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Home My WebLink AboutStudy Session Presentation - Economic Development Strategy10/14/2014 Economic Development Strategy City of Huntington Beach Review of Draft Strategy Recommendations INWkRONZOF -ASSOCIATES Economic Development Strategy Timeline -, HI,NTINCTON BEACH • October 2013: Initial Scoping and Visioning Meeting • December 2013: Stakeholder Interviews, Focus Groups • February 2014: Target Industry Analysis and Initial Findings Completed • May 2014: Presentation of Economic Strategy to City Management, Comments Incorporated • June 2014: Presentation to Stakeholders • August 2014: Presentation to EDC • October 2014: City Council Study Session WARO.NZOF -ASSOCIATES I..d 1 10/14/2014 Vision Statement & Mission Statement • Vision Statement: The City's Economic Development Vision focuses on the retention, attraction and expansion of the business community, consistent with the City Council's Strategic Goals of "Enhance Economic Development" and "Improve Financial Stability." • Mission Statement: The Office of Business Development's focus is to: 1) preserve and enhance the economic base of the community through business retention, expansion and attraction, and 2) to manage the continued economic vitality of the City's commercial areas consistent with the Economic Development Strategy. - ��' - ' ' WARONZOF -ASSOCIATES land ocanomice Major Economic Focus Areas ' WARONZOF -ASSOCIATES }and soonon,ws 6 10/14/2014 SWOT Assessment Strengths — Weaknesses — Opportunities - Threats • Huntington Beach is located in a major • Not percieved as a regional business center, despite Southern California job center. positive locational attributes. • World -class beachfront development generates • Under -performing retail sector. significant economic value. • Auto dependency viewed as major long-term Stable "anchor" employer - The Boeing Company. constraint on economic growth. • Large and affluent population base capable of supporting a • Aging population; lack of adequate senior services. relatively diverse local economy. • Widespread building obsolescence hindering business • Preferred location for residential development. development and retention. • Highly educated and skilled work force. • Pension costs draining service capability. • Attraction of diverse industrial base in emerging high Intense regional competition for new business and technology and green technology sectors development opportunities. • Reposition city's image. Surrounding communities better positioned • Regional draw for amateur sports. to capture international trade. • Demonstrated ability to craft effective public -private • "Locals Only!" Increasingly negative perception of oversokf partnerships should elevate regional appeal. "surf city" image. • Strang city credit rating and dedicated infrastructure funding • Ensuring that the Downtown Main Street commercial area should enhance external business investment. stays family friendly. • Perceived residential development preference in BECSP over current automobile sales. �'&10�ft?lAl, ® WARONZOF -ASSOCIATES ran. ......enu F7` Four Core Objectives • Foundational economic development initiatives • Diversify the local economy • Improve financial stability • Increase prosperity of the community 1 ?; BEACH ® WARONZOF -ASSOCIATES Ixn. ...... I.. 3 10/14/2014 Core Objective: Foundational Economic Development Initiatives, • Develop a strong brand identity that expands upon the existing "Surf City USA" image • Maintain a consistent, business -friendly environment • Provide relevant, real-time economic data and performance indicators for decision makers - WARONZOF ASSOCIATES . - saoa Q000ms Core Objective: Diversify the Local Economv • 777 Identify opportunities to grow established sectors such as technology manufacturing and technology services; support early -stage growth in "creative economy" industries such film and advertising • Enhance Huntington Beach's current economic strengths in the tourism, automotive sales, and industrial technology sectors • Support the local -serving social assistance and health care industries as the Huntington Beach population continues to age WARONZOF -ASSOCIATES 4 10/14/2014 Core Objective: Diversify the Local (; Economy - Continued... L,j-J HCNTINGTON BEACH • Improve retailing and hospitality opportunities within Huntington Beach • Expand the range of recreational opportunities in the city that would attract various sports and recreation teams and events throughout the year i 13 WARONZOF -ASSOCIATES I..A... A m. Core Objective: Improve Financial Stability . r s l,viINCTON BEACH • Improve financial stability of the city by increasing public revenues through continued infrastructure investment and targeted development assistance • Identify opportunities to revitalize and modernize older properties located in Huntington Beach's business districts through economic development revolving funds and use of former tax increment. WARONZOF -ASSOCIATES I ... ...... I.. 5 10/14/2014 Core Objective: Increase Prosperity a. of the Community • Strengthen city labor force through job training and skills development initiatives • Expand the scope of existing public -private partnerships • Improve jobs -housing balance and provide a range of housing opportunities • Expand transit opportunities and attractive pedestrian - oriented environments • Strengthen cultural institutions within the city, to promote an enriched civic life ^, WAR(JNZOF-ASSOCIATES ._ issa acocomcs Huntington Beach Employment Distribution: 2011 otal mployment = 2,245 ST J sL1AII � E-A&I;O Es 1iana ec. »macs 1.1 10/14/2014 Technology Firms with More than 20, Employees - HLNTINCTON BEACH 4i ® WAR0NZ0F Associ vrEs Annual Unemployment Rates: 2000 to 2014 Huntington Beach, Orange County, CA & U.S. HC:NTINGTON 14 . _____...._..,.____..--- .____ tHuntington Beach 12.4 12 —Orange County —r State 10 .� _National 8.4 6.7 k 7.8 n E 6 c 14.9 4.9 7 4 4.0 2.8 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 �A1H119 E� -� M WA&ONZOF -ASSOCIATES I..a ......i- 7 10/14/2014 Market Area M I L5`'_..__. I Nunurglwr BexA PACIFIC OCEAN U WARONZOF ASSOCIATES m.a .co�omca Taxable Retail Sales Per Capita Huntington Beach & Local Cities HI.NTINGTON BEACH 53sABB zaBi �t011 SiswB Sp Nun�inglun Beach We i W Foutialn Valet Newport Bead BYI/eaA Coda Mesa uwnc SuuMwest Q'anBe Orange County r nunry WARONZOF -ASSOCIATES . Irma econom I.. m 10/14/2014 Economic Performance Indicators I. Employment Trends Employment Change by Industry Average Wage by Industry Number of Businesses by Industry Entry and Exit of Firms by Industry Comparison to Sub -market and County III. Market Performance Measures Retail Total Taxable Retail Sales by Category Sales per Square Foot Vacancy Rates Building/Planning Permit Activity Office and Industrial Vacancy Rates Lease Rates Total Non -Retail Taxable Sales Building/Planning Permit Activity Hotel Market Hotel and Motel Inventory Average Rates per Room Occupancy Rates Building/Planning Permit Activity S LANCEY Re T 10F=&thN Next II. Labor Force Characteristics Education Profile Skills Profile (Industry of Employment) Household Income Trends Labor Commute to Jobs Comparison to Sub -region and County Median Home Prices Median Residential Rental Rates IV. Fiscal Performance Measures Public Revenues Trends by Revenue Type Per Capita Revenue Public Costs of Services Trends by Service Cost Type Per Capita Service Costs Infrastructure Develooment Primary Sources of Revenue Other Sources of Revenue • One -Year Implementation Action Plan HUNTINGTON BEACH WARONZOF -ASSOCIATES ia�a a<o�om<s J. k n(_NTINGTON BEACH • Performance Measures — Monitoring of Performance • Marketing Information • Website Enhancements lam/ WARONZOF -ASSOCIATES Inns e<nno mlcs Ci 10/14/2014 'A - q,�j HLNTINGTON BEACH THANK YOU WARONZOF -ASSOCIATES IN