2019-2024 Economic Development Strategic Plan

FINAL COMMISSION RECOMMENDATION The Grow Spencer Commission met on January 4, 2019 to review and recommend the final economic development work plan for City Council approval. COUNCIL PLAN ADOPTION Consultant presented a final work plan to the City Council at their January 7, 2019 meeting. The work plan was accepted by the Council and implementation initiated by resolution. ASSESSMENT OF DATA Effective plans assess relevant data such as employment, industry sectors and growth patterns and trends. However, it is also very easy for an economic development planning process to restate known historical data or be influenced information bias ix so as to gather and analyze data that is ultimately irrelevant to the plan’s outcome. For example, looking at Census population trends for several decades may show a population decline, but gathering, restating and commenting on such trends does focus on the forward-looking challenge of why the population is declining (aging population, aging housing stock, etc.) and how that trend can be changed (new housing, community amenities, higher wage jobs, etc.). These final segments of the report discuss several instances where data and on-going analysis will be critical to future planning and implementation. LABORSHED SUMMARY As of 2015, the most current laborshed available, Spencer had a total potential labor force of 76,359 for its entire laborshed (an area within a 50-mile radius of Spencer). Unfortunately, those willing to change or accept employment cited willingness to accept an average of 20 miles one way as a commute. The highest hourly wages by reported by industry include Government and Public Administration ($23.50); Healthcare & Social Services ($21.00); Transportation, Communications and Utilities ($19.61), Construction ($16.88); and Manufacturing ($16.50). Wholesale and Retail Trade accounted for the lowest hourly wages. The top employing industries in the laborshed area include Wholesale and Retail Trade (15.3%) and Manufacturing (15%). Current detail regarding the availability of workers by targeted industries selected was not available at the time the Consultant completed this report. However, updated laborshed reports are currently in the process of being completed for the City of Spencer and the Iowa Lakes Corridor. SURVEY OF INDUSTRY SECTORS & CLUSTERS According to the most recent Survey of Business Owners and Self-employed Persons (SBO) in 2012, the following graphic represents the total number of firms (with and without employees) by industry sector for Clay County. The top five industry sectors by total number of firms in Clay County were Other Services (16%), Construction (15%), Real Estate and Rental and Leasing (14%), Retail Trade (13%), and Health Care and Social Assistance (12%). While Manufacturing (2%) and Transportation and Warehousing (6%) fell near the bottom.

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