Space florida target clusters v3 workshop Slides


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  • All employment reflects all jobs (W-2 wage earners and 1099ers). However, most areas only report W-2 employment data as it is reported by federal and state agencies—indicated by the red line. In the high-tech corridor, there has been this emerging employment base of 1099 workers—indicated by the green bars—which tends to largely go unnoticed by decision-makers in the economy.The Reluctant 1099ers: This group includes those who operate in the 1099 economy because they have no choice.   This group includes those sectors that have previously operated with traditional employment contracts, but have now shifted to the new structures.  Examples include mining, utilities, finance and insurance, and some administrative fields.  ( Entrepreneurial 1099ers: Many budding entrepreneurs operate in the 1099 economy.  Sole proprietorships and LLCs/LLPs may have numerous workers under contract, yet appear in government statistics as a self-employment venture.  While most sole proprietorships are quite small and generate limited revenue, a sizable portion does generate significant incomes and may be poised for rapid revenue and job growth.  ( “Gig Economy” Workforce: Last but not least, the gig economy workforce refers to those who operate in industries that traditionally operate on a project or “gig” basis.  Perhaps the best known example is film-making where crews come together for a film and then break up for other projects.  Other examples include the arts, theatre, writing, web design, and construction.  These sectors have a long history of operating via these structures.  It is clear that more industries are moving in this direction as well.   In response, a host of new kinds of support organizations, such as New York’s Freelancer’s Union, are emerging.  (
  • ***The regional economy extends beyond political boundaries and encompasses supplier networks that span across (and even extend beyond) the high-tech corridor.One large question becomes: How do you want to increase the level of water in your resource base? Increase exports? Decrease dependency on imports?
  • Counties with the largest percent growth in college degrees include: Sumter (127%); Pasco (81%); Osceola (80%); Lake (69%) and Hernando (68%)Note: the data indicates a possible net reduction in H.S. dropouts
  • Note: this sector does not include health care services (e.g. hospitals, medical care, etc.). This sector is characterized by medical equipment manufacturing, R&D in health care and pharmaceuticals. As such, this cluster is subject to technological shifts and changes in the manufacturing economy
  • Space florida target clusters v3 workshop Slides

    1. 1. Space Coast Target Clusters<br />Preliminary Slides<br />August 2011<br />Hamilton Galloway <br />EMSI<br />
    2. 2. National Economic Conditions to Consider…the recruitment game is getting tougher<br />Company Expansions/ Relocations, U.S.<br />6,217<br />2005<br />19,354 U.S. cities…all fighting for the same, shrinking # of new companies and jobs<br />4,856<br />2007<br />2009<br />4,442<br />4,000<br />2010 (estimated)<br />
    3. 3. Regional economic conditions to consider…The region’s businesses and workers are becoming more entrepreneurial…by necessity<br />almost 23% of total employment is captured as 1099 income workers<br />
    4. 4. A regional economy grows through different flows of money…<br />Avenues for growth…<br /><ul><li>Higher value manufacturing and service firms can be established/expanded to increase exports
    5. 5. Supplier networks can be established to reduce imports</li></li></ul><li>Workforce…The region’s workforce has become smarter over the last decade: 36% increase in college degrees<br />
    6. 6. Some terms we use to evaluate strengths of the Central Florida economy…<br />Comparative and Competitive Advantage: refers to industries 1) outperforming national expectations and/or 2) high regional concentration<br />Job multiplier effect: the number of additional jobs created through supply-chain linkages and employee spending<br />
    7. 7. Defining your economic values…<br />Different industries (and clusters) have different economic characteristics…defining what economic characteristics you value can assist in identifying the “targets” you wish to pursue<br />Historical Growth<br />Future Growth Projection<br />Industry Concentration<br />Industry Competitive Effects<br />Export Orientation<br />Job Multiplier Effects<br />Earnings Multiplier Effects<br />Industry Average Wage<br />Excess Demand<br />Workforce Compatibility<br />
