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Evaluating Tallahassee’s Future in the New Economy

Evaluating Tallahassee’s Future in the New Economy. Tim Lynch, Ph.D., Director Julie Harrington, Ph.D., Asst. Dir. Center for Economic Forecasting and Analysis Florida State University www.cefa.fsu.edu May 2, 2002. What are the attributes of the New Economy?.

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Evaluating Tallahassee’s Future in the New Economy

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  1. Evaluating Tallahassee’s Future in the New Economy Tim Lynch, Ph.D., Director Julie Harrington, Ph.D., Asst. Dir. Center for Economic Forecasting and Analysis Florida State University www.cefa.fsu.edu May 2, 2002

  2. What are the attributes of the New Economy? • An increased trend towards globalization. • Increased levels of business growth, flexibility and competition driven by information technologies (IT). • Higher levels of entrepreneurial activity and creativity. • Higher levels of productivity and income dispersion and quality of life.

  3. What is the New Economy Index? • The New Economy Index evaluates and compares the “high tech economic” strength of US Metropolitan Areas (MSA). • The 50 largest US MSAs have been evaluated and ranked. • Tallahassee and 268 medium and smaller cities have not been evaluated. • This study will evaluate Tallahassee and 19 other Florida metro areas with the New Economy Index.

  4. Old Economy People Capital Entrepreneurs Goods Services Productivity Low cost production Strong economy Profits

  5. People Capital Entrepreneurs New Economy Goods Services Higher productivity Higher wages Higher quality of life More resilient economy Higher efficiency Higher wealth Higher profits

  6. WHAT ARE THE ATTRIBUTES OF THE “OLD ECONOMY”?

  7. Old Economy 1.People Measures • Per capita income • Average earning • Unemployment level • Training level • Labor productivity

  8. Old Economy 2.Capital Measures • Infrastructure value • Investment level • Capital Productivity • Land value

  9. Old Economy 3.Entrepreneurs Measures • Number of new companies • Investment rate • Profit level • R&D level

  10. WHAT ARE THE ATTRIBUTES OF THE “NEW ECONOMY”?

  11. New Economy 1.People Measures • % Of managerial, professional and technical jobs • Level of workforce education • % Of high-tech jobs • # Of degrees granted in science and engineering • % Of online adult population

  12. New Economy 2.Capital Measures • Broadband telecom capacity • Computer use in schools • Commercial internet domain names • Internet backbone

  13. New Economy 3.Entrepreneurs Measures • % of gazelle jobs • % of job churning • # of patents • $ amount of academic research • $ amount of venture capital • # of new publicly traded companies

  14. US Manufacturing Worker Hourly Production ValueVs The It Investment Rate(Constant 2002$) $300 60% 54% 42% $200 40% 29% 22% $100 20% 13% 7% $0 0% 1950 1960 1970 1980 1990 2000 Source: Chase Econometrics, 4-15-2002 IT % of All US Private Investments US Worker Hourly Manuf Production % IT Investment Rate Old economy New economy

  15. New Economy Index Measures

  16. New Economy Index Measures

  17. KNOWLEDGE JOBS

  18. Knowledge Jobs Managerial Professional Technical Jobs

  19. Knowledge Jobs Workforce Education

  20. GLOBALIZATION

  21. Globalization Export Focus Manufacturing

  22. ECONOMIC DYNAMISM

  23. Economic Dynamism Gazelles % Fast Growing Companies

  24. Economic Dynamism Job Churning Job Gain & Loss Rate

  25. Economic Dynamism New Publicly Traded Initial Public Offerings

  26. THE DIGITALECONOMY

  27. The Digital Economy Online Adult Population

  28. The Digital Economy Broadband Telecommunications Capacity Source: FCC Web Site: http://www.fcc.gov/Bureaus/Common_Carrier/Reports/FCC-State_Link/IAD/hzip1299.pdf

  29. The Digital Economy Computers Used In K-12 Schools

  30. The Digital Economy Commercial Internet Domain Names

  31. The Digital Economy Internet Backbone Capacity

  32. INNOVATIONCAPACITY

  33. Innovation Capacity Level Of High Tech Jobs

  34. Innovation Capacity Degrees Granted In Science & Engineering

  35. Innovation Capacity Patents Issued

  36. Innovation Capacity Academic Research & Development Funding

  37. Innovation Capacity Venture Capital Funding Levels

  38. FINAL TALLAHASSEE RANKING

  39. Tallahassee’s Final Ranking Among The US MSAs Evaluated TALLAHASSEE RANKS 11th OUT OF 66 US MSAs EVALUATED

  40. Tallahassee has an opportunity to build strength in: • GLOBALIZATION NATIONAL RANK • EXPORT SALES 61 • THE DIGITAL ECONOMY • BROADBAND TELECOM CAPACITY 66 • ECONOMIC DYNAMISM • # OF NEW PUBLICLY TRADED IPOs 60 • JOB CHURNING 45 • INNOVATION CAPACITY • VENTURE CAPITAL 63 • PATENTS 58

  41. RECOMMENDATIONS • Business and government must partner together to expand : • Broad band high speed Internet access to all business, educational and residential need. • Business community access to venture capital. • Regional creative innovation, business formation and trade efforts and job creation.

  42. Tallahassee has a strength in: • KNOWLEDGE JOBS NATIONAL RANK • HIGHLY EDUCATED WORK FORCE 2 • MANAGERIAL, PROFESSIONAL, TECH 19 • THE DIGITAL ECONOMY • INTERNET SUPERHIGHWAY LINKAGE 2 • ONLINE POPULATION 7 • ECONOMIC DYNAMISM • GAZELLES 11 • INNOVATION CAPACITY • DEGREES GRANTED IN SCIENCE & ENGINEERING 2 • ACADEMIC RESEARCH & DEVELOPMENT FUNDING 3

  43. RECOMMENDATIONS • Business and government must partner to: • Build on our strengths - high levels of professional/technical jobs and a highly educated, online-savvy workforce, student base and general population. • Communicate to prospective and existing businesses Tallahassee’s strong “high tech” ranking, Internet access and dynamic economy. • Convert our excellent science, engineering and research capabilities into commercially viable local ventures.

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