FSU Center for Economic Forecasting and Analysis (CEFA) The Tallahassee Economy Project By: Julie Harrington, Ph.D. Director of the Center for Economic Forecasting and Analysis (CEFA) Florida State University For: The Tallahassee Economy Working Group October 12, 2016
Basic Framework 1 I Introduction 2 Examples of Economic Data Indicators and Description I 3 I DataZoa Website Data Design and Capabilities 4 Overview of The Tallahassee Area (MSA); The Story I 5 Conclusions and Next Steps
The Tallahassee Economy “Big Data” Project “What's really going to make big data go mainstream is the ability to connect not just with data scientists and technologists but business people. And absolutely one of the keys to that is visualization, is being able to show people—not just tell people, not just show numbers or even show charts—but to have those charts and graphs and visualizations come alive.” Chris Selland, Vice President Of Marketing And Business Development, TABLEAU Companies surveyed in a recent DELL study concerning the implementation of Big Data practices found: - Better communication and knowledge sharing (51%) - Gaining competitive advantage (51%) - Improved efficiency in business processes (49%) - Improved customer experience and satisfaction (46%)
Goal of the Tallahassee Economy Project • The Tallahassee Economy Project partners are: – Tallahassee Democrat (Skip Foster) – Capital City Bank (Bill Smith) – Tallahassee Memorial Hospital (Mark O’Bryant) – Florida State University (David Coburn and CEFA) • The goal of this partnership project is to have a dedicated website for the purpose of providing data (and analysis results) to the Tallahassee area community. • Users will be able to download data and analyze on their computers, smart phones and/or other technical devices. • Data analysis results can be seamlessly available from computer, and other devices, to social media venues, as a means to provide information and a guideline as to the characteristics, or current economic indicators, of the Tallahassee economy.
Florida State University Center for Economic Forecasting and Analysis (CEFA) Specializes in applying advanced, computer-based economic models and techniques to perform economic analyses and to examine public policy issues across a spectrum of research areas. FSU CEFA also serves as a foundation for training students on the uses and applications of advanced economics and statistical tools. Key Areas of Expertise: • Economics, Sustainable Energy, High Tech Economic Research, • Environmental/Natural Resources, Economic Development • Econometrics, Economic Impact Analysis http://www.cefa.fsu.edu
FSU CEFA Examples of Local Economic Projects FSU CEFA • Worked with the Florida Great Northwest (FGNW) on an “asset and inventories” project, and was a “beta-user” for the Workforce Innovation Technical Solution (WITS) on a Department of Labor WIRED grant. • Compiled of series of economic indicators according to the International Economic Development Council (IEDC) standards. CEFA utilized numerous data sources (to populate the 24 individual spreadsheets). • Performed an economic, quality of life and investment climate study for the EDC which provided valuable insight(s) into economic development and the strategic planning process in the area. • Provided an economic and statistical analysis of the businesses located in the Tallahassee area using NETS. NETS is the National Time Series Establishment database of all businesses in Florida (including 24 years of historical data), which CEFA owns. • Conducted an economic analysis and best practices microfinance study for the Florida Department of Economic Opportunity.
Economic Impact Analyses Conducted in the Area by FSU CEFA since 2005 From 2005 to 2015, CEFA conducted economic impact analyses for the EDC, for about 80 area businesses relating to expanding, relocating or creating new businesses in the area. The majority of these businesses are currently experiencing sustained or higher growth. The area businesses were primarily in the following categories: Primary Business Sectors Analyzed in the Tallahassee/Leon County Region Aerospace & Aviation Hotel AC Manufacturing Housing Biomedical Medical Services Construction Media Education Non-Profit Emergency Services Retail Green Energy Shopping Center(s)