    8. 8. Clean Energy: Recovery already underway and new development picking up pace<br />Highlights: <br /><ul><li>Hourly wages: $24
    9. 9. Outperform U.S. clean energy growth over the next 5years
    10. 10. Job Multiplier: 1.5
    11. 11. R&D in photovoltaic
    12. 12. Expansion of solar farms
    13. 13. Biosolid green energy
    14. 14. Energy Efficient Lighting
    15. 15. Composite turbine blade manufacturing </li></li></ul><li>Clean Energy: Projected to outperform state and national growth trends starting this year<br />
    16. 16. Some of the strengths of clean energy in Central Florida…<br />Largest employment growth projected in:<br />Engineering/Architecture Services<br />Commercial HVAC<br />Semiconductor Manufacturing (includes LED)<br />Fastest-growing counties:<br />Brevard, Seminole, Hillsborough, and Orange<br />Comparative/Competitive Advantage:<br />Air purification; steam/AC supply; semiconductor; materials recovery & waste collection/disposal<br />
    17. 17. Aerospace Cluster: Slight recovery in 2011<br />Highlights: <br /><ul><li>High hourly wages: $30
    18. 18. Consistently outperformed U.S. since 2007
    19. 19. High job multiplier: 2.4</li></ul>Recent areas of growth:<br /><ul><li>Commercial jet assembly
    20. 20. Other aircraft assembly
    21. 21. Investment in commercial space travel</li></li></ul><li>Aerospace Cluster: Consistently outperforms <br />state and national trend by significant margin<br />
    22. 22. Aerospace strengths in Central Florida include…<br />Largest employment growth projected in:<br />Nautical system instruments<br />R&D in physical, engineering and life sciences<br />Guided missile and space vehicle manufacturing<br />Fastest-growing counties:<br />Orange, Pinellas, Hillsborough, Manatee, and Volusia<br />Comparative/Competitive Advantage:<br />Guided missile and space vehicle; flight training; nautical system instruments<br />
    23. 23. IT & Telecommunications Cluster…some economic recovery in 2011<br />Recent areas of growth:<br /><ul><li>Digital media
    24. 24. IT equipment
    25. 25. Health Care IT
    26. 26. E-commerce</li></ul>Highlights: <br /><ul><li>Hourly wages: $25
    27. 27. Consistently outperformed the U.S. since 2005
    28. 28. High job multiplier: 2.0</li></li></ul><li>IT & Telecommunications Cluster: Outperforms <br />state and national trend <br />
    29. 29. IT & Telecommunications strengths in Central Florida include…<br />Largest employment growth projected in:<br />Computer systems design & programming services<br />Data processing<br />Software publishers<br />Fastest-growing counties: Orange, Seminole, Hillsborough, Brevard, and Pinellas<br />Comparative/Competitive Advantage:<br />Optical instrument and lens mfg.; bare printed circuit board mfg.; wireless communications equipment mfg.<br />
    30. 30. Bio-Life Sciences Cluster: Marginal economic recovery in 2011<br />Growth Sectors:<br /><ul><li>Healthcare communication
    31. 31. Health scanning/diagnostics
    32. 32. Biomedical and pharmaceuticalresearch</li></ul>Highlights: <br /><ul><li>Hourly wages: $21
    33. 33. Consistently outperformed both state and national growth
    34. 34. Job multiplier: 2.0</li></li></ul><li>Bio-Life Sciences Cluster: Consistently outperforms state and national trend by significant margin<br />
    35. 35. Bio-Life Sciences strengths in Central Florida include…<br />Largest employment growth projected in:<br />R&D in biotechnology<br />Surgical instrument and appliance manufacturing<br />Pharmaceutical preparation manufacturing<br />Fastest-growing counties: Hillsborough, Pinellas, Sarasota, Orange, and Volusia<br />Comparative/Competitive Advantage<br />Surgical and medical equipment; pharmaceutical prep manufacturing; medicinal and botanical manufacturing<br />
    36. 36. Homeland Security/Defense Cluster: Some recovery in 2011<br />Growth Sectors:<br /><ul><li>Cyber security
    37. 37. Training simulators
    38. 38. Optical instruments
    39. 39. Composite materials</li></ul>Highlights: <br /><ul><li>Hourly wages: $21
    40. 40. Underperform national growth
    41. 41. Job Multiplier: 1.9</li></li></ul><li>Homeland Security/Defense Cluster: Outperforms state but underperforms national trend<br />
    42. 42. Homeland Security/Defense strengths in Central Florida…<br />Largest employment growth projected in:<br />Semi-conductor manufacturing<br />Computer systems design and programming<br />Optical equipment<br />Fastest growing counties: Orange, Brevard, Pinellas, Seminole, Volusia, Hillsborough, Polk and Pasco<br />Comparative/Competitive Advantage: <br />Optical equipment; semi-conductors; electron tube and components; search/detection/navigation equipment<br />