Economic Sustainability Indicator

Project

The Metropolitan Center

Florida International University

February 24, 2015

Project Background

• Research has shown that traditional community and

economic indicators alone do not provide an adequate

measure of an economy's sustainability

• Sustainability indicators can provide a more integrated

view of a community analyzing the interconnectedness

of the economy with the natural and built environment

and human activity

Project Purpose

• To identify the factors and issues most critical to creating and

maintaining a sustainable local economy and establishing the

important linkages that can effectively gauge a community’s

progress in attaining desired outcomes

• The Project will provide users a dynamic, mutually-supporting

conceptual framework for monitoring and benchmarking a

community’s economic progress and sustainability

The Four Elements

• Quality of Life

• Economic Prosperity

• Economic Stability

• Good Governance

Quality of Life Indicators

• Quality of Public Education

• Cost of Living

• Housing Affordability

• Transportation Access

• Available Healthcare

• Public Safety

Economic Prosperity Indicators

• Total Employment

• Salaries & Wages

• Per Capita Income

• Household Income

• Income Equality

• Small Business Creation

Economic Stability Indicators

• Industry Diversity

• Growth in the Prime Age Workforce (In-

Migration)

• Expanding Creative Economy Industries

• Expanding Creative Economy Employment

Creative Economy

The interface between creativity,

culture, economics and technology

(UNCTAD). It cuts across the areas of

creative and cultural industries, creative

cities and creative culture.

Good Governance Indicators

• Fiscal Stability

• Investment in Sustainability Infrastructure

• Green Building

• Support for the Arts

• Land Use Regulation

• Public/Private Partnerships

Benchmarking Economies

• MSA-MDs:

–Atlanta

–Austin

–Charlotte

–Miami

–Orlando

–Tampa

Source: Arts Index 2015

Creative Workers/Industries 2009-2014

9.5%

5.4%

29.4%

46.8%

6.9% 12.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Sh

are

of

all E

mp

loye

es

2009

2014

Percent Change

2009-2014

3.8% 2.0%

1.6% 0.9%

2.4%

1.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Sh

are

of

all B

usin

esse

s

2009

2014

Percent Change

2009-2014

Segmenting the Creative Economy: The Cultural Industries

Industry Design Film & Media

Heritage & Museums

Literary & Publishing

Performing Arts

Visual Arts

% Change 2010-2012

% Change 2010-2012

% Change 2010-2012

% Change 2010-2012

% Change 2010-2012

% Change 2010-2012

Total % Total Employees

MSA-MD

Atlanta 4.7% 57.8% 73% 21.3% 41% 38% 20,998 3.0%

Austin 2.1% 39.7% 1.7% 16.7% 19.1% 1.6% 16,871 3.4%

Charlotte 16.1% 15.7% 40% 9.6% 6.1% 76% 10,434 1.9%

Miami 1.7% 7.7% 20.3% 32.7% 1.4% 8.3% 21,568 2.5%

Orlando 20.2% 50.1% 22.5% 42.5% 68.5% 70.5% 15,991 2.6%

Tampa 17.3% 6.7% 74.7% 31.5% 375% 208% 8,692 1.7%

Single-Family Home Affordability Ratio

MSA-MD Single-Family

Affordability Ratio

Atlanta 4.18

Austin 3.77

Charlotte 3.28

Miami-Dade 4.66

Orlando 3.52

Tampa 3.22

Source: 2009-2013 American Community

Survey 5-Year Estimates

MSA-MD Comparison

AtlantaAustin

CharlotteMiami-Dade

OrlandoTampa

51.4% 51.6%

49.0%

65.6%

61.0%

56.0%

49.0% 48.4%

45.0%

64.8%

58.3%

54.8%

Renter Cost Burden

2013 2009

Source:

American

Community

Survey 2009,

3 year and 2013,

5-Year Estimates

32%

68%

Atlanta % of Population <45% income

% of Population 45+% income

Average

53%

36%

64%

Austin % of Population <45% income

% of Population 45+% income

Average

51%

23%

77%

Charlotte % of Population <45% income

% of Population 45+% income

Average

52%

15%

85%

Miami % of Population <45% income

% of Population 45+% income

Average

58%

7%

93%

Orlando % of Population <45% income

% of Population 45+% income

Average

57%

12%

88%

Tampa % of Population <45% income

% of Population 45+% income

Average

58%

H + T Index: Housing + Transportation Cost % Income

Source: H+T Affordability Index

What’s Next?