2015 to 2020

Economic Development Strategy for T ki CTompkins County

COMMUNITY PRESENTATIONS 2015

Presentation Overview THIRD EDITION OF THE ECONOMIC DEVELOPMENT (ED) STRATEGY

Presentation provides an Overview of the document

I d i• Introduction• Vision Statement • Values Statement • (3) High-Level Goals • (2) Strategies

I l t ti & C l i • Implementation & Conclusions

2

AcknowledgementsCT

ION

About150 individuals contributed through group discussions and surveys.

W t f ll k l d th ti i ti f

INTR

ODUC

We gratefully acknowledge the participation of:

• Downtown Ithaca Alliance• Economic Development Collaborative

• TCAD Board & Planning Committee• Tompkins Connect

• 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

• Tompkins County Council of Governments • Tompkins County Diversity Consortium • Tompkins County Legislature’s Economic

Development Committee• Tompkins County Workforce Diversity and Survey of developers and related professionals

• Survey of municipal planning and permitting professionals and civic leaders

Tompkins County Workforce Diversity and Inclusion Committee

• Tompkins Workforce Investment Board

3

FramingCT

ION

The Economic Development Strategy will contribute to a thriving economy by promoting IN

TROD

UC

• public and private investment

• business development, retention and expansion

• Job creation and workforce development that supports access to quality Job creation and workforce development that supports access to quality careers for local residents

4

Tompkins County EconomyCT

ION

INTR

ODUC

TRADED SECTOR GROSS REGIONAL PRODUCT

2,600 businesses, 70,000 jobs, $7 Billion gross regional output in 2009

5

Tompkins County EconomyIEW

OVE

RV

LOCAL SECTOR GROSS REGIONAL PRODUCT

6

What is an economic development CT

ION

Economic development is a partnership among local governments, community i tit ti d th i t t t

strategy?IN

TROD

UC

institutions, and the private sector to •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 It is intended to guide Our ED Strategy uses a planning horizon of ten years. It is intended to guide economic development activities over the five-year period of 2015 to 2020.

Now let’s turn to the components of the ED StrategyNow let s turn to the components of the ED Strategy

7

Vision Statement – key elementsON

People – Improving economic conditions will improve people’s lives. An inclusive economy where every person can attain skills leading to

VIS

I

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 – Hallmarks of Success ON

There is a high level of leadership and collaboration to achieve this vision Hallmarks of success include:

VIS

I

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, l i it d i tplay, visit, and invest.

9

Values StatementU

ES

Values statement guides behaviors and decisions during the process of achieving the vision. Economic Development in Tompkins County should:VA

LU

10

Goals provide general milestones that are needed to attain ALS

Goal A: Strategically Invest in Community Infrastructure and District Development

the vision. There are three overarching goals:

GO

A

Goal A: Strategically Invest in Community Infrastructure and District Development to Attract Private Investment

Goal B De elop a Labor Market here the Aspirations and Q alifications of the Goal B: Develop a Labor Market where the Aspirations and Qualifications of the Workforce are Aligned with Employment Opportunities

Goal C: Strengthen Expand and Diversify Key Sectors to Foster Job CreationGoal C: Strengthen, Expand and Diversify Key Sectors to Foster Job Creation

Each goal has objectives more specific time sensitive targetsEach goal has objectives – more specific, time-sensitive targets.

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Goal AALS

Goal A: Strategically Invest in Community Infrastructure and District Development to Attract Private Investment

GO

A

A.1: Improve and expand community infrastructure including utilities, transportation, and workforce housing

Water & Sewer Study

A.2: Refine land use and municipal development permitting procedures

A.3: Support major development projects and districtsprojects and districts

A.4: Achieve progress toward housing and business development goals in a manner compatible with the County’s goal of reducinggreenhouse gas emissions greenhouse gas emissions

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Goal BA

LS

Goal B: Develop a Labor Market where the Aspirations and Qualifications of the Workforce are Aligned with Employment Opportunities

B 1: Improve access to better labor market information

GO

A

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

55,000

56,000

57,000

55,000

56,000

57,000

Education Training Library, 9,200 jobs $64,500 Healthcare Practitioners &

T h i l

Management 2,800 jobs $98,100

$80,000

$90,000

$100,000

$110,000

on

45,700

Top Ten Demand Occupa on Categories ‐‐ 2014 Tompkins County Annual Demand for New Entrants, Average Annual Wages, Total Jobs in Occupa on Category

Education Training Library, 9,200 jobs $64,500 Healthcare Practitioners &

T h i l

Management 2,800 jobs $98,100

$80,000

$90,000

$100,000

$110,000

on

45,700

Top Ten Demand Occupa on Categories ‐‐ 2014 Tompkins County Annual Demand for New Entrants, Average Annual Wages, Total Jobs in Occupa on Category Labor Force Gap

