by Ken Storey
The Orange County Economic Summit with Teresa Jacobs.
9:06am Jacobs takes the stage, makes comment on tourism doing so well. Mentions the Surf Expo.
9:08am Jacobs promises latest on Military Training info and the latest on military base closures.
9:10am Jacobs mentions downsizing of gov't, says OC worked in 11 economic development projects that bring jobs to county.
9:12am Unemployment dropped from 9.8 to 7.7%, Jacobs points that it was at 11% when she took office, "Just Sayin"
9:13am Jacobs "Much of today's progress was laid out a decade ago" gives some credit to Crotty.
9:15am Jacobs recognizes citizens participating in Orange County program that teaches how Orange County works. Jacobs also mentions National Entrepreneur Center.
9:16am Jacobs said Economic Development has 525RSVPs
9:17am Fred Kittinger, Assoc. Vice President at University of Central Florida, takes mic. Kittinger says it's time for the community to "Upgrade our brand" globally.
9:20am Kittinger says lasts 4 1/2 to 5 years the economy has been "like a ride on Space Mountain" in introduction to Sean Snaith.
9:21am Snaith says we're three and half years into economic growth since the Great Recession but the uncertainty during this time weighs down on the recovery.
9:24am Snaith says that his reports weren't getting enough traffic, sought help from UCF Marketing, makes 50 Shades of 'Gray' mention, says the gray is the uncertainty that continues to hoover of the economy.
9:25am Healthcare uncertainty has caused some to put off hiring until they know more about how new policy works. Dodd-Frank compliance weighed on financial sector. Fiscal Cliff more like falling down a flight of stairs but issues left un-addressed weighs into atmosphere of uncertainty. Also Europe isn't going away.
9:28am Snaith mentions research that shows higher levels of policy uncertainty = lower levels of hiring and investment.
9:30am Snaith- Great Recession is different than previous business cycles. Average level of uncertainty is much higher during the recession AND has gotten higher afterwards. Much of this is self-inflicted.
9:33am Snaith- Growth last semester will be very weak, will affect spending in first half of 2013. Spending will pick in last half of 2013 but still too slow.
9:35am Snaith- Full employment still a ways away due to many issues including those who left labor market but will be coming back.
9:41am Snaith- Construction is going to come back, it's been down for so long but is starting to show a pulse again and that's a good thing.
Florida's housing market still isn't robustly growing, prices are showing uptick but distressed properties still weighing down. Hedge fund money buying up these distressed properties is happening and will help some.
9:42am Snaith- Housing Prices- 12 month median average starting to curve up, we may have hit the bottom.
9:43am Snaith- 2013 is when Florida's recovery picks up, may outpace national recovery. 2014 should see more typical Florida like growth.
9:44am Snaith- 2015 payrolls should be getting close to pre-recession, may hit those #s by 2016 = 10 year cycle.
9:45am Snaith- Construction- Will we ever get close to pre-recession construction job numbers. "I Don't think so." Those numbers were artificially inflated.
9:46am Snaith- Boom in leisure and hospitality is pint up demand, will level out next few years.
9:47am Snaith- Orlando looking at fastest population growth of any metro in the state. Boomers and retirees coming back to Florida. Florida's population growth will continue to be a driver for economic growth. Orlando will be one of the top job growth regions through 2016. 2014 and beyond mostly, 2013- we still have a lot to work through.
9:50am Snaith- Sunrail will be a tremendous impact on job growth.
Our geography will help us grow, Miami and Tampa have geographic boundaries that we don't have. This will allow us to grow, becoming Florida's bread basket.
9:52am Snaith wraps up his presentation. Healthcare up next. Karen van Caulil, President of Florida Health Care Coalition up next.
9:54am van Caulil shares some background info on Florida Health Care Coalition. Emphasizes idea that healthcare is local. Says Central Florida has only real Regional Health Information Organization.
9:58am van Caulil begins talk about PPACA (notes she'll call it that instead of Obamacare or other names). "Devil is truly in the detail with healthcare reform"
9:59am van Caulil-2013, 2014 is the big deal years as we transition to this.
Lays out who PPACA affects. Small businesses with less than 50 employees aren't affected.
Cost of coverage needs to be included in 2012 W2s.
9:50am van Caulil- 2013 there will be a limit for flex spending accounts, notes this is the first time for this. Notice of healthcare changes must be done by March 1st.
