Central/Southern RPC Central/Southern RPC Economic Development Economic Development Economic Development Economic Development SWOT Analysis SWOT Analysis Friday May 10, 2013 Friday May 10, 2013
SWOT Analysis SWOT Analysis • Measure community Measure community strengths and weaknesses strengths and weaknesses • Weigh Weigh against against validated validated industry factors industry factors • Compare Compare with data from similar jurisdictions with data from similar jurisdictions • Reality • Reality Reality check on opportunities and expectations Reality check on opportunities and expectations check on opportunities and expectations check on opportunities and expectations • Benchmark regional competitiveness Benchmark regional competitiveness � � Identify conditions & circumstances Identify conditions & circumstances that discourage economic growth that discourage economic growth � � Enhance Enhance the power of the power of leaders leaders to make to make change change in in policies & procedures policies & procedures � � Enable Enable communities to compete for communities to compete for private private sector sector investment investment Arnett Hawk Zizzi
SWOT Analysis SWOT Analysis Comprehensive Self Comprehensive Self-assessment Tool assessment Tool Access to Customers & Markets Access to Customers & Markets Concentration of Businesses & Services Concentration of Businesses & Services Real Estate and Infrastructure Real Estate and Infrastructure Labor Market Factors Labor Market Factors Labor Market Factors Labor Market Factors Municipal Permit Processes Municipal Permit Processes Community Quality of Life Community Quality of Life Site Related Amenities Site Related Amenities Business Incentives Business Incentives Local Tax Rates Local Tax Rates Access to Local Information Access to Local Information Input received from a broad range of community interests… business leaders, Input received from a broad range of community interests… business leaders, business & industry business & industry organizations, local officials and regional planning agencies rganizations, local officials and regional planning agencies Arnett Hawk Zizzi
SWOT Analysis SWOT Analysis The The results of the results of the assessment provide community leaders assessment provide community leaders with the with the necessary information to understand necessary information to understand the the operations of its various operations of its various sectors and how each can affect sectors and how each can affect the the economic economic climate: climate: To articulate realistic economic To articulate realistic economic To articulate realistic economic development To articulate realistic economic development development goals development goals goals goals • To define and execute an effective strategy To define and execute an effective strategy • To To undertake actions to mitigate or eliminate undertake actions to mitigate or eliminate weaknesses weaknesses • To To emphasize strengths in recruiting and marketing emphasize strengths in recruiting and marketing efforts efforts • To To integrate integrate the strategies the strategies into all into all public & private processes public & private processes • Arnett Hawk Zizzi
Industry Industry Information Information With With the assistance of NAIOP and CoreNet Global, 4,000 the assistance of NAIOP and CoreNet Global, 4,000 corporate real estate and development professionals were corporate real estate and development professionals were surveyed on factors effecting business location surveyed on factors effecting business location decisions decisions • Local Permitting Processes Local Permitting Processes Local Permitting Processes Local Permitting Processes • Labor Suitability and Availability Labor Suitability and Availability • Development and Operating Costs Development and Operating Costs • Local Business Environment Local Business Environment • Transportation Transportation /Information Access /Information Access • Amenities and Quality of Life Amenities and Quality of Life Arnett Hawk Zizzi
Validated Industry Factors Validated Industry Factors The The Most Important Most Important • Labor Availability • Timeliness of Approvals • Transportation Access Transportation Access • Communication / Information Bandwidth • Nearby Amenities and Services • Business Friendly Environment • Business Costs (real estate, utilities) Arnett Hawk Zizzi
Validated Industry Factors Validated Industry Factors The The Least Important Least Important • Minimum Wage Laws Minimum Wage Laws • Access to Rail • Access to Rail Access to Rail Access to Rail • Labor Labor Unions Unions • Local Taxes Local Taxes • Business Incentives Business Incentives Arnett Hawk Zizzi
Additional Comments Additional Comments “From our perspective, From our perspective, time is money time is money. We may actually . We may actually be able to make a deal work more effectively if we can be able to make a deal work more effectively if we can get expedited permits and infrastructure enhancements get expedited permits and infrastructure enhancements than by factoring a tax subsidy into our pro forma.” than by factoring a tax subsidy into our pro forma.” “If municipal leaders can If municipal leaders can work with us work with us as a team to as a team to expeditiously solve problems related to zoning expeditiously solve problems related to zoning regulations, permitting, and an array of related factors regulations, permitting, and an array of related factors that can be barriers to investment, we can do business.” that can be barriers to investment, we can do business.” Arnett Hawk Zizzi
Additional Comments Additional Comments “Where would we eat lunch if we located there “Where would we eat lunch if we located there?” ?” “Our employees want to run at lunchtime or “Our employees want to run at lunchtime or run run personal errands before personal errands before or after work. Our location or after work. Our location decisions must factor that into the equation.” decisions must factor that into the equation decisions must factor that into the equation.” decisions must factor that into the equation .” .” “Firms like to locate where other firms in the same “Firms like to locate where other firms in the same industry already are established and where suppliers, industry already are established and where suppliers, distribution networks and support services already distribution networks and support services already exist exist.” .” Arnett Hawk Zizzi
Private Investment Private Investment It’s all about the “opportunity cost of capital” It’s all about the “opportunity cost of capital” It’s all about the “opportunity cost of capital” It’s all about the “opportunity cost of capital” Plus “compensating differentials” Plus “compensating differentials” Arnett Hawk Zizzi
Your Your Central / Southern RPCs Central / Southern RPCs CEDS CEDS SWOT Analysis Results SWOT Analysis Results Arnett Hawk Zizzi
Geographic Attributes Geographic Attributes • Very High Quality of Life Very High Quality of Life • Natural Resources / Open Space Natural Resources / Open Space • New England New England Historic New England New England Historic Historic / Scenic Charm Historic / Scenic Charm / Scenic Charm / Scenic Charm • Outdoor Activities Outdoor Activities • Proximity to Cultural Proximity to Cultural Activities Activities Arnett Hawk Zizzi
Demographic Demographic Attributes Attributes • Greater % of Working Age Population Greater % of Working Age Population • More Highly Educated More Highly Educated • Higher Median Incomes Higher Median Incomes • More Self More Self-employed & Work employed & Work-at at-home home Arnett Hawk Zizzi
Economic Attributes Economic Attributes Industry Agglomerations Industry Agglomerations • Finance & Insurance Finance & Insurance • Wholesale Trade • Wholesale Trade Wholesale Trade Wholesale Trade • Healthcare Services Healthcare Services • Education Services Education Services Arnett Hawk Zizzi
Ranking & Rating Ranking & Rating Industry Factors Industry Factors Relative to Competition Relative to Competition Very Very Strong Strong Very Very Important Important Strong Strong Strong Strong Important Important Neutral Neutral Less Important Less Important Weak Weak Very Very Weak Weak Arnett Hawk Zizzi
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