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Home My WebLink About2014-08-19; City Council; 21706; Economic Development Activity Update 2014-15 Goals, InitiativesCITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 21,706 08/19/2014 CED RECEIVE AN ECONOMIC DEVELOPMENT ACTIVITY UPDATE REGARDING THE FY 2014-15 GOALS AND INITIATIVES FROM THE CITY'S ECONOMIC DEVELOPMENT MANAGER DEPT. DIRECTOR CITY ATTY. CITY MGR. RECOMMENDED ACTION: Receive and file an economic development activity update regarding the FY2014-15 goals and initiatives from the city's Economic Development Manager. ITEM EXPLANATION: The Economic Development Manager is charged with nurturing the city's strong and diverse economy and growing its position as an employment hub in San Diego County. City Council Priority Projects related to economic development include: • implementing a business retention and expansion program • developing a strategy focused on attracting the talent and innovators to help our businesses compete in a global economy • working with other municipalities and economic development partners to optimize Carlsbad and North County economic development efforts This report will provide an update of these goals and discuss next steps. FISCAL IMPACT: No funding is being requested at this time. ENVIRONMENTAL IMPACT: Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. DEPARTMENT CONTACT: Christina Vincent 760-602-2712 christina.vincent^carlsbadca.gov FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED • CONTINUEDTO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • WITHDRAWN • RETURNED TO STAFF • AMENDED • COUNCIL RECEIVED THE REPORT/PRESENTATION OTHER-SEE MINUTES • Economic Development2014‐2015 ProgramChristina Vincent, Economic Development ManagerCity Council UpdateAugust 19, 2014 2Economic Development Goals•Retain & expand businesses•Implement talent attraction campaign•Leverage partnerships & regional resources 2013/14 program highlights•Talent attraction brochure and website www.CarlsbadLifeInAction.com•Dozens of business visits and assistance•Launch Bio, Tech and Beyond incubator•Commercial real estate broker forum•Business Academy•Innovation in Action CEO event at ViaSat3 2013/14 program highlights•Hosted site selector’s conference•Launched several programs:–Business media outreach–Tourism survey–Regional MOU & contract for five cities brand–Negotiated lease with MiraCosta for Las Palmas•Technology Career Institute4 Economic IndicatorsBusiness tax revenue approx. 60% of total revenue(property taxes, sales tax, business license, TOT)•Unemployment rate continues to decrease•Commercial vacancy rates continue to decline•Transient Occupancy Tax revenue historic levels•Property values in Carlsbad have increased 8.4%•Actual sales tax transactions were up almost 5% 5 6 7 8 9 Benchmarking•Nationwide ‐200 cities part of larger Metropolitan Statistical Area (MSA)•Sorted by population between 90,000 and 250,000•Sorted by industry clusters similar to Carlsbad•Outcome = 35 cities10 Benchmark data points•Median age•Median household income•Education levels•Unemployment rate•Patents per 1,000 workers•Per capita income•Foreclosure rate•Median home value•Cost of living index•Travel time to work•% of R&D flex space•Manf. Shipments per 1,000•Merchants wholesaler sales•Retail sales per 1,000•Accommodation & food sales per 1,00011 12Rank City Median Age1 Pasadena 36.42 Chesapeake 36.73 Fremont 36.84 Cary 37.65Santa Clarita 38.16Carlsbad40.37St. Petersburg41.78Fort Lauderdale42.19 Clearwater43.410 Scottsdale44.4Rank CityUnemployment Rate 1Carlsbad 3.82Irvine 3.93Rochester 44Cambridge 4.15Cary 4.16Fremont 4.17Frisco 4.28Provo 4.29Fort Collins 4.310 Madison 4.3Rank CityPatents per 1,000 Workers1Santa Clara 10.292Rochester 5.73 Fremont 3.594 Round Rock 3.095Ann Arbor 2.936Cary 2.467Carlsbad 2.38 Everett 2.269Kent 2.2610 Fort Collins 1.94Rank CityMean Travel Time to Work1Cambridge 24.72 Stamford 24.83Everett 254Pasadena 26.15 Gilbert 26.76Frisco 27.87Carlsbad 28.68Fremont 29.49Kent 29.510 Santa Clarita 32.2Rank CityCost of Living Index1Cambridge, MA1472Irvine, CA1453Stamford, CT1454Santa Clara, CA1415Fremont, CA1416 Carlsbad, CA1407Costa Mesa, CA1388Scottsdale, AZ1149Fort Lauderdale, FL 10710 Kent, WA107Rank CityMedian Home Value1 Irvine $646,5002 Pasadena $620,6003Santa Clara $618,6004 Carlsbad $617,2005 Fremont $605,1006Costa Mesa $592,4007 Cambridge $545,8008 Stamford $537,3009 Scottsdale $396,70010 Santa Clarita $390,100 Large commercial projects•La Costa Town Square •Westfield Carlsbad •Bressi Ranch hotels •ViaSat expansion •Floral Trade Center •La Costa Town Center•Lot 9 –Grand Pacific resorts13 Business retention & expansion•Visiting 50 businesses•Support incubator•Support MiraCosta Technology Career Institute•Publish informational documents•Annual benchmarking•Bi annual business survey14 Talent Attraction15 Talent Attraction16 San Diego Business Journal ‐Bus Tour17 Life Sciences Press Trip18 Leverage Partnerships•North county –five cities brand–Contract with San Diego Regional EDC–New position dedicated to efforts•Chamber–Meet monthly to discuss business related topics–Collaborate on events and partnerships–Monthly article in Carlsbad Business Journal•Support regional industry groups 19 Upcoming Events•Business Academy – September 30•National Manufacturing Day – October 3•HR/Talent round table –November•Developer/Broker breakfast –November•Business Survey – kick off in November•MiraCosta TCI ‐opening beginning 201520 Questions?21