and nd St Stra rategic egic Poli olicy cy Recom commend - PowerPoint PPT Presentation

Cit ity of of Do Doral ral Economic onomic Anal nalysis ysis City Council cil Works rkshop and nd St Stra rategic egic Poli olicy cy Recom commend mendations ations Nove vembe ber 8, 2017

Economic Analysis: Components Competitive Assessment Knowledge platform and data-driven assessment of the key strengths, opportunities and issues regarding the City of Doral’s economy Strategic Policy Recommendations 1) Competitive Assessment 2) Future economic, occupational, workplace, residential and transportation trends 3) Understanding of Doral’s stated goals and aspirations to be a model family -friendly City in which to live, work and play, and 4) Best practices in local strategic economic development policy Recommended Strategic Programs and Projects Economic Development Implementation Plan

Competitive Assessment

Key Findings 1. . A Small Cit ity wit ith Majo jor Economic Im Impact Doral is among the County’s most important and significant sub - economie ies 2% of f Co County Popula latio ion, , 10% of f all ll Co County Jo Jobs Emplo loyment grew 2.6 .6 tim imes faster r than the County Post-recessio ion emplo loyment growth th double le th the Co County – 16.4 % Home to 6,8 ,802 busin iness establi lishments emplo loyin ing 102,235 work rkers 2016 sa sale les revenue = $69.4 B Home to 28 company headquarters – many are glo lobal l lea leaders

Key Findings 1. . A Small Cit ity wit ith Majo jor Economic Im Impact Based on sales revenue per Capita, Doral is one of Florida’s most productive economies Doral’s employment growth plays a significant role in driving the County Economy The 9,472 jobs added in Doral from 2010 to 2014 represent 8% of all job growth in the County

Key Findings 2. . Central Location and Transportation Access St Strategic icall lly loc located in in Miam iami-Dade Co County Dir irect hig ighway ac access to commercia ial l an and ind industria ial l corri rridors – in interchanges at t SR SR 826, SR SR 836 Flor lorid ida Turnpik ike Doral l is is a a centr tral l lo locatio ion to li live an and work rk Ce Central l loc locatio ion an and tr tran ansportatio ion have mad ade Doral al a a majo ajor Co County busin iness hub

Key Findings 3. . A Cit ity of f Families 29.6% inc increase in in famil ily household lds sin since 2007 A Young munic icip ipali lity Ch Changin ing age dis istrib ibutio ion: • 55 55 an and over – 73 73.6 .6% growth • 5 5 to 17 17 – 46 46.4 .4 % in incr crease • 35 35 to 54 54 – 37 37% growth • Shr Shrin inkin ing sh shar are of of mill illennials ls (1 (18 to o 34 34)

Key Findings 4. . The Regions Most Hig ighly Educated Work rkforce 54.2% of f population 25 years and over have Bachelors degree or hig igher Double the rate for Mia iami-Dade County 1.8 .8 tim imes the rate for the rest of the U.S .S

Key Findings 5. . R Rapidly Expanding, g, Cyclical Local Economy Ra Rapid id jo job los loss durin ring th the las last recession – 8.6 8.6 % los loss 20 2008 08 th through 20 2010 10

Key Findings 6. . Hig igh Skilled, Well Paid Workforce Despite Slipping Earnings Hig igh pe percentage of f residents employed in in hig higher skil killed occ ccupations Doral Median wage = $41,104 County median wage = $27,142 Doral resident wages hig higher in in 23 of f 35 occupational categories th than County New jo jobs pr primarily add dded in in lo lower pa paying service sect ctor From 2007 to 2015 mean wages in in only 14 of f 24 in industries in increased Some ind industries ha had 30 pe percent or more de declines Doral’s median household income has declined by 3.2 percent since 2010

Key Findings 7. . The Advanced In Industries Sector in in Doral Th The e Adv dvanced Ind Industr trie ies Sec ector driv drives US inn innovatio ion, tec echnolo logy an and bus busin iness growth th Adv dvanced Ind Industrie ies em empl ploy 9% of of al all l US work orkers, 3% in n Fl Florid ida Sec ector r pr prod oduces $2.7 .7 trill trillio ion in n val alue-added Sec ector r pr prod oduces 17% of of al all l U.S .S. . GDP Dor oral l is s hom home to o 775 Adv dvanced Ind Industrie ies es establis ishments Doral’s AI businesses over $2 Billion in local sales, and more globally 11% of the City’s employment

Key Findings Fir irm Locatio ion: Top 5 Advanced In Industries Sect ctors in in Doral

