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One Coast, One Future


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A comprehensive economic development strategy for Fairfield County, Connecticut.

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One Coast, One Future

  1. 1. One Coast, One Future CEDS Strategy August, 2009
  2. 2. One Coast, One Future 14 municipalities Federal funding to examine linkages and develop strategy Hired CERC to facilitate CEDS
  3. 3. What is a CEDS?Comprehensive Economic Development Strategy Analyze regional economy Establish regional goals and objectives Develop regional plan of action Identify investment priorities and funding sources Integrate human and physical capital planning in furthering economic development
  4. 4. What is a CEDS? (cont.) Include broad based and diverse public and private sector participation Clearly define metrics for success Part of continuing economic development planning process Effective for five years
  5. 5. What components are part ofthe CEDS? Economic Development Background Analysis of Problems and Opportunities Goals and Objectives Action Plan Performance Measures
  6. 6. Why is a CEDS important? Based in economic reality - economic scale vs. political boundaries Saves money - efficiency in the expenditure of public resources Attracts new investment - how potential businesses view location decisions
  7. 7. Stamford and Bridgeport’s population wasmore than 267,000 in 2007 – almost 40 percentof the One Coast Region. 700,000 600,000 Towns <25k One Coast Region Population Towns 25k-85k 500,000 Stamford Bridgeport 400,000 300,000 200,000 100,000 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2007 Sources: U.S. Census, CERC DataFinder
  8. 8. The One Coast region has a smaller relativeshare of young adults (20-34 years), but ahigher share of young (less than 20 years). 35% One Coast 30% CT Percent of Population, 2007 U.S. 25% 20% 15% 10% 5% 0% < 20 Yrs 20-34 Yrs 35-54 Yrs 55-74 Yrs 75+ Yrs Source: Applied Geographic Solutions, CERC DataFinder
  9. 9. Two towns have median household incomes thatare three times above the state average; twomunicipalities are below Connecticut. Weston Darien New Canaan Wilton Easton Westport Greenwich Monroe Fairfield Trumbull Stamford Norwalk CT Stratford Bridgeport $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 Median Household Income, 2007 Source: Applied Geographic Solutions, CERC DataFinder
  10. 10. In Fairfield County, the natural increaseand international migration of populationhas offset the loss in internal migration.100,000 80,000 60,000 40,000 20,000 0-20,000-40,000-60,000-80,000 Total Pop. Total Births Deaths Total Net Net Intntl. Net Change Natural Migration Migration Internal Increase Migration Cumulative Estimates of Population Change Components: Apr 2000-Jul 2007
  11. 11. The largest shift in the spatial distribution of jobs was out of Bridgeport during the 1960s and 1970s. 400,000One Coast Region Employment 350,000 300,000 Other One Coast Westport 250,000 Trumbull Fairfield 200,000 Stratford 150,000 Greenwich Bridgeport 100,000 Norwalk Stamford 50,000 0 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 1963 Source: CT Department of Labor
  12. 12. Healthcare, retail trade, government andmanufacturing each represented at least 10 percent ofFairfield County’s employment in 2007. Health Care & Social Assistance Other Industries 13% 17% Retail Trade Wholesale Trade 12% 4% Other Services 4% Accommodation & Government Food Svcs 11% 6% Admin, Support, Manufacturing Waste Mgmt, 10% Remediation 7% Finance & Insurance Professional, 9% Scientific, Tech Svcs 7% Source: Moody’s
  13. 13. Two of the industries with the largest relativeemployment concentrations were financial;another two were in manufacturing. Emp LQ* NAICS Industry Description 2007 523 Securities, Commodity Contracts & Other Financial Investments 6.70 454 Nonstore Retailers 2.87 551 Management of Companies & Enterprises 2.45 485 Transit & Ground Passenger Transportation 2.40 525 Funds, Trusts & Other Financial Vehicles 2.15 325 Chemical Manufacturing 2.15 812 Personal & Laundry Services 2.08 335 Electrical Equipment, Appliance & Component Manufacturing 2.07 511 Publishing Industries (except Internet) 1.89 712 Museums, Historical Sites & Similar Institutions 1.67 Source: Moody’s *Largest employment location quotients of industries with at least 500 employees
  14. 14. E qualized G rand L is t per C apita, 2006 Greenwich New C anaan Darien Wes tport Wilton Wes ton E as ton F airfield One C oas t Total S tamford Trumbull Norwalk MonroeTotal All C T Towns S tratford B ridgeport $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000
  15. 15. Most of the housing affordability indices wereabove the state average for 2007 Q4. Monroe Stratford Connecticut Easton Trumbull Weston Wilton Bridgeport Fairfield DarienFairfield County Norwalk Westport Stamford New Canaan Greenwich 0 2 4 6 8 10 12 14 16 Affordability (Sales Price to Income) Index - 4Q Moving Average Source: The Warren Group
