The Five Year Plan for Job Creation for the Greater Pensacola Region

March 20, 2019 | Author: Dustin Martin Griffith | Category: N/A
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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

The Five Year Plan for Job Creation for the Greater Pensacola Region

The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

The Vision 2015 Initiative is a reengineered economic development effort that will more aggressively recruit new business, help existing businesses expand, and leverage the strong partnerships with the military to stimulate economic growth. The goal? Create 3,000 new jobs. This program fundamentally changes the way the private sector is involved with economic development in the Greater Pensacola Area. While maintaining the traditionally strong relationships with the public sector, this initiative puts private business in the vanguard of job creation efforts in the area through greater engagement in the process, and a significant increase in the level of investment from companies and individuals. Every effort has been made to devise an economic development structure and strategy that will produce results. Vision 2015 is the result of many months studying best practices, weighing different operating structures, and setting priorities. With Vision 2015 leading the way, Pensacola will go on the offense with renewed energy, a fresh strategy, and with its most effective and committed community leaders pulling in the same direction.

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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

New Business Attraction/Recruitment The purpose of this strategy is to attract/recruit new businesses to the Greater Pensacola Region with a special focus on the five targeted industry clusters where the Pensacola Bay Area has a competitive advantage. The industry clusters are:

• Continuously strengthen the Chamber’s web site in order to maximize site selector and business prospect inquires. Aggressively utilize state-of-the-art e-media to target decision makers and allies to drive hits to the web site.

1) aerospace and defense; 2) software and information • Create fresh collateral material supported by accurate technology; 3) renewable energy; economic data with a distinctive 4) financial services and back office Greater Pensacola Region style for support; and 5) medical device and use in responding to inquiries and life sciences. The Chamber has distribution at target sector trade Activities & Outcomes noted this strategy as a priority and shows and events. • 3,000 new “direct” jobs; this will be intends to strengthen its capacity accomplished via this strategy as well as the and recruiting efforts. Additionally, • Involve volunteer business Chamber’s business expansion and the Chamber will focus on leaders in strategy and on entrepreneurship strategies improving the number and quality recruiting missions to target-rich of employment opportunitieswithin environments. • Create 1,000 jobs in designated low-tomoderate income areas (CRA, EZ, Hub Zones, the identified depressed etc.) throughout the Pensacola Region communities (geographic and • Host an annual in-bound minority) in the Pensacola Bay recruitment mission for site • 30 active prospects per month Area. selectors with top level investors • 15 new prospect leads per month involved in the event.

Key Metrics:

Tactics:

• Using all means available, actively market the Region to prospective targeted industry cluster companies. Collaborate with regional and state economic development organizations, such as Florida’s Great Northwest and Enterprise Florida. • Recruit a group of volunteer “cluster leaders” drawn from local businesses to assist in identifying, attracting, and recruiting best-fit companies.

• 6 marketing or business development events annually • Meet with 20 site selection consultants annually Economic developers and site selectors agree—an organization’s web site and face-toface marketing strategies are most effective. In the last decade, the length of the typical site selection process has gone from more than 6 months to 4-8 weeks. More than ever, the timeliness with which an economic development organization responds to an inquiry really matters.

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• Develop an international marketing and recruitment strategy designed to stimulate foreign direct investment and facilitate the exporting efforts of local businesses. • Participate in regular (approximately six per year) regional and state-led prospect recruitment missions. • Grow the Region’s Economic Development Incentive fund to assist in business attraction, retention, and expansion efforts.

The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Existing Business Retention, Expansion and Workforce Development The purpose of this strategy is to provide superior customer service to and promote the growth of our existing businesses. We will accomplish this by serving as the “single point of contact” to the community of business support providers. This is a critical piece of the Chamber’s economic development program, as existing businesses create 80% of new jobs nationally.

identifying supplier “gaps”, enhancing area business to business contacts, evaluating cooperative purchasing opportunities and encouraging other collaborative efforts. Implement programs to address the opportunities identified by the group.

Key Metrics: Activities & Outcomes

The Chamber will work with all types of existing businesses including target industry clusters (see New Business Attraction/ Recruitment). Additionally, the Chamber will focus on workforce and talent development to ensure a needs/skills match between employers and employees for the jobs of the future. By listening to employers and being responsive to the educational needs of their industries, we will increase the available pool of highly skilled, adequately trained potential employees entering the workplace.

• 3,000 new “direct” jobs; this will be accomplished via this strategy as well as the Chamber’s recruitment and entrepreneurship strategies • 100 business visits by Chamber staff per year • 4 business visits by top leaders • 1 visit to out-of-town HQ • Convene and support key industry sector groups

Tactics:

• Develop on-going mechanisms/programs to help companies identify and access new market opportunities regionally, nationally and globally. Provide similar assistance in identifying and accessing quality suppliers/ vendors and in adopting cost-effective “green” initiatives. • Coordinate a program for top public and private leaders to visit at least four existing businesses per year to discuss challenges and opportunities. • Visit at least one out-of-town regional or corporate headquarters of a local business per year and invite public/private sector leaders to attend.