Key Findings 8. . Target In Industry ry Clu luster Analysis Econ 101: : Grow Your r St Strengths Clu Cluster: Region ional l Co Concentratio ion of f Rela lated Ind Industrie ies in in a a Par artic icula lar Lo Locatio ion Clu Clusters ar are centr tral l component of f economic ic competit itiv iveness Th The str trategic ic poli licy fr framework is is buil ilt aro round th the common needs of f th the re recommended target ind industry ry clu clusters an and th their ir hi high wage c component ind industrie ies

Key Findings Target In Industry ry Clu luster Analysis is

Key Findings Target In Industry Clu luster Analysis

Key Findings 9. . A Resident Work rker / Jobs Base Mis ismatch Only ly 24.1% of f all all work rkers who li live in in Doral, l, work rk in in Doral 93.9% of the City’s jobs base is filled by workers who live outsid ide Doral Eac ach day over r 72,000 work rkers enter r an and 14,000 resid sidents lea leave th the City City Mismatch between Doral’s jobs and residents education and skills exacerbates the City’s traffic problems

Key Findings ’ Nort rth-South Co Commutes Are th the Proble lem Where% Doral% Residents% Work # Doral% 8,160# 22%# Miami% 5,560# 15%# MIA% 4,320# 12%# Hialeah% 2,970# 8%# Miami% Beach% 2,240# 6%# Medley% 1,270# 3%# Sweetwater% 1,240# 3%# Coral% Gables% 950# 3%# Kendall% 930# 2%# Miami% Lakes% 750# 2%# University% Park% 680# 2%# Hialeah% Gardens% 510# 1%# All% Other% Locations% 7,690# 21%# Total% 37,270# 100%# Where% Doral% Workers% Live% Miami% 12,750# 15%# Hialeah% 8,300# 10%# Doral% 8,160# 10%# Fountainebleau% 4,470# 5%# Tamiami% 3,530# 4%# Miami% Beach% 3,210# 4%# Kendall% 3,140# 4%# Kendale% Lakes% 2,630# 3%# Miami% Gardens% 2,060# 2%# Westchester% 1,660# 2%# The% Hammocks% 1,640# 2%# Sweetwater% 1,620# 2%# All% Other% Locations% 31,700# 37%# Total% 84870# 100%# output. # Source:# Southeast# Regional# Planning# Model# 2040# # %

Key Findings 10. . Traffic fic Congestio ion — Doral’s Achilles Heel? Failu ilure to o sign ignif ificantl tly red educe in increa easin ing tr traffic ic con ongestion th threaten ens ec econ onomic competiv iveness and qualit ality of of lif life e for or its its res esid idents Can‘t add new capacity Do Doral al ne need eds to o re redu duce e the the nu number r of of da daily ily trip trips s an and d the the nu numbe ber of of veh vehic icles s on on the the ro road “5% modal shift towards alternative modes will reduce most of the need for roadway widening on all but one roadway segment in 2025 projects” “30% modal shift will reduce the need to widen 80% of the projected roadways requiring additional capacity” More Cr Creati tive e Str Strateg egies s Req equired: 1) 1) Lan Land us use e , , 2) 2) Tele elecommuting, 3) 3) Rid ide-sh sharin ing, 4) 4) Hou Housi sing, an and 5) 5) Work rkshif ifting

Key Findings 11. Re-Thinking Office Development Opportunities Do Doral l can an be a a competit itive loc location for hig igh-skill ill, hig igh-wage, an and hig igh tech se sectors Ne New of office development will ill requir ire new str trategie ies: Shri rinkin ing square foo ootage per er em employee Outs tsourcing non on-core fu functions: IT IT, , acc ccountin ing, human resources, marketing and le legal to o lo lower cos ost providers Workshifti ting :  Usin sing sa satell ellit ite of offic fices es in in neig neighbor orhoods  Tele elecommuting  Us Usin ing Sha Shared Of Office Spa Space

Key Findings 12. A Looming Housing Affordability Cri risis Curr urrent t medi edian hom home valu alue of of $325,80 ,800 is s out out of of rea each for or Dor oral l hou households earn earning und under 150 percent of the City’s median household income ($109,399) Med edia ian ren ent pric price = = $2,20 ,200 Miami-Fort t Lau auderdale Metr tro med edia ian ren ent t = = $1,9 ,900 Med edia ian valu alue of of unit units constructed si since 2010 is s $615,90 ,900 –– dou double le the the City ty med edia ian valu alue 57% of of Dor oral l ren enters ar are e cos ost-burdened City’s H&T Index is 77% –– 62% for or Miami-Dade Cou ounty