diversifying your economy – post disaster identifying emerging industries gedp is a private,...
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Diversifying Your Economy – Post Disaster
Identifying Emerging Industries
GEDP is a private, non-profit 501(c)(6) organization that is membership based
Supporting Business and Community
Jeffrey SjostromPresident
February 25, 2015
The list of damages and problems included:
Approximately 75 to 80 percent of the 2,500 businesses experienced severe damage
Water levels greater than nine feet and mold in the historic “Strand” district
Significant damage to the Port of Galveston, major cultural facilities, and UTMB campus
80 percent of residences had flood damage; one out of five units have been condemned
Only 60 percent of the city’s population had returned six weeks after the storm
Significant labor shortages for most of the local businesses that have re-opened.
Hurricane Ike Impact: Hurricane Ike struck the southeast coast of Texas on September 13, 2008 as a Category 2 storm causing an estimated damage of over $30 billion to the state with direct impacts to 29 Texan communities. Although the water quickly receded in Galveston, there was considerable recovery and rebuilding to be accomplished on the island.
Island Recovery: In the six years after Hurricane Ike, Galveston has begun to see an increase in it’s economy. In some
industries, the figures meet, if not exceed those from 2008.
City Financial Foundation strong and positioned for growth
Sales Tax and Hotel Occupancy Tax Performance experiencing positive gains
Housing and Real Estate markets already continue growing by both volume and sales price
Industrial/Maritime industries continue seeing significant new investments
Healthcare remains one of Galveston’s leading markets with jobs and capital investments
Education sectors seeing continued growth in enrollments and addition of new programs
Population stabilized after losses from Ike, with signs of improvement
Galveston retains job center of Galveston County and unemployment rates dropping
Economic Drivers of Galveston Education and Healthcare Maritime & Support Service for Offshore Oil Tourism and Hospitality
“…economic trends in effect prior to Hurricane Katrina – intensified after the storm…” Brent Warr, Gulfport MS
GEDP TARGET MARKETS: MARITIME SUPPORT SERVICE FOR OFFSHORE OIL & GAS EMERGING TECHNOLOGY MIDDLE INCOME HOUSING TOURISM BUSINESS - RETENTION - EXPANSION -
DIVERSIFICATION
ECONOMIC RECOVERY AND DIVERSIFICATION
Business Recovery Funding City Infrastructure and Housing UTMB – TAMUG Port of Galveston Tourism Beaches and Amenities
Jennie Sealy Hospital
Additional Cruise Lines
Disaster Planning and Preparedness mitigates against financial loss and hardship Businesses are left to their own determination and ingenuity Economic Development organizations can play a pivotal role in providing resources
and/or stability to the redevelopment and revitalization of their communities Economic Development is a marathon, not a sprint
Lessons Learned
GEDP INITIATIVES:The GEDP maintains focus on expanding Galveston Island employment and tax bases through: Business Recovery Activities - Over $100
million in business development / recovery resources facilitated by GEDP since 2008
GEDP Disaster Recovery Guide & Business Recovery Task Force
GEDP Economic Development SummitGEDP Annual Plan of Work Information Clearinghouse GEDP Investor Profile magazine