1 / 15

Central Illinois Regional Economic Development Strategy Benchmarking & S.M.A.R.T. Goals

Central Illinois Regional Economic Development Strategy Benchmarking & S.M.A.R.T. Goals Breakout Session. Woodford. Peoria. Tazewell. July 26, 2012. Mason. ViTAL Economy Alliance Frank Knott - fknott@vitaleconomy.com Steve Martin – steve.martin@intervistas.com

orinda
Download Presentation

Central Illinois Regional Economic Development Strategy Benchmarking & S.M.A.R.T. Goals

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Central Illinois Regional Economic Development Strategy Benchmarking & S.M.A.R.T. Goals Breakout Session Woodford Peoria Tazewell July 26, 2012 Mason ViTAL Economy Alliance Frank Knott - fknott@vitaleconomy.com Steve Martin – steve.martin@intervistas.com Mark Madsen – mmadsen@priorityone-advisors.com

  2. What are the region’s issues of Challenge and Opportunity • Opportunities • Healthcare • Manufacturing • Transportation (roads, river, rail, air) • Vibrant art community • Broadband / fiber • Attract/retain young professionals • Agriculture • Educated/talented retiree force looking to volunteers and be involved • Expand skilled labor • Abundant water resources – San Koty Aquifer • Challenges • Improve average wages; living conditions • Improve the public education system; meet the needs, not the ‘standards’ • Lack of KBE entrepreneur opportunities beyond healthcare & CAT, etc. • Infrastructure • River siltation • Communication - announcements not getting out to people • Lack of ability for non profits to stabilize financially • BRAC – potential loss of military and National Guard units • Older neighborhoods have high unemployment • Lack of family recreational opportunities and cultural amenities • Lack of skilled workforce

  3. S.M.A.R.T. Goal Setting Mark Madsen, ViTAL Economy Alliance Establish a quantitative economic vision for the region consisting of core and unique performance metrics. SMART goals principles will be instituted during the development process. • 2010 benchmark and trend data for core and unique indicators. Unique indicators will be determined based upon regional priorities. • Version #1 Draft by August 10, 2012. Version #2 Draft by Foundation breakout session plus 1-2 additional development and refinement conference calls. Objective: Input Content: Timeline:

  4. Specific Measurable Achievable Relevant Time Based

  5. Industry Sectors Five Year Regional Goals Forestry Ratio of Net Earned income To Total Income ↑ .566 to .65 Increase Median Annual Income AS/some College to $32,000/yr. Increase Median Annual Income Bachelors Degree to $32,000/yr. Increase 20-44 age Employment 20% Increase AS/Tech Certs. For 18-24 age From 38% to 47% Increase Pop of 25-44 ageby 20% Agriculture Healthcare Tourism Information Tech Education Manufacturing Energy Balanced Strategic Approach Goals Inform Strategic Components CEDS Planning Business Retention & Expansion Business Recruitment Business Incubation Leadership Training Strategy Action

  6. Central Illinois 2017 S.M.A.R.T. Goals

  7. Central Illinois population & job growth Peoria & Tazewell Counties Population vs. Job Growth Mason & Woodford Counties Population vs. Job Growth Tazewell County Population has slowly and steadily grown after the early 1980s recession. Jobs paced population growth until 2008. Woodford County Population growth rate has exceed the rest of the region since 1990. Job growth peaked in 2000, but has been stagnant for the past decade. Mason County Has continued to lose population since peaking in 1978. Job growth has been essential flat or declining. Peoria County Has yet to regain population lost during the 1980s. However, job growth rebounded during the 1990’s. Mason Pop. Mason Jobs Peoria Pop. Peoria Jobs Tazewell Pop. Tazewell Jobs Woodford Pop. Woodford Jobs Source: Census Bureau Source: Census Bureau

