annual report 2009 2010
DESCRIPTION
The Annual Report of the Greater Owensboro Economic Development Corp.TRANSCRIPT
2009-20102009-2010
Annual ReportAnnual Report
Creating a diversified, sustainable economy generating wealth, quality jobs and improving the quality of place in Kentucky’s third largest city
The EDC fulfills its mission through the The EDC fulfills its mission through the following activities:following activities:
Create an environment Create an environment to attract to attract economic investment, business economic investment, business formation, company location and talent.formation, company location and talent.
Strategic positioning Strategic positioning for the long-for the long-term development of the region by term development of the region by creating the infrastructure, nurturing a creating the infrastructure, nurturing a competitive workforce, and creating competitive workforce, and creating quality of place to enable the region to quality of place to enable the region to compete in the global economy.compete in the global economy.
Serve as the primary point of Serve as the primary point of contact contact for existing companies, new for existing companies, new business prospects, and startup business prospects, and startup companies interested in investing in the companies interested in investing in the region. region.
Investment Attraction Investment Attraction StrategyStrategy
TTargeted Business argeted Business AttractionAttraction
TTechnology Based echnology Based CompaniesCompanies
TTalentalent
Targeted Business Targeted Business AttractionAttraction
Targeted marketing Targeted marketing to site to site selectors and companies in the selectors and companies in the following sectors:following sectors:
– Transportation & Logistics- Transportation & Logistics- working with Riverport and working with Riverport and AirportAirport
– Advanced Manufacturing & Advanced Manufacturing & Food ProductionFood Production
– Professional Services & Back Professional Services & Back OfficesOffices
Technology Based Technology Based CompaniesCompanies
Centre for Business Centre for Business and Researchand Research, a , a 40,000 square foot 40,000 square foot business accelerator business accelerator with lab and R & D with lab and R & D space for high tech space for high tech and plant biotech and plant biotech companiescompanies
The eMerging Ventures Center for Innovation is part of the Kentucky network of innovation and commercialization centers established to aid the growth of high tech companies.
Technology-Based Company Growth
18 new companies with an average salary of $65,000, $20 million venture capital investment
World Center for Plant World Center for Plant PharmaPharma
Life Science Life Science Partnership Partnership to to make Owensboro make Owensboro and Kentucky and Kentucky BioProcessing the BioProcessing the world center for world center for plant plant pharmaceutical pharmaceutical productionproduction
TalentTalent Young Young
professionals & professionals & entrepreneursentrepreneurs- - with portable jobswith portable jobs
““Second lifers”- Second lifers”- retirees in a second retirees in a second careercareer
College students- College students- two-thirds remain two-thirds remain where they attend where they attend collegecollege
Existing Business Existing Business ProgramProgram
Top Priority- Top Priority- two-two-thirds of jobs created thirds of jobs created by existing companiesby existing companies
500 new jobs, 500 new jobs, 16 16 projects, $90 million projects, $90 million investment, 2008-investment, 2008-20092009
Kentucky Aluminum Kentucky Aluminum NetworkNetwork- support - support competitiveness of the competitiveness of the largest regional largest regional industryindustry
Diverse Economic BaseDiverse Economic Base
Added 500 JobsAdded 500 Jobs$90 million in new investment$90 million in new investment
Tools for Existing Tools for Existing CompaniesCompanies
Owensboro Owensboro Works.com- Works.com- ready-ready-made workforce made workforce available in online available in online databasedatabase
GO InternGO Intern Award winning Award winning
workforce development workforce development programsprograms
Kentucky Business Kentucky Business Incentives- Incentives- support support expansion and retention expansion and retention of jobs.of jobs.