49,000

50,000

51,000

52,000

53,000

54,000

Tompkins Labor Force

Job growth moderate 49,000

50,000

51,000

52,000

53,000

54,000

Tompkins Labor Force

Job growth moderate Office & Admin Support

7 600 jobs $34 100

Sales 3,900 jobs $33,000

Technical 2,500 jobs $75,200

Healthcare Support 1,400 jobs $30,800

Business, Financial Operations

2,100 jobs $60,000

$40,000

$50,000

$60,000

$70,000

$80,000

Average An

nual

Wage for the

Occup

aAverage An

nual

Wage for A

ll Occupaons is $

4Office & Admin Support

7 600 jobs $34 100

Sales 3,900 jobs $33,000

Technical 2,500 jobs $75,200

Healthcare Support 1,400 jobs $30,800

Business, Financial Operations

2,100 jobs $60,000

$40,000

$50,000

$60,000

$70,000

$80,000

Average An

nual

Wage for the

Occup

aAverage An

nual

Wage for A

ll Occupaons is $

4

47,000

48,000

2014 2016 2018 2020 2022 2024

Job growth moderate

Job growth high

47,000

48,000

2014 2016 2018 2020 2022 2024

Job growth moderate

Job growth high

7,600 jobs $34,100

Food Prep & Serving 4,000 jobs $21,700

Personal Care & Service 1,700 jobs $27,300

Building & Grounds 1,800 jobs $27,800

$10,000

$20,000

$30,000

0 50 100 150 200 250 300

Annual Demand for New Entrants into the Occupa on

Source: Chmura JobsEQ 2014Q2 chart prepared by TCAD

7,600 jobs $34,100

Food Prep & Serving 4,000 jobs $21,700

Personal Care & Service 1,700 jobs $27,300

Building & Grounds 1,800 jobs $27,800

$10,000

$20,000

$30,000

0 50 100 150 200 250 300

Annual Demand for New Entrants into the Occupa on

Source: Chmura JobsEQ 2014Q2 chart prepared by TCAD

Demand Occupations

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ALS Goal C

Goal C: Strengthen, Expand and Diversify Key Sectors to Foster Job CreationGO

A

C 1: Higher Education Key Sectors

$76 714 $76 714 $76 714 $76 714 $76 714 $76 714 $76 714

So ware Mobile Tech‐Led Services 1,000 jobs

$80,000

$90,000

2014 Tompkins County Key Sectors Employment, Wages and Growth

C.1: Higher Education C.2: Manufacturing C.3: Software, Mobile, and Tech-

enabled Services Companies

Key Sectors

$51,240

$64,839

$76,714

$51,240

$64,839

$76,714

$51,240

$64,839

$76,714

$64,839

$76,714

$51,240

$64,839

$76,714

$51,240

$64,839

$76,714

$51,240

$64,839

$76,714

Higher Educa on 15,700 jobs

Manufacturing 3,100 jobs

$50,000

$60,000

$70,000

ges 20

14

201

4: $45

,700

p C.4: Food/Beverage Production

and Distribution C.5: Visitors and Tourism

$22,727

$37,323

$28,591

$22,727

$37,323

$28,591

$22,727

$37,323

$28,591

$22,727

$37,323

$28,591

$22,727

$37,323

$28,591

$22,727

$37,323

$28,591

$22,727

$37,323

$28,591

Agriculture Forestry 500 jobs

Food Bev Mfg Dist 400 jobs $20,000

$30,000

$40,000

Averag

e An

nual

Wa

Averag

e To

mpk

ins W

age

C.6: Agriculture

Visitors and Tourism 2,300 jobs

$0

$10,000

‐1.5% ‐1.0% ‐0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%Projected Annual Growth Rate 2014 to 2024 based on past regional and na onal performance

Data Source: Chmura JobsEQ 2014Q2 prepared by TCAD

14

IES

Strategies and tactics provide the approach for attaining the goals and objectives. There are two strategies.

RAT

EG

Strategy 1 – Develop an integrated and proactive approach to community-wide economic development leadership

ST

Strategy 2 – Conduct an economic development effort that offers a comprehensive set of outstanding programs that effectively meet needs of customers

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Strategy 1IE

S

Strategy 1 – Develop an integrated and proactive approach to community-wide economic development leadership R

ATE

G

p p Tactic 1.a: Create a transparent welcoming environment for development

projects Tactic 1 b: Ensure implementation of priority economic development activities

ST

Tactic 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

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Strategy 2IE

S

Strategy 2 – Conduct an economic development effort that offers a comprehensive set of outstanding programs that effectively meet needs of customersR

ATE

G

g p g y Tactic 2.a: Deliver and continuously improve conventional economic development

programs Tactic 2.b: Devote additional resources to workforce development

ST

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

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ImplementationTI

ON

TCAD will take the lead, spearheading and catalyzing activities•Launch the Economic Development Strategy in 2015 EM

ENTA

T

p gy

•Guide efforts to optimize public and private investments

•Protect what we cherish about this region

IMPL

•Evaluate success of programs and their economic impacts

•Keep the community informed on progress

STRATEGIES GOALS VISION

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Conclusion ION

• We have high aspirations – Inclusive prosperity

ON

CLU

S

– thriving business community– high level of leadership and collaboration

ED competition is strong communities in Upstate faced significant decline

CO

• 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.

• Above all these actions is leadership• Above all these actions is leadership.

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2015 to 2020

Economic Development Strategy forEconomic Development Strategy for Tompkins County

COMMUNITY PRESENTATIONS 2015COMMUNITY PRESENTATIONS 2015

DISCUSSIONDISCUSSION