City of Rochester Hills
Economic Development STRATEGY
Updated January 2021
Address 1000 Rochester Hills Drive Rochester Hills |48309 Michigan
+1 248.656.4600 +1 248.656.4660 Phone
www.rochesterhills.org planning@rochesterhills.org Website | Email
Executive Summary
Why we do economic development
You’ve seen it hundreds of times, all over the world, that cities dream to be THE place to live, work and play. Businesses are vital to creating the spaces where people can live, work and play. Whether it´s constructing a new housing development, a high-tech manufacturer creating jobs from CEO to receptionist or the community movie theater - businesses bring innovation, opportunities, employment, diversity and education to a city. Businesses too are paying customers of a community. In fact, in Rochester Hills, 28% of our tax revenue is paid by local busineses. And while businesses don’t have a vote in community issues, they have a voice. And like the saying goes, “Location, Location, Location” is everything. A location that provides quality real estate options, proximity to customers and suppliers and world class workforce drive a business’ decision on choosing the right location. Just like a business, it is govern- ment’s role to recognize its customers and provide excellent service. Therefore, in the City of Rochester Hills, we recognize our role is to be strategic in our efforts to attract and retain a community of “good” businesses. We began the process of crafting this strategy in 2019, but we know this is a living document that will need regular reflection as the market changes. While the pandemic has brought much disruption to our business community and threats to our competitiveness, it has also brought new opportunities for business products and services. We recognize that during these unique times, priorities, programs and resources may shift. We also know that data and metrics are changing, sometimes daily, and we are watching these factors closely to make sure we are looking for trends, opportunities, threats and advan- tages. However, at the end of the day, it’s still our overall mission to be the preeminent place to live work and raise a family and collaboration with strategic partners and customers on The Big 5 will help us accomplish such a mission. Rochester Hills Mayor Bryan Barnett: “It is never our place as government to get in your busi- ness, but if we can help in any way, that is where we play a role.”
P RESERVE
E NHANCE
D IVERSIFY
The mission of the Planning and Economic Development (PED) Department is to support and promote quality development. By preserving what Rochester Hills already has, enhancing those elements that can be improved and diversifying options, Rochester Hills can continue to be among the nation’s preeminent places to live, work and raise a family for many years to come.
Page 1
Contents
Location Location Location
Market Analysis
PAGE 3
PAGE 8
Customers
Strategies
PAGE 12
PAGE 14
Strategic Partners
Tracking Success
PAGE 22
PAGE 23
Appendix
PAGE 26
Page 2
Location Location Location
Page 3
Why Michigan
Michigan has always been known for its innovation, diversity and entrepreneurial spirit. Michigan is strategically located among the country’s most industrialist cities and near the U.S./Canadian border. In fact, the busiest border crossing in North America - the Am- bassador Bridge, sees over $500 million in trade cross between Michigan and Canada daily. A four-seasons state, Michigan offers the most diverse, scenic and adventurous quality of life one can imagine. Surrounded by 20% of the globe’s fresh water, it’s no wonder Michi- gan is known as the Great Lakes State. For financially savvy businesses and workforce, Michigan just makes “cents” - literally. According to the Tax Foundation, Michigan ranked 12th in the country for the best busi- ness tax climate. Talent looking to build a career and a home find wages to be above the national average, while having a cost of living 10% below the national average, making Michigan the 4th most affordable state in the country. Michigan is also home to many of the nation’s top universities and research centers and has always taken great pride in the educational systems available to our current, and future workforce. With the resurgence of the City of Detroit, Michigan is abuzz on the many business, social and cultural opportunities available. The Michigan Economic Development Corporation recently completed a 5-year strategic plan where priorities and program development will focus on:
Michigan’s target industries: ▶ Mobility and automotive manufacturing ▶ Engineering, design and development ▶ Professional and corporate services
Michigan’s focus areas: ▶ Attract, retain and support businesses ▶ Foster high-wage skills growth
▶ Develop attractive places ▶ Catalyze entrepreneurship ▶ Market the state
▶ Advanced manufacturing ▶ Medical device technology ▶ Tech