Examples of Local Economic Indicators Tallahassee New Economy Index Indicators Study New Publicly Overall Managerial, Prof. Workforce Export Focus of Traded Online Broadband Final Technical Jobs Education Manufacturing "Gazelles" Job Churning Companies Population Tele.Cap. Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score 1 Gainsville 77.2 1 35% 1 0.60 14 $ 12,186 2 10.9% 20 8.4333 3 0.7688 1 52.5% 20 2.67 2 Melbourne 68.7 5 26% 5 0.41 8 $ 31,592 17 10.4% 19 9.2623 6 0.3930 4 43.6% 4 5.21 West Palm 3 Beach 67.8 8 25% 4 0.41 5 $ 37,809 6 10.7% 3 10.6762 4 0.4968 17 36.9% 2 7.22 4 Miami 66.4 13 22% 11 0.36 1 $ 203,446 14 10.5% 18 9.5559 7 0.3609 8 41.8% 3 6.75 5 Tallahassee 65.4 2 35% 2 0.54 18 $ 9,552 5 10.7% 17 9.609 11 0.0000 2 49.6% 17 2.89 6 Orlando 64.9 10 24% 7 0.38 7 $ 31,646 1 16.2% 8 10.0711 9 0.2619 11 40.3% 5 5.21 7 Ft. Laurendale 60.4 9 24% 10 0.37 3 $ 66,051 7 10.7% 11 9.9085 5 0.4056 12 40.0% 1 8.35 8 Tampa 44.7 4 27% 12 0.35 9 $ 30,971 10 10.6% 16 9.6386 10 0.0735 10 40.5% 6 4.87 9 Ft. Walton Beach 42.6 12 22% 3 0.43 10 $ 30,460 20 10.2% 6 10.528 11 0.0000 3 44.5% 18 2.79 10 Daytona Beach 42.6 7 25% 15 0.33 16 $ 10,271 18 10.4% 5 10.5508 11 0.0000 14 38.2% 14 3.24 11 Punta Gorda 42.1 16 18% 18 0.30 2 $ 82,404 19 10.2% 15 9.6712 1 1.5046 18 35.4% 10 3.56 12 Jacksonville 40.9 6 26% 17 0.30 11 $ 23,392 4 10.8% 14 9.7191 8 0.3411 5 43.1% 8 4.02 13 Pensacola 39.9 3 27% 9 0.38 19 $ 6,111 11 10.6% 4 10.6509 11 0.0000 9 41.6% 11 3.52 14 Ft. Meyers 39.7 14 21% 13 0.34 6 $ 32,883 3 10.9% 7 10.229 11 0.0000 13 38.3% 12 3.45 15 Ft. Pierce 39.6 15 21% 16 0.33 12 $ 18,843 8 10.6% 1 11.1198 11 0.0000 16 37.6% 13 3.44 16 Sarasota 38.1 11 23% 8 0.38 15 $ 10,464 16 10.4% 13 9.7674 11 0.0000 6 43.0% 19 2.79 17 Panama City 37.3 17 18% 14 0.34 4 $ 49,800 9 10.6% 9 10.0213 11 0.0000 15 38.2% 9 4.00 18 Ocala 36.5 19 16% 20 0.26 17 $ 9,673 13 10.6% 10 9.9253 2 0.9212 20 32.9% 15 3.22 19 Naples 34.8 20 12% 6 0.41 20 $ 6,085 15 10.5% 2 10.764 11 0.0000 7 41.9% 7 4.35 20 Lakeland 21.3 18 17% 19 0.27 13 $ 12,825 12 10.6% 12 9.8984 11 0.0000 19 33.1% 16 3.18 1) Managerial, Prof. & Tech. Jobs 6) Publicly Traded Companies 2) Workforce Education 7) Online Population 3) Export Focus of Manufacturing 8) Broadband Capacity 4) “Gazelles” Study by FSU CEFA, Journal of Applied Research in Economic Development, 2003 5) Job Churning
Examples of Local Economic Indicators Tallahassee New Economy Index Indicators Study Computer Use Commercial Internet Internet High-Tech Degrees Academic Venture in Schools Domain Names Backbone Jobs Granted in S&E Patents R&D Funding Capital Rank Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score 1 Gainsville 5 98.7% 8 1.63 14 0.0 12 2.8% 1 0.3753 3 0.77 1 2573.46 11 0.01% 2 Melbourne 3 99.4% 11 1.46 3 191.7 1 11.5% 4 0.1274 1 0.84 8 32.63 5 0.18% 3 West Palm Beach 6 98.5% 2 2.30 9 84.2 3 5.5% 9 0.0497 2 0.83 7 38.46 2 0.30% 4 Miami 2 99.8% 3 2.15 6 155.0 9 3.9% 15 0.0269 16 0.23 3 178.82 10 0.02% 5 Tallahassee 1 100.0% 4 1.83 1 271.3 8 4.1% 2 0.1935 17 0.23 2 796.70 13 0.00% 6 Orlando 7 97.6% 6 1.72 4 181.4 4 4.9% 13 0.0305 18 0.23 5 54.28 3 0.29% 7 Ft. Laurendale 4 99.4% 1 2.50 12 2.5 13 2.8% 14 0.0289 5 0.49 10 4.33 4 0.19% 8 Tampa 14 89.4% 7 1.71 8 106.3 6 4.3% 17 0.0212 11 0.30 4 124.62 6 0.12% 9 Ft. Walton Beach 1 100.0% 16 1.09 14 0.0 2 5.9% 18 0.0203 14 0.24 11 0.00 13 0.00% 10 Daytona Beach 11 93.4% 10 1.51 2 267.4 7 4.2% 6 0.0851 12 0.29 9 22.70 13 0.00% 11 Punta Gorda 1 100.0% 13 1.18 14 0.0 20 1.0% 20 0.0000 6 0.46 11 0.00 13 0.00% 12 Jacksonville 13 92.9% 15 1.14 5 157.1 11 3.3% 11 0.0409 13 0.24 11 0.00 8 0.03% 13 Pensacola 9 94.2% 17 1.09 10 32.5 14 2.6% 3 0.1527 15 0.24 6 40.83 13 0.00% 14 Ft. Meyers 10 93.9% 9 1.58 7 147.1 10 3.3% 16 0.0250 9 0.31 11 0.00 12 0.10% 15 Ft. Pierce 1 100.0% 14 1.15 14 0.0 5 4.5% 10 0.0469 7 0.46 11 0.00 13 0.00% 16 Sarasota 12 93.1% 5 1.75 13 2.3 17 2.2% 12 0.0341 8 0.40 11 0.00 7 0.09% 17 Panama City 1 100.0% 19 0.95 14 0.0 15 2.5% 5 0.0869 4 0.50 11 0.00 13 0.00% 18 Ocala 1 100.0% 18 1.01 11 17.3 16 2.4% 8 0.0574 19 0.22 11 0.00 1 0.46% 19 Naples 1 100.0% 12 1.32 14 0.0 19 1.9% 19 0.0000 10 0.31 11 0.00 13 0.00% 20 Lakeland 8 95.6% 20 0.78 14 0.0 18 2.0% 7 0.0627 20 0.19 11 0.00 9 0.02% 9) Computer Use in Schools 10) Commercial Internet Domain Names 11) Internet Backbone 12) High Tech Jobs 13) Degrees Granted in Science & Engineering 14) Patents 15) Academic R&D Funding Study by FSU CEFA, Journal of Applied Research in Economic Development, 2003 16) Venture Capital
Examples of Local Economic Data Indicators Tallahassee-Leon County Office of Economic Vitality http://oevforbusiness.com/data-center/data-downloads/
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