• Conduct an existing industry event for major businesses and public/private sector investors during the Blue Angels Homecoming Air show at Naval Air Station Pensacola.

• Visit at least 100 businesses per year to learn how the Chamber and the economic development community can support their business growth strategy. The Chamber will create a team of business support providers comprised of key government entities, utilities, financial institutions, education/training agencies and others. This team will assist and respond quickly to companies with problems or expansion opportunities.

• Coordinate Industry Appreciation Week events to showcase and honor business excellence. • Develop additional supporting materials to attract talent to the region including the relocation of professionals who have Pensacola Bay Area roots.

• Brand the business retention and expansion program.

• Create a workforce services portal to match area employers and job seekers with service providers in the Greater Pensacola Region that will be integrated into the iTenTalent.com portal, to provide password protected search capabilities for employers and market the program to area employers.

• Provide access to local, state and national assistance and incentive programs; track the businesses assisted by this program. • Identify and work with partners and government agencies to resolve general local/regional issues that may be restricting existing business growth and company-specific issues as required.

• Increase the level of business community engagement with the Greater Pensacola Region career academy programs in middle and high schools. Emphasis will be given to science, technology, engineering and math (STEM) and other economic development related targets.

• Convene and support key business and manufacturing sector groups to identify common obstacles and opportunities such as

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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Armed Services / Military Innovation The Department of Defense (DoD) is the largest economic for Information Dominance (CID) and grow a cluster to engine in the Greater Pensacola Region. More than $5.1 compliment their mission. This will include creation of billion in salary and wages are produced annually by more a data fusion and network synthesis collaborative than 22,000 active duty and military/federal employees. In group to develop IA laboratory concepts and products. addition to protecting this vital economic asset, the Armed Services Department develops • Expand the Community Military strategic economic growth Innovation Project for capturing opportunities that promote and military innovations, technology and enhance DoD investments in our area. talent through symposiums/forums Activities & Outcomes and other venues. To promote private • Expand Military Innovation project to The Armed Services Department sector economic growth in high-tech create new high-tech initiatives involving develops initiatives that: 1) enhance industries, this initiative focuses on agriculture and energy industries existing missions; 2) increase area the development of strategic • Expand Saufley Field EUL visioning DoD investments in infrastructure and innovative partnerships between group to include all stakeholders to assets and 3) improve and promote industry, research and defense ensure development is a community the quality of life for area military agencies. success members. • Expand the Defense, Aerospace • Promote Pensacola Innovation Network to attract two new R&D partnerships, and Technology Committee complete phase 1 and 2 dark fiber optic Tactics: membership. Create new initiatives ring points of presence and add two new • Continue to develop and expand the to promote partnering, collaboration DoD mission applications Strategic Health Intelligence Initiative. and contract teaming for local, Become the nation’s leader in regional and DoD contracts. developing a health information exchange utility, promote healthcare innovations and lead • Develop the International Relations program by cyber security initiatives. Additionally, expand the annual working with foreign military commands and liaison summit, facilitating high-level discussions and continuing to offices for the purpose of expanding economic position the Pensacola Bay Area as the location for opportunity, investment and strategic mission healthcare information technology innovations and enhancement in the Pensacola Bay Area. collaboration. • Continue to develop the Pensacola Innovation • Support, coordinate and assist the Navy in marketing the Network, including the expansion of new R&D Saufley Field Enhanced Use Lease project. This will partnerships, business rules and policy development, provide suitable locations for defense contractors and points of presence, and new DoD mission related businesses needing existing infrastructure and applications. The national global high-speed network assets (600,000 sq. ft. of office space, three hangars, and infrastructure will allow for the advancement and two 4,500 foot runways). promotion of the Pensacola Bay Area as an innovation location for testing and evaluating of emerging • Expand the focus of the information assurance (IA) technologies, health care innovations and cyber initiative to fully leverage the assets of the Navy’s Center security initiatives.

Key Metrics:

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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Entrepreneurship The purpose of this strategy is to foster the success of with significant growth potential (“gazelles”). This the Pensacola Bay Area entrepreneurs. The Chamber program will provide the information, resources, and and its institutional partners will formal connections needed to continue to link entrepreneurs with optimize their growth potential. critical assets in order to remove impediments to growth, drive • Expand regional marketing and Activities & Outcomes revenues and employment networking through the iTenWired • 3,000 new “direct” jobs; this will be opportunities for all citizens. Critical initiative beyond the initial five-county accomplished via this strategy as well as tactics will also be added to improve region. the Chamber’s recruitment and the environment for minority business expansion strategies formation. • Expand capital funding opportunities • Achieve 80% occupancy rate at the for entrepreneurs to include a public C.I.E. and/or private sector revolving loan Tactics: fund and “angel” networks. • Host 4 regional entrepreneurial events • Aggressively market and increase annually the number of tenants utilizing the • Identify and create database of • Provide technical assistance to 4 “Center for Innovation and existing minority owned companies “Stage 2” companies annually Entrepreneurship,” a technology (or Minority Business Enterprises or • Create a database of MBEs in focused incubator managed by the MBEs). Partner with the Department Escambia County Chamber. of Commerce’s Minority Business • Assist or create 25 MBEs through Development Agency to work with business formation and training • Implement a business coaching and MBEs to grow their businesses in support program geared to help size, scale and capacity. start-up/early stage entrepreneurs develop business plans, secure startup funding, etc. • Create scholarship pilot program for entrepreneurial training program associated with the Center for • Develop and implement a program for “stage 2” Innovation and Entrepreneurship. entrepreneurs (companies with revenue of $1-25 million)

