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Building a 21st Century
Regional Economy
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Dynamic Growing Economy
Technology, Innovation
Investment
Housing
Infrastructure,
Transportation
Education
Balanced Growth
Ideal State: Jobs and Competitiveness
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Reality Check:
Economic Cycle
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Business-cycle-graph better.jpgimagesndibeconomics.wikispaces.com.
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Reality Check: Business Life Cycle
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SBA estimates that the average life cycle of a business is 7 years
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Why Economic Development
• Job creation/retention
• Increased investment
• Increased quality of life
• Broaden the tax-base
To drive an economically
dynamic and competitive city
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Cycle of Economic Development
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Case Study: City of Atlanta
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Reality Check:
Economic Development Efforts
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According to the US Census Bureau, this is the number of municipal governments in
the United States
Data based on the most recent survey (2007)
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Reality Check:
Gross Domestic Product (GDP)
Source: BEA
Amounts in Billions
$277.30
$284.60
$296.30
$307.20
$270
$275
$280
$285
$290
$295
$300
$305
$310
2010 2011 2012 2013
Atlanta MSAGDP
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Underutilized Property and Talent
10
Vacancy Rate for the Built Space
SF Vac %
Office 11.5m 13.7%
Industrial 2.8m 7.5%
Source: Neighborhood Nexus: March, 2015
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Economic Development Strategies/ Organization
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Economic Development
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• 447,000 People
• Headquarters of Coca-Cola, Delta, Sun-Trust, CNN
• Home to the World’s Busiest Passenger Airport
City of Atlanta
• 5.4 Million People
• 9th Largest Metro Area in U.S.
• 2.9 Million Jobs
Metro Atlanta
• 9.9 Million People
• 32 Fortune 1000 Headquarters
• 35 Public Colleges and Universities
State of Georgia
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The Experts Agree on Atlanta…
#1 Lowest Cost of Doing Business Major U.S. City, KPMG,
2014
#1 Best City to Start a Business, Nerd Wallet, 2013
#3 City for Global 500 Headquarters, FORTUNE, 2014
#3 City for FORTUNE 500 Headquarters, FORTUNE, 2014
#1 Top City for Young Entrepreneurs, Under 30 CEO, 2013
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Atlanta is the business center of the Southeast.
Largest economy in the SE – GDP of
$307.2 billion
42 Bi-national chambers of commerce
1.9 Million jobs forecast to be
created by 2040
8.4 Million Residents in
metro area by 2040
1.3 Billion SF of commercial real estate in metro area
10th Largest economy of all metro areas in
the U.S.
6th District of the Federal
Reserve
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Invest Atlanta’s VISION
Our vision is to make Atlanta the most
economically dynamic and competitive
city in the world.
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87 Business Attraction Wins
• Spurring $1,064,000,000 in Investment
23 Housing Projects Financed
• Spurring $309,622,074 in Investment
3 New Market Tax Credit Deals Closed
• Spurring $221,186,000 in Investment
12 TAD Projects Closed
•Spurring $80,687,583 in Investment
543 New Homeowners
•Spurring $69,673,245 in Investment
35 Small Businesses Financed
•Spurring $12,035,243 in Investment
29 Park Acquisitions
•Spurring $13,808,447 in Investment
Capital InvestmentSince 2010, Invest Atlanta has generated $1.81 Billion of real estate
investment and business activity
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Organizational Structure
Housing Finance Business Development Redevelopment
Legal Finance
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Atlanta is particularly attractive to firms in six key sectors Economic development efforts should focus on growing:
1. Digital arts and new media production
2. Life sciences
3. Applied computational processing and engineering
4. Corporate headquarters and professional and management services
5. Advanced logistics
6. Conventions and tourism
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• Motion picture production• Software and computer programming• Audio production• Broadcasting
Digital arts and new media production
Life sciences
• Medical devices• Biological products• Medical laboratories• Biotechnology R&D• Pharmaceuticals
Conventions and tourism
• Hospitality• Attractions and conferences• Food and beverage• Transportation
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• Engineering services• Computer systems design services• Scientific R&D• Advanced manufacturing• Financial technology• Health information technology
Applied computational processing and engineering
Corporate headquarters and professional
and management services
• Headquarters and back office• Management consulting
Advanced logistics
• Freight air transportation• Distribution and logistics consulting
services
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We have the 3rd most Fortune 500 headquarters in the nation.
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Programs for Business Attraction
Site Selection Assistance
Economic Opportunity Fund
Bonds
Workforce Training
Tax Incentives
Loans
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Business Outreach & Contact
Interview, Survey & Assessment
Recommendations and Referrals
Action PlanningFollow up and
ReviewAssess and Report Economic Impact
BUSINESS RETENTION & EXPANSION PROGRAM OVERVIEW
Operates as IA’s Business Customer Service Program
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Innovation in Atlanta
Population of adult workers grew four percent
Population of highly educated adults grew eight percent.
