Loading...
HomeMy WebLinkAboutPresentation - Economic Development and Strategic PlanCITY OF PALM SPRINGS ECONOMIC DEVELOPMENT STRATEGIC PLAN: PROJECT OVERVIEW AND STATUS UPDATE JANUARY 9, 2025 PURPOSE ECONOMIC DEVELOPMENT STRATEGIC PLAN (EDSP) 1 The development of the City of Palm Springs EDSP is a collaborative and systematic process designed to set priorities, allocate resources, and develop policies, programs, and initiatives that improve resident well being and promote sustainable growth. Why Now? •Growing competition from neighboring cities •Current tax base heavily reliant on tourism •Costs of doing business are increasing •Rising housing prices and increasing inequality •Many existing assets are underleveraged •New regional opportunities emerging Opportunity Areas •Green Zones | Climate, Grid, Renewables •Technology Ecosystem | Creative Economy •Business Tourism + Hospitality | Convention Center •Airport Expansion | Tourism, Cargo, Logistics •Infrastructure | Development and Revitalization •Capacity Building | Retain, Expand, Recruit PURPOSE A COLLECTIVE APPROACH 2 The EDSP development process serves as a vehicle for local and regional stakeholders to engage in a meaningful conversation and debate about what efforts would best serve the long-term prosperity of Palm Springs. Local Workforce Private Firms Nonprofit Organizations Government Departments Community Organizations Educational Institutions Workforce Development Entities Labor Unions Private Foundations $ Arts & Culture Organizations Investors & Developers METHODOLOGY OVERVIEW 3 Document Review COMPLETED Data Analysis COMPLETED Stakeholder Engagement IN PROCESS Best Practice Assessment IN PROCESS SWOT Analysis IN PROCESS EDSP Implementation FORTHCOMING Public Review FORTHCOMING Strategy Development FORTHCOMING METHODOLOGY DOCUMENT REVIEW 4 Selected Reports •City of Palm Springs General Plan and Updates •Zone Palm Springs Code Audit •City Council Staff Reports •City of Palm Springs Parking Systems Evaluation Report •City of Palm Springs Annual Comprehensive Financial Report •City of Palm Springs Adopted Budgets •City of Palm Springs Resident/Non-Resident Analysis •Coachella Valley Economic Blueprint •College Park Specific Plan Update •Palm Springs Bureau of Tourism Auditor’s Report •Palm Springs Convention Center Futures Study •Palm Springs Convention Center Operations Auditor’s Report •Palm Springs Convention Center Master Plan •Palm Springs Convention Center Economic Impact Study METHODOLOGY DATA ANALYSIS 5 Trends Analysis •Employment by Industry •Wages by Industry •Labor Force Participation •Unemployment Rate •Population Growth •Demographics •Household Income •Poverty •Homelessness •Educational Attainment •Educational Institutions •Housing Tenure •Housing Stock •Vacancies and Vacation Rentals •Single Family Home Values Regional Trends Analysis •Multifamily Home Rental Costs •Multifamily Housing Vacancy •Housing Cost Burden •Commercial Rent and Vacancy •Industry Business Count •Hotel Size, Inventory, Occupancy, ADR •Hotel RevPAR •Short Term Rentals •PSP Passenger Throughput •PSP Cargo Throughput •PSP Vendors •Climate (Emissions, Heat) •Renewable Energy •Festival Attendance and Impact •Fiscal Revenues METHODOLOGY STAKEHOLDER ENGAGEMENT 6 13 14 Interviews with City Officials & Departments Interviews with External Stakeholders 2 (180+ Responses) Festival Surveys Upcoming Outreach •Mayor’s Council •Business Survey •Resident Survey •Modernism Week Survey •Industry Focus Groups •Affinity Group Forums •Public Meetings •Pop-Up Events •Additional Interviews•City Council (7) •City Manager •Assistant City Manager •Sustainability •Planning •Zoning Consultant •Parking Consultant •Arts & Culture •Technology •Retail Services •Retail Products •Attractions •Education •Health Care •Palm Springs Pride •VillageFest (Ongoing) METHODOLOGY PRELIMINARY SWOT ANALYSIS 7 STRENGTHS WEAKNESSES OPPORTUNITIES CHALLENGES/THREATS •Strong brand identity and recognition •Expansive tourism + hospitality sector •Vibrant festival culture •Robust airport infrastructure •Close proximity to major metro areas •Rich demographic diversity •Access to several outdoor activities •Expanding business/convention tourism •Developing technology ecosystem •Leveraging remote workers •Harnessing power of the creative economy •Embracing climate change as feature, not bug •Establishing new regional partnerships •Reimagining zoning and land use •High and rising housing costs •Overreliance on tourism + hospitality sector •Challenging business environment •Seasonal workforce shortages •Narrow and shrinking talent pipeline •Limited public transportation •Aging and/or inadequate infrastructure •Climate change (water scarcity, heat) •Reduction in tourism demand •Changes in retail consumption patterns •Growing regional competition •Declining working-age populations •Limited public sector capacity and processes •Resistance to change and lack of consensus THE STRATEGIC PLAN EMERGING FOCUS AREAS 8 Economic Diversification Bolster Existing Sectors Develop New Clusters •Tourism & Hospitality (Convention Center & Hotel) •Health Care (Wellness and Medical Tourism) •Arts & Culture (Districts, Festivals, Funding) •Climate, Sustainability, and Renewables •Technology Ecosystem •Film and Entertainment THE STRATEGIC PLAN EMERGING FOCUS AREAS 9 Business Climate Build City Hall Capacity Invest in Human Capital •Streamline and improve processes •Develop branding and marketing strategy •Establish new incentives and initiatives •Evaluate Economic Development Office capacity •Workforce development and labor retention •Remote worker technology transfer •Collaboration with regional academic institutions Invest in Infrastructure •Public Transportation •Climate Resilience •District Revitalization •Convention Center District Connectors THE STRATEGIC PLAN PROJECT TIMELINE 10 JAN 2025 FEB MAR APR MAY JULJUN Interviews and Surveys Focus Groups & Roundtables Public Meetings SWOT Analysis EDSP Production Public Comment EDSP Approved THANK YOU