INNOVATION HUB
SKILLED WORKFORCE
GLOBAL PLAYER
EDUCATION
more than $12 billion spent, MIchigan ranks 4th in U.S. for private spending on R&D
Michigan is #1 in the concentration of employed engineers - 89,000
Over 1,460 foreign companies with 5,346 locations across the state
25,000 degrees earned in STEM fields within 1 year
GLOBAL PLAYER
CAREER CREATOR
EDUCATION
MANUFACTURING
$ 55.7 billions in goods exported
400,000 jobs created in the state since 2010
15 public universities are located in Michigan
Over 14,000 manufacturing establishments are located in the state
Sources: Automation Alley, Advantage Oakland by Oakland County, MEDC
Page 4
Why Oakland County Located in southeast Michigan, Oakland County is known for its prestige, diversity and business friendly environment. As the second most populated county in the state, Oak- land County has long been a growing county with the Soutcheast Michigan Council of Governments (SEMCOG) predicting its population to reach 1.3 million and an employment count of 1 million by 2045. Oakland County exceeds many other full states metrics in the areas of total exports, total wages and employment. Oakland County has prided itself in having nationally ranked educational systems and population where 46% of residents have a bachelor’s degree or higher. Oakland County is also one of the wealthiest counties in the U.S., with a median household income of $67,475 in 2017 - 20% higher than the national average. The diversity among its residents promotes the county as an ideal place to invest and raise a family. It is these characteristics of Oakland County that have attracted many large and small companies from all over the world. Over 1,000 international firms from 40 countries have established operations in Oakland County. Oakland County leadership has long valued the importance of a robust, diverse economy and strong economic development strategy. Emerging sectors showing growth potential have been the target of its business develop- ment work and they include defense and aerospace; mobility, communications and infor- mation technology; life sciences; and robotics. Even through difficult times, Oakland County has been fiscally strong and responsible, ap- proving 3-year balanced budgets and 5-year forecasts, and maintaining AAA bond rating. For this, Oakland County is the premier place for business growth and exceptional living.
Distance from Rochester Hills in Oakland County
▶ Detroit, Michigan 25 miles ▶ Windsor, Ontario, Canada 28 miles ▶ Lansing, Michigan (State Capital) 80 miles ▶ Toledo, Ohio 84 miles ▶ Grand Rapids, Michigan 147 miles ▶ Cleveland, Ohio 195 miles ▶ Columbus, Ohio (State Capital) 229 miles ▶ Toronto, Ontario, Canada 230 miles ▶ Pittsburgh, Pennsylvania 312 miles ▶ Indianapolis, Indiana 306 miles ▶ Washington D.C. (U.S. Capital) 550 miles ▶ New York City, New York 640 miles ▶ Cincinnati, Ohio 290 miles ▶ Chicago, Illinois 295 miles
INTERNATIONAL FIRMS
SKILLED WORKFORCE
PATENTS AWARDED
FORTUNE 500
Almost 60% of all Fortune 500 companies have at least one business location in Oakland County
O.C. ranks 9th among U.S. counties for patents issued
1,040 companies from 40 countries
51.4 % of Oakland County residents have a College degree, the national average is 37.2 %
Sources: Automation Alley, Advantage Oakland by Oakland County, MEDC
Page 5
Why Rochester Hills
Rochester Hills is one of the jewels of Oakland County. It offers quality city services and infrastructure, prox- imity to major roadways, a diverse business commu- nity, a federal Opportunity Zone and a dedicated Eco- nomic Development Department. The City is ranked as one of the wealthiest in the state, and amongst the 50 most educated cities in the U.S.. Rochester Hills features a quality of life focused on people and draws its unique personality from the diversity of its residents. The city is a family oriented community, which is clearly evident in its many neighborhoods. It is also evident in the quality of education and rec- reation programs that are available. The award winning Rochester and Avondale Com- munity Schools provide K-12 education for Rochester Hills. Rochester University, Oakland University and Oakland Community College are either located in the city or just outside the city. With nearly 1,000 acres of parkland, Rochester Hills offers the opportunity for relaxation and recreation few others can match. Rochester Hills boasts of many cultural assets that enrich the community such as Meadow Brook Hall, Yates Cider Mill, Rochester Hills Museum at Van Hoosen Farm and the Older Persons Commission. The Village of Rochester Hills and other shopping areas offer excellent opportunities for every possible purchase inclination and the City is host to some of the best dining options in all of Michigan. The City of Rochester Hills is the preeminent place to live, work and raise a family.
