This document analyzes several key industry clusters in Central Florida that show promise for economic growth: clean energy, aerospace, IT and telecommunications, bio-life sciences, and homeland security/defense. For each cluster, it provides data on historical and projected growth rates, average wages, job multipliers, and the counties and industries projected to experience the strongest growth within that cluster. It identifies comparative advantages and fastest growing sub-industries for each in order to help define economic development priorities and "targets" for the region.

1. Space Coast Target ClustersPreliminary SlidesAugust 2011Hamilton Galloway EMSI

2. National Economic Conditions to Consider…the recruitment game is getting tougherCompany Expansions/ Relocations, U.S.6,217200519,354 U.S. cities…all fighting for the same, shrinking # of new companies and jobs4,856200720094,4424,0002010 (estimated)

3. Regional economic conditions to consider…The region’s businesses and workers are becoming more entrepreneurial…by necessityalmost 23% of total employment is captured as 1099 income workers

4. 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

5. Supplier networks can be established to reduce importsWorkforce…The region’s workforce has become smarter over the last decade: 36% increase in college degrees

6. 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 concentrationJob multiplier effect: the number of additional jobs created through supply-chain linkages and employee spending

7. 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 pursueHistorical GrowthFuture Growth ProjectionIndustry ConcentrationIndustry Competitive EffectsExport OrientationJob Multiplier EffectsEarnings Multiplier EffectsIndustry Average WageExcess DemandWorkforce Compatibility

8. Clean Energy: Recovery already underway and new development picking up paceHighlights: Hourly wages: $24

9. Outperform U.S. clean energy growth over the next 5years

10. Job Multiplier: 1.5

11. R&D in photovoltaic

12. Expansion of solar farms

13. Biosolid green energy

14. Energy Efficient Lighting

15. Composite turbine blade manufacturing Clean Energy: Projected to outperform state and national growth trends starting this year

16. Some of the strengths of clean energy in Central Florida…Largest employment growth projected in:Engineering/Architecture ServicesCommercial HVACSemiconductor Manufacturing (includes LED)Fastest-growing counties:Brevard, Seminole, Hillsborough, and OrangeComparative/Competitive Advantage:Air purification; steam/AC supply; semiconductor; materials recovery & waste collection/disposal

17. Aerospace Cluster: Slight recovery in 2011Highlights: High hourly wages: $30

18. Consistently outperformed U.S. since 2007

19. High job multiplier: 2.4Recent areas of growth:Commercial jet assembly

20. Other aircraft assembly

21. Investment in commercial space travelAerospace Cluster: Consistently outperforms state and national trend by significant margin

22. Aerospace strengths in Central Florida include…Largest employment growth projected in:Nautical system instrumentsR&D in physical, engineering and life sciencesGuided missile and space vehicle manufacturingFastest-growing counties:Orange, Pinellas, Hillsborough, Manatee, and VolusiaComparative/Competitive Advantage:Guided missile and space vehicle; flight training; nautical system instruments