Economic Profile Economic Profile Section One CITY OF NORTH PORT ECONOMIC DEVELOPMENT STRATEGIC PLAN UPDATE 2013-2018 DRAFT AUGUST 28, 2012 City Commissioners Tom Jones, Chair, Seat #2 Michael Treubert, Vice-Chair, Seat #3 Jim Blucher, Seat #4 David J. Garofalo, Sr., Seat #1 Linda M. Yates, Seat #5 © USF FIOG 2012 All Rights Reserved Page 0 © USF FIOG 2012 All Rights Reserved Page 2 City of North Port Economic Development Strategic Plan Update Table of Contents Acknowledgements ........................................................................................ 7 SECTION 1 ................................................................................................................. 9 The Process .................................................................................................. 11 Study Process ......................................................................................... 11 Accomplishments ......................................................................................... 15 2008 ........................................................................................................ 15 2009 ........................................................................................................ 15 2010 ........................................................................................................ 15 2011 ........................................................................................................ 16 SECTION 2 ............................................................................................................... 17 Community Assessment .............................................................................. 19 North Port History .................................................................................... 19 Geography/Location ................................................................................ 19 Population and Housing .......................................................................... 21 Regional Economic Overview ................................................................. 26 Location Quotient Analysis ...................................................................... 26 Employment Projections .......................................................................... 28 Major Employers ..................................................................................... 29 Regional Market/Economic Summary ..................................................... 31 Activity Centers ....................................................................................... 32 Quality of Life .......................................................................................... 35 Housing Market Data ............................................................................... 38 Economic Profile Summary ..................................................................... 40 Workforce Structure ..................................................................................... 43 Suncoast Workforce ................................................................................ 44 Workforce Summary ................................................................................ 46 © USF FIOG 2012 All Rights Reserved Page 3 City of North Port Economic Development Strategic Plan Update Competitive Market Analysis ....................................................................... 47 Retail ....................................................................................................... 47 Retail Metrics ........................................................................................... 49 Retail Rents ............................................................................................. 49 Office ....................................................................................................... 50 Industrial .................................................................................................. 53 North Port Competitive Position .............................................................. 54 Competitive Market Analysis Summary ................................................... 54 Benchmarks .................................................................................................. 57 Deltona .................................................................................................... 57 Port St. Lucie ........................................................................................... 59 Cape Coral .............................................................................................. 61 Benchmark Summary .............................................................................. 62 SECTION 3 ............................................................................................................... 63 Target Industries ........................................................................................... 65 State of Florida/Enterprise Florida ........................................................... 65 Tampa Bay Partnership ........................................................................... 65 Charlotte County Economic Development Office .................................... 70 Economic Development Corporation of Sarasota County ....................... 70 Initial North Port Target Industry Screening ............................................ 72 North Port Recommended Target Industries ........................................... 74 Economic Development Incentives ............................................................ 77 Florida Economic Development Incentives Toolbox ................................ 77 E-Florida Incentives ................................................................................. 77 Targeted Industry Incentives ................................................................... 77 Workforce Training Incentives ................................................................. 78 Infrastructure Incentives .......................................................................... 79 Special Opportunity Incentives ................................................................ 79 Discussion of Florida Incentives .............................................................. 80 Sarasota County ...................................................................................... 80 Benchmarked City Incentives .................................................................. 82 Other Incentives Programs Used in Florida ............................................. 83 Conclusion ............................................................................................... 86 © USF FIOG 2012 All Rights Reserved Page 4 City of North Port Economic Development Strategic Plan Update Best Practices in Economic Development ................................................. 95 Florida’s Great Northwest ........................................................................ 96 Loudoun, Virginia .................................................................................... 97 City of North Port ..................................................................................... 98 Developing Your Own Data Base .......................................................... 100 SECTION 4 ............................................................................................................. 103 Community Engagement ........................................................................... 105 Strengths, Weaknesses, Opportunities and Threats (SWOT Analysis) 105 Strategic Plan Framework .......................................................................... 109 Goals, Objectives and Strategies .......................................................... 109 Organizational Responsibilities ............................................................. 109 Implementing the Strategic Plan ........................................................... 110 Strategic Action Plan ............................................................................. 111 The Mission Statement .......................................................................... 112 Action Plan for Change ......................................................................... 113 Overview of Goals ................................................................................. 113 EDSP Implementation Matrix ..................................................................... 115 SECTION 5 ............................................................................................................. 123 Appendix 1: Focus Group Meeting Attendees ......................................... 125 Appendix 2: Key Stakeholders Interviewed ............................................. 126 Appendix 3: Summary of All Focus Groups............................................. 127 Appendix 4: Rankings from Each Focus Group Meeting ........................ 129 Appendix 5: All Stakeholder Responses .................................................. 131 © USF FIOG 2012 All Rights Reserved Page 5 © USF FIOG 2012 All Rights Reserved Page 6 Acknowledgements Acknowledgements The Florida Institute of Government (FIOG) and the City of North Port’s Business and Economic Development Advisory Board extend special thanks to the City of North Port Economic Development Division for their assistance with this project and the North Port City Commission and the Sarasota County Board of Commissioners for their financial support. Special recognition is given to the following