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SOUTHWEST FLORIDA ECONOMY. Prepared by: Barbara Morejon Susan Watkins Bryan Merrill IDS 3920 Professor: Nora E. Demers July 10th, 2007. Economic Development.

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SOUTHWEST FLORIDA ECONOMY

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Southwest florida economy l.jpg

SOUTHWEST FLORIDA ECONOMY

Prepared by:

Barbara Morejon

Susan Watkins

Bryan Merrill

IDS 3920

Professor: Nora E. Demers

July 10th, 2007


Economic development l.jpg

Economic Development

Southwest Florida has been one of the fastest growing areas in the country for over 20 years. Below is a table of the permits awarded in Collier County in 2000, 2006, and 2007.

U.S. Bureau of Census


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Economic Development

  • The population of Lee County has continued to skyrocket over the last 17 years. Since 1990, the population for the county has grown from 205,226 to 572,344. This means the region has grown by 59% over the last 17 years.

    Source: “E Florida.” Retrieved on June 29, 2007, from http://www.enterpriceflorida.com


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Economic DevelopmentPicture of the downtown Fort Myers area approximately 15 years ago.


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Residential Development

  • In Fort Myers, the entire downtown and waterfront district has undergone a renovation.

  • “Several downtown buildings recently were renovated into apartments, including a 35-room hotel that was renovated into a 16-unit apartment building. An average 1,200-square foot apartment goes for a monthly rent of $800.”

  • Source: James Peters. Nation's Restaurant News. New York: Jan 2001. Vol.35, Iss. 5;  p. 66, 2 pgs


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Job Opportunities

  • Gulf Coast Town Center & Coconut Point Mall:

    • The opening of these two malls signifies a change in age bracket of people relocating to the area. SW Florida is becoming younger and more diversified.

    • The proximity of these new malls to FGCU generates a large source of new employment for the students of the university.


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Financing New Development Projects

  • It is essential that new projects and development ideas are generated and infused into the area. In order for this to continue, business leaders must have the vision to see into the future and take some slight financial risks to ensure the continued growth of Southwest Florida.


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Economic Development in Cape Coral

Economic Development Video - Cape Coral, Florida

Source: (2005). Google. Retrieved July 4, 2007, from Economic Development –

CapeCoral Florida Web site: http:// video.google.com/

videoplay?docid=7393790631042209548&q=florida+economy&total=

160&start=0&num=10&so= 0&type=search&plindex=0


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In 2005, 60% of employers were hiring in the Fort Myers and Naples

area, this number has dropped 32% in the last year.

Unemployment rates in our area

Collier County: 3.7% to 3.0%

Charlotte County: 3.7% to 3.4%

Lee County: 3.5% to 4.1%

Unemployment

Source:Housing Market Cools: Southwest Florida Economic Outlook Dimming, But Not Dire.

(2006). Retrieved on July 5, 2007, from Florida Home Loan Web site:

http://www. floridahomeloan.com/ 2206/09/as-housing-market-cools-southwest.html


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Unemployment

Source: “E Florida.” Retrieved on June 29, 2007, from

http://www.enterpriceflorida.com


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Major Private Sector Employers


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Per Capita Personal Income

Source: “E Florida.” Retrieved on June 29, 2007, from

http://www.enterpriceflorida.com


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Poverty Estimates

Source: Small Area Income & Poverty Estimates. (2006). In U.S. Census

Bureau [Web]. Retrieved on July 6, 2007, from

http://www.census.gov/cgi-bin/saipe/saipe/cgi


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Management focuses on the entire organization in both the short and long term perspectives. Management is a must in every business, because it is what forms the strategic vision, sets the objectives, and implements and executes the strategy of the business.

Management


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Tourism

  • Tourism drives economic development.

  • Coastal counties, such as Lee, Collier, and Charlotte generally have better economies than non-coastal counties.

  • In 2003, 1.3 million tourists spent $593 million in Collier County, resulting in an economic impact of $885 million.

  • The tourism industry provides over 25,000 jobs in Collier County.

    Source: Tourism Works for Collier County. (2003). Retrieved June 28, 2007, from Tourist Development

    Council Web site: http://www.colliergov.net/Index.aspx?page=843


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Environmental Issues and the Economy

The following issues may reduce tourism:

  • Pollution in the Caloosahatchee River

    • Algal blooms are destroying commercial seafood species.

    • Lawn fertilizers and polluted water from Lake Okeechobee are being released into the river.

  • Florida Red Tide

    • Toxins kill thousands of fish.

    • Airborne neurotoxin causes respiratory problems.

      Sources: 2006 Most Endangered River #7-Caloosahatchee

      River. Retrieved July 7, 2007, from Caloosahatchee River Citizens

      Association Web site: http://crca.caloosahatchee.org/

      crca_docs/Fast_Facts.htm

      Daley, B (2005). Red Tide Toxins Hit Florida Beachgoers in Lungs.Retrieved

      July 6, 2007, from Rense.com Web site: http://www.rense.com/general63/

      redtide.htm


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Property Tax Revenues

  • Higher property values have resulted in higher property tax revenues over the last few years.

