space florida target clusters v3 workshop slides
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Space Coast Target Clusters
Preliminary SlidesAugust 2011
Hamilton Galloway EMSI
National Economic Conditions to Consider…the recruitment game is getting tougher
19,354 U.S. cities…all fighting for the same, shrinking # of
new companies and jobs
6,217
4,856
4,442
Company Expansions/ Relocations, U.S.
4,000 2010 (estimated)
2009
2007
2005
Regional economic conditions to consider…The region’s businesses and workers are becoming more entrepreneurial…by necessity
almost 23% of total employment is captured as 1099 income workers
20012002
20032004
20052006
20072008
20092010
20112012
20132014
20152016
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
1099 Employment
All Employment
W-2 Employment
A regional economy grows through different flows of money…
Avenues for growth…
• Higher value manufacturing and service firms can be established/expanded to increase exports
• Supplier networks can be established to reduce imports
Workforce…The region’s workforce has become smarter over the last decade: 36% increase in college degrees
Less Than 9th Grade
9th Grade to 12th Grade
High School Diploma
Some College Associate's Degree
Bachelor's Degree
Graduate Degree and
Higher
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2001 Pop2011 Pop
Some terms we use to evaluate strengths of the Central Florida economy…
• Comparative and Competitive Advantage: refers to industries 1) outperforming national expectations and/or 2) high regional concentration
• Job multiplier effect: the number of additional jobs created through supply-chain linkages and employee spending
Defining your economic values…
Different industries (and clusters) have different economic characteristics…defining what economic characteristics you value can assist in identifying the “targets” you wish to pursue
1. Historical Growth2. Future Growth Projection3. Industry Concentration4. Industry Competitive
Effects5. Export Orientation
6. Job Multiplier Effects7. Earnings Multiplier Effects8. Industry Average Wage9. Excess Demand10. Workforce Compatibility
Clean Energy: Recovery already underway and new development picking up pace
Highlights: • Hourly wages: $24• Outperform U.S.
clean energy growth over the next 5years
• Job Multiplier: 1.5
• R&D in photovoltaic• Expansion of solar farms• Biosolid green energy• Energy Efficient Lighting• Composite turbine blade manufacturing
Clean Energy: Projected to outperform state and national growth trends starting this year
Some of the strengths of clean energy in Central Florida…
• Largest employment growth projected in:– Engineering/Architecture Services– Commercial HVAC– Semiconductor Manufacturing (includes LED)
• Fastest-growing counties:– Brevard, Seminole, Hillsborough, and Orange
• Comparative/Competitive Advantage:– Air purification; steam/AC supply; semiconductor;
materials recovery & waste collection/disposal
Aerospace Cluster: Slight recovery in 2011
Highlights: • High hourly wages:
$30 • Consistently
outperformed U.S. since 2007
• High job multiplier: 2.4
Recent areas of growth:• Commercial jet assembly• Other aircraft assembly• Investment in commercial space travel
Aerospace Cluster: Consistently outperforms state and national trend by significant margin
Aerospace strengths in Central Florida include…
• Largest employment growth projected in:– Nautical system instruments– R&D in physical, engineering and life sciences– Guided missile and space vehicle manufacturing
• Fastest-growing counties:– Orange, Pinellas, Hillsborough, Manatee, and Volusia
• Comparative/Competitive Advantage:– Guided missile and space vehicle; flight training; nautical
system instruments
IT & Telecommunications Cluster…some economic recovery in 2011
Recent areas of growth:• Digital media• IT equipment• Health Care IT• E-commerce
Highlights: • Hourly wages: $25• Consistently
outperformed the U.S. since 2005
• High job multiplier: 2.0
IT & Telecommunications Cluster: Outperforms state and national trend
IT & Telecommunications strengths in Central Florida include…
• Largest employment growth projected in:– Computer systems design & programming services– Data processing– Software publishers
• Fastest-growing counties: Orange, Seminole, Hillsborough, Brevard, and Pinellas
• Comparative/Competitive Advantage:– Optical instrument and lens mfg.; bare printed circuit
board mfg.; wireless communications equipment mfg.
Bio-Life Sciences Cluster: Marginal economic recovery in 2011Growth Sectors:• Healthcare communication• Health scanning/diagnostics• Biomedical and pharmaceutical
research
Highlights: • Hourly wages: $21• Consistently
outperformed both state and national growth
• Job multiplier: 2.0
Bio-Life Sciences Cluster: Consistently outperforms state and national trend by significant margin
Bio-Life Sciences strengths in Central Florida include…
• Largest employment growth projected in:– R&D in biotechnology– Surgical instrument and appliance manufacturing– Pharmaceutical preparation manufacturing
• Fastest-growing counties: Hillsborough, Pinellas, Sarasota, Orange, and Volusia
• Comparative/Competitive Advantage– Surgical and medical equipment; pharmaceutical prep
manufacturing; medicinal and botanical manufacturing
Homeland Security/Defense Cluster: Some recovery in 2011Growth Sectors:• Cyber security• Training simulators• Optical instruments• Composite materials
Highlights: • Hourly wages: $21• Underperform
national growth • Job Multiplier: 1.9
Homeland Security/Defense Cluster: Outperforms state but underperforms national trend
Homeland Security/Defense strengths in Central Florida…
• Largest employment growth projected in:– Semi-conductor manufacturing– Computer systems design and programming– Optical equipment
• Fastest growing counties: Orange, Brevard, Pinellas, Seminole, Volusia, Hillsborough, Polk and Pasco
• Comparative/Competitive Advantage: – Optical equipment; semi-conductors; electron tube and
components; search/detection/navigation equipment
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