Southeast Florida Regional Vision & Blueprint for Economic Prosperity

Economic Development Briefing

John KaliskiCambridge Systematics, Inc.

February 15, 2012

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Presentation Outline

Current realities

Global trends

Opportunities and challenges for Southeast Florida

How do we get started?

Source: Florida Trend.

Employment Growth Has Resumed

3

Source: U.S. Bureau of Labor Statistics, “Quarterly Census of Employment and Wages.”

Year-Over-Year Percent Change

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SOUTHEAST FLORIDA Florida United States

Recent Growth Led by Services

Construction

Government

Manufacturing

Information

Finance

Logistics and Distribution

Retail

Professional Services

Healthcare and Education

Leisure and Hospitality

-6 -4 -2 0 2 4 6 8 10 12

Source: U.S. Bureau of Labor Statistics.

Annual Change in Jobs, 2010-2011 (Thousands)

4

Unemployment Is Easing Downward

5

Source: U.S. Bureau of Labor Statistics, “Local Area Unemployment Statistics.”

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20110%

2%

4%

6%

8%

10%

12%

14%

SOUTHEAST FLORIDA Florida United States

Foreclosures Remain High

6

Source: Florida Department of Economic Opportunity, compiled from RealtyTrac, Inc. Total housing units receiving a filing notice, per month.

Jan-

2006

Jul-2

006

Jan-

2007

Jul-2

007

Jan-

2008

Jul-2

008

Jan-

2009

Jul-2

009

Jan-

2010

Jul-2

010

Jan-

2011

Jul-2

011

Dec-2

011

0

5,000

10,000

15,000

20,000

25,000

30,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

SOUTHEAST FLORIDA - Left Scale Florida - Right Scale

Wages Remain Below U.S. Average

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Source: U.S. Department of Commerce, Bureau of Economic Analysis.

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.85

0.90

0.95

1.00

1.05

SOUTHEAST FLORIDA Florida United States = 1.00

Index, U.S.=1.0

Per Capita Income Has Lost Ground

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Source: U.S. Department of Commerce, Bureau of Economic Analysis.

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.90

0.95

1.00

1.05

1.10

1.15

SOUTHEAST FLORIDA Florida United States = 1.00

Index, U.S.=1.0

Poverty Is Rising

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Source: U.S. Census Bureau Small Area Income and Poverty Estimates (SAIPE).

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100%

2%

4%

6%

8%

10%

12%

14%

16%

18%

SOUTHEAST FLORIDA Florida United States

Share of Population Living in Poverty

Is Florida the Sunset State?

The Florida We’ve Known Is Over

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A New Economy: Global Markets

Source: European Communities, 2008

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A New Economy: Global Competition

Global Population Centers

Global Economic CentersSource: WhosYourCity.com.

A New Economy: Regions, Megaregions

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Source: America 2050.1313

How Do We Compete?

Florida then… Florida now…

• World-class talent

• Innovation

• Global connections

• Quality places

• Sustainable environment

• Integratedregions

• Low-cost labor

• Production

• Location and land

• Low cost of living

• Natural resources

• Individual communities

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Global Trade &

Logistics

Changing Industry Mix

ConstructionTourism

Agriculture

Past

Community Development

Business &Personal

Travel

Agriculture

Innovation & Technology

Future?

Financial and Professional

Services

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Opportunity: Global Trade

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Source: WISERTrade based on U.S. Census Bureau foreign trade data; Value of trade through the Miami Customs District.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011$0

$20

$40

$60

$80

$100

$120

Exports Imports

Value of Exports and Imports (In Billions)

Opportunity: Tourism & Travel

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Source: U.S. Department of Commerce, International Trade Administration.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Annual Overseas Visitors to Miami (In Millions)

Global Connectivity Is Critical

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Opportunity: Innovation

19

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Challenge: Talent Supply

…students in a 9th grade class

2002

Source: Florida Board of Education 2011.

…graduate from high school

2005

…continue to college within two

years2007

…earn college credit within two

years2009

10…

6… 3… 2…

Population over 25...

…with less than a High School degree

…with a Bachelor’s degree, or higher

…with HS, Associate’s degree, or some college

Challenge: Workforce SkillsEducational Attainment 2006-2010

15% 59% 26%

15% 57% 28%

Southeast Florida Region

Florida

United States

Source: U.S. Census Bureau, American Community Survey 2006-2010 five-year estimates.

55% 28%17%

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196019701980199020002009

Opportunity: Community of Choice

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Challenge: Mobility

Source: Florida Department of Transportation.

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How Do We Get Started?

Align state, regional, and local plans around a common framework

Create 5 year action plan pointing toward a 50-year vision

Integrate with other regions to build Florida’s megaregion

Measure and report progress

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Six Pillars Communities

Florida’s New Statewide Economic Development Structure

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Alignment of State, Regional, Local Plans

Statewide Strategic Plan for Economic Development» Coordinated with 2030 Six Pillars

Plan and 2060 Statewide Vision

Regional Comprehensive Economic Development Strategy» Joint effort of

South Florida and Treasure Coast RPCs

» Input into Regional Vision and Blueprint for Economic Prosperity

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