  16. 16. Summary Rankings for theOne Coast Region, 2008 Benchmark Ranking Quality of Life 13 Demographics 18 Education 7 Costs and Income 9 Housing 13 Basic Economics 24 Industrial Competitiveness 1
  17. 17. Best and Worst Benchmarks forthe One Coast Region, 2008 Table 3: Best and Worst Benchmarks for One Coast Region, 2008 Best Rank Worst RankCrime 1 10 yr growth in labor force 222007 Income 1 Business growth 2210 yr growth in PCI 1 General cost of living index 23Finance and Insurance 1 Younger Workforce 23Home ownership 2 Distribution of income 24Rental affordability 2 Environment, Health 24Management of Companies and Enterprises 2 Housing costs Index 24Climate 4 Transportation 24Population with associate degree 4 Workforce Dependency Ratio 25Population with graduate degree 4Low income households 5
  18. 18. One Coast Region Vision The One Coast Region will have vibrant businesses providing jobs for a broad range of citizens in communities that recognize their connectivity and grow sustainably, respecting natural assets.
  19. 19. One Cost CEDS Mission The mission of the One Coast Region CEDS is to provide goals and action steps for the 14-municipality region to grow sustainably and provide employment for its residents while acting on issues in control of the Region and advocating where change is necessary beyond the borders.
  20. 20. CEDS Goals & Action Steps Governance Sustainability Transportation and Infrastructure Workforce Development Business Environment
  21. 21. GOAL 1 - GOVERNANCE - develop strategicpartnerships possessing the appropriateauthority, at the right scale, to affect change andensure accountability. Objective 1: Develop a public private collaborative organization and provide it with the authority to implement a regional economic development strategy. Objective 2: Provide coordination and consistency between the transportation, land use and economic development strategic planning efforts among the 14 municipalities and the existing planning agencies. Objective 3: Build on the current communications between Chief Elected Officials in the One Coast Region. Objective 4: Perform public functions at an appropriate scale to most efficiently use public resources. Objective 5: Ensure coordination and consistency between regional and state economic development efforts.
  22. 22. GOAL 2: DEVELOPMENT THAT IS SUSTAINABLE– in economic activity while recognizing theimportance of key natural resources andappropriate community development. Objective 1: Ensure adequate supply and use of energy to accommodate appropriate growth. Objective 2: Develop where adequate infrastructure, particularly transportation investments, are already in place. Objective 3: Protect and appropriately use natural and coastal resources. Objective 4: Remove emphasis on grand list growth as driver of development.
  23. 23. GOAL 3: HOLISTIC APPROACH TOTRANSPORTATION AND INFRASTRUCTUREINVESTMENT PLAN –coordinate projects andplanning for an integrated transportation system. Objective 1: Facilitate greater communication with New York and New Jersey regarding common interests and cross-state planning and collaborate with various regional entities. Objective 2: Improve the capacity of traveling options for the efficient movement of commuters. Objective 3: Create incentives for freight to move through the Region during off-peak hours. Objective 4: Enhance connections to New Haven and Meriden, and northern connections to Danbury and Waterbury so that people can move more easily between home and work. Objective 5: Utilize ports and waterways to ease a percentage of the goods and people moving through the Region on the highways and trains.
  24. 24. GOAL 4: WORKFORCE DEVELOPMENT &EDUCATION INVESTMENT – Create anenvironment that fosters educational success andlifelong learning. Objective 1: Connect workforce development with education achievement. Objective 2: Attract and retain young professionals in the Region. Objective 3: Assess and address the effects of immigration. Objective 4: Close the education achievement gap.
  25. 25. GOAL 5 : Improve Business Environment andEconomic Development Climate – by coordinatinglocal, regional, state and federal assets. Objective 1: Create a Regional Economic Development Council of economic development professionals or other representatives from each municipality to establish, implement and oversee Regional programs for marketing efforts and business retention, expansion and attraction, as well as to promote entrepreneurial activity. Objective 2: Create the One Coast Regional Economic Development Profile. Objective 3: Develop and implement a Regional retention and expansion program targeting existing businesses and entrepreneurs. Objective 4: Develop and implement a Regional marketing campaign geared toward business recruitment and development.
  26. 26. Next Steps Hold 30 Day Public Comment Period Submit to U.S. EDA and Approval by EDA Create CEDS Implementation Committee Develop Priorities for Action Steps
  27. 27. Get Involved Contacts:  Paul Timpanelli, Bridgeport Regional Business Council  Joe McGee, Business Council of Fairfield County  Ed Musante, Greater Norwalk Chamber