  8. Central Illinois Real Wages & Non-Farm Proprietor Incomes Mason & Woodford Counties Average Wage and Salary Compared to Average Non-Farm Proprietor Income 2004 Dollars Peoria & Tazewell Counties Average Wage and Salary Compared to Average Non-Farm Proprietor Income 2004 Dollars Tazewell County Non-Farm Proprietor income has fallen dramatically, likely influenced by influx of large scale retail. Woodford County Wages and salaries are the same as in 1978. Real Ave Non-Farm Proprietor Income has fallen from $38,800 in 1972 to $12,838 in 2010. Mason County Real Average wages remain below 1978 levels. Real Ave Non-Farm Proprietor Income has fallen by more than 2/3 since 1973. Peoria County Non-Farm Proprietor Income has been highly volatile. Average Wage and Salary began to increase in mid 1990’s. Mason NFP Mason Jobs Peoria NFP Peoria Jobs Tazewell NFP Tazewell Jobs Woodford NFP Woodford Jobs Source: Census Bureau

  9. Innovation Index The Innovation Index from StatsAmerica consists of the following components: Human Capital These variables suggest the extent to which a county’s population and labor force are able to engage in innovative activities. Economic Dynamics Measures local business conditions and resources available to entrepreneurs and businesses.  Productivity & Employment Describes economic growth, regional desirability, or direct outcomes of innovative activity and the extent to which local and regional economies are moving up the value chain and attracting workers seeking particular jobs. 78.7 woodford 96.3 tazewell 86.9 peoria mason 70.9 illinois 96.5 U.s.a. 100 Source: StatsAmerica http://www.statsamerica.org/

  10. Improve Climate of Innovation – Use Performance Metrics to Move Needle “ For adults 25 to 64, most job growth is coming from entrepreneurial companies and start-ups…” Deb Markey, RUPRI 2011 Greater Peoria Scorecard – courtesy Heartland Partnership & Bradley University

  11. Analysis & implications of employment, wages & forecast growth Tazewell County With over 14,000 jobs, Manufacturing is the leading sector in the county, and provides jobs to residents across the Central Illinois region. However, the sector shed over 3,000 in 2008-2009. Lead by manufacturing, Transportation, and Public Sector, average Wages are highest in the region. Mason County Net exporter of labor with a very small and stagnant job base. Commuting patterns indicate strong cross river tie to Fulton County and south to the State Capital region. Manufacturing sector is expected to grow, but wages significant lag the regional average. Tourism associated with the Illinois River remains a significant employer. Peoria County Highly productive manufacturing sector that has not delivered on its growth potential in the past decade. Strong growth in high-skill, high-wage KBE employment. Leader in Healthcare; Information; and Professional, Scientific & Technical jobs Retail trade is another regional leading sector. Woodford County Data and anecdotal information suggest that Woodford is a net exporter of labor to Tazewell and Peoria counties as a higher wealth bedroom community. Manufacturing should be a strong growth sector, although that potential has not yet been realized and sector employment continues to fall. Source: US Census Bureau ACS 2010

  12. Linkage S.M.A.R.T. Goal Setting Framework Greater Peoria Economic Scorecard ViTAL Economy Core Economic Indicators Regional Issues of Challenge and Opportunity Population Labor Participation Rate Average Wage Educational Attainment Associates/Technical Certificates 20-45 Age Demographic Immigration Population % TBD by regional leaders 2017 Regional Economic Vision County Goals and Strategic Role Peoria County Mason County Tazewell County Woodford County

  13. Central Illinois 2017 S.M.A.R.T. Goals

  14. Suggested Regional Strategic Metrics

  15. S.M.A.R.T. Goal Setting Action Team Need 10 to 15 people to sign up for Goal Setting Team Team will meet two or three times between now and August 10th to set Regional Goals and begin defining Regional Strategic Metrics ViTAL Economy Team will provide remote support via WebEX conference call Results will be integrated into the Interim CEDS document. Regional and County Strategic Metrics will be developed and refined between now and the first week October.

More Related