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Economic Development Master Plan Phase I

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  • 1. Economic Development Master Plan Phase One Report Presentation to City Council 26 July 2012
  • 2. Master Plan Process Overview • Phase One: Base Analysis and Existing Conditions – Economic and demographic trends – Sector overviews Retail and commercial Hospitality and entertainment Office and Industrial Government and education Health and wellness Construction and development TechnologyCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 3. Master Plan Process Overview • Phase Two: Evaluation of Opportunities and Constraints – Business survey – Economic development organization, policies, incentives – Entertainment districts and redevelopmentCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 4. Master Plan Process Overview • Phase Three: Goals and Strategies – Staff-authored, consultants advising – Goals definition – Implementation strategyCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 5. Research Process to Date • Data – Census, American Community Survey – Texas Workforce Commission – Bureau of Labor Statistics – Others • Interviews – Business owners and bankers – Economic development, social, and tourism organizations – Commercial real estate professionalsCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 6. Findings: Opportunities and Advantages • TAMU graduate stream • Good basic infrastructure and public services • CISD’s good reputation • Relatively low cost for good suburban lifestyle • Good quality of life for families and older residents • Active pursuit of knowledge-based industriesCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 7. Findings: Challenges and Barriers • Limited commercial air service • Large stock of older multifamily • Larger metros’ appeal to new grads and young adults • Energy industry consolidation in Houston • Budget risks for publicly-sponsored ventures • No real cost of living advantage over suburbs of large metrosCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 8. Findings: Challenges and Barriers • Relatively small size of “adult market” to offset impact of student population • Must travel for destination-quality retail and culture • Possible trade-offs for high development standardsCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 9. Job Growth Employment as of February Change (thousands) 2000 - 2008 - 2000 - Industry 2000 2008 2012 2008 2012 2012 Mining, Logging, and Construction 4,500 7,000 6,500 2,500 (500) 2,000 Manufacturing 5,800 5,500 5,200 (300) (300) (600) Wholesale Trade 1,400 1,800 1,800 400 - 400 Retail Trade 9,200 10,000 10,300 800 300 1,100 Transportation, Warehousing, and 800 1,400 1,400 600 - 600 Utilities Information 1,600 1,100 1,200 (500) 100 (400) Financial Activities 3,300 3,300 3,700 - 400 400 Professional and Business Services 4,900 5,600 6,300 700 700 1,400 Educational and Health Services 7,900 10,000 10,000 2,100 - 2,100 Leisure and Hospitality 7,600 9,900 10,300 2,300 400 2,700 Other Services 2,600 2,900 3,100 300 200 500 Federal Government 1,100 1,000 900 (100) (100) (200) State Government 23,400 25,400 26,200 2,000 800 2,800 Local Government 8,600 9,900 10,400 1,300 500 1,800 Total Non-Farm Payroll Employment 82,700 94,800 97,300 12,100 2,500 14,600 Source: Texas Workforce CommissionCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 10. Economy Key Points • Fastest-growing 9.0% Unemployment Rate industries: 8.0% Restaurants / bars, 7.0% health care 6.0% • Large dependence 5.0% on government / 4.0% public sector 3.0% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 • Unemployment College Station College Station - Bryan MSA Texas lower than Texas overallCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 11. Population Growth Census Estimates Change 2000 2010 2000 - 2010 Age Distribution Number Share Number Share Number % Change Age 0 to 4 3,032 4.5% 4,526 4.8% 1,494 49.3% Age 5 to 17 6,757 10.0% 9,326 9.9% 2,569 38.0% Age 18 to 24 34,765 51.2% 44,398 47.3% 9,633 27.7% Age 25 to 34 8,857 13.0% 13,922 14.8% 5,065 57.2% Age 35 to 44 5,616 8.3% 7,134 7.6% 1,518 27.0% Age 45 to 49 2,295 3.4% 2,895 3.1% 600 26.1% Age 50 to 54 1,776 2.6% 2,901 3.1% 1,125 63.3% Age 55 to 64 2,331 3.4% 4,380 4.7% 2,049 87.9% Age 65 and over 2,461 3.6% 4,375 4.7% 1,914 77.8% Total 67,890 100.0% 93,857 100.0% 25,967 38.2% Estimated Median Age 21.90 22.30City of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 12. Demographics Key Points Census Estimates Change 2000 2010 2000 - 2010 Educational