From 2007 to 2012
Total university R&D expenditures reached nearly $2 billion dollars in 2012
Patent activity has more than doubled, increasing 106%
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Atlanta’s Workforce
46% of City Residents Hold a Bachelor’s Degree or Higher
66 Colleges and Universities Educate 275,000 Students
Annually
7th Highest Student Enrollment Among
America’s Largest Urban Areas
#5 in the U.S. for Number of Computer Science/IS Degrees
Awarded
Georgia Tech’s Computer Science
Degree Has the Highest Job Placement Rate of
Any Major at Tech
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Policy Business
Events Financing
• Demonstration Project
• Startup Tax Exemption
• Startup Atlanta Roadshow
• GovAThon• SwitchPitch
• Debt • Cash Flow
Other
• Startup Atlanta • Entrepreneur Center• WEI• SQ5• Innovation District
(proposed)
Entrepreneur Eco-System
Source: Jumpstart
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27 Pledge
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City of Atlanta & Google Fiber
DESCRIPTION: Atlanta was chosen to be an Upcoming Fiber City which means connections up to 1,000 megabits (Gigabit Internet) per second.
GOALS:
1. Connect Communities
2. Support Small Business
3. Spur Innovation
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And we’re home to the stars of the tech world.
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• Govathon IV– Hosted at Workforce Dev. Agency
– SMS texting system which tracks the status
of a building permit
• Govathon III/Transportation Camp– Hosted at GT
– Focused on transportation issues
• Govathon II– Atlanta Budget Explorer vs Traditional City
Budget Document
– Hosted in the Old Council Chambers
• Govathon I– iParcs
– Crime Blotter(purchasable in App Store)
– Hosted in Old Council Chambers
Accomplishments
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3 Phases of a
Simplified Innovation Process
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Conception
Source: Jumpstart
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City of Atlanta Innovation Center:
Demonstration ProjectDESCRIPTION: Allow entrepreneurs within the proof of concept phase of their development to test their product using City of Atlanta resources.
GOALS:
• Create new markets and new jobs
• Support existing local innovators and Entrepreneurs
• Improve quality and efficiency of City services and operations
• Advance the City’s Sustainable Initiatives and economic development strategy
• Position Atlanta as a location for cutting edge innovation
• Retain entrepreneurs in the City of Atlanta
• Attract and maintain investments as a result of new innovations
• Create a collaborative community of relationships between government and entrepreneurs
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City of Atlanta Innovation Center:
Startup Atlanta Ordinance
DESCRIPTION: An ordinance to amend the Occupation Tax Ordinance to provide a tax exemption for new and emerging technology businesses.
GOALS:
1. Job Creation
2. Retention of entrepreneurs
3. Encourage investment in certain types of businesses in fields related to high technology, life sciences, information technology and intellectual property
4. Catalyze Atlanta’s entrepreneurial ecosystem
5. Position Atlanta as a location for cutting edge innovative companies
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The Opportunity of Women in Entrepreneurship
The percentage of men and women involved in early-stage entrepreneurial activity
Do you want to start a business in the next three years?
(Source: How Women Entrepreneur Can Make a Difference)
2011 2012Men 13% 15%Women 11% 11%
1 in 5 men 1 in 13 women
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City of Atlanta
Women’s Entrepreneur Initiative
(WEI)
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DESCRIPTION: A public private partnership to support the growth of women entrepreneurs.
GOALS:
1. Provide Innovative Workspace
2. Mentorship
3. Access to Experts
4. Programming
PARTNERS:
Home Depot, UPS, Hawks, Invest Atlanta and more
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Square on Fifth: the Dormcubator
DESCRIPTION: Next to Georgia Tech, the 25 floor dormcubator will provide entrepreneurs with the opportunity to innovate right where they live.
GOALS:
1. Drive Innovative Collisions
2. Entrepreneur environment
3. Place to live
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INCENTIVE: Lease Purchase Bond
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Flatiron Entrepreneur Center
DESCRIPTION: An entrepreneur center with the second Microsoft Innovation Center in the US
GOALS:
1. Provide affordable rent
2. Short Term Leases
3. Flexible Office Space
4. Entrepreneur Network
5. Entrepreneur Environment
INCENTIVE:
Tax Allocation Incentive37
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There’s never a boring second in Atlanta.
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The Value Add of
Economic Development
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Invest Atlanta’s investments of
nearly $45M helped to leverage over $662M in private
investment
Facilitated 3,973direct jobs and 4,935indirect and induced
jobs
Supported $2.5B in Total Economic
Impact
Generated over $129M in State and
Local TaxesInvest Atlanta
2014 IMPACT
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2014 Business Attraction Results
32 project wins and $184.9 in Capital Investment Facilitated 3,853 direct new jobs, 199 retained
jobs and 3,376 indirect/induced jobs Absorbed 1,229,450 sq feet Generated over $25 million in new local taxes to
the general fund
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For this 4 year period, for every $1 invested the City received over $13 in local taxes
Return on an Economic Development Services Investment
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$738,593,674
$1,775,431,503
$1,937,027,043
$0
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
2012 2013 2014
Business Development Economic Impact
Based on an IMPLAN analysis
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Long Term Investment For Economic Growth
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$20.0
$9.0
$4.7$4.0
$3.0 $2.7$2.0
$1.9 $1.3 $1.0
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
St. Louis Louisville Cincinnati Detroit Atlanta(2015)
Charlotte Milwaukee ColoradoSprings
Indianapolis Tulsa
Economic Development InvestmentIn Millions
IEDC, 2009 . Atlanta's investment represents the City's 2015 proposed contribution excluding the Economic Opportunity Fund.
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Thank you!
Dr. Eloisa Klementich, Managing Director Business Development
133 Peachtree Street NE, Suite 2900
Atlanta, GA 30303
(404) 880-4100www.investatlanta.com