Page 6
Rochester Hills Data from 2018, states that 74,556 people call Rochester Hills home. According to SEMCOG, the population in Rochester Hills is forecasted to increase to 79,709 by the year 2045. Daytime popu- lation in Rochester Hills averages 77,816. Census data such as population by age, educational attainment and race, demonstrates Rochester Hills’ ability to attract educated, diverse families from all over the world. Local Economy Income
In 2019, the median household income in Roches- ter Hills was $92,319 compared to $68,703 for all U.S. households. The per capita income for Rochester Hills was $47,881 in 2019. Employment The past five years, Rochester Hills’ unemployment rate has averaged 3.9%, consistently lower than state and national averages. Even as the world battled the pandemic, Rochester Hills ended 2020 with a 3.9% unemployment rate. Top industries that employ city residents include manufacturing (7,604 residents), healthcare and social assistance (4,955 residents), re- tail (3,409 residents), and educational services (3,117 residents). Commuting Troy, Auburn Hills, Rochester, and Warren are the most common places to work outside of the city for residents. The mean travel time to work in 2019 was 26 minutes. Of the jobs located within Rochester Hills, the largest share of commuters lived within the city (25%), Shelby Township (5.1%), Sterling Heights (4.3 %), Troy (4.3%) and Waterford Township (3.6%).
MEDIAN HOUSEHOLD INCOME
TOTAL POPULATION
BUSINESS ESTABLISHMENTS
74,556 Residents
1,600
$87,475
MEDIAN AGE
EDUCATIONAL ATTAINMENT
NUMBER OF JOBS
57% have a Bachelor’s degree or higher Sources: Advantage Oakland by Oakland County, MEDC Zoom Prospector, SEMCOG
41.1 years
41,559
Page 7
Market Analysis
Page 8
Trend Monitor What we are watching
Digital Nomads: 7 Reasons Why the Future of Work is Remote
To Survive Businesses will be Forced to Digitize, Virtualize, and Dematerialize
INDUSTRY X
Goodbye Automotive Industry, Hello Mobility Industry
EV Market Expected to Quadruple by 2030
Page 9
Market Analysis
The market analysis is a strategic planning tool used by the City of Rochester Hills to en- sure that there is a clear objective formed by a comprehensive understanding of our com- munity’s strengths, weaknesses, capabilities and capacity. All organizations, cities included, experience limitations to their absolute potential. For a city like Rochester Hills they can include factors beyond our control such as physical proximity to other markets like Mexico or the west coast; aging population and increasing housing and construction costs. Recently, Rochester Hills has experienced what we refer- ence as “good problems”. Metrics like low commercial vacancy rates and low unemploy- ment rates are what all cities strive to maintain; however when you reach those record low rates like Rochester Hills has experienced the past five years, it creates challenges in our economic development services such as finding available facilities for growing companies and skilled workers within immediate vicinity. Thus we look at the strengths and assets of the community to determine our opportunities to attract and retain a thriving business community. Rochester Hills has much to offer its business community and workforce and many decision makers choose Rochester Hills for a variety of reasons. Sometimes things happen unexpectedly. Nobody predicted that we would begin this new decade fighting a global pandemic that would threaten millions of people, shut down countries and force our economic growth to come to a standstill. We will not know the full impact of COVID-19 for some time but we anticipate these “prob- lems” to create more vacancies and people looking for employment, and thus we will build upon our strengths to support our existing businesses and pursue opportunities to attract new businesses.
