, Jeffrey A. Finkle, CEcD President & CEO International Economic Development Council (IEDC) January 30, 2012.

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Presentation transcript:

, Jeffrey A. Finkle, CEcD President & CEO International Economic Development Council (IEDC) January 30, 2012

 Results of a 2012 online survey of our members about 2011  Update on U.S Job Growth  Key Trends in ED

Survey Results

1. In comparison to 2010, how has your organization's operating budget shifted ?

2011 Responses:  Lack of access to capital/financing 47%  Declines in real estate development 39%  City/County/State budget cuts 38% 2010 Responses: City/County/State budget cuts 52% Lack of access to capital/financing 51% Declines in real estate development 41%

 Lack of skilled labor 28%  Inadequate Infrastructure 23%  Business closures/downsizing 23%  Lack of political support for ED 21%  Industry restructuring 20%  Complicated permit process/regulations 15%  Taxes 10%

IncreasedDecreasedStayed About the Same Relocations23%45%55% Expansions47%17%38% Visits32%24%38% Prospects38%24%35% Real Estate Projects20%39%34% Infrastructure Projects29%21%43% Redevelopment Projects 20% 44% 4. In 2011, has your organization seen an increase in the following types of projects ?

 Prospects decreased by 24% in 2011, compared to the decrease of 35% in 2010  Expansions increased to 47% in 2011, compared to 39% in 2010  RE projects decreased by 39% in 2011, an improvement from the 55% decrease in 2010

o Chamber of Commerce 54% o Local or State government 48% o Regional EDO 45% o Community college/vocational school 43% o University 39% o Another Local EDO 39% o Workforce Investment Board 37% o State EDO 33% o Private sector company 32%

 Partner with community colleges to offer training programs focused on reducing unemployment 61%  Act as an intermediary between employers & job seekers 48%  Facilitate Real Estate redevelopment to create job opportunities 28%  Partner with a private company for training and job skills 32%

 Hosted or co-hosted job fairs Collaborated with local WIB  Started business incubators

Notable increase in social mktg in 2011, with 34% using it - - it was not even among top replies in 2010  Business retention was 65% in 2010, but 52% in 2011  Entrepreneurship & small business development was 51% in 2010 and is 41% for 2011  Collaborating regionally remained steady with 46% in 2010 and 47% in 2011

 More business attraction 60%  More business retention 47%  More entrepreneurship & small business dvpt. 36%  Engaging more in strategic partnerships 33%  Concentrating on a regional basis 20%

Positive expectations for job growth in 2012, but for jobs at the lower end of the pay scale  Expectations for consumer spending to remain flat  A desire to see more focused job training and retraining for workers and unemployed  to increase U.S. competitiveness

Update on U.S. Job Growth

As of Nov 2011, 239 of 372 metros had employment greater than the same time in 2010 *  However most metros are still far from their pre-recession employment totals * According to the U.S. Bureau of Labor

* For Nov 2011, only 54 metros (15%) were at levels exceeding their November 2007 totals** * 310 metros are still below their pre-recession total * On average, U.S. metros are 4.9% below their Nov 2007 levels** ** Analysis from Garner Economics LLC

 2011 has proven to be a year of few breakouts The average annual employment growth rate among metros held at around 0.7%

Only 34 metros exceeded their 2007 employment totals in all eleven months of 2011 **  This group is comprised of  15 metros in Texas  4 metros in the Dakotas  2 metros in Alaska  Another 5 metros are home to military installations **Analysis from Garner Economics LLC

Key Trends in Economic Development

Areas of Focus: Fundraising Strategy Hiring

Fundraising  Increased demand for accountability  A shift in the perception of ROI  A resilient economy long-term vs. # jobs & firms Smart Mayors are increasingly reaching out to private sector for support  Shift in funding from public sector to private  Over 60% of funding is from private sector today

* Based on Data from 98 NCDS client organizations (Local & Regional Chambers and EDCs) that receive funding from municipal govts. and local business community

Fundraising-Players Traditional funders - i.e., utilities, banks - have diminished capacity Today: a broader spectrum includes hospitals, cable companies, law firms, waste management firms

Fundraising-Challenges Public EDOs often lack skills for engaging the private sector  Less public money available  Investors are streamlining funding  Pledges are no longer a given year to year, nor or they automatic

Strategy Increase in mergers & consolidations State level: shifts in ED delivery systems - moving towards PPPs  Developing strategic plans that focus more on Quality of Life issues OR that are product drive  QOL: harder to measure, more inspirational  Product driven: infrastructure, industrial parks

Hiring There is increased demand for ED professionals at senior levels Leadership crisis is forthcoming - - retirements at higher levels will increase in next 5 years

Hiring Collaboration & partnership skills of the EDO are more important to private sector CEOs  There is more emphasis on “pay for performance” – using metrics to evaluate job performance

Hiring  New top level ED professionals will need to be more business savvy…and know how to raise money …and know how to work with private sector & universities…and know how to start a company New PPPs will pay more for the right leader with ED & business experience

 Lack of access to capital/financing is still a big issue  Declines in RE development persist  City/county funding declines hinder local ED efforts  Lack of skilled labor is growing problem  EDOs are engaging in more strategic partnerships  Regional collaboration is on the rise  BRE remains a key strategy, but many looking to focus on attraction in 2012

 Most EDOs will need more money to achieve goals  Job growth still lags behind pre-recession rates  Shrinking public sector funds mean that more EDOs will look to private sector for funding  ROI criteria has shifted towards resiliency  Investor scrutiny is ever more stringent  Shift towards PPPs and consolidation of EDOs  ED professionals will need to be ever more deft, knowledgeable and adaptable in the future

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