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The Florida Economy: Suggested Economic Development Strategies for Cities

The Florida Economy: Suggested Economic Development Strategies for Cities. Tony Villamil www.weg.com , www.stu.edu. Florida League of Mayors’ 3 rd Annual Mayors Mean Business Summit Orlando World Center Marriott Resort & Convention Center April 19, 2013.

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The Florida Economy: Suggested Economic Development Strategies for Cities

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  1. The Florida Economy:Suggested Economic Development Strategies for Cities Tony Villamil www.weg.com, www.stu.edu Florida League of Mayors’ 3rd Annual Mayors Mean Business Summit Orlando World Center Marriott Resort & Convention Center April 19, 2013

  2. The External Economic Environment:Impact on Florida Cities and Regions US Economic Environment Global Economic Environment Financial Markets

  3. The 2013-2014 US Economy: Modest Growth with Ample Financial Liquidity and Low-Interest Rates • A prolonged period of below potential economic growth in US and industrial countries through 2014 • Florida growing faster than the Nation; population growth and employment steadily picking up • Low “pricing power” for most products and services (e.g., low and stable inflation), positive for maintaining low-real interest rates across the US Treasury Yield Curve; keep refinancing municipal, county debt: “short window” continued

  4. The 2013-2014 US Economy: Modest Growth with Ample Financial Liquidity and Low-Interest Rates • Consumers and businesses “re-liquifying” balance sheets; building cash, expanding operations and spending cautiously. Fiscal constraints in public sector • Emphasis on productivity, expense management and credit quality: ROI is “IN,” for a while! • Big uncertainty: the policies and behavior of Washington, DC: FED, Congress, Executive • Like the 60s “boomer song: “When will they ever learn?”

  5. Financial IndicatorsSuggest Steady, but National Economic Expansion through 2014:

  6. A closer look at National, Global and Florida Economic Trends

  7. US Economic Growth Below Potential Through 2014:FEDs QE3 Could Increase Growth in 2014, but Risks Higher Inflation Expectations

  8. Global Economic Activity: Central Banks Around the World Emphasizing “Easy” Moneyand Low-Interest Rates: A World Awash with Liquidity

  9. Florida emanating “Economic Sunshine” again! • Starting to outperform the Nation: • Top Business Climate • Improving Population Growth • Expanding Visitor Industry • Growth of Emerging Regions

  10. Florida: Economic Recovery Gaining Momentum,Starting to Outperform US Once Again!

  11. Growth in Taxable Sales: A Key Indicator of Regional and City Economic Activity (in Rank Order)

  12. Successful Economic Development Strategies under Moderate Growth and Significant Fiscal Constraints:A New Economic Landscape Pro-growth strategies: • Top Business Climate • Flexible zoning for commercial space based on market needs • Online and streamlined permits • Low and stable taxes and fees (impact fees and others) • Ongoing communications between public and business sectors; partners in development and jobs • Emphasize foundations of economic development: education, workforce, “smart” infrastructure, “local effort” continued

  13. Successful Economic Development Strategies under Moderate Growth and Significant Fiscal Constraints: A New Economic Landscape • What type of businesses do you want to retain, expand and recruit, based on your factor endowments? • Develop global marketing for recruitment of new businesses and for attracting job-generating investments: • Use aggressively Enterprise Florida and County/Region missions to targeted foreign markets; consider city websites in foreign languages such as Spanish, Portuguese, Mandarin or others based on your targeted markets. Develop in-depth understanding and track industry trends in sectors where you have a competitive advantage continued

  14. Successful Economic Development Strategies under Moderate Growth and Significant Fiscal Constraints: A New Economic Landscape • P3’s • Selective monetization of fixed assets to invest in economic development foundations • Pension reform; from “defined benefit” to “defined contribution” • EB-5 federal program for foreign investors • Aggressive digital media programs to reach young entrepreneurs and professionals in your targeted industries Find and develop innovative ways to fund your economic development priorities

  15. Bottom Line • A new economic environment for cities and regions: “doing more with less;” prioritization of activities is crucial • Florida improving faster than the Nation, but not reaching 2007 peak for a few more years • Winners: cities and regions that emphasize best practices of economic development, while working closely with the private sector to increase public revenues through economic growth

  16. Visit us at www.weg.com

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