Key Metrics:

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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Community / Product Development The purpose of this strategy is to make community improvements that impact job creation in the Greater Pensacola Region. In addition to its direct economic development activities, the Chamber appropriately plays the role of the “voice of business” as advocate, convener, and facilitator of important community improvements.

• Facilitate effort to master plan a site for a suburbanoriented commerce park for office, technology, and light manufacturing/assembly uses. • Establish a “blue ribbon” task force to identify and pursue the development of one or more new high-value community assets through a high level of involvement of senior private and public sector leadership.

Tactics:

• Advocate master planning/development of Mid Town Commerce Park (Escambia Treating Superfund Site), a rail-served light industrial and distribution park.

• Identify and refer commercial opportunities to the City of Pensacola to assist in implementing the new Community Redevelopment Authority plan.

• Facilitate development of the downtown technology campus, an urban business park owned/managed by the Pensacola-Escambia Promotion and Development Commission (PEDC).

• Enhance “Special Projects Fund” to provide for timely implementation of new strategic opportunities as they are presented.

Investor Relations / Communications The Chamber believes that it must improve the effectiveness of its communications with not only investors, but all members and the community at large.

Accordingly, specific oversight of the Plan will be vested in a steering committee whose membership will evolve more fully after funds have been committed. The steering committee will be comprised of individuals whose financial investment clearly identifies their commitment to the program’s success and representatives of the Greater Pensacola Chamber Board charged with implementation.

Investor Communications

Investor confidence in the Plan will only be maintained through the highest level of transparency, communications and accountability. It will also require that Pensacola’s “first team” of business and elected leaders take an active role in keeping the Plan on task, on time, and on budget.

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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Impact of New Jobs Job creation activities have an effect in two key aspects of the local economy; earnings and consumer spending. Overall, the program will generate: • • • •

5,476 TOTAL NEW JOBS $217 million in TOTAL PAYROLL $156.7 million in CONSUMER EXPENDITURES $81 million in BANK DEPOSITS

Table 1. Economic Impact of Jobs METRICS

DIRECT IMPACT

INDIRECT AND INDUCED IMPACT

TOTAL IMPACT

JOBS (DIRECT & INDIRECT) EARNINGS (PAYROLL) OUTPUT

3,000 $114,000,000 $542,343,168

2,476 $92,340,000 $280,726,272

5,476 $206,340,000 $823,070,720

New payroll is projected to generate: DISPOSABLE PERSONAL INCOME NET PERSONAL CONSUMPTION EXPENDITURES

$171,262,200 $148,998,114

Source: Economic Strategy Center, Atlanta, GA

Governance and Accountability A cross section of community leaders and investors will comprise the Campaign Development Council and govern the campaign for the Vision 2015 initiative. The development council will keep investors informed of the progress of the campaign until its conclusion. Those with a significant financial stake in Vision 2015 will be asked to serve as a Vision Cabinet with a five-year term. Their roles will be: • Overseeing of funding • Holding implementing entities accountable for performance • Fine tuning the program as needed • Reporting to their fellow investors

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The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Earnings/Expenditure Impact A portion of total earnings is used for personal consumption expenditures. Table 2 shows how the money will be spent following a consumption pattern consistent with the South region. The expenditure detail determines the estimated annual impact to regional companies - with knowledge of their regional market share – as result of job creation activities of Vision 2015 initiative.

Table 2. Distribution of Total Consumer Expenditures Housing

Transportation Food Personal Insurance and Pensions

$9.56

$9.09

Entertainment



$8.05



$5.51

Appareal



$5.66

Education

$2.53

Miscellaneous

$2.53

Personal Care

$1.79

Alcoholic Beverages

$1.19

Tobacco Products

$1.04

Reading

$0.30

Millions

$0.00

$26.97

$19.37

$16.39

Health Care

Cash Contributions

$48.57

$10.00

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$20.00

$30.00

$40.00

$50.00

The Five Year Plan for Job Creation FOR THE GREATER Pensacola REGION | 2010-2015

Conclusion By investing in the Vision 2015 Initiative, businesses and local governments will see a measureable return on their invested dollars, while helping to improve the economic outlook and quality of life for everyone in the Greater Pensacola Region. Job creation is at the heart of any successful economic development effort, and Vision 2015 is no different. By creating 3,000 new primary jobs in Escambia and Santa Rosa Counties, this initiative will serve as the catalyst that stimulates existing businesses growth, improves the available workforce and spearheads community improvements, all while strengthening the message of the Chamber and building on the strong relationships that exist within the business community.

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