Attainment Number Share Number Share Number % Change Less than 9th grade 485 2.1% 558 1.5% 73 15.1% Some High School, no diploma 953 4.1% 930 2.5% -2.4% (23) High School Graduate (or GED) 2,845 12.2% 5,618 15.1% 2,773 97.5% Some College, no degree 4,323 18.6% 6,101 16.4% 1,778 41.1% Associate Degree 1,156 5.0% 2,455 6.6% 1,299 112.4% Bachelors Degree 6,647 28.5% 10,156 27.3% 3,509 52.8% Graduate or professional 6,892 29.6% 11,384 30.6% 4,492 65.2% degree Total 23,301 100.0% 37,203 100.0% 13,902 59.7%City of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 13. Demographics Key Points • Concentration of affluent older households – 38% of CS hh headed by age 25+ had income $75,000+; 25% for MSA overall • CS is where knowledge employees reside – 82.8% of MSA residents with life / physical / social science occupations live in College Station • Lower pay in most occupation categories than TX averageCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 14. Retail / Commercial Sales ($ Total Sales (constant dollars) millions) $2,000 • Spending recovery $1,500 $1,000 • Spending / capita low $500 • Internet threat? $- 2003 2004 2005 2006 2007 2008 2009 2010 2011 Gross Taxable • Regional competition $17,000 Gross Retail Sales per Capita 2011 • Potential for “adult” $16,000 $15,000 $14,000 retail $13,000 • Relatively high lease $12,000 $11,000 $10,000 $9,000 $8,000 ratesCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 15. Office and Industrial • Office uses – Space demand stagnant or declining – Long term – incremental growth for local professional services • Industrial uses – Employment growth stopped since recession – Facilities focused in Bryan – Logistics potential – Contractors / trades – tied to development activityCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 16. Health Care and Wellness • Significant part of local economy – 20%+ of job base in greater Brazos Valley region – 30% job growth projected 2008 – 2018 • College Station residents – high rate of insurance coverage, attracts health care uses • New facilities and entities – HSC, Scott and White, MED campusCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 17. Technology • Economic development focus though still small part of economy – Biosciences most visible – Digital / software developers more under the radar • Staffing recruitment challenges – Competition with major metros – Research vs. commercialization experience • Energy companies – opportunity or unlikely?City of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 18. Hospitality and Entertainment$70,000,000$60,000,000$50,000,000 Hotel Revenues • Recession impact$40,000,000$30,000,000$20,000,000 • Meetings market$10,000,000 $- – Facilities limited 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Gross Taxable – Major metro competition$6,000,000$5,000,000 Mixed Beverage Sales • Leisure tourism – all$4,000,000$3,000,000 TAMU, sports$2,000,000$1,000,000 $- • Potential for non-student entertainment 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 College Station Bryan Brazos CountyCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 19. Government and Higher Education Employer # Employees Texas A&M University System 1,000 + •Large Number of Government and Bryan Independent School District 1,000 + Higher Education Employers in Area. St. Joseph Regional Hospital 1,000 + Sanderson Farms 1,000 + College Station School District 1,000 + •Nearly 20% employed in “Education, Reynolds & Reynolds 1,000 + training, and library” occupations. City of Bryan 500 - 999 City of College Station 501 - 999 Brazos County Walmart 502 - 999 503 - 999 •State government is the largest HEB Grocery 504 - 999 industry by employment in the Scott & White Clinic 505 - 999 College Station Medical Center 506 - 999 College Station – Bryan MSA per the Texas A&M Health Science Center 507 - 999 Texas Workforce Commission. Penncro Associates 508 - 999City of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 20. Construction and Development • Sizable employment sector in the MSA. • Permitting in the MSA ranges from $200M to $500M valuation annually. • Significant land exists in and near City • Annual gross sales of goods related to construction in City range from $60M to $110M in the period from 2002 to 2011. • High location quotient.City of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012
  • 21. Economic Development Master Plan Questions and DiscussionCity of College Station Economic Development Master PlanPhase One Presentation to City Council 26 July 2012

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