HomeMy WebLinkAboutAgenda_GEDCO_08.21.2017Notice of Meeting for the
Georgetown Economic Dev elopment Corporation and the Gov erning Body
of the City of Georgetown
August 21, 2017 at 4:00 PM
at the City Council Chambers, located at 101 E. 7th Street, Georgetown, TX 78626
The City o f G eo rgeto wn is committed to comp lianc e with the Americans with Dis abilities Ac t (ADA). If yo u
req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reas onab le
as s is tance, ad ap tatio ns , or acc o mmo d ations will b e provid ed up o n req uest. P leas e c o ntact the City Sec retary's
Office, at leas t three (3) days prior to the sc hed uled meeting d ate, at (512) 930-3652 o r City Hall at 113 Eas t 8th
Street fo r add itional info rmation; TTY us ers ro ute through Relay Texas at 711.
Regular Session
(This Regular S es s io n may, at any time, b e rec es s ed to convene an Exec utive S es s io n fo r any p urpose
authorized b y the Op en Meetings Act, Texas Go vernment Co d e 551.)
A Co nsideration and approval of the minutes fo r Georgetown Ec o nomic Develo p ment Co rp o ration for the
Regular Meeting held Mo nday, June 19, 2017--Bill Mateja, Sec retary
B Dis cus s ion and pos s ible actio n regarding the Target Indus try and Workforc e Analysis - Mic haela Dollar,
Directo r o f Ec ono mic Develo p ment
C Co nsideration of the June and July, 2017 financ ial reports . Leigh Wallac e, Financ e Manager, GEDCO,
Finance Direc to r, COG
D Dis cus s ion and pos s ible actio n regarding the Staff Rep o rt —David Morgan, C ity Manager
-P erformance Agreement Report
-Rep o rt from Planning
-Retail Stud y Update
-Activity R ep o rt
-Other Pro jec ts
E Actio n o ut o f Exec utive Session.
Executiv e Session
In compliance with the Op en Meetings Act, C hapter 551, Go vernment Code, Vernon's Texas Codes,
Annotated, the items lis ted below will be d is c us s ed in closed s es s io n and are s ubjec t to actio n in the regular
s es s io n.
F Sec. 551.071: CONSULTATION WITH ATTORNEY
Co nsultation with attorney regarding legal is s ues related to agenda items and other matters in whic h (1)
when the go vernmental body seeks the advic e o f its attorney ab o ut: (A) p ending o r c o ntemp lated
litigatio n; o r (B) a s ettlement o ffer; o r (2) o n a matter in which the d uty of the attorney to the go vernmental
body under the Texas Dis ciplinary Rules o f P ro fes s io nal Cond uc t o f the S tate Bar o f Texas clearly
c o nflic ts with this chap ter - Charlie McNabb, C ity Attorney
G Section 551.072. DELIBERATIONREGARDING REAL PROPERTY
Dis cus s ion and pos s ible actio n to d elib erate the p urc hase,exc hange, leas e or value of real property for
purp o s es authorized b y the Development C o rp o ration Ac t which disc us s io n in o p en s es s io n would have a
Page 1 of 114
detrimental effect on negotiations with third pers ons .
H Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT
NEGOTIATIONS.
Delib eratio n regarding commerc ial or financ ial info rmation that the corp o ration has rec eived fro m a
bus iness pros pec t that the Georgetown Ec ono mic Develo p ment Co rp oratio n s eeks to have loc ate, stay, or
exp and in or near the territory of the City o f Georgetown and with whic h the C o rp o ration is cond uc ting
ec o nomic d evelopment nego tiatio ns; and/o r deliberatio n regarding the o ffer of a financ ial or o ther
incentive to a bus iness p ro s p ect that the C o rp o ration seeks to have lo cate, s tay, o r exp and in o r near the
territory o f the City o f Georgetown.
- Downtown Infras truc ture Improvements
- TLCC
CERTIFICATE OF POSTING
I, Shelley No wling, C ity S ecretary fo r the C ity of Geo rgeto wn, Texas , d o hereby c ertify that this Notice of
Meeting was p o s ted at City Hall, 113 E. 8th Street, a p lace read ily acc es s ible to the general p ublic at all times ,
on the ______ d ay o f __________________, 2017, at __________, and remained so p o s ted fo r at leas t 72
c o ntinuo us ho urs p receding the sc heduled time o f s aid meeting.
____________________________________
S helley No wling, City Sec retary
Page 2 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Cons id eration and ap p ro val o f the minutes for Geo rgeto wn Econo mic Development Corporatio n fo r the
Regular Meeting held Mond ay, June 19, 2017--Bill Mateja, S ecretary
ITEM SUMMARY:
ATTACHMENTS:
1. Draft Minutes
FINANCIAL IMPACT:
None
SUBMITTED BY:
Bill Mateja, C o rp o rate Sec retary
ATTACHMENTS:
Description Type
minutes Cover Memo
Page 3 of 114
GEDCO Minutes
June 19, 2017
Page 1 of 2
Minutes of the Meeting of the
Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
June 19, 2017
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday, June 19, 2017.
