Transcript Diversifying Your Economy – Post Disaster

Jeffrey Sjostrom
President
February 25, 2015
Supporting Business and Community
Diversifying Your Economy – Post Disaster
Identifying Emerging Industries
GEDP is a private, non-profit 501(c)(6)
organization that is membership based
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.
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.
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.
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City Financial Foundation strong and positioned
for growth
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Sales Tax and Hotel Occupancy Tax Performance
experiencing positive gains
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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
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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:
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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
GEDP STRATEGIC
INVESTMENT AREAS
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 Summit
 GEDP Annual Plan of Work
 Information Clearinghouse
 GEDP Investor Profile magazine
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
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FOR ADDITIONAL INFORMATION ,
CONTACT :
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GALVESTON ECONOMIC
DEVELOPMENT PARTNERSHIP
409-770-0216
1700 Strand – UTMB Customs House
www.gedp.org