performing a marketing strategy that capitalizes upon them, while minimizing the weaknesses and threats, will net economic development rewards. This Market Valuation and Action Plan will serve as the formalized vision or master plan of economic development in the years to come!
Market Valuation and Action Plan Thank you very much for the opportunity to assist in the growth of the Lufkin/Angelina economy! Questions: Comments: