Diversifying Your Economy – Post Disaster

Identifying Emerging Industries

GEDP is a private, non-profit 501(c)(6) organization that is membership based

Supporting Business and Community

Jeffrey SjostromPresident

February 25, 2015

The list of damages and problems included:

Approximately 75 to 80 percent of the 2,500 businesses experienced severe damage

Water levels greater than nine feet and mold in the historic “Strand” district

Significant damage to the Port of Galveston, major cultural facilities, and UTMB campus

80 percent of residences had flood damage; one out of five units have been condemned

Only 60 percent of the city’s population had returned six weeks after the storm

Significant labor shortages for most of the local businesses that have re-opened.

 

Hurricane Ike Impact: Hurricane Ike struck the southeast coast of Texas on September 13, 2008 as a Category 2 storm causing an estimated damage of over $30 billion to the state with direct impacts to 29 Texan communities. Although the water quickly receded in Galveston, there was considerable recovery and rebuilding to be accomplished on the island.

Island Recovery: In the six years after Hurricane Ike, Galveston has begun to see an increase in it’s economy. In some

industries, the figures meet, if not exceed those from 2008.  

City Financial Foundation strong and positioned for growth 

Sales Tax and Hotel Occupancy Tax Performance experiencing positive gains

Housing and Real Estate markets already continue growing  by both volume and sales price

Industrial/Maritime industries continue seeing significant new investments 

Healthcare remains one of Galveston’s leading markets with jobs and capital investments 

Education sectors seeing continued growth in enrollments and addition of new programs

Population stabilized after losses from Ike, with signs of improvement 

Galveston retains job center of Galveston County and unemployment rates dropping

Economic Drivers of Galveston Education and Healthcare Maritime & Support Service for Offshore Oil Tourism and Hospitality

“…economic trends in effect prior to Hurricane Katrina – intensified after the storm…” Brent Warr, Gulfport MS

GEDP TARGET MARKETS: MARITIME SUPPORT SERVICE FOR OFFSHORE OIL & GAS EMERGING TECHNOLOGY MIDDLE INCOME HOUSING TOURISM BUSINESS - RETENTION - EXPANSION -

DIVERSIFICATION

ECONOMIC RECOVERY AND DIVERSIFICATION

Business Recovery Funding City Infrastructure and Housing UTMB – TAMUG Port of Galveston Tourism Beaches and Amenities

Jennie Sealy Hospital

Additional Cruise Lines

GEDP STRATEGIC

INVESTMENT AREAS

Disaster Planning and Preparedness mitigates against financial loss and hardship Businesses are left to their own determination and ingenuity Economic Development organizations can play a pivotal role in providing resources

and/or stability to the redevelopment and revitalization of their communities Economic Development is a marathon, not a sprint

Lessons Learned

GEDP INITIATIVES:The GEDP maintains focus on expanding Galveston Island employment and tax bases through: Business Recovery Activities - Over $100

million in business development / recovery resources facilitated by GEDP since 2008

GEDP Disaster Recovery Guide & Business Recovery Task Force

GEDP Economic Development SummitGEDP Annual Plan of Work Information Clearinghouse GEDP Investor Profile magazine 

FOR ADDITIONAL INFORMATION ,CONTACT :

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GALVESTON ECONOMIC DEVELOPMENT PARTNERSHIP

409-770-02161700 Strand – UTMB Customs House

www.gedp.org