Where We Are Strong ▶ Top 10 places to live in U.S., by Money Magazine ▶ Rochester Hills is a fiscally sound community ▶ Second lowest city tax rate in Oakland County ▶ Nationally recognized business development programs like Mayor’s Business Council and Rochester Hills Innovators and Senior Executives (RHISE) ▶ Top 10 school district in Michigan ▶ Everyday needs close by / proximity to retail chains and restaurants ▶ International (business) community ▶ Proximity to OEM´s and Automotive belt on I-75
▶ High wages compared to U.S. average ▶ Two accredited universities attract talent ▶ from all over the world ▶ Close to Canada ▶ Safest City in Michigan ▶ RH is friendly, clean and green!
Where we are strong list: All these trends, strengths, weaknesses, assets and problems create opportunities. Under- standing this market analysis helps formulate an obtainable strategy that identifies our customers and complements the image of the community.
Page 10
Market Analysis Where can we go from here
Redevelopment of brownfield sites/aging buildings Expand industry clusters Engaged companies landlord/business/ RH partnerships All educational systems - talent recruitment Support start-up scene Market
COVID19- economic recovery
Rochester AND Rochester Hills
supply chains
VISION The vision of the Rochester Hills’ Economic Development Team is to retain and attract good companies to the area in order to provide quality careers for our residents and attract talent to the larger region.
What makes a company “good”?
▶ good partner ▶ innovative ▶ market leader in growth mode ▶ frequently plans for the future/invests in R&D ▶ launching new products/services ▶ open-minded, moderizing and willing to change with the times ▶ happy employees - company treats them like family, invests in training, work environment/facility ▶ engaged within the community and socially responsible - donates to schools, charities, volunteering, sponsoring
Page 11
Customers
Page 12
KNOWING OUR CUSTOMERS
BUSINESSES - WORKFORCE - DEVELOPERS
Small-medium privately-held businesses While their investment, job creation, market share and name recognition may be small, combined they truly do make up the majority of businesses and employment within most communities. In fact, in Rochester Hills, 98% of our businesses employ less than 100 peo- ple. The needs and opportunities of these companies are different, but every small and medium sized business has the opportunity to become a large business and it’s our role to help them wherever we can to reach their goals and potential. Large, private and publicly-held businesses These customers bring a number of benefits to a community: status, national and global attention, major financial investment and sizable job creation. It’s no doubt that these customers can “put a city on the map” and make Rochester Hills known around the world for being home to [insert company name]. The economic impact of large companies with- in a community can grow as suppliers move to be closer to their customers and businesses open to provide food, goods, entertainment and services to the many employees that visit the city on a regular basis. Current + Future Workforce The biggest issue facing Rochester Hills businesses is finding and retaining talent. Thus it is essential that economic developers work to provide a community with a strong work- force that meets the short and long term needs of businesses. Rochester Hills is the pre- eminent place to live and raise a family and it’s important that we recognize this new cus- tomer and market the community’s image.
Commercial/Industrial Property Owners and Developers
In order to attract the above-mentioned customers, Rochester Hills must maintain an in- ventory of quality commercial real estate options at fair market prices. It is not the City’s role to be developers and landlords, thus we look to private developers to construct these attractive facilities and property owners to maintain high quality establishments. Com- mercial/industrial property owners and developers are tax-paying customers of the City. And, while they may not be the obvious economic development customer in terms of creating jobs and building supply chains, these customers “manufacture” what we in eco- nomic development are striving to “sell”—land poised for new development and Class A business facilities.
