Sublette County Economic Development Master Plan June 2015
Introduction & Process Sublette County is a great place to live and work Economy boomed with Jonah and Pinedale Anticline oil & gas development Local economy is now declining Goal: Identify comprehensive plan that can stabilize, strengthen, and diversify local economy Process: Listen to public, listen to leaders, review existing studies, conduct new objective analysis, and apply best practices of economic development to create a sound plan
Economic Development Building Blocks New Businesses Entrepreneur Development Existing Businesses Quality of Life Workforce Development Infrastructure Development Leadership, Civic Development, and the Role of Public Policy
Leadership, Civic Development & Public Policy Without leadership, nothing else matters Sublette County residents and businesses have a desire for economic development Local leadership and policy - foundation of all economic development Broad understanding of economic development is required, not just support for new business recruitment
Leadership, Civic Development & Public Policy Strengths: Good decisions have been made along the way Weaknesses: Many are unaware of economic development principles; North/South divide Opportunities: Energy tax base provides the means to grow Threats: Global markets; new values came with new residents
Leadership, Civic Development & Public Policy Recommended Goals: Provide accurate information on the economy Build awareness and support for economic development Develop vision and leadership for future Coordinate and collaborate with others Engage other economic development supports Create and implement responsible development principles Enable and support economic development organization
Quality of Life Is defined differently in every community everyone claims to have a good quality of life! Depending on community, people consider public facilities, outdoor recreation, entertainment, local events and attractions, downtown, health, crime, housing, etc.
Quality of Life Strengths: Outdoor recreation, births increasing, good health Weaknesses: Declining population/market size; grocery store; health services Opportunities: New public facilities; restaurants have some capacity now Threats: Changing lifestyle; federal regulations; people leaving
Quality of Life - Crime
Quality of Life Recommended Goals: Enhance and maintain existing community facilities Build new facilities (e.g., Critical Access Hospital) when there is a clear need and a sustainable business model to support them Continue saving Encourage restaurants and accommodations Develop more activities Continue to improve downtowns
Workforce Development Availability of skilled labor is critical to every economy Trained workers, quality and quantity of production, ethics, education are all factors Workforce is important to existing and new businesses
Workforce Development Strengths: Energy development attracts the right workforce; high wages Weaknesses: Unemployment is decreasing Opportunities: Have funding and tools to retrain for diversity Threats: Energy workforce responds to global markets; bust side of cycle
Workforce Development - Jobs
Workforce Development Recommended Goals: Serve as a clearing house for employees, businesses, and trainers Engage Wyoming DWS Engage Western Wyoming College Engage key industry sectors
Infrastructure Development Key is to have shovel ready sites that are appropriately prepared for future business and other development needs Availability and capacity of transportation, water, sewer, power, natural gas, and telecommunications are all critical factors Wyoming Business Council now has in place a shovel ready certification program
Infrastructure Development Strengths: Open space; some vacant land available for commercial growth; many utilities Weaknesses: Rail/Air transportation; fiber telecommunications; land for residential dev. Opportunities: Have infrastructure in place for tourism, ag, and energy industries Threats: High percentage of public land ownership; fed regulations; climate; increasing tech-driven world
Infrastructure Dev. Land
Infrastructure Development Recommended Goals: Continue highway maintenance and, when possible, consider additional road improvements Enhance telecommunications Engage WBC programs and funding Plan for housing that is affordable for working residents Continue to be involved in public land plans and decisions Consider asking Wyoming to sell certain state lands
Existing Business Development Most economic growth comes from businesses that already exist (50% - 80% of all jobs, depending on the community) Helping existing businesses grow builds support, and is much more efficient (cost effective) than new business recruitment everything is already in place for them to succeed! Best to grow on existing strengths, and help existing businesses expand/diversify
Existing Business Development Strengths: Very strong mining sector; strong local government sector; 2.5 million SF facilities Weaknesses: Government jobs; lack of diversity Opportunities: Good base from which to rebuild tourism market Threats: Continued disruptions from global market; limited transportation
Existing Business - Clusters
Existing Business Government Jobs
Existing Business Development Recommended Goals: Appreciate and prioritize existing business development Engage local businesses Engage local residents Focus efforts on specific industries Prioritize the tourism and travel industry Leverage all available resources to retain and expand businesses Engage Internet use for sales
Entrepreneur Development Our entire economic system was built on the back of people who dreamed of a better way, and then made it happen Focus effort on local entrepreneurs enable and teach them to live their dream!
Entrepreneur Development Strengths: Low taxes; predictable local regulations Weaknesses: Federal regulations; limited (and expensive) property available; lack of venture capital Opportunities: Local residents would support local entrepreneurs Threats: Limited market size; competition; transportation & telecommunication limitations
Entrepreneur Development Recommended Goals: Encourage new products/services with local flavor Start an Entrepreneur Challenge/Business Plan Competition Leverage all known resources to support entrepreneurs Create a loan program Provide entrepreneurship training
New Business Development Adds jobs, diversifies, and enhances the existing job/tax base Only possible when communities are successful with all of the underlying building blocks Even with other successes, business recruitment takes time, planning, positioning, and luck Shotgun approach (e.g., promote that community is Open for Business ) does not work Successful efforts are targeted to specific industries or individuals who are a great fit
New Business Development Strengths: Have sufficient local demand (and capacity) to support certain industries; growing number of available commercial facilities Weaknesses: Small market; shrinking economy; limited land for new development Opportunities: Diversity; value-added strategies that build on existing commodities Threats: Lack of diversity; instability caused by global markets
New Business Development Sublette County - Selected Key Retail Sectors (2014) Retail Sector Demand Supply Surplus Other Motor Vehicle Dealers $7,227,497 $70,832,872 $63,605,375 Grocery Stores $15,635,705 $72,738,657 $57,102,952 Beer, Wine and Liquor Stores $6,304,055 $42,811,003 $36,506,948 Gasoline Stations $20,850,271 $84,607,893 $63,757,622 Total $50,017,528 $270,990,425 $220,972,897
New Business Development Recommended Goals: Pursue WBC leads Work local contacts Pursue specific business targets
Plan of Action Included in the Sublette County Economic Development Plan is a Summary Chart, identifying: Actions Outcomes Timing Players Resources Performance Measures
Next Steps Sublette County must do something to grow and diversify Decide how you will support economic development: Educate and inform Fund and provide resources Adopt goals and encourage Be accountable for performance
Questions & Comments Joe Coyne and Bobbe Fitzhugh (CBI principals) Steve Elledge (independent consultant) Community Builders, Inc. 873 Esterbrook Road Douglas, WY 82633 (307) 359-1640 Joe@consultCBI.com