Space florida target clusters v3 workshop Slides

Space Coast Target Clusters
Preliminary Slides
August 2011
Hamilton Galloway
EMSI

National Economic Conditions to Consider…the recruitment game is getting tougher
Company Expansions/ Relocations, U.S.
6,217
2005
19,354 U.S. cities…all fighting for the same, shrinking # of new companies and jobs
4,856
2007
2009
4,442
4,000
2010 (estimated)

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

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

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
Historical Growth
Future Growth Projection
Industry Concentration
Industry Competitive Effects
Export Orientation
Job Multiplier Effects
Earnings Multiplier Effects
Industry Average Wage
Excess Demand
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…
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
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…
Computer systems design & programming services
Data processing
Software publishers
Fastest-growing counties: Orange, Seminole, Hillsborough, Brevard, and Pinellas
Optical instrument and lens mfg.; bare printed circuit board mfg.; wireless communications equipment mfg.

Bio-Life Sciences Cluster: Marginal economic recovery in 2011
Growth Sectors:
Healthcare communication
Health scanning/diagnostics
Biomedical and pharmaceuticalresearch
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…
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 2011
Growth 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…
Semi-conductor manufacturing
Computer systems design and programming
Optical equipment
Fastest growing counties: Orange, Brevard, Pinellas, Seminole, Volusia, Hillsborough, Polk and Pasco
Optical equipment; semi-conductors; electron tube and components; search/detection/navigation equipment

Space florida target clusters v3 workshop Slides

by Ed Morrison

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