Page 13
Strategy
Page 14
▶ The Big Five Strategy 2020-2025
Foster Entrepreneurship
Attract National Movers and Shakers
Welcome Talent/Workforce
Support Property Owners and Developers
Boost International Business Development
Page 15
Strategy
Foster Entrepreneurship
All businesses start off with an idea. An idea, a concept, a theory that needs one – an entrepreneur – to develop it. Entrepreneurs are passionate. They are hard workers. They wear many hats and take risks. Entrepreneurship can come in many forms, be it the professional running a consulting business from their home, the entrepreneur opening a fitness training studio or the youth exploring opportunities to start their own business. On a daily basis, ideas are born in Rochester Hills. Rochester Hills prides itself in being a community that educates and cultivates leaders with ideas and passion. Small busi- nesses create the economic diversity that a community strives for. In 2018, Verizon Business recognized Rochester Hills as being the 8th best place in the U.S. for small businesses. Since 2012, the University of Michigan-Dearborn’s Labs has ranked the City of Rochester Hills as a 5-Star Community (highest possible ranking) for its environment that fosters entrepreneurship. With 1,500 small businesses in Rochester Hills, the ability for City staff to connect with all will be limited. But working with strategic partners like the Rochester Regional Chamber, Oakland County Business Center and MI-SBDC, it is our goal to thank these entrepreneurs for their investment in our City and promote the many programs avail- able to small businesses and assist them with their needs. Strive to develop and support an ecosystem that embraces entrepreneurship The pandemic has been especially difficult for our small businesses as they adjust to public health protocols, layoffs, and restricted travel. Throughout it all, we’ve helped them in numerous ways by providing operational, financial, and marketing support.
1. Track trends and needs of start-up owners and entrepreneurs 2.“Adopt a start-up for a year” Extract of Action Items:*
"I could not be happier and more im- pressed with the organized manner the city was able to completely trans- form our little stretch of Rochester Hills. Now I see our area as a blank canvas, with potential for new devel- opment and I look forward to being a part of the area's growth."
Matt Moore, owner, Johnny Blacks Public House - Auburn Road/Brooklands
*see Action Plan in appendix for details
Page 16
Strategy
1. Identify / define global and national Movers & Shakers 2.Maximize our digital footprint in order to court future businesseses 3.Engage with site selection consultants Extract of Action Items:* The prospect of Amazon’s HQ2 brought a public spotlight to the economic develop- ment process of competing with communities to attract companies. While much interest was on the prospect of welcoming this national “Mover and Shaker” to the region and Rochester Hills was NOT in the top ten list, there are other companies that Rochester Hills can identify that are exploring growth opportunities. From national retailers looking to enter the Michigan market and construct a new flagship store to innovative companies with national or global recognition for their market position - the competition to attract these companies can be fierce. But Rochester Hills has many assets and characteristics that make it an attractive community to many “movers and shakers”. Tracking industries, market forecasts and public perception of companies will be key to identifying prospective companies and working with strategic partners and fellow customers - such as developers - will position Rochester Hills to win some great projects. Retain and attract “good” companies that are garnering national attention as “Movers and Shakers” within their industry Attract National Movers & Shakers
Detroit Free Press, January 15, 2020 “Robert Redford’s Sundance store will open its first Michigan location this summer in Rochester Hills”
*see Action Plan in appendix for details
Page 17
Strategy
Extract of Action Items:* 1. Promote concepts like the “French Corner” 2. Offer Rochester Hills Economic Development website content in multiple languages 3. Join international chambers and visit And while issues like international trade agreements, tariffs and COVID-19 have limit- ed new foreign direct investment in our region, successful businesses must still main- tain a global strategy. Therefore, it is Rochester Hills’ strategy to continue to provide an environment that allows international businesses proximity to their supply chain and talented workforce. According to the U.S. Bureau of Statistics, foreign-owned companies typically pay U.S. workers 25% more than U.S. owned companies. In fact, looking at the list of Rochester Hills´ top employers – three of them are foreign-owned companies. Since 2015, 37% of our economic development success stories have involved an inter- national company, bringing $120 million in new investment and creating/retaining 1,025 jobs. The relationships we have established with our international companies have continued to bear fruit and when they are looking to expand, we want to make sure they do it in Rochester Hills. Boost International Business Development Market Rochester Hills’ attractiveness for international business investment Business is a global operation and the U.S. continues to be the world’s largest con- sumer market. In the past 5 years, foreign direct investment has grown 67% in the U.S. From 2013 to 2019, Oakland County realized more than $1.7 billion in foreign invest- ment, creating and retaining over 24,000 jobs. Rochester Hills is home to nearly 50 international companies from 13 different coun- tries, employing 3,576 people. International companies chose Rochester Hills for its quality real estate options, highly skilled workforce, pro-business environment and a safe, enjoyable quality of life. These companies bring diversity to the community, mul- ticultural awareness and strong career opportunities.