Members
Present:
Jeff Parker, Steve Fought, Kevin Kelly, Steve Klein, Valerie Nicholson
Members
Absent: Bill Mateja, Hugh Brown
Staff
Present:
David Morgan, City Manager/General Manager; Conchita Gusman, Economic Development
Program Manager; Laurie Brewer, Assistant City Manager; Leah Wallace, Finance
Director/Finance Manager; Debbie Mitchell, Senior Accountant; Paul Diaz, Budget Analyst;
Tina Dunbar, Marketing Coordinator
MINUTES
Call to Order at 4:00 pm
A Consideration and approval of the minutes for Georgetown Economic Development Corporation for
the Regular Meeting held Monday, May 15, 2017--Bill Mateja, Secretary
Motion by S. Klein, second by K. Kelly to approve the May 15, 2017 Minutes. (Approved 5-0)
B Discussion and possible action to adopt the FY2018 proposed GEDCO budget and set a date for the
public hearing on the proposed budget. Leigh Wallace, Finance Director, COG, Finance Manager, GEDCO
L. Wallace presented the 2018 draft budget for review and approval. L. Wallace and D. Morgan
provided details on the budget and answered questions from the board.
Motion by S. Klein, second by K. Kelly to approve the FY2018 GEDCO budget as presented by staff.
C Consideration of the May 31, 2017 financial report. Leigh Wallace, Finance Manager, GEDCO, Finance
Director, COG
L. Wallace presented the report and answered questions from the board.
D Discussion and possible action regarding the Staff Report —David Morgan, City Manager
-Performance Agreement Report
-Report from Planning
-Other Projects
Page 4 of 114
GEDCO Minutes
June 19, 2017
Page 2 of 2
C. Gusman presented the performance agreement report. Following discussion D. Morgan and C.
Gusman answered questions from the board.
D. Morgan presented the report from planning and update on other projects.
E Action out of Executive Session.
No executive session.
Adjourn at 4:45 p.m.
ATTEST:
______________________________ ___________________________________
Bill Mateja, Corporate Secretary Jeff Parker, President
Page 5 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Disc ussion and p o s s ib le ac tion regard ing the Target Ind ustry and Wo rkforc e Analys is - Michaela Do llar,
Direc tor o f Ec o nomic Development
ITEM SUMMARY:
At its Marc h 2017 meeting, GEDCO approved an agreement with Avalanc he C o ns ulting to cond uc t a
Target Indus try and Wo rkforc e Analysis. Avalanc he has c o mp leted the analys is and wo uld like to p res ent
its finding to GEDC O.
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Michaela Dollar, Direc tor o f Econo mic Development
ATTACHMENTS:
Description Type
Workforce Cover Memo
Target Indus try Cover Memo
Page 6 of 114
CITY OF GEORGETOWN
WORKFORCE ANALYSIS
AUGUST 18, 2017
avalanche
Page 7 of 114
About the City of Georgetown
Economic Development Target Industry
& Workforce Analysis
In April 2017, the City of Georgetown initiated the development of an Economic Development Target Industry & Workforce Analysis
aimed at diversifying the local economy, increasing business investment throughout the city, and fully leveraging hometown talent.
Through a competitive bidding process, the City of Georgetown retained Avalanche Consulting, a national economic development
consultancy based in Austin, TX, to facilitate the preparation of the Economic Development Target Industry & Workforce Analysis.
Georgetown residents and businesses were invited to share their perspectives and vision for the community through a series of
individual interviews and focus groups.
Once complete, the Economic Development Target Industry&WorkforceAnalysiswillhavetwoprimaryphases:
Phase 1: Workforce Analysis
The Economic Development Target Industry & Workforce Analysis begins with an exploration of Georgetown's competitive position.
The study team examined a range of local assets and quantitative metrics to better understand the city’s evolving economy and
population. In addition to data analysis, the study team conducted multiple focus groups and interviews. All input is then distilled into
a concise SWOT summary outlining the community’s strengths, weaknesses, opportunities, and threats.
Phase 2: Target Cluster Analysis
This second phase of the Economic Development Target Industry & Workforce Analysis includes the target clusters and niche sector
recommendations of the consulting team. By targeting specific industry clusters, the City of Georgetown can more strategically invest
in those factors such as infrastructure or workforce training programs necessary to spur job creation within the community. Target
cluster identification blends industry location quotient analysis with a review of data trends, SWOT evaluation, and city priorities.
Page 8 of 114
2
About this Document
The following Workforce Analysis provides an in-depth evaluation of Georgetown’s economic performance and demographic
Dynamics. Specifically, the assessment examines a simple question. How successful is Georgetown in the pursuit of job, talent, and
overall civic prosperity?