Workforce DevelopmentWorkforce Development
TransitionTransition from from production-oriented production-oriented jobs to techniciansjobs to technicians– $250,000 in stimulus $250,000 in stimulus
funds to retrain for funds to retrain for health care jobshealth care jobs
Retraining Retraining program- program- GRADD-GRADD-WIB-OCTCWIB-OCTC– $2.5 million, 480 $2.5 million, 480
workers retrainedworkers retrained
New InfrastructureNew Infrastructure
I-64/ I-65 I-64/ I-65 ConnectorConnector
100 uni-train rail 100 uni-train rail loop at Riverportloop at Riverport
8,000 foot runway 8,000 foot runway at airportat airport
New commercial New commercial flights to BNA, ATLflights to BNA, ATL
I-69 spur, progressI-69 spur, progress
Public ProjectsPublic Projects Over $600 million in Over $600 million in
new projectsnew projects, 10,000 , 10,000 construction jobs, $1 construction jobs, $1 billion impactbillion impact
A A market-based market-based downtown plandowntown plan resulting resulting in $120 million in publicly in $120 million in publicly funded infrastructurefunded infrastructure
New $20 million New $20 million downtown hotel downtown hotel
New $400 million New $400 million hospitalhospital
By the NumbersBy the Numbers
Industry
Private Employmen
t Owensboro MSA 2008
% MSA Employmen
t
Owensboro MSA
2001-2008 % Growth
U.S. % Growth 2001-08
Total private industries 39,821 100% 1% 16%Manufacturing 9,205 23% -7% -18%Leisure and Hospitality 4,660 12% 26% 13%Financial 2,446 6% 18% 6%Professional and Business Services
3,132 8% 3% 8%
Natural Resources and Mining
477 1% 16% 10%
Agriculture 274 1% 101% 4%Utilities 181 1% -11% -7%Information 524 1% -9% -17%Construction 2,358 6% -28% -22%Education and Health Services
5,275 13% 24% 7%
Source: Bureau of Labor Statistics, Employment by Occupation
Manufacturing Job Retention: Owensboro Manufacturing Job Retention: Owensboro and Peer Regions, 2001-2007and Peer Regions, 2001-2007
Source: Bureau of Economic Analysis, Regional Economic Accounts as compiled by GO-EDC for Peer Region Study. Study is available at http://edc.owensboro.com/_documents/owensborometropolitanareaamongpeers-finalversion.pdf
Private Business Establishments: Owensboro and Private Business Establishments: Owensboro and Peer Regions, 2000 -2007Peer Regions, 2000 -2007
Source: Your Economy.org, as compiled by GO-EDC for Peer Region Study. Study is available at http://edc.owensboro.com/_documents/owensborometropolitanareaamongpeers-finalversion.pdf
EDC Operating BudgetEDC Operating Budget
2009-2010 Budget
Income
City of Owensboro $181,043
Daviess County Fiscal Court $155,000
Commonwealth of Kentucky- Innovation Center $66,000
Investment 2020- Private Companies $187,000
Total $589,043
Expenses
Salary and Staff Expenses $391,823
Marketing and Recruitment $52,428
Existing Industry Support $19,000
Operational Expenses (Rent, Office, Insurance) $124,792
Total $589,043
EDC InvestorsEDC Investors
Building & Construction Council
Industrial Foundation
2009-2010 GO-EDC Board of Directors Staff
Sim DavenportAT&T
Rod Kuegel, Chair-ElectKuegel Farms
Nicholas Brake, Ph.D.President/ CEO
Wayne FosterAmerican Patriot GatewaysChamber Representative
Fred MayUS Bank
Madison Silvert, J.D.Executive Vice PresidentEmerging Ventures Center
John HackbarthOMHS
Scott McCainBB&T
Sharla Austin-DarnellExisting Industry Manager
Reid HaireDaviess County Judge/Executive
Bob MorrisMessenger Inquirer
Becky McCubbinsNew Business Development Manager
Hugh HaydonKentucky Bioprocessing
Ron PayneMayor, City of Owensboro
Melissa SheltonExecutive Assistant
Darrell Higginbotham, ChairIndependence Bank
Ed RineyOwensboro Riverport Authority
Mike Baker, Executive DirectorHancock County Industrial Foundation
Don KelleySazerac North America
*Dean StanleyIndustrial Foundation
Mike Sullivan, CounselSullivan, Mountjoy, Stainback & Miller
Dr. Cheryl KingKentucky Wesleyan College
David HamiltonKenergy CorporationHancock County Representative
Office200 West Third St.
Owensboro, KY 42302270-926-4339
jobs.owensboro.comjobs.owensboro.com