Program Of WorkProgram Of WorkCommittee For a Sustainable Emerald CoastDecember 6, 2006

Florida’s Great Northwest

What is Florida’s Great What is Florida’s Great Northwest?Northwest?

16 county regional economic development organization

Private, not-for-profit corporation

Florida’s Great Northwest

MembershipMembership4 categories of members: Local Economic Development

Organizations

Post-Secondary Education

Workforce Development Boards

Private Business

Florida’s Great Northwest

Primary MissionPrimary Mission

Grow a vibrant and sustainable economy for all 16 counties in Northwest Florida that creates nationally and globally competitive advantages for the development of key industry clusters, increases the income and prosperity of workers and families; ensures healthy communities and a vibrant quality of life, and preserves the natural beauty and resources of the region.

Florida’s Great Northwest

Primary FocusPrimary Focus

Primary Industries (Traded Industries, Basic Industries):

Businesses that import wealth into the region by selling the majority of their goods or services outside the region.

Florida’s Great Northwest

FGNW Targeted IndustriesFGNW Targeted Industries Aerospace & defense Medical technologies/medical device manufacturing Health services where a minimum of 70% of the

revenue is from outside of the region Information technology, software development &

electronic component manufacturing Construction component materials manufacturing Logistics & distribution Financial services Alternative energy

Florida’s Great Northwest

TourismTourismTourism is a primary industry

Tourism is not an FGNW target industry Inverted curve – wage structure & related per

capita income

Growing without need for assistance from FGNW

Extremely cyclic industry – successful development of the tourism industry has put the region in a diversification deficit.

Florida’s Great Northwest

Economic Development PhilosophyEconomic Development Philosophy Successful economic development

requires a balanced program of work:

Product Development (Community Development)

Physical Infrastructure (Duck Test)

Human Infrastructure

Florida’s Great Northwest

Knowledge-based cluster developmentKnowledge-based cluster developmentTraditional Cost of Doing Business Measures• Tax structure• Compensation costs• Space costs• Capital costs• Business climate/infrastructureSpecific to High-Tech Cluster Development• Close proximity to excellent educational facilities & research

centers• History of technology spill-overs• Availability of venture capital• Access to a trained/educated workforce• Existing network of suppliers• Climate• Quality of life factors• Cost of Living (especially home prices)

Florida’s Great Northwest

Economic Development PhilosophyEconomic Development PhilosophySuccessful economic development requires a balanced program of work:

Product Development

Business Retention & Expansion

Business Attraction

New Business Development (Entrepreneurship)

Florida’s Great Northwest

Florida EconomyFlorida Economy Florida’s tax structure, cost of doing

business structure, and statewide strategic focus all support the creation of a knowledge-based economy.

The Committee for a Sustainable Emerald Coast’s 2030 Vision Statements support the development of a knowledge-based economy.

Historically, the actions at the local level in Northwest Florida support the development of a tourism, second home, traditional manufacturing, and agrarian economy.

Florida’s Great Northwest

Converting to a Knowledge-Based Converting to a Knowledge-Based Economy – By 2030:Economy – By 2030:

The population demographics will reflect a younger, well educated, highly skilled workforce

This demographic will not tolerate a commuter-based environment

This demographic will not support an art, culture, and recreation environment predicated on tourism supported or senior age group activities

This demographic will be of child-bearing age, will demand a quality education for their children, and will migrate to the best K-12 education systems.

This demographic will not be attracted to gated communities nor communities where a large portion of the homes are second homes or seasonal rental properties.

Florida’s Great Northwest

Converting to a Knowledge-Based Converting to a Knowledge-Based Economy – By 2030:Economy – By 2030:

The profile of the primary businesses will be different:

Less dense in employment, more dense in technology, & greater per employee productivity, or

(customer care centers) larger employment concentrations

Florida’s Great Northwest

Converting to a Knowledge-Based Converting to a Knowledge-Based Economy – By 2030:Economy – By 2030:

Those businesses will concentrate: in employment centers of similar industries where the supplier base and support industries reside where the housing price is compatible to the industry’s wage

structure where the art, cultural, recreational, and retail amenities are

compatible with the workforce where the transportation system matches the business’

transportation needs where the continuing education and R&D exists to support the

industry where there are no local government imposed fatal flaws

Florida’s Great Northwest

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