2015 to 2020 Economic Development Strategy for T Tompkins ki C County COMMUNITY PRESENTATIONS 2015 Presentation Overview THIRD EDITION OF THE ECONOMIC DEVELOPMENT (ED) STRATEGY Presentation provides an Overview of the document • Introduction I d i • Vision Statement • Values Statement • (3) High-Level Goals • (2) Strategies • Implementation I l t ti & C Conclusions l i 2 INTRODUC CTION Acknowledgements About150 individuals contributed through group discussions and surveys. W gratefully We t f ll acknowledge k l d th the participation ti i ti of:f • • • • • • • 3 Downtown Ithaca Alliance Economic Development Collaborative Ithaca Youth Council Local First Ithaca – a chapter of Business Alliance for Local Living Economies Survey of business leaders Survey of developers and related professionals Survey of municipal planning and permitting professionals and civic leaders TCAD Board & Planning Committee Tompkins Connect Tompkins County Council of Governments Tompkins County Diversity Consortium Tompkins County Legislature’s Economic Development Committee • Tompkins County Workforce Diversity and Inclusion Committee • Tompkins Workforce Investment Board • • • • • INTRODUC CTION 4 Framing The Economic Development Strategy will contribute to a thriving economy by promoting • public and private investment • business development, retention and expansion • Job creation and workforce development that supports access to quality careers for local residents INTRODUC CTION 5 Tompkins County Economy 2,600 businesses, 70,000 jobs, $7 Billion gross regional output in 2009 TRADED SECTOR GROSS REGIONAL PRODUCT Tompkins County Economy OVERVIEW LOCAL SECTOR GROSS REGIONAL PRODUCT 7% Local Prof/Sci 4% Traded Sector 52% $3.6 Billion Finance Insurance 4% Government - Retail Trade 3% (inc. K12) 8% Construction 3% Other Services 2% Real Estate 8% . Local Information 1% ntertainment <1 Wholesale Trade 1% Transport 8: Warehs 1% Personal Services 1% - Tmupkiru County Area INTRODUC CTION What is an economic development strategy? Economic development is a partnership among local governments, community i tit ti institutions, andd th the private i t sector t tto •increase quality job opportunities for local people •strengthen the tax base •Improve quality of life Our ED Strategy uses a planning horizon of ten years years. It is intended to guide economic development activities over the five-year period of 2015 to 2020. Now let let’ss turn to the components of the ED Strategy 7 VISION Vision Statement – key elements People – Improving economic conditions will improve people’s lives. An inclusive economy where every person can attain skills leading to fulfilling careers and a high quality of life. Business Community – Our business climate supports a vibrant economy. Innovative ideas, entrepreneurs and resources combine to create a dynamic and thriving business community. Public Sector – Have a vision for the economy and help make it so. Municipalities welcome and foster business investments. Infrastructure – water and sewer, transportation, energy and broadband – supports private sector investments in planned development focus areas. 8 VISION Vision – Hallmarks of Success There is a high level of leadership and collaboration to achieve this vision Hallmarks of success include:  A diverse and growing economy that offers good paying jobs, career development and investment opportunities  Safe, healthy communities with vibrant cultural resources  A thriving region reflecting commitments to investing locally and protecting the natural environment  An outstanding international reputation where people want to live, work, play, l visit, i it and d iinvest. t 9 VA L U E S 10 Values Statement Values statement guides behaviors and decisions during the process of achieving the vision. Economic Development in Tompkins County should: GOALS Goals provide general milestones that are needed to attain the vision. There are three overarching goals: Goal A: Strategically Invest in Community Infrastructure and District Development to Attract Private Investment Goal B: B Develop De elop a Labor Market where here the Aspirations and Q Qualifications alifications of the Workforce are Aligned with Employment Opportunities Goal C: Strengthen Strengthen, Expand and Diversify Key Sectors to Foster Job Creation Each goal has objectives – more specific specific, time time-sensitive sensitive targets targets. 11 GOALS Goal A Goal A: Strategically Invest in Community Infrastructure and District Development to Attract Private Investment  A.1: Improve and expand community infrastructure including utilities, transportation, and workforce housing  A.2: Refine land use and municipal development permitting procedures  A.3: Support major development projects and districts  A.4: Achieve progress toward housing and business development goals in a manner compatible with the County’s goal of reducing greenhouse gas emissions 12 Water & Sewer Study GOALS Goal B Goal B: Develop a Labor Market where the Aspirations and Qualifications of the Workforce are Aligned with Employment Opportunities  B.1: B 1: Improve access to better labor market information  B.2: Foster greater engagement of employers in workforce development  B.3: Strengthen the workforce development system Labor Force Gap Top Ten Demand Occupa on Categories ‐‐ 2014 Tompkins County Annual Demand for New Entrants, Average Annual Wages, Total Jobs in Occupa on Category $110,000 57,000 Management 2,800 jobs $98,100 $100,000 56,000 Average Annual Wage for the Occupa on 54,000 53,000 52,000 51,000 50,000 Tompkins Labor Force 49,000 Job growth moderate 48,000 Average Annual Wage for All Occupa ons is $4 45,700 $90,000 55,000 $70,000 Business, Financial Operations 2,100 jobs $60,000 $60,000 $50,000 $40,000 Healthcare Support 1,400 jobs $30,800 Job growth high $20,000 2016 Sales 3,900 jobs $33,000 Office & Admin Support 7 600 jobs $34 7,600 $34,100 100 $30,000 47,000 2014 Education Training Library, 9,200 jobs $64,500 Healthcare Practitioners & Technical T h i l 2,500 jobs $75,200 $80,000 2018 2020 2022 Building & Grounds 1,800 jobs $27,800 2024 Personal Care & Service 1,700 jobs $27,300 Food Prep & Serving 4,000 jobs $21,700 $10,000 0 50 100 150 200 Annual Demand for New Entrants into the Occupa on Source: Chmura JobsEQ 2014Q2 chart prepared by TCAD Demand Occupations 13 250 300 GOALS Goal C Goal C: Strengthen, Expand and Diversify Key Sectors to Foster Job Creation  C.1: C 1: Higher Education Key Sectors  C.2: Manufacturing 2014 Tompkins County Key Sectors Employment, Wages and Growth  C.3: Software, Mobile, and Techp enabled Services Companies  C.5: Visitors and Tourism  C.6: Agriculture So ware Mobile Tech‐Led Services 1,000 jobs $80,000 $76 714 $76,714 Manufacturing 3,100 jobs Higher Educa on 15,700 jobs $70,000 $64,839 Average Annual Wa ges 2014 Average Tompkins Wage 2014: $45,700  C.4: Food/Beverage Production and Distribution $90,000 $60,000 $51,240 $50,000 Agriculture Forestry 500 jobs $40,000 $37,323 $30,000 $28,591 Food Bev Mfg Dist 400 jobs $22,727 $20,000 Visitors and Tourism 2,300 jobs $10,000 $0 ‐1.5% ‐1.0% ‐0.5% 0.0% 0.5% 1.0% 1.5% Projected Annual Growth Rate 2014 to 2024 based on past regional and na onal performance Data Source: Chmura JobsEQ 2014Q2 prepared by TCAD 14 2.0% 2.5% S T R AT E G I E S Strategies and tactics provide the approach for attaining the goals and objectives. There are two strategies. Strategy 1 – Develop an integrated and proactive approach to community-wide economic development leadership Strategy 2 – Conduct an economic development effort that offers a comprehensive set of outstanding programs that effectively meet needs of customers 15 S T R AT E G I E S Strategy 1 Strategy 1 – Develop an integrated and proactive approach to community-wide economic development p leadership p  Tactic 1.a: Create a transparent welcoming environment for development projects  Tactic 1.b: 1 b: Ensure implementation of priority economic development activities  Tactic 1.c: Explore and articulate policy positions on critical economic development issues  Tactic 1.d: Engage the Economic Development Collaborative and other leaders to implement the ED Strategy  Tactic 1.e: Demonstrate and communicate the value of economic development programs TCAD leadership is key 16 S T R AT E G I E S Strategy 2 Strategy 2 – Conduct an economic development effort that offers a comprehensive set of outstanding gp programs g that effectivelyy meet needs of customers  Tactic 2.a: Deliver and continuously improve conventional economic development programs  Tactic 2.b: Devote additional resources to workforce development p  Tactic 2.c: Foster a dynamic entrepreneurship ecosystem that is rich in resources  Tactic 2.d: Create economic development programs that respond to specific opportunities 17 IMPL EMENTAT TION Implementation TCAD will take the lead, spearheading and catalyzing activities •Launch the Economic Development p Strategy gy in 2015 •Guide efforts to optimize public and private investments •Protect what we cherish about this region •Evaluate success of programs and their economic impacts •Keep the community informed on progress STRATEGIES 18 GOALS VISION CONCLUSION Conclusion • We have high aspirations – Inclusive prosperity – thriving business community – high level of leadership and collaboration • ED competition is strong – communities in Upstate faced significant decline • It is essential to take decisive action to reach our aspirations. We need to – invest in physical infrastructure and refine municipal development processes – invest in our workforce – strengthen, expand and diversify key industry sectors. • 19 Above all these actions is leadership. leadership 2015 to 2020 Economic Development Strategy for Tompkins County COMMUNITY PRESENTATIONS 2015 DISCUSSION