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South Florida COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY 2012-2017

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South Florida COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY 2012-2017 South Florida COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY 2012-2017 Prepared for the Economic Development Administration by South Florida Regional Planning Council THIS PAGE LEFT BLANK INTENTIONALLY COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY FOR SOUTH FLORIDA (2012‐2017) Prepared for the Economic Development Administration By South Florida Regional Planning Council gional Pl Re an a n i id n r g o l C F o u h t n u c i o l S September, 2012 This document was prepared under a financial assistance award (04‐83‐06640) from the U.S. Economic Development Administration South Florida Regional Planning Council 3440 Hollywood Boulevard, Suite 140 Hollywood, Florida 33021 954.985.4416 Email: [email protected] Website: www.sfrpc.com South Florida Economic Development District Comprehensive Economic Development Strategy Table of Contents STRATEGY REPORT............................................................................................................................... 1 Executive Summary...................................................................................................................................1 CEDS Goals and Objectives ‐ Building the Pillars ......................................................................................7 CEDS Plan of Action ‐ Each Pillar Becomes a Target Area in the Plan.......................................................9 Strategic Projects, Programs and Activities ‐ Priority Projects Under Each Pillar...................................10 Strategy Committee List for the Comprehensive Economic Development Strategy 2012‐2017 ...........13 TECHNICAL REPORT ........................................................................................................................... 16 Overview ‐ The People in the Region......................................................................................................16 Overview – The Economy in the Region .................................................................................................22 Analysis of Economic Development Problems and Opportunities ‐ Filtered Through the Lens of the Six Pillars.......................................................................................................................................................30 1. Talent Supply & Education ........................................................................................................30 2. Innovation & Economic Development.......................................................................................35 3. Infrastructure & Growth Leadership .........................................................................................41 4. Business Climate & Competitiveness ........................................................................................61 5. Civic & Governance Systems .....................................................................................................64 6. Quality of Life & Quality Places .................................................................................................67 Other Analysis .........................................................................................................................................82 Regional Economic Clusters................................................................................................................82 State and Local Economic Development Plans Affecting the Region .................................................92 Past, Present, and Projected Future Economic Development Investments.......................................96 PERFORMANCE MEASURES AND SIX PILLARS INDICATORS................................................................. 98 Performance Measures...........................................................................................................................98 1. Number of Jobs Created After Implementation of the CEDS....................................................98 2. Number and Types of Public Sector Investments Undertaken in the Region ...........................98 3. Number of Jobs Retained in the Region....................................................................................98 4. Private Sector Investment in the Region After Implementation of the CEDS...........................98 5. Changes in the Economic Environment of the Region ..............................................................98 Six Pillars Indicators ................................................................................................................................98 1. Talent Supply & Education ........................................................................................................98 2. Innovation & Economic Development.......................................................................................98 3. Infrastructure & Growth Leadership .........................................................................................98 4. Business Climate & Competitiveness ........................................................................................98 5. Civic & Governance Systems .....................................................................................................98 6. Quality of Life & Quality Places .................................................................................................99 COMMUNITY AND PRIVATE SECTOR PARTICIPATION - THE SIX PILLARS CAUCUS SYSTEM, CEDS DEVELOPMENT, AND THE SEVEN50: SE FLORIDA PROSPERITY PLAN DEVELOPMENT ........................ 100 APPENDIX ‐ SIX PILLARS INDICATORS ............................................................................................... 103 South Florida Economic Development District Comprehensive Economic Development Strategy STRATEGY REPORT Executive Summary The South Florida Region is made up of three counties (Monroe, Miami‐Dade, and Broward) with a 2011 resident population of 4.4 million, which is a population larger than that of 25 states. The Region’s role as a national and international banking, commerce and tourism gateway is supported by the Region’s three international airports, executive airports, three seaports, industrial parks, foreign trade zones, and well as other critical infrastructure. The South Florida Region is part of the seven‐county Southeast Florida Region which includes Palm Beach, Martin, St. Lucie and Indian River counties. Miami‐Dade, Broward, and Palm Beach comprise the Miami‐Fort Lauderdale‐Pompano Beach Metropolitan Statistical Area (MSA), the nation’s 8th largest MSA and 4th largest urbanized area with a population of almost 5.7 million. When considering South Florida’s economy, it is South Florida Economic Development District important to recognize that the MSA functions as one economic engine with a number of public, private and nonprofit regional initiatives integrating activity within the three‐county MSA and beyond. After slowing down dramatically in the final years of the last decade, the population has begun growing again. It is highly mobile, combining a large influx of international migration with large intra‐regional shifts and a significant number of domestic migrants. The growing and highly diverse population is an asset for the Region’s competitiveness in the global economy. It provides a multi‐ethnic, multi‐lingual workforce and culturally diverse environment for businesses. This continuing growth will also require the Region’s local governments to make major investments in infrastructure, to both maintain and expand existing services such as transportation, water, wastewater, solid waste and education for both existing and new residents. Challenges due to lower incomes, higher poverty rates, relatively lower educational attainment level, and growing economic disparity will require significant efforts to ensure sustained growth of the Region’s economy and the creation of quality jobs. The South Florida Regional Planning Council was designated an Economic Development District (EDD) by the Economic Development Administration (EDA) in May, 1994. The functions of the EDD include, but are not limited to preparing and maintaining a Comprehensive Economic Development Strategy (CEDS), assisting in the implementation strategies identified in the CEDS, and providing technical assistance to Economic Development Organizations throughout the Region. The Comprehensive Economic Development Strategy (CEDS) for South Florida is a roadmap to diversify and strengthen the Regional economy of Broward, Miami‐Dade, and Monroe Counties. The regional CEDS will guide federal and state investment priorities and funding sources, delineate lead organizations Strategy Report Page 1 South Florida Economic Development District Comprehensive Economic Development Strategy responsibilities for execution of the CEDS, while bringing together public and private sectors leaders and decision‐makers. This is not a plan for the Council, rather it is a strategy for the communities and businesses of South Florida. It is done through the CEDS Strategy Committee, which is composed of representatives of main economic interests of the Region from public and private sectors, community organizations, workforce development boards, institutions of higher education, minority and labor groups, and private individuals. This 2012 update of the CEDS has a unique opportunity to align and bring together several important state, regional, and local economic development initiatives through an integrated, synergistic, and results‐oriented approach to economic development planning and
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