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Competitive Snapshot

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Competitive Snapshot PHASE 1: COMPETITIVE SNAPSHOT Submitted by Market Street Services Inc. www.marketstreetservices.com April 24, 2012 Table of Contents Project overview....................................................................................................................................................................................... 2 Executive Summary ................................................................................................................................................................................ 3 People ........................................................................................................................................................................................................ 13 Community Growth ....................................................................................................................................................................... 13 Age Dynamics .................................................................................................................................................................................. 16 Diversity .............................................................................................................................................................................................. 18 Educational Attainment ............................................................................................................................................................... 22 Income ................................................................................................................................................................................................ 24 Poverty ................................................................................................................................................................................................ 26 Workforce Dynamics ..................................................................................................................................................................... 29 Workforce Development Resources ....................................................................................................................................... 36 Key Takeaways ................................................................................................................................................................................. 36 Prosperity.................................................................................................................................................................................................. 38 Growth and Productivity .............................................................................................................................................................. 38 Economic Structure ........................................................................................................................................................................ 45 Business Climate ............................................................................................................................................................................. 52 Utilities ................................................................................................................................................................................................ 59 Vacancy Rates .................................................................................................................................................................................. 61 Bankruptcy ......................................................................................................................................................................................... 62 Innovation and Commercialization ......................................................................................................................................... 64 Key Takeaways ................................................................................................................................................................................. 62 Place............................................................................................................................................................................................................ 72 Cost of Living .................................................................................................................................................................................... 72 Housing .............................................................................................................................................................................................. 73 Health Care ....................................................................................................................................................................................... 75 Public Safety ..................................................................................................................................................................................... 77 Transportation and Infrastructure............................................................................................................................................ 80 Quality of Life ................................................................................................................................................................................... 83 Civic Capacity ................................................................................................................................................................................... 87 Key Takeaways ................................................................................................................................................................................. 86 Conclusion ................................................................................................................................................................................................ 90 Appendix A: Methodology ................................................................................................................................................................ 92 Appendix B: Community Survey ...................................................................................................................................................... 93 Appendix C: Targeted Stakeholder Survey .............................................................................................................................. 113 Page 1 — April 24, 2012 PROJECT OVERVIEW Given the competitive realities and uncertainty of today’s economic environment, the City of Kansas City, Missouri has hired Market Street Services to facilitate the development of a five-year holistic economic strategy for the city’s future that enhances, aligns, and unifies the city’s efforts with those underway at the Kansas City Area Development Council (KCADC), the Greater Kansas City Chamber of Commerce and its Big 5 initiative, the Downtown Council of Kansas City, the Civic Council of Greater Kansas City, and other partner organizations. The AdvanceKC Economic Development Strategic Plan will synthesize existing efforts; provide recommendations for future programs and public policy; and establish appropriate guidelines for decisions about capital investments, job creation, economic sustainability, and local partnerships. The AdvanceKC process occurs in three phases: Phase 1- Competitive Snapshot: The Competitive Snapshot takes a detailed look at a diverse array of indicators that impact Kansas City’s economic competitiveness and compares these trends to three benchmark cities (Indianapolis, Oklahoma City, and Charlotte), the state of Missouri, and the nation. To supplement the statistical data from local, state, and national agencies, the Competitive Snapshot also includes public input obtained through focus groups, interviews, and an online community survey to give local context and better inform the AdvanceKC Economic Development Strategic Plan. Phase 2- AdvanceKC Economic Development Strategic Plan: The AdvanceKC strategy represents the culmination of all the quantitative and qualitative research to date through the development of detailed action items geared towards addressing challenges and capitalizing on opportunities for a visionary future. The Strategic Plan will be driven by community stakeholders guiding public, private, and civic efforts and investment aimed at placing Kansas City’s economy on surer footing. The plan will be supported by innovative best practices successfully implemented by communities from around the country. Where possible, the Strategic Plan will incorporate the numerous planning and research efforts already underway in Kansas City. Phase 3- Implementation Guidelines: A plan, no matter how visionary, is only valuable when it is implemented. The Implementation Guidelines represents a road map for city officials and its implementation partners to ensure that the AdvanceKC plan is realized in a timely and effective manner. The Implementation Guidelines will enable the City of Kansas City to secure early implementation victories and continue to build momentum towards effectuating positive change in the city. Page 2 — April 24, 2012 EXECUTIVE SUMMARY The City of Kansas City is the anchor of a large, dynamic, and growing
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