10:03am van Caulil- 2014 gets rid of maximum value cap, no pre-existing condition limits, no employees waiting longer than 90days.
PPACA regulates three things:
10:06am van Caulil- better coverage can't be provided to execs. Free routine services included, requiring a standard form coverage must be provided.
Health Insurances Exchanges trickiest part right now because of lots of unanswered questions. It's been likened to travel websites like Orbitz.
10:09am van Caulil- open enrollment starts in Oct of this year, some concern if this can happen this quickly. Florida has the next month (till Feb 15th) to say if it wants to have some say in it's health insurance exchange. We have lots of unique issues in Florida (like medicare with so many seniors) so it might be good for us to have more say but it's still up in the air if we will.
10:13am van Caulil- plans must not be more than 9.5% of family income. Goes over the penalties for businesses that don't cover employees. calls it 'clear as mud' Says it's
'significant, and tricky, and confusing' Says lots of seminars over the course of the year will cover this in more detail.
10:18am van Caulil steps down, now onto Modeling Simulation and Training. Gen. Tom Baptiste, executive director of the National Center for Simulation, steps up to the podium.
10:20am Baptiste speaks about 40 acres of UCF Research Park's TEAM Orlando. Says research park ranks in Top 10 in Orlando. "It's a big deal" Modeling Simulation and Training, buoyed by Gov't, has been a success during the recession. TEAM Orlando is leading the world in modeling simulation.
10:24am Baptiste- over 1000 companies somehow involved in MS&T cluster. Average salary in research park around $82,000. $8b in state spending. 61,000 jobs involved directly and indirectly overall.
10:25am Baptiste- there is virtually no soldier who went to Iraq or Afghanistan who was not affected by research done in here in Central Florida.
10:27am Baptiste- We should assume there will be a round of base closure and realignment (BRAC). The good news is Florida is way out in front of this. Two powerful consulting groups involved, one is lead by former leader of VA. All 33 of Florida's bases were measured to see which will likely be targeted by this base closure and realignment.
10:30am Baptiste- Executive steering committee has been convened, offices of Orange County and Orlando Mayors involved. Seminole County also involved. But this is not an Orlando or Orange County phenomenon, this affects the entire I-4 high tech corridor. Specifically mentions Osceola and Lake counties.
10:32am Baptiste- BRAC needs to be about bringing more here. If you're serious about being the MS&T industry you need a presence in Central Florida.
10:34am Baptiste sits down, Panelist Q&A next.
10:36am Panelist includes Pamela J. Nabors; Kathleen Plinske; Larry Henrichs; Dean Asher; and Rick L. Weddle.
10:40am Asher says he sees housing getting better.
10:41am Plinske speaks Valencia's completion rates. "We recognize that many do not dream of finishing with an Associates of Arts degree" mentions their partnership with UCF. Valencia has a grad rate 3x the national average.
10:42am Nabors speaks of Workforce Central Florida's role. Henrichs says increased focus on international side to open those markets to our hospitality, long term growth in China and India.
Henrichs says influencers might have concept that Orlando lacks in some convention focused businesses. Says focus on showing offerings in entertainment, restaurants. Host thanks Henrichs for leadership since the passing of Gary Sain.
10:48am Weddle- Priority sectors study finished last year, near term investment will be from northern Europe, Japan. EDC branding update snapshot- We like to say in Orlando 'We're extremely well known and very mis-understood' Committee will be doing research to find a firm or firms for a creative platform for this branding.
10:51am Asher- Right now is a great time to buy a house. Deals right now may soon be in a rear view mirror. Florida is for sale, a lot of foreigners want to come to Florida and buy. Market might tighten up and become somewhat of a sellers market.
10:53am Plinske- We took 'community' out of our name but not out of what we do. We are always on the lookout for new programs and training needs. We provide customized training on demand.
10:55am Nabors- What goes into the future of Workforce Central Florida = We are part of a talent pipeline.
10:56am Henrichs- Visit Orlando may play a unique role in Orlando's brand management as Visit Orlando advertises globally. Q-'How far can we go?' Henrichs we have record years of visitation since 2010, expect 2013 to be flat, 2014-2015 picking back up. Continued growth needs continued investment in offering. Growth rate over last ten years extrapolated over next ten years = 76million visitors. That means continued investment in the region to handle those visitors.
11:01am Weddle- UCF is a research university but also is invested in the community.
11:02am Nabors- Workforce had over 10,000 visits in December alone. Workforce must fill niches where jobs go unfilled. Annual budget 2013= $34million, 99.9% Federally funded. Expect to serve over 125k ppl this year.