  • These revenues further stimulate economic development by “paying for schools, roads, police, and other services.”

  • Higher property tax bills could result in less spending, which could hurt the Southwest Florida economy.

    Source:Cauchon, D. (2007). Property Taxes Up as House Prices Fall. USA Today, Retrieved June 27, 2007, from

    http://www.usatoday.com/money/economy/housing/2007-04-24-property-tax_N.htm


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Effects of Development

Pollution

  • Fuel combustion in stationary sources, such as coal-burning power plants, and transportation are the main two sources of pollution in urban areas.

  • Air pollution damages crop plants and trees by breaking down waxy coating that prevents excessive water loss and protects from diseases, pests, frost, etc.

  • Deforestation and the burning of fossil fuels produce CO2, which is responsible of 57% of the Global Warming Trend.

    Source: Socha, T (2007). Air Pollution Causes and Effects. Retrieved June 29, 2007, Web site:

    http://healthandenergy.com/air_pollution_causes.htm


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Deforestation

Change in climate

Rain is absorbed into ground.

Climate becomes drier over time.

Carbon dioxide build-up contributes to Greenhouse Effect.

Soil erosion

Rain pounds down on soil instead of on trees.

Source: Wicker, C. (2003). Climate. Retrieved June 28,

2007, from Weather Wiz Kids Web site:

http://www.weatherwizkids.com/climate.htm

Effects of Development


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Impact on Wildlife

Deforestation removes trees that are home to many different species of animals.

Animals are “forced to undergo significant changes to survive and adapt.”

Source: Deforestation Means Animals Disappear. (2003). Retrieved

July 3, 2007, from About.com Web site:

http://animals.about.com/b/a/2003_08_18.htm

Effects of Development


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Sustainability

  • Sustainability requires that humans only use up resources at a rate that they can be replenished naturally.

  • Economic development has a “critical impact on the sustainability of urban areas.”

  • With Southwest Florida’s rapid growth, it will be a great challenge to promote sustainable development.

    Sources: Roseland, M., & Soots, L. (2007). State of the World 2007: Our Urban Future.Washington, DC: Worldwatch

    Institute.

    Sustainable Development. (2007). In Wikipedia [Web]. Retrieved June 28, 2007, from

    http://en.wikipedia.org/wiki/Wikipedia:Community_Portal


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References

  • “Building Permits.” In U.S Census Bureau [Web]. Retrieved on June 29, 2007,

    from http://censats.census.gov/cgi-bin/bldgprmt/bldgprmt/pl.

  • Cauchon, D. (2007). Property Taxes Up as House Prices Fall. USA Today, Retrieved

    June 27, 2007, from http://www.usatoday.com/money/economy/housing/2007-

    04-24-property-tax_N.htm

  • Daley, B (2005). Red Tide Toxins Hit Florida Beachgoers in Lungs. Retrieved July 6, 2007, from

    Rense.com Web site: http://www.rense.com/general63/redtide.htm

    4. Deforestation Means Animals Disappear. (2003). Retrieved July 3, 2007, from

    About.com Web site: http://animals.about.com/b/a/2003_08_18.htm

    5. “E Florida.” Retrieved on June 29, 2007, from http://www.enterpriceflorida.com

    6. Housing Market Cools: Southwest Florida Economic Outlook Dimming, But Not

    Dire. (2006). Retrieved on July 5, 2007, from Florida Home Loan Web site:

    http://www.floridahomeloan.com/2206/09/as-housing-market-cools-

    southwest.html

    7. Peters, J. Nation’s Restaurant News. New York: Jan 2001. Vol. 35, Iss. 5; p. 66, 2 pg

    8. Roseland, M., & Soots, L. (2007). State of the World 2007: Our Urban Future.

    Washington , DC: Worldwatch Institute.

    9. Small Area Income & Poverty Estimates. (2006). In U.S. Census Bureau [Web].

    Retrieved on July 6, 2007, from http://www.census.gov/cgi-bin/saipe/saipe/cgi

    10. Socha, T (2007). Air Pollution Causes and Effects. Retrieved June 29, 2007, Web site:

    http://healthandenergy.com/air_pollution_causes.htm

    11. Sustainable Development. (2007). In Wikipedia [Web]. Retrieved June 28, 2007, from

    http://en.wikipedia.org/wiki/Wikipedia:Community_Portal

    12. Tourism Works for Collier County. (2003). Retrieved June 28, 2007, from Tourist Development

    Council Web site: http://www.colliergov.net/Index.aspx?page=843

    13. Wicker, C. (2003). Climate. Retrieved June 28, 2007, from Weather Wiz Kids Web

    site: http://www.weatherwizkids.com/climate.htm

    14. 2006 Most Endangered River #7-Caloosahatchee River. Retrieved July 7, 2007, from

    Caloosahatchee River Citizens Association Web site:

    http://crca.caloosahatchee.org/crca_docs/Fast_Facts.htm

  • (2005). Google. Retrieved July 4, 2007, from Economic Development - Cape Coral Florida Web site:

    http://video.google.com/videoplay?docid=7393790631042209548&q=florida+economy&total=

    160&start=0&num=10&so=0&type=search&plindex=0


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