Presentation on theme: "Program Of Work Committee For a Sustainable Emerald Coast December 6, 2006."— Presentation transcript:
Program Of Work Committee For a Sustainable Emerald Coast December 6, 2006
Florida’s Great Northwest What is Florida’s Great Northwest? 16 county regional economic development organization Private, not-for-profit corporation
Florida’s Great Northwest Membership 4 categories of members: Local Economic Development Organizations Post-Secondary Education Workforce Development Boards Private Business
Florida’s Great Northwest Primary Mission Grow a vibrant and sustainable economy for all 16 counties in Northwest Florida that creates nationally and globally competitive advantages for the development of key industry clusters, increases the income and prosperity of workers and families; ensures healthy communities and a vibrant quality of life, and preserves the natural beauty and resources of the region.
Florida’s Great Northwest Primary Focus Primary Industries (Traded Industries, Basic Industries): Businesses that import wealth into the region by selling the majority of their goods or services outside the region.
Florida’s Great Northwest FGNW Targeted Industries Aerospace & defense Medical technologies/medical device manufacturing Health services where a minimum of 70% of the revenue is from outside of the region Information technology, software development & electronic component manufacturing Construction component materials manufacturing Logistics & distribution Financial services Alternative energy
Florida’s Great Northwest Tourism Tourism is a primary industry Tourism is not an FGNW target industry Inverted curve – wage structure & related per capita income Growing without need for assistance from FGNW Extremely cyclic industry – successful development of the tourism industry has put the region in a diversification deficit.
Florida’s Great Northwest Economic Development Philosophy Successful economic development requires a balanced program of work: Product Development (Community Development) Physical Infrastructure (Duck Test) Human Infrastructure
Florida’s Great Northwest Knowledge-based cluster development Traditional Cost of Doing Business Measures Tax structure Compensation costs Space costs Capital costs Business climate/infrastructure Specific to High-Tech Cluster Development Close proximity to excellent educational facilities & research centers History of technology spill-overs Availability of venture capital Access to a trained/educated workforce Existing network of suppliers Climate Quality of life factors Cost of Living (especially home prices)
Florida’s Great Northwest Economic Development Philosophy Successful economic development requires a balanced program of work: Product Development Business Retention & Expansion Business Attraction New Business Development (Entrepreneurship)
Florida’s Great Northwest Florida Economy Florida’s tax structure, cost of doing business structure, and statewide strategic focus all support the creation of a knowledge-based economy. The Committee for a Sustainable Emerald Coast’s 2030 Vision Statements support the development of a knowledge-based economy. Historically, the actions at the local level in Northwest Florida support the development of a tourism, second home, traditional manufacturing, and agrarian economy.
Florida’s Great Northwest Converting to a Knowledge-Based Economy – By 2030: The population demographics will reflect a younger, well educated, highly skilled workforce This demographic will not tolerate a commuter-based environment This demographic will not support an art, culture, and recreation environment predicated on tourism supported or senior age group activities This demographic will be of child-bearing age, will demand a quality education for their children, and will migrate to the best K-12 education systems. This demographic will not be attracted to gated communities nor communities where a large portion of the homes are second homes or seasonal rental properties.
Florida’s Great Northwest Converting to a Knowledge-Based Economy – By 2030: The profile of the primary businesses will be different: Less dense in employment, more dense in technology, & greater per employee productivity, or (customer care centers) larger employment concentrations
Florida’s Great Northwest Converting to a Knowledge-Based Economy – By 2030: Those businesses will concentrate: in employment centers of similar industries where the supplier base and support industries reside where the housing price is compatible to the industry’s wage structure where the art, cultural, recreational, and retail amenities are compatible with the workforce where the transportation system matches the business’ transportation needs where the continuing education and R&D exists to support the industry where there are no local government imposed fatal flaws