11:04am Plinske- Valenica College Lake Nona and Osceola campuses = 20 new science labs. This allows more focus on STEM and life sciences. New Bio-medical science degree with UCF on Osceola campus.
11:07am Asher- Housing and Banks= 40% of shadow inventory for the nation is in Florida. Hedge fund deals for bulk sales may be in the works. Florida Realtors worry for homeowner communities that might turn into rental based communities. Affordable Housing fund should stay in housing, Tallahassee using it in the general revenue right now, this must change. We need things that level the playing field to help those who want to participate.
11:11am Questions from the audience to the panel now being taken.
11:18am Q-Any seeds for new industries, such as manufacturing, in the works for the region?
Weddle- We're in the works with UCF for high manufacturing projects. We have some operations underway to work in the advance material manufacturing. (Asks to give more information) The whole manufacturing is changing. UCF has projects to look at whats the next material for computing.
11:21am Q- When it comes to economic development how should young professionals be involved?
Nabors- Mentorships are always needed.
Asher- We're looking at Realtor student memberships. Looking to get all the young professionals involved.
Weddle- Help us get the word out about the region, young professionals are more connected with social media. Engage with us with the Orlando branding.
11:23am Q- Are we doing enough to attract Brazilian visitors and investors? (Last question of the day)
Henrichs- Tourism does reach out.
Plinske- Valencia is working with a number of ways of allowing international students to come study at Valencia.
Weddle- We've got to take our message to the market.
Henrichs- The easier we make it to have both business and leisure travelers access to our country the more it can help. Access to the United States is an important aspect.
Asher- There is a lot of opportunity for investment in Florida. We're bringing investors to Central Florida. It's a big part of what we're doing in the real estate community; bringing in these international investors.
11:28am Panel finishes, takes their seats. Kittinger makes closing remarks. Jacobs steps back up to podium.
11:29am Jacobs thanks everyone. Jacobs mentions partners and speakers by name, thanking each. Makes a few jokes and closes the event. "There are very very few places in the country, if any, that have the bragging rights we have."
11:36am Orange County Economic Summit 2013 Ends
The Orange County Economic Summit with Teresa Jacobs.
9:06am Jacobs takes the stage, makes comment on tourism doing so well. Mentions the Surf Expo.
9:08am Jacobs promises latest on Military Training info and the latest on military base closures.
9:10am Jacobs mentions downsizing of gov't, says OC worked in 11 economic development projects that bring jobs to county.
9:12am Unemployment dropped from 9.8 to 7.7%, Jacobs points that it was at 11% when she took office, "Just Sayin"
9:13am Jacobs "Much of today's progress was laid out a decade ago" gives some credit to Crotty.
9:15am Jacobs recognizes citizens participating in Orange County program that teaches how Orange County works. Jacobs also mentions National Entrepreneur Center.
9:16am Jacobs said Economic Development has 525RSVPs
9:17am Fred Kittinger, Assoc. Vice President at University of Central Florida, takes mic. Kittinger says it's time for the community to "Upgrade our brand" globally.
9:20am Kittinger says lasts 4 1/2 to 5 years the economy has been "like a ride on Space Mountain" in introduction to Sean Snaith.
9:21am Snaith says we're three and half years into economic growth since the Great Recession but the uncertainty during this time weighs down on the recovery.
9:24am Snaith says that his reports weren't getting enough traffic, sought help from UCF Marketing, makes 50 Shades of 'Gray' mention, says the gray is the uncertainty that continues to hoover of the economy.
9:25am Healthcare uncertainty has caused some to put off hiring until they know more about how new policy works. Dodd-Frank compliance weighed on financial sector. Fiscal Cliff more like falling down a flight of stairs but issues left un-addressed weighs into atmosphere of uncertainty. Also Europe isn't going away.
9:28am Snaith mentions research that shows higher levels of policy uncertainty = lower levels of hiring and investment.
9:30am Snaith- Great Recession is different than previous business cycles. Average level of uncertainty is much higher during the recession AND has gotten higher afterwards. Much of this is self-inflicted.
9:33am Snaith- Growth last semester will be very weak, will affect spending in first half of 2013. Spending will pick in last half of 2013 but still too slow.
9:35am Snaith- Full employment still a ways away due to many issues including those who left labor market but will be coming back.
9:41am Snaith- Construction is going to come back, it's been down for so long but is starting to show a pulse again and that's a good thing.
Florida's housing market still isn't robustly growing, prices are showing uptick but distressed properties still weighing down. Hedge fund money buying up these distressed properties is happening and will help some.
9:42am Snaith- Housing Prices- 12 month median average starting to curve up, we may have hit the bottom.
9:43am Snaith- 2013 is when Florida's recovery picks up, may outpace national recovery. 2014 should see more typical Florida like growth.
9:44am Snaith- 2015 payrolls should be getting close to pre-recession, may hit those #s by 2016 = 10 year cycle.
9:45am Snaith- Construction- Will we ever get close to pre-recession construction job numbers. "I Don't think so." Those numbers were artificially inflated.
9:46am Snaith- Boom in leisure and hospitality is pint up demand, will level out next few years.
9:47am Snaith- Orlando looking at fastest population growth of any metro in the state. Boomers and retirees coming back to Florida. Florida's population growth will continue to be a driver for economic growth. Orlando will be one of the top job growth regions through 2016. 2014 and beyond mostly, 2013- we still have a lot to work through.
9:50am Snaith- Sunrail will be a tremendous impact on job growth.
Our geography will help us grow, Miami and Tampa have geographic boundaries that we don't have. This will allow us to grow, becoming Florida's bread basket.
9:52am Snaith wraps up his presentation. Healthcare up next. Karen van Caulil, President of Florida Health Care Coalition up next.
9:54am van Caulil shares some background info on Florida Health Care Coalition. Emphasizes idea that healthcare is local. Says Central Florida has only real Regional Health Information Organization.
9:58am van Caulil begins talk about PPACA (notes she'll call it that instead of Obamacare or other names). "Devil is truly in the detail with healthcare reform"
9:59am van Caulil-2013, 2014 is the big deal years as we transition to this.
Lays out who PPACA affects. Small businesses with less than 50 employees aren't affected.
Cost of coverage needs to be included in 2012 W2s.
9:50am van Caulil- 2013 there will be a limit for flex spending accounts, notes this is the first time for this. Notice of healthcare changes must be done by March 1st.
10:03am van Caulil- 2014 gets rid of maximum value cap, no pre-existing condition limits, no employees waiting longer than 90days.
PPACA regulates three things:
- Plan eligibility
- Plan benefits
- Plan contributions
10:06am van Caulil- better coverage can't be provided to execs. Free routine services included, requiring a standard form coverage must be provided.
Health Insurances Exchanges trickiest part right now because of lots of unanswered questions. It's been likened to travel websites like Orbitz.
10:09am van Caulil- open enrollment starts in Oct of this year, some concern if this can happen this quickly. Florida has the next month (till Feb 15th) to say if it wants to have some say in it's health insurance exchange. We have lots of unique issues in Florida (like medicare with so many seniors) so it might be good for us to have more say but it's still up in the air if we will.
10:13am van Caulil- plans must not be more than 9.5% of family income. Goes over the penalties for businesses that don't cover employees. calls it 'clear as mud' Says it's
'significant, and tricky, and confusing' Says lots of seminars over the course of the year will cover this in more detail.
10:18am van Caulil steps down, now onto Modeling Simulation and Training. Gen. Tom Baptiste, executive director of the National Center for Simulation, steps up to the podium.
10:20am Baptiste speaks about 40 acres of UCF Research Park's TEAM Orlando. Says research park ranks in Top 10 in Orlando. "It's a big deal" Modeling Simulation and Training, buoyed by Gov't, has been a success during the recession. TEAM Orlando is leading the world in modeling simulation.
10:24am Baptiste- over 1000 companies somehow involved in MS&T cluster. Average salary in research park around $82,000. $8b in state spending. 61,000 jobs involved directly and indirectly overall.
10:25am Baptiste- there is virtually no soldier who went to Iraq or Afghanistan who was not affected by research done in here in Central Florida.
10:27am Baptiste- We should assume there will be a round of base closure and realignment (BRAC). The good news is Florida is way out in front of this. Two powerful consulting groups involved, one is lead by former leader of VA. All 33 of Florida's bases were measured to see which will likely be targeted by this base closure and realignment.
10:30am Baptiste- Executive steering committee has been convened, offices of Orange County and Orlando Mayors involved. Seminole County also involved. But this is not an Orlando or Orange County phenomenon, this affects the entire I-4 high tech corridor. Specifically mentions Osceola and Lake counties.
10:32am Baptiste- BRAC needs to be about bringing more here. If you're serious about being the MS&T industry you need a presence in Central Florida.
10:34am Baptiste sits down, Panelist Q&A next.
10:36am Panelist includes Pamela J. Nabors; Kathleen Plinske; Larry Henrichs; Dean Asher; and Rick L. Weddle.
10:40am Asher says he sees housing getting better.
10:41am Plinske speaks Valencia's completion rates. "We recognize that many do not dream of finishing with an Associates of Arts degree" mentions their partnership with UCF. Valencia has a grad rate 3x the national average.
10:42am Nabors speaks of Workforce Central Florida's role. Henrichs says increased focus on international side to open those markets to our hospitality, long term growth in China and India.
Henrichs says influencers might have concept that Orlando lacks in some convention focused businesses. Says focus on showing offerings in entertainment, restaurants. Host thanks Henrichs for leadership since the passing of Gary Sain.
10:48am Weddle- Priority sectors study finished last year, near term investment will be from northern Europe, Japan. EDC branding update snapshot- We like to say in Orlando 'We're extremely well known and very mis-understood' Committee will be doing research to find a firm or firms for a creative platform for this branding.
10:51am Asher- Right now is a great time to buy a house. Deals right now may soon be in a rear view mirror. Florida is for sale, a lot of foreigners want to come to Florida and buy. Market might tighten up and become somewhat of a sellers market.
10:53am Plinske- We took 'community' out of our name but not out of what we do. We are always on the lookout for new programs and training needs. We provide customized training on demand.
10:55am Nabors- What goes into the future of Workforce Central Florida = We are part of a talent pipeline.
10:56am Henrichs- Visit Orlando may play a unique role in Orlando's brand management as Visit Orlando advertises globally. Q-'How far can we go?' Henrichs we have record years of visitation since 2010, expect 2013 to be flat, 2014-2015 picking back up. Continued growth needs continued investment in offering. Growth rate over last ten years extrapolated over next ten years = 76million visitors. That means continued investment in the region to handle those visitors.
11:01am Weddle- UCF is a research university but also is invested in the community.
11:02am Nabors- Workforce had over 10,000 visits in December alone. Workforce must fill niches where jobs go unfilled. Annual budget 2013= $34million, 99.9% Federally funded. Expect to serve over 125k ppl this year.
11:04am Plinske- Valenica College Lake Nona and Osceola campuses = 20 new science labs. This allows more focus on STEM and life sciences. New Bio-medical science degree with UCF on Osceola campus.
11:07am Asher- Housing and Banks= 40% of shadow inventory for the nation is in Florida. Hedge fund deals for bulk sales may be in the works. Florida Realtors worry for homeowner communities that might turn into rental based communities. Affordable Housing fund should stay in housing, Tallahassee using it in the general revenue right now, this must change. We need things that level the playing field to help those who want to participate.
11:11am Questions from the audience to the panel now being taken.
11:18am Q-Any seeds for new industries, such as manufacturing, in the works for the region?
Weddle- We're in the works with UCF for high manufacturing projects. We have some operations underway to work in the advance material manufacturing. (Asks to give more information) The whole manufacturing is changing. UCF has projects to look at whats the next material for computing.
11:21am Q- When it comes to economic development how should young professionals be involved?
Nabors- Mentorships are always needed.
Asher- We're looking at Realtor student memberships. Looking to get all the young professionals involved.
Weddle- Help us get the word out about the region, young professionals are more connected with social media. Engage with us with the Orlando branding.
11:23am Q- Are we doing enough to attract Brazilian visitors and investors? (Last question of the day)
Henrichs- Tourism does reach out.
Plinske- Valencia is working with a number of ways of allowing international students to come study at Valencia.
Weddle- We've got to take our message to the market.
Henrichs- The easier we make it to have both business and leisure travelers access to our country the more it can help. Access to the United States is an important aspect.
Asher- There is a lot of opportunity for investment in Florida. We're bringing investors to Central Florida. It's a big part of what we're doing in the real estate community; bringing in these international investors.
11:28am Panel finishes, takes their seats. Kittinger makes closing remarks. Jacobs steps back up to podium.
11:29am Jacobs thanks everyone. Jacobs mentions partners and speakers by name, thanking each. Makes a few jokes and closes the event. "There are very very few places in the country, if any, that have the bragging rights we have."
11:36am Orange County Economic Summit 2013 Ends