economic development strategic plan€¦ · economic development strategic plan presented by adam...
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Economic Development Strategic Plan
Presented by Adam Van de Water
Director of Innovation and Economic Development
May 1, 2019
OverviewA. Planning Process & Timeline
B. Economic Snapshot
C. Three Focus Areas
1. Long Term Financial Sustainability
2. Innovation-Driven Economy
3. Quality of Life
D. Next Steps
Summer
2019
Planning Process & Timeline
Fall
2019
Final Strategic Plan for the next 3-5 years
Vision 2000
Stakeholder Outreach & Focus Groups
Final Strategic Plan
April 8,
2019
Strategic Plan Kickoffand Economic Snapshot
Economic SnapshotThe current state of Livermore’s economy
Post-Recovery Economic Snapshot
0.0
2.0
4.0
6.0
8.0
2005 2010 2015 2020
Livermore Unemployment Rate
$90,000
$95,000
$100,000
$105,000
$110,000
2008 2010 2012 2014 2016 2018
Livermore Median Household Income
76,000
78,000
80,000
82,000
84,000
86,000
88,000
90,000
92,000
2010 2011 2012 2013 2014 2015 2016 2017 2018
Population Growth
42,000
44,000
46,000
48,000
50,000
52,000
54,000
56,000
58,000
2010 2011 2012 2013 2014 2015 2016 2017 2018
Jobs Growth
Economic Snapshot
However…
Livermore Median Home Price
Source: Zillow Group
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
2008 2010 2012 2014 2016 2018
Tri-Valley Median Household Income
Livermore Pleasanton Dublin
San Ramon Danville
And…
Long-Term Financial Sustainability Challenges and opportunities in revenue generation
Long Term Financial Sustainability
What do we mean?
• Public: Ensuring sufficient revenues to provide for core City services and invest in the community
• Private: Encouraging a mix of jobs and industries that contribute to a robust local economy
Long Term Financial Sustainability
• Increase resiliency through diversification
• 17 of 50 top sales tax generators are in construction or discretionary retail industries
• Thinking Today about Change Tomorrow
• Focus on high-wage, high-revenue industries
Innovation-Driven EconomyCreating a place where innovative companies thrive
Innovation-Driven Economy
Livermore68%
9%Livermore
Livermore32%
Asset #2
Intersection of two high-value talent pools.
Innovation-Driven Economy
Asset #3
Proximity to unique Bay Area resources:
Asset #1
Over 19 million square feet of industrial: 72% of all commercial space.
Key Assets
Innovation-Driven Economy
Innovation Talent Pool Fabrication Talent Pool
Large IndustrialFacilities
Competitive
advantage within
“Industrial Innovation”
sector
Quality of Life People | Place | Prosperity
Quality of Life
What do we mean?
Economic Development Lens:
• Access to diversity of employment and housing options
• Wages commensurate with cost of living
• Experience rich environment for residents and visitors
• Distinctive character and sense of place
Quality of Life
Living & Working for All
To remain a balanced and inclusive community, Livermore needs multiple entry points to the job and housing market.
Quality of Life
Community Investment
The Experience Economy is driven by creative entrepreneurs who live in the community.
Creating a distinctive sense of place requires investment (money and time) from residents and the City.
Next StepsTimeline | Questions | Contact Us
Questions & Comments
Timeline
I. Spring 2019: Data analysis/kickoff
II. Summer 2019: Stakeholder engagement
III. Fall 2019: Final Strategic Plan
Ideas? Email us anytime at [email protected]
Backup Slides
Quality of Life
$100,000/year
Higher Wage Earners
Commuting Out
Lower Wage Earners
Commuting In
Innovation-Driven Economy