Economic and demographic information on Georgetown is benchmarked against the Austin metropolitan area, Texas and US averages
to provide greater context to the city’s performance across a wide range of metrics. The benchmarking analysis also includes a focus
on Georgetown’s labor shed as determined by prevailing commuting patterns.
The Workforce Analysis also includes a workforce profile on Georgetown detailing and emerging drivers of job creation within the
city. The Workforce Profile includes a consideration of employment by both industry occupation, employment growth, and relative
employment concentration. The workforce profile also includes an examination of average wages by industry and occupation for
workers employed within Georgetown as well as benchmark geographies.
The Workforce Analysis concludes with a SWOT analysis that provides a brief overview of the city’s strengths, weaknesses,
opportunities, and threats. The SWOT analysis is based on quantitative economic and demographic information collected during the
project as well as qualitative information gathered during numerous focus group discussions, one-on-one interviews conducted with
Georgetown residents, community leaders, and business owners.
Ultimately, the findings of the Workforce Analysis will help identify those industries that are best positioned to thrive within the
community. These industries will be detailed in the next phase of the project, the Target Industry Analysis.
Page 9 of 114
3
Key Takeaways
Labor
Shed
Identification
Economic
Dynamics
There is relatively little overlap between those who live in Georgetown and those who work
in Georgetown.
Approximately 75% of all Georgetown residents active in the workforce are employed
outside of the city. At the same time, approximately 75% of all jobs within the city are
filled by workers who reside outside of Georgetown.
Georgetown's labor shed extends far beyond the city’s formal boundaries. The city’s labor
shed extends from Austin to Temple alongside interstate 35 and encompasses more than
700,000 relatively young and well-educated workers.
Georgetown continues to enjoy strong employment gains. Between 2011 and 2016, the
number of jobs within the city rose by more than 20%, virtually identical to the regional
average. During this same period, total US job growth was less than 10%.
Employment within Georgetown is largely composed of locally-serving industries such as
Construction and Trade & Transportation.
Georgetown’s economy is becoming more balanced and diversified. Over the past five
years, some of the fastest growing industries in the city have included Manufacturing,
Professional & Business Services, and Financial Activities.
Page 10 of 114
4
Key Takeaways
Workforce
Profiles
Georgetown remains one of the fastest growing cities in the US. The city’s population has
doubled in the past 15 years.
Georgetown has an above average share of older residents. Half of all Georgetown
residents are at least 47 years old and more than a quarter of the city’s residents are age
65 and older. This contributes to low labor force participation among Georgetown
residents.
Georgetown is highly educated. Nearly 45% of Georgetown residents possess a bachelor’s
degree or higher level of educational attainment.
In recent years, Georgetown’s employment gains have been bolstered by growth across
virtually every occupational cluster. This dynamic is projected to continue through 2021.
In the years ahead, employment growth will be primarily driven by a handful of industries.
According to current projections, five clusters will account for 75% of all new jobs –
Healthcare, Retail, Electronics,Entertainment, and Construction.
Wages for most occupations are higher in Georgetown’s Southern Labor shed than in
Georgetown. In turn, wages in Georgetown are typically higher than in the city’s Northern
Labor Shed.
Demographic
Dynamics
Page 11 of 114
Table of Contents
Identifying the flow of workers into and out
of Georgetown is critical to understanding
the community’s economic role in the broader
region.
Prevailing economic dynamics operating
within Georgetown will ultimately help
determine target industries that are best
suited to the community.
Georgetown’s current and future labor force
will heavily depend on the community’s
demographic characteristics.
LABOR SHED IDENTIFICATION ECONOMIC DYNAMICS DEMOGRAPHIC DYNAMICS
PAGEPAGE
12
PAGEPAGE
6
PAGEPAGE
26
5
Past and projected employment growth
trends within Georgetown will inform the
community’s current and future workforce
needs.
The SWOT Analysis summarizes
Georgetown’s strengths, weaknesses,
opportunities, and threats across a variety of
workforce areas.
WORKFORCE PROFILES SWOT ANALYSIS
PAGEPAGE
40
PAGEPAGE
56
Page 12 of 114
01
Labor Shed Identification
The Labor Shed Identification highlights existing commuting patterns
within Georgetown. The analysis examines the number of workers within
Georgetown, the number of Georgetown residents employed outside of
the community, and the number of non-residents that commute into
Georgetown for work.
6Page 13 of 114
Georgetown is located in one of the fastest
growing regions of the one of the fastest
growing states in the US.
About the Region WHY IS THIS IMPORTANT?
Georgetown is located approximately 25 minutes due north of downtown Austin and bisected by
Interstate 35. With nearly 64,000 residents, as of 2016 Georgetown is the 4
th largest city in the Austin
metropolitan region.
Georgetown grew extraordinarily fast over the past 15 years - with the population more than doubling.
In 2016, The US Census Bureau reported that Georgetown was the fastest growing city in the US with a
population of 50,000 or more.
7
GEORGETOWN
ROUND ROCK
AUSTIN
TEMPLE
Page 14 of 114
Commuting patterns play several important
roles in a region’s economy. Regions that can
draw from the available talents and skill sets
present outside of their communities can
significantly increase their available
workforce.
Commuting Patterns WHY IS THIS IMPORTANT?
Very few Georgetown residents both live and work in the city.
Approximately 75% of all employed Georgetown residents work in another city. At the same time,
approximately 75% of all jobs within Georgetown are filled by individuals living somewhere else.
These patterns are not unusual for a traditionally small town but now high-growth city located within a
major metropolitan area. Large commuter shares add to increased traffic concerns. They also can
indicate a lack of resiliency in the local economy, with residents dependent on jobs located outside of the
community and businesses reliant on workers who live elsewhere.
8
CITY OF GEORGETOWN
COMMUTER INFLOW/OUTFLOW ANALYSIS
2014
5,275
Individuals who live and
work in Georgetown
Individuals who live in
Georgetown but work
outside of the city16,32515,600Individuals employed in
Georgetown who live outside
of the city
Page 15 of 114
Commuting patterns play several important
roles in a region’s economy. Regions that can
draw from the available talents and skill sets
present outside of their communities can
significantly increase their available
workforce.
Commuting Patterns WHY IS THIS IMPORTANT?
Georgetown residents work for employers throughout Central Texas.
The top destinations for out-commuting residents are Austin, Round Rock, and Cedar Park. A smaller
number of Georgetown residents commute to cities such as Hutto, Pflugerville, and even Temple.
9
GEORGETOWN
AUSTIN
CITY OF GEORGETOWN
COMMUTER INFLOW/OUTFLOW ANALYSIS
2014
TEMPLE
Page 16 of 114
Georgetown Labor Shed
Georgetown’s Labor Shed extends from Austin to Temple alongside interstate 35. Georgetown’s Labor
Shed shows that local employers can draw from a pool of workers much bigger than the city itself – the
Labor Shed encompasses more than 700,000 workers.
Georgetown’s Labor Shed is composed largely of young professionals, with more than a third of workers
between the ages of 25 and 44. The Labor Shed is also very well educated – more than 40% of
individuals living in the Labor Shed possess a bachelor’s degree or higher level of educational
attainment. Both the Economic Dynamics and Demographic Dynamics sections provide comparisons of the
City of Georgetown to its broader Labor Shed, the Austin Metro, Texas, and the US.
10
GEORGETOWN
AUSTIN
TEMPLE
The economy of a community is not
contained by political boundaries. Every
community draws workers from outside its
borders and sends residents to jobs in other
locations. To fully understand a community’s
available labor force, one must examine the
entire labor market from which the
community draws.
WHY IS THIS IMPORTANT?
Page 17 of 114
The economy of a community is not
contained by political boundaries. Every
community draws workers from outside its
borders and sends residents to jobs in other
locations. To fully understand a community’s
available labor force, one must examine the
entire labor market from which the
community draws.
Two Labor Sheds WHY IS THIS IMPORTANT?
Because the Labor Shed is so large, it can be effectively seen as two distinctly different, but overlapping
labor sheds.
The Southern Labor shed extends from Georgetown to Southern Austin. The Northern Labor Shed draws
from as far away as Temple.
These two labor sheds form distinct pools of talent from which Georgetown employers can draw. The
characteristics of these labor sheds are discussed in more detail in the Workforce Profiles section of this
report.
11
GEORGETOWN
AUSTIN
TEMPLE
Page 18 of 114
02
Economic Dynamics
Over the past decade, the City of Georgetown has experienced
significant economic growth. Traditionally,Georgetown was a rural
bedroom community. The city is still cherished for its small town feel, but
in recent years the number of primary jobs has grown rapidly. The
following metrics place Georgetown’s economic performance in a broader
context and underscore areas in which the community is moving in a
positive direction.
12Page 19 of 114
Employment growth is a primary indicator of
a community’s overall economic health.
Strong job creation relative to benchmark
communities can indicate a more competitive
business climate and the presence of
supportive resources.
Employment Growth WHY IS THIS IMPORTANT?
SOURCE: AVALANCHE CONSULTING / EMSISOURCE: AVALANCHE CONSULTING / EMSI
CITY OF GEOGETOWN TOTAL EMPLOYMENT
2006 – 2016
20.7%
19.2%
20.0%
12.6%
8.8%
Georgetown
Labor Shed
Austin MSA
Texas
USA
EMPLOYMENT GROWTH
2011 – 2016
Over the past five years, Georgetown has seen rapid job growth. Between 2011 and 2016, overall
employment grew 21% to reach 28,000 jobs. This rate of growth was faster than the surrounding Labor
Shed and Austin metro.
During this period, job growth in Georgetown was more than 50% greater than Texas and more than
twice the US average.
13
19.6K
21.7K 22.1K 21.3K 21.2K
23.1K 23.9K 25.2K 25.7K
27.2K 27.9K
Page 20 of 114
Low unemployment suggest that the residents
are able to secure employment. Especially
low unemployment, however, may also
indicate a potential workforce shortage.
Higher unemployment may also indicate that
a larger portion of residents are actively
seeking jobs.
Unemployment WHY IS THIS IMPORTANT?
Georgetown USA
UNEMPLOYMENT RATE
2006 – 2016
SOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICSSOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICS
3.9%
3.2%
4.7%
4.1%
Georgetown
Austin MSA
Texas
USA
UNEMPLOYMENT RATE
MAY 2017
Georgetown’s unemployment rate has remained less than the US average every single month of the past
decade.
For the first time, in 2017 Georgetown’s unemployment rate was within a half of a percentage point of
the US average. Georgetown’s unemployment rate currently stands at 3.9%, slightly higher than the
Austin metropolitan average but less than the statewide and US averages.
14Page 21 of 114
Resilient economies employ residents in a
diverse mix of industries. A diverse industry
base allows communities to better weather
economic downturns that affect one industry
more than others. A diverse economy also
provides jobs with different educational and
experience requirements that help sustain all
residents.
Industry Diversity (US Benchmark)WHY IS THIS IMPORTANT?
EMPLOYMENT BY INDUSTRY
2016
EMPLOYMENT GROWTH BY INDUSTRY
2011 – 2016
SOURCE: AVALANCHE CONSULTING / EMSISOURCE: AVALANCHE CONSULTING / EMSI
* Other services includes various service industries such as automotive repaid, personal services such as dry
cleaning, and non-profit organizations.
Employment by industry within Georgetown varies slightly from the US average. Georgetown is home to
a higher proportion of Construction, Manufacturing and Trade & Transportation employment relative to
the US average. These three industries represent approximately 45% of total employment within
Georgetown compared to just 32% nationally. Georgetown has smaller proportions in Information,
Financial Activities, and Professional & Business Services.
Over the past 5 years, almost all industries in Georgetown grew more rapidly than the US. Employment
in Georgetown’s Manufacturing and Professional & Business Services sectors each grew by more than
60%. Employment in Financial Activities and Education & Health Services increased by more than 40%.
15
3%
11%
11%
16%
9%
4%
1%
26%
11%
8%
2%Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professional & Business Svcs.
Education & Health Svcs.
Leisure & Hospitality
Government
Other*
2%
20%
46%
61%
44%
39%
-5%
64%
37%
22%Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professional & Business Svcs.
Education & Health Svcs.
Leisure & Hospitality
Government
Other*200%+
- US Average
Page 22 of 114
Resilient economies employ residents in a
diverse mix of industries. A diverse industry
base allows communities to better weather
economic downturns that affect one industry
more than others. A diverse economy also
provides jobs with different educational and
experience requirements that help sustain all
residents.
Industry Diversity (Austin Metro Benchmark)WHY IS THIS IMPORTANT?
EMPLOYMENT BY INDUSTRY
2016
EMPLOYMENT GROWTH BY INDUSTRY
2011 – 2016
SOURCE: AVALANCHE CONSULTING / EMSISOURCE: AVALANCHE CONSULTING / EMSI
* Other services includes various service industries such as automotive repaid, personal services such as dry
cleaning, and non-profit organizations.
In some ways, Georgetown’s economy more closely reflects the US as a whole rather than Central Texas.
Georgetown’s high concentration of manufacturing employment, for example, is even more striking
against the backdrop of the Austin metro. Manufacturing represents nearly 11% of jobs in Georgetown
but less than 6% of jobs within the broader region. Conversely, Financial Activities comprise just 9% of
jobs within Georgetown, less than the US average of 12%. In the Austin metro, Financial Activities
represent more than 16% of all jobs.
16
3%
11%
11%
16%
9%
4%
1%
26%
11%
8%
2%Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professional & Business Svcs.
Education & Health Svcs.
Leisure & Hospitality
Government
Other*
2%
20%
46%
61%
44%
39%
-5%
64%
37%
22%Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professional & Business Svcs.
Education & Health Svcs.
Leisure & Hospitality
Government
Other*200%+
- Austin Metro Average
Page 23 of 114
Industry Salaries WHY IS THIS IMPORTANT?
CITY OF GEORGETOWN AVERAGE SALARY BY INDUSTRY
2016
64%
95%
129%
127%
60%
69%
71%
80%
83%
76%
103%
Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professonal & Business Svcs
Education & Health Svcs
Leisure & Hospitality
Government
Other*
CITY OF GEORGETOWN SHARE OF US AVERAGE SALARY BY INDUSTRY
2016
$76,777
$65,254
$103,587
$64,940
$69,422
$71,720
$64,742
$46,225
$21,285
$59,320
$39,066
Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professonal & Business Svcs
Education & Health Svcs
Leisure & Hospitality
Government
Other*
SOURCE: AVALANCHE CONSULTING / EMSISOURCE: AVALANCHE CONSULTING / EMSI
* Other services includes various service industries such as automotive repaid, personal services such as dry
cleaning, and non-profit organizations.
The average salary for a worker employed within Georgetown is approximately $60,000, slightly less
than the US average of $65,000. Average wages by industries vary widely in Georgetown.
At more than $100,000, the average Manufacturing salary in Georgetown is nearly 30% higher than
the US average. At nearly $65,000, the average Trade & Transportation salary in Georgetown is more
than 25% higher than the US average. Average salaries for most other industries, however, are 20% to
40% lower relative to the US average. This includes high-wage, high skill industries such as Information
($69,000 versus $115,000) as well as industries characterized by lower skill, lower wage occupations
such as Leisure & Hospitality ($22,000 versus $26,000).
Examining salaries by industry helps reveal
which local industries are more competitive
for workers or where workers show higher
productivity. Above-average salaries may
also indicate high demand for those workers
in a community. The presence of high-salary
industries is also a sign of positive wealth
creation in a community.
17Page 24 of 114
Entrepreneurial Activity WHY IS THIS IMPORTANT?
MICRO BUSINESSES (<10 EMPLOYEES) AS % OF ALL BUSINESSES
2014
CHANGE IN % SHARE IN MICRO BUSINESSES (<10 EMPLOYEES)
2009-2014
More than 73% of businesses within Georgetown have less than 10 employees (micro businesses) – the
same as the US average but slightly higher than the statewide and regional averages.
Between 2009 and 2014, the number of businesses in Georgetown with less than 10 employees grew
10%. Growth of micro businesses in Georgetown outpaced the US and Texas averages, but local gains
trailed the averages of both the Austin region and the Labor Shed.
Businesses that have fewer than ten
employees are the heart of the national
economy. While few create big job gains all
at once and many often fail, positive growth
of small businesses reflects a thriving
economy and the presence of an ecosystem
that encourages entrepreneurship.
18
SOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICS
10.0%
14.3%
16.0%
6.5%
1.2%
Georgetown
Labor Shed
Austin
Texas
US
SOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICS
73.3%
70.1%
71.6%
70.3%
73.1%
Georgetown
Labor Shed
Austin
Texas
US
Page 25 of 114
Employment/Population Balance WHY IS THIS IMPORTANT?
NUMBER OF JOBS PER 10 RESIDENTS,
2014
CITY OF GEORGETOWN NUMBER OF JOBS PER 10 RESIDENTS
2010 – 2015
Georgetown holds 4.3 jobs for every 10 residents.
Notably, this balance between jobs and people is the same as the regional average.
This ratio has declined since 2010 – meaning that despite rapid job growth in recent years, the number
of residents in Georgetown has grown faster than jobs.
Without accelerated job growth locally, the balance between jobs and people in Georgetown will likely
continue to fall.
Within Texas, communities with a significant
imbalance between employment and
population often feature relatively high
property tax rates due to limited commercial
and industrial development. Residents in such
communities may endure long commutes.
19
SOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICSSOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICS
4.3
4.6
4.2
4.3
Georgetown
Austin
Texas
US
4.5 4.6 4.5 4.6
4.4 4.3
Page 26 of 114
Commute Times WHY IS THIS IMPORTANT?
AVERAGE COMMUTE TIME (MINUTES),
2014
% OF WORKERS THAT COMMUTE MORE THAN 60 MINUTES,
2014
The average worker living in Georgetown spends nearly 26 minutes each way commuting to and from
work.
This is the same average commute time as the US average and similar to the Texas and Austin regional
averages.
Notably, workers residing in Georgetown’s Labor Shed have a slightly shorter commute.
Commuting patterns play several important
roles in a region’s economy. Regions that can
draw from the available talents and skill sets
present outside of their communities can
significantly increase their available
workforce.
20
SOURCE: AVALANCHE CONSULTING / US CENSUS BUREAUSOURCE: AVALANCHE CONSULTING / US CENSUS BUREAU
25.9
24.2
26.2
25.6
25.9
Georgetown
Labor Shed
Austin
Texas
US
8.1%
5.7%
7.1%
7.6%
8.5%
Georgetown
Labor Shed
Austin
Texas
US
Page 27 of 114
Net Commuters by Age WHY IS THIS IMPORTANT?
NET INFLOW OF WORKERS INTO CITY OF GEORGETOWN
BY AGE, 2014
NET INFLOW OF WORKERS INTO CITY OF GEORGETOWN
BY EARNINGS, 2014
Georgetown tends to import younger, lower-wage workers and export older, higher wage workers. This
reflects
On a net basis, the number of workers age 29 and younger employed by Georgetown companies is less
than the number of working residents in the same age range. Conversely, the number of employed
Georgetown residents age 30 and older exceeds the number of jobs within the city filled by workers
age 30 and older. Similarly, there are far more Georgetown residents that earn at least $40,000
annually than actual jobs within Georgetown that pay at least $40,000 a year.
The flow of workers within a community often
reflects a disconnect between the skills of
residents and locally available employment
opportunities. For example, highly skilled
residents in bedroom communities are
typically employed in neighboring
jurisdictions.
21
SOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICSSOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICS
247
1,017
-1,993
$15K a Year or Less Annually
$15K to $40K Annually
$40K+ Annually
296
-530
-495
Age 29 or younger
Age 30 to 54
Age 55 or older
Page 28 of 114
Net Worker Flow by Industry WHY IS THIS IMPORTANT?
NET INFLOW OF WORKERS INTO CITY OF GEORGETOWN
BY INDUSTRY COMPOSITION, 2014
CHANGE IN NET INFLOW OF WORKERS INTO CITY OF GEORGETOWN
BY INDUSTRY COMPOSITION, 2009 - 2014
Georgetown exports workers across most industries. For example, there are approximately 1,200 more
Georgetown residents employed in Professional & Business Services positions than Professional & Business
Services jobs within the city. A similar, if less pronounced, dynamic exists in Construction, Manufacturing,
Trade & Transportation, Information, and Financial Activities.
Conversely, on a net basis Georgetown imports workers in Education & Health Services, Leisure &
Hospitality, and Government. Between 2009 and 2014, there were several shifts in worker movement.
Growth in Manufacturing, Trade & Transportation, and Professional & Business Services within
Georgetown has helped the city’s employment base become more balanced.
22
SOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICSSOURCE: AVALANCHE CONSULTING / BUREAU OF LABOR STATISTICS
-260
-445
-211
-239
-179
-325
-1,196
892
125
1,078
31
Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professonal & Business Svcs
Education & Health Svcs
Leisure & Hospitality
Government
Other
-72
-52
383
1,022
52
82
181
66
127
-47
130
Natural Resources
Construction
Manufacturing
Trade & Transportation
Information
Financial Activities
Professonal & Business Svcs
Education & Health Svcs
Leisure & Hospitality
Government
Other
The flow of workers within a community often
reflects a disconnect between the skills of
residents and locally available employment
opportunities. For example, highly skilled
residents in bedroom communities are
typically employed in neighboring
jurisdictions.
Page 29 of 114
Resident Worker & Employment Balance WHY IS THIS IMPORTANT?
RATIO OF GEORGETOWN RESIDENTS EMPLOYED IN SPECIFIC OCCUPATIONS
TO NUMBER OF JOBS AVAILABLE WITHIN THE CITY, 2017
Georgetown has more residents employed in every occupational category than jobs in the city.As
residents, the city has a surplus of workers across every major occupational group.
The city is home to more than twice as many workers employed in Protective Services (firefighters, police
officers, etc.) than actual jobs in Protective Services. The ratio of Science and Legal resident workers to
jobs is nearly 2 to 1. Georgetown is home to more than 50% more workers in Arts & Entertainment and
Healthcare Practitioners than jobs. There are also significant surpluses of Business & Finance, Education,
Computer & Math, and Office & Administration workers living within Georgetown.
23
SOURCE: AVALANCHE CONSULTING / EMSI
The flow of workers within a community often
reflects a disconnect between the skills of
residents and locally available employment
opportunities. For example, highly skilled
residents in bedroom communities are
typically employed in neighboring
jurisdictions.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Page 30 of 114
Wealth creation is an important goal of
economic development and a strong
measure of a community’s economic health.
When residents of a community have high
household incomes they are able to reinvest
locally – purchasing goods and services that
spur additional economic growth.
Median Household Income WHY IS THIS IMPORTANT?
SOURCE: AVALANCHE CONSULTING / US CENSUS ACSSOURCE: AVALANCHE CONSULTING / US CENSUS ACS
$60.9K $61.6K $63.K $63.4K $62.2K $63.0K
CITY OF GEORGETOWN MEDIAN HOUSEHOLD INCOME
2010 – 2015
MEDIAN HOUSEHOLD INCOME
2015
Georgetown is a relatively affluent community. At $63,000, median household income in Georgetown is
$10,000 higher than the US average. Median household income is also approximately $4,000 greater
than for the Austin metropolitan region as a whole.
Over the past five years, median household income in Georgetown grew 4%, an increase of $2,000.
24
$63.0K
$63.9K
$59.6K
$51.6K
$53.0K
Georgetown
Labor Shed
Austin MSA
Texas
USA
Page 31 of 114
Varying home prices within a region provide
housing choice to workers within a region.
Communities are often able to attract
workers from adjacent areas with lower
housing prices (and wages).
Home Values WHY IS THIS IMPORTANT?
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
MEDIAN HOME VALUE
2011 – 2015
Comparable housing values for Georgetown and its broader labor sheds are only available from the US
Census Bureau. Estimated values are based on a 5-year moving average and are available through
2015. While home prices in Central Texas have continued to increase in subsequent years, underlying
price dynamics within the region remain constant. At $210,000, median home values in Georgetown are
virtually identical to that of the broader region. Home prices in Georgetown’s Northern Labor Shed are
substantially lower. In 2015, median home values in Georgetown’s Northern Labor Shed were less than
$145,500. Additionally, home prices in the North Shed are also increasing at a slower pace than in
either Georgetown or the Austin metro.
25
$0
$50,000
$100,000
$150,000
$200,000
$250,000
2011 2012 2013 2014 2015
TexasNorthern Labor Shed
US
Southern Labor Shed
Austin MSAGEORGETOWN
Page 32 of 114
Poverty levels indicate whether residents
have incomes and access to jobs that allow
them to prosper and support their families.
High poverty levels often reflect limited job
opportunities in a community and put heavy
demands on social services.
Poverty Levels WHY IS THIS IMPORTANT?
9.5% 9.5% 9.1% 9.1% 10.2% 8.0%
13.8%14.3%14.9%15.4%15.6%15.5%
Georgtown US
SHARE OF POPULATION IN POVERTY
2010 – 2015
SOURCE: AVALANCHE CONSULTING / US CENSUS ACSSOURCE: AVALANCHE CONSULTING / US CENSUS ACS
SHARE OF POPULATION IN POVERTY
2015
Poverty in Georgetown is significantly less than the regional, statewide, and US averages.
In 2015, only 8% of Georgetown’s population lived in poverty – a share that has steadily declined
during the past five years. The poverty rates for both Georgetown’s Labor Shed and the Austin
metropolitan region are approximately 14%. Nationally, more than 15% of the population lives in
poverty. The figure is even higher in Texas – more than 17% of residents statewide live in poverty.
26
8.0%
14.6%
14.2%
17.3%
15.5%
Georgetown
Labor Shed
Austin MSA
Texas
USA
Page 33 of 114
01
Employment in Georgetown
has increased substantially
during the past 5 years.
Between 2011 and 2016, total
employment in Georgetown increased
at a faster pace than the regional,
statewide, and national averages.
Currently, Georgetown's unemployment
rate is just 3.9%, less than the
national average but slightly higher
than the regional average.
02
Locally serving industries
represent a disproportionately
large share of employment in
Georgetown.
Industries such as Construction and Trade
& Transportation that address local needs
represent a relatively large share of
employment within Georgetown while
other industries such as Information and
Professional & Business Services are less
present. One notable exception is
Manufacturing. The export-oriented
industry comprises a higher share of
employment in Georgetown relative to the
US average.
03
Georgetown’s fastest
growing industries reflect
the emergence of a more
balanced local economy.
Between 2011 and 2016, the fastest
growing industries in Georgetown
included Manufacturing, Professional &
Business Services, and Financial
Activities. These industries are not only
more export-oriented, but they are also
characterized by many high-skill, high
wage occupations.
Economic Dynamics
Key Takeaways
27Page 34 of 114
03
Demographic Dynamics
A community's demographic composition ultimately determines its
workforce composition. Is it growing? Is it highly educated? Is it
continuously adding to its talent reservoir by attracting and producing
skilled workers? The answers to these questions will help determine the
community’s ability to support a thriving and expanding economy. The
following section compares Georgetown’s demographic dynamics to
those of the broader labor shed, the entire Austin metropolitan region,
Texas, and the US.
28Page 35 of 114
Population growth is one of the base
indicators of overall economic prosperity in
a community. A growing population shows
that a community has assets and job
opportunities that retain younger residents
and attract new workers. A growing
population also reassures businesses that
they will have workers and new customers
available in the future.
Population Growth WHY IS THIS IMPORTANT?
Georgetown has experienced unprecedented population growth over the past 15 years.
Since 2000, the city’s population has more than doubled. Today, Georgetown is home to approximately
64,000 residents. The city continues to post significant population gains. Between 2010 and 2015,
Georgetown’s population increased by 34% – twice the rate of Austin, one of the fastest growing
regions in the nation. Over this period, the Texas population increased less than 10% and the US
population increased by only 4%.
34%
17%
9%
4%
Georgetown
Austin
Texas
US
POPULATION GROWTH
2010 – 2015
SOURCE: AVALANCHE CONSULTING / US CENSUS BUREAU POPULATION ESTIMATESSOURCE: AVALANCHE CONSULTING / US CENSUS BUREAU POPULATION ESTIMATES
28K 31K
35K
39K
43K
47K
53K
59K
64K
0
25,000
50,000
75,000
CITY OF GEORGETOWN POPULATION
2000 – 2015
29Page 36 of 114
The age distribution of a population can
help better understand where to prioritize
community investments.
Age distribution helps understand gaps in
workforce availability and identify
populations that may have distinct needs –
such as children and the elderly.
Age Distribution WHY IS THIS IMPORTANT?
SