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2 What is Economic Development? Answer: A process that influences growth and restructuring of an economy to enhance the economic well being of a community. - International Economic Development Council

3 Community Benefits Quality of Life

4 A Historical Perspective of Our Economy

5 A Historical Perspective Town of Delray incorporated 1927 Delray Beach and Town of Delray merge to form City of Delray Beach s Artist and Writers Colony 1970s 1884 African- Americans from Panhandle begin farming 1920s Tourism and Real Estate s Surfing Center 1971 DDA created

6 A Historical Perspective 1980s Period of Decline Dull-Ray 1985 CRA created 1990s The Decade of Revitalization, Preservation & Excellence Tennis Center Built 1996 West Atlantic Redevelopment Coalition formed Early-to-Mid 2000s Arts, Culture and Sports (Tennis) Real Estate Bubble 2007 Recovery industry escalates 2008 Office Depot HQ moves to Boca Late 2000s Great Recession 2012 Named America s Most Fun Small Town

7 Who Cares for and Advances Our Economy?

8 It Takes a Village (and Beyond)

9 Current Economic Profile

10 Current Economic Profile 93% of Delray Beach businesses are small business Small Business = employing < than 30 Average Delray Beach firm size = 10 employees with an average wage of $42,093

11 Faces of Delray Beach s Economy

12 Faces of Delray Beach s Economy

13 Faces of Delray Beach s Economy

14 Faces of Delray Beach s Economy

15 Faces of Delray Beach s Economy

16 Faces of Delray Beach s Economy

17 Faces of Delray Beach s Economy

18 Composition of a Typical Local Economy Important to sustain Level 1 because the other levels are derived from them. Source: Moran, Stahl & Boyer

19 Top 10 Location Factors 1. Availability of skilled labor 2. Highway accessibility 3. Quality of life 4. Occupancy or construction costs 5. Available buildings 6. Labor costs 7. Corporate tax rate 8. Proximity to major markets 9. State and local incentives 10.Energy availability and costs Source: Area Development 30 th Annual Corporate Survey, 2015

20 What is Our Current Focus and Strategy?

21 Current Focus Redevelopment and Revitalization Downtown Development Tourism & Sports Development Arts & Culture Development Special Events & Festivals Community Development Business Retention & Expansion (2015)

22 Current Comp Plan GOPs 1. Avoid strip commercial development 2. Retain commerce land use 3. Economic development study 4. Balanced mix of year-round residents 5. Commercial designation west of I-95 discouraged 6. Regional public facilities supported by economic community benefits - $, local jobs, 7. Class A offices on Congress Avenue

23 Current Comp Plan GOPs 8. Design guidelines for Congress Avenue and 4 Corners 9. Marketing Plan for Congress Avenue 10. Controlling land use for auto related uses 11. RAC at Office Depot HQ site 12. Culture and the Arts A Renaissance Community 13. OSSHAD alleyways protected 14. Limited commercialization of the Coastal Area

24 A Few New Initiatives

25 Select Economic Development Concepts (featuring The Coming Jobs War, Jim Clifton, GALLUP) Jobs follow people Growth in working age (age 16-65) important Good jobs matter Prosperity, peace, human development Entrepreneurship ( horse ) vs. Innovation ( cart ) 65% of all new jobs created by small businesses 90% of jobs created by business expansions and start-ups

26 Select Economic Development Concepts (featuring The Coming Jobs War, Jim Clifton, GALLUP) Everything is local So go the local leaders, so goes the soul of the community Every economy rides on the backs of small - medium size businesses High-energy workplaces help create new ventures K 12: Where entrepreneurs are created Exporting important to growth

27 Some Missing Pieces Data-driven, Comprehensive Strategic Plan ( Vision) Alignment of Resources, Investments, Policy to Desired Community Benefits Target Industry Strategies (HQ, Orange Economy, Fashion) Economic Development Champions (Leadership) Private-Sector Leadership & Investment Capacity-Building Activities Small Business Entrepreneurship - Workforce More Public-Private Partnerships

28 Key Question How can we grow and diversify a sustainable local economy which provides enhanced benefits to all?

29 A Final Thought... Every policy decision and strategic investment impacts the health and well-being of our local economy.

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