“Rochester Hills, MI is a great place to invest and grow a business. It provides a great environment with efficient infra- structures, convenient accessibility to all automotive key players, and a very busi- ness-friendly local administration.” Xavier Ovize, CEO AdduXi, Founder of French Corner
target group specific industry trade shows to attract more inter- national businesses
*see Action Plan in appendix for details
Page 18
Strategy
Grow and market Rochester Hills’ talented workforce Welcome a Talented Workforce
According to Hickey & Associates, a top corporate site selection consulting firm, the most im- portant factor influencing business’ location choice today is labor availability. The next 5-year projection shows no signs of ending this war to attract and retain talent. Rochester Hills has been a community of well educated, highly skilled residents. The skill set, experience and work ethic of Rochester Hills residents exceed most companies’ expectations. Our proximity to other strong communities like Troy, Oakland Township, Auburn Hills and Sterling Heights allows businesses to maintain a central location for their recruitment of tal- ent. All this must be marketed to current and prospective businesses. We must work with our existing businesses to promote the career opportunities available in Rochester Hills. People choose Rochester Hills because of the residential options, quality of life and proximity to employment. With record low unemployment rates in Rochester Hills, it will be important to attract talent that supports the needs of our businesses. And where necessary, we must work with our businesses to promote Rochester Hills as an ideal place to live for talent looking to come to Michigan. Rochester Hills is an educational epicenter. Its K-12 school systems consistently generate young talent immediately ready for the workforce with strong strategic, problem solving, and STEM skills. Rochester Hills is also fortunate to be a “college town” and be home to two out- standing universities - Oakland University and Rochester University. Every year, over 23,000 students spend their days, and nights, in Rochester Hills pursuing their education and career goals - thus creating the opportunity to promote Rochester Hills as a great place to build one’s career. Extract of Action Items:* 1. Create profile of Rochester Hills area workforce: demographics, work ethics, psychographics, motivators and compare to other communities and states 2. Hold annual Rochester Hills job speeddating event at City Hall 3. Create marketing campaign: “What makes RH the ideal place to live & work”
Logan Eling, Rochester University Student earn an internship from this opportunity, and I cannot wait to work in such a great city, starting this summer.” “The Mayor’s Business Council Talent Initiative gave me a great opportunity to showcase what I have to offer as a student and as a person. I was able to
*see Action Plan in appendix for details
Page 19
Strategy
It’s all about curb appeal. Quality real estate options are critical to new and expanding busi- nesses. In 2020, Rochester Hills had over 15 million square feet of non-residential space and since 2015, the City experienced record low vacancies. While much of the community is already developed, opportunities exist for redevelopment of outdated, underutilized properties. But it is important to make sure that we are keeping with the community’s character, working with developers and property owners to construct and maintain quality, attractive facilities. Community economic development is a partnership with City administration, property own- ers and businesses. Should we see our vacancy rate increase, we must work together to pro- mote the community and attract “good” companies. Attractive facilities not only represent a company’s brand to its customers, they also help companies attract talent. The Planning and Economic Development Department is available to assist potential property and business owners to see how Rochester Hills in making plans a reality. Extract of Action Items:* 1. Hold annual Focus Group - discussion with industrial, residential, and retail property owners 2. Market Rochester Hills’ Opportunity Zone in order to draw attention to local investment opportunities 3. “Create ”Open for Investment” brochure for Auburn Road corridor Partner with existing property owners to maintain Class A commercial real estate and promote Rochester Hills to innovative developers Support Property Owners and Developers
“Frank Rewold & Sons (FRS) believes in putting our money where our house is! After 100+ years of business, four consecutive family generations, and 70+ past/present construction projects, FRS has deep connections to the greater Rochester area. We
believe in giving back to the community that has given so much to us.” Jason Rewold, LEED GA Vice President Frank Rewold and Sons
*see Action Plan in appendix for details
Page 20
Targeted Industries Building a cohesive targeting strategy for Rochester Hills involves taking into account com- munity values and desires, existing industry base, regional resources and assets, area economic trends and forecasted industry trends. All of these pieces are needed to build a clear roadmap to specific opportunities that hold the greatest promise for success. Matching the local areas of opportunity with growing and emerging technology and industries is the key to determining the industries that represent the best targets for expansion and at- traction efforts. The identification of target industries will focus on those areas that will hold the most return on time and marketing dollars invested in expansion and attraction efforts. Target industries will also give us the opportunity to gain a deeper understanding of specific target industry environments to better craft the marketing message and prepare Rochester Hills to meet the needs of those industries. The city incorporated the target groups from the economic development strategies of Oakland County and the Michigan Economic Development Corpo- ration.
automotive, defense, aerospace, fleet, infrastructure, mobility services
Mobility
goods, food, entertainment, personal services, flagship stores, pop-ups, e-commerce
Retail 2.0
Advanced Manufacturing
robotics/automation, machinery, composites, Industry 4.0
Health Care
direct patient services, medical device technology
Information Technology
software, hardware, big data management, cybersecurity, AI, VR
Page 21
Strategic Partners The City of Rochester Hills partners with organizations across the state who en- gage in a variety of economic development activities, including financing, match- making, site selection, and supplying additional resources for companies and en- trepreneurs.
Page 22
Tracking Success
Page 23
Tracking Success We will use our own unique measures based on the strategic objectives of the commu- nity and the region. We will collect and review primary and secondary data to establish performance measures that will yield the information needed to make an honest evalu- ation of the effectiveness of our programs. While some data may be difficult to capture on an annual basis, we will focus on indicators related to real estate, workforce charac- teristics and activity and business dynamics. Data considered may include: Assessing Business Dynamics
▶ Number of business establishments ▶ Business attraction/expansion activities ▶ Collaborations facilitied ▶ Monitoring registered patents ▶ Number of Fortune 5000 companies ▶ Top employers
▶ Business lifecycles/projections ▶ Publicity of business activities
Assessing Workforce Characteristics and Activity ▶ Size of available workforce ▶ Characteristics of workforce ▶ Professions/careers ▶ Wage/benefits related data ▶ “Cool” workplace trends
▶ Internships/apprenticeships ▶ Forecasts of workforce needs ▶ College graduate placement
Assessing Real Estate ▶ Vacancy rates ▶ Sales activity ▶ Market rates ▶ Own versus lease ▶ Taxable value
Page 24
Appendix
Page 2 5
Page 2 6
Planning and Economic Development Team
Contact Information Pamela Valentik, Economic Development Manager valentikp@rochesterhills.org phone 248.841.2577
City of Rochester Hills Planning and Economic Development Department 1000 Rochester Hills Drive | Rochester Hills, MI 48309
www.rochesterhills.org
Copyright: City of Rochester Hills
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28Powered by FlippingBook