Myes C. Rademan Garfied County Economic Deveopment Summit We Don t t Want to be Another Denver: Los Anges Park City: Aspen / Vai Moab: Park City Panguitch: : Moab Escaante: Panguitch Bouder: Escaante What do you want to be? Rademan Rademan & Rademan Rademan & Dreams Have Consequences What do you want to be? Rura & Sma Towns» Preserving sense of community Prosperous, year-round diverse economy» Agricuture: ranching & farming» Tourism Can you get there from here? Are you aready here Can you preserve what s here Responses to Change Recovery Reconstruction Inner Contradictions We Being Transition Psychoogy First Shock Provisiona Adjustment Inner Crisis Rademan Rademan & Rademan Rademan & At a Recent Annua Meeting of the Internationa Association of Cairvoyants, the Meeting Began By Reading the Minutes of Next Year s Meeting The best way to predict the future is to create it. Aan Kay Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan It Is a Great Mistake to Be Cear in Our Minds About Vague Reaities Meta-Trends Technoogica Rush Demographic Peak Financia Revoution Cuture Cash Gobaism Kenneth Bouding Rademan Rademan & Rademan Rademan & Technoogica Imperative Wired Magazine 1998 A Things That Can Be Digita Wi Be Digita A Things That Can Connect Wi Connect A Products Wi Be Interactive Death of Distance The Word is both Fat & Spiky Rademan Rademan & Rademan Rademan & Nanosecond Consciousness Time Compression No peer pressure Age Wave Since US Formed Life Expectancy Doubed 28 Years of Life Expectancy Added Since 1900 2/3 of A Peope Over 65 in Entire History of Word Are Aive Today Rademan Rademan & Ken Dychtwad Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Park City s s Economy is Tourism-Based Pubic Land Fueing Growth in the New West Tourism 67% Other 33% Rademan Rademan & Atas of the New West Rademan Rademan & Trends to Watch Baby Boomers Demographics Disposabe Income & Inheritance Technoogy Word is Fat Economic Divide Transportation Generations X, Y & Maybe Lifestye Refugees 50 40 30 20 10 0 Baby Boomer Tsunami Future Prime time for 2nd home buyers twice as arge Current second home buyer group 15 to 14 15 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75 to 84 85 + Pop. 2000 21 39 38 44 39 25 18 12 3 The group most ikey to buy a 2 nd home 55-70 years od. The market wi doube in the next two decades as baby boomers reach the 55+ age groups. Rademan Rademan & Rademan Rademan & Buying Power for Each Percentie of Baby Boomer Weath Is this a zoning map for your town s s future? American Vaues Freedom/Liberty Mobiity Individuaism/ Sef-Reiance Entrepreneurism Private Property Rights Distrust Government Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Community Life Cyces Wecome Deveopment Resentment Confrontation Destruction Community Sustainabiity Program COMMUNITY ENVIRONMENT ECONOMY Rademan Rademan & Rademan Rademan & Park City s s Economy Four Interreated Sectors Comprise Park City s Economic Base Resorts and Tourism Construction and Deveopment High Weath Househods Rea Estate & Services Economic Activity Resorts and Tourism Construction and Deveopment High Weath Househods Rea Estate & Services Un-Taxed Taxed Rademan Rademan & Rademan Rademan & Are there Lessons for Garfied County? Taking Stock: An Honest Appraisa SWOT Anaysis S = Strengths W = Weaknesses O = Opportunities T = Threats Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Strengths Agricuture & tourism Physica Beauty Nationa Parks & Pubic Lands Sense of Community & Caring Strong cutura ties Weaknesses Isoation Pubic ands & ack of oca contro Lack coherent vision Distrust of government & reguation Economic uncertainties & weaknesses Opportunities Forging shared visions Creating new private/pubic partnerships Emerging markets for agricutura products Burgeoning wordwide tourism market Threats Unpanned growth, spraw & deveopment Higher energy costs Goba warming & drying Loss of character Rademan Rademan & Rademan Rademan & Rademan Rademan & Rademan Rademan & Garfied County Economic Generators 2000 Utah Tourism at a Gance Traveer spending rose an estimated 7.7% in 2006 to $5.87 biion in the Utah economy Traveer spending i generated $467 miion in state and oca tax revenues: $550 per Utah housing unit Non-resident tourism arrivas increased = 19.3 miion 125,800 jobs in trave and tourism-reated industries; 10% of tota Utah nonfarm jobs Overnight eisure visitors spent on average $83 per person per day and stayed 3.16 nights 83% of Utah s visitors come from the Western US Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Internationa visitors = 3.6% of tota non-resident visitation with an estimated 690,000 visits in 2006 Internationa visitors to Utah spend an estimated $88 per day and stay 4.1 nights in Utah 5.2 miion recreation visits were made to Utah s five nationa parks during 2006. Another 4.7 miion recreation visits occurred at Utah s seven nationa monuments, two nationa recreation areas, and one nationa historic site. 4.5 miion visitors to Utah s 41 state parks during 2006 21.6 miion passengers arrived at Sat Lake Internationa Airport during the year 68.3% statewide hote/mote occupancy rate in 2006, compared to 65.0% in 2005 We ive here because we ove our environment, our heritage, and our neighbors. Because we appreciate the phenomena with which we are bessed, we understand why other peope choose to visit and compement our bounty. "Tourists" don't "shacke" us tourists are visitors to our area who are paying guests. They come here to enjoy what we have, not to destroy. Rademan Rademan & Rademan Rademan & How do we make the tourists, who view and use this oca vauabe and and other community assets ike water, sewers, roads, and emergency services, pay for this priviege? How do we make tourism pay a ivabe wage for area residents? Park City Chamber/Bureau Mission (Adopted Summer 2002) Promote the Park City area as an historic mountain resort destination with an Oympic past Enhance the resort experience Be an advocate for the business community Rademan Rademan & Rademan Rademan & Chamber s s Dua Purpose Chamber of Commerce Intra-Community Membership Business Services Visitor Services Member Benefits Business Advocacy Convention & Visitors Bureau Internationa Tourism Promotion Marketing PR/Communications Fim Commission Tradeshows Chamber/Bureau Income Four Income Sources Transient Room Tax - 81% Membership Dues 7% PC Municipa Grant 3% Corporate Sponsor 3% Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Member Services 1,100 members and growing Our mission is to create an economic environment that wi enabe Summit County businesses to grow and prosper We re here to provide networking opportunities and services to support business We re here to represent Summit County businesses Buy Loca Campaign Launched in Juy 2007 to educate consumers about the benefits of buying ocay and to drive business to our members Rademan Rademan & Rademan Rademan & NationJob Program Launched in Juy 2007 to assist our members in finding and hiring quaified workers Job postings incuded in your annua membership = a $12,000-pus vaue Measuring Success Visitor Nights Skier Days Saes Tax Transient Room Tax Rea Estate Saes Retai Saes Rademan Rademan & Rademan Rademan & Focus is a Key Famiy Business Lessons Focus Accompishing what can & needs to be done» What do we have» What do we need» What woud we ike to have» What can we afford Overreaching Trying to do more than either time or resources permit Foow your passion Live your business Customer-centered It s not about the money Give your empoyees a stake Dare to be different Focus every day Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Strategies for Business Success Peope do business with those they ike Focus on detais & sma things There is no siver buet for success Focus & execution are critica Reguarity & ongevity are vita Wisdom of hoding hands Word of mouth is best advertising Reaity Check for Garfied County Can t have it a Change happens whether you want it or not Can t freeze-dry the present Pay attention to new perspectives Growth & deveopment is both good & bad There are winners & osers Stagnation equas death Rademan Rademan & Rademan Rademan & Reaity Check Doing nothing is doing something Denia is never enough There is wisdom in hoding hands Dreams compete in the marketpace of ideas We get the towns & andscapes we beieve in Protection takes reguation There is no guarantee of success Insanity is doing the same od things & expecting to get something different Rademan Rademan & Rademan Rademan & The Toughest Lesson to Learn Is Probaby the One You Thought You Aready Learned Communities Need Leaders Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Leaders The Abiity to Get Good Things Done With the Hep of Others Terra Firma Leaders Journey Through Change Keogg Foundation Rademan Rademan & Rademan Rademan & Seeking Common Unity Formua for Leadership Issues Reationships Community Vision + Motivation + Ethics + Action = Leadership Peter Deise Rademan Rademan & Rademan Rademan & Successfu Communities Sense of Beonging and Pace Respect the Past High Leves of Trust & Invovement Converse Civiy Reaistic Eye on the Future Are Incusive & Fair Wiing to Tax & Invest Recruit & Train New Leaders Hindsight Foresight Insight Visions Require Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Visions Must Be Possibe Pausibe Preferabe Most Successfu Business Book of the 80 s Seven Habits Rademan Rademan & Rademan Rademan & What Time Is It Nationa Debt is $6.5 Triion Think of Your Budgets and Daytimers As Ethica Documents Miion Seconds Ago = 15 Days Biion Seconds Ago = 30 Years Triion Seconds Ago = 30,000 BC Rademan Rademan & Bi Grace Rademan Rademan & HOPE and Do Something About It Unwarranted Optimism Growing up I didn t care if the gass was haf empty or haf fu, I was just thankfu to have a gass A McMichaes Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930
Myes C. Rademan Stimuates Brings Out Persona Opportunities & Benefits Informs & Invoves The Unknown Leads to Ego Threat & Fear Innovation Cyce Change Resistance Cyce Triggers Creativity & Participation of Others Reinforces Openness to Modeing Change Reinforces Resistance to Defensive Behavior Attack/Avoid The Widest Chasm Knowing Doing Rademan Rademan & Rademan Rademan & The Greatest Vision Without Action Is Simpy Haucination The Moon Woud Never Rise If It Paid Attention to A the Dogs Barking at It Rademan Rademan & Rademan Rademan & Whatever you can do, or dream you can begin it. Bodness has genius, power and magic in it Thank You Goethe Rademan Rademan & Rademan Rademan & Rademan & myes@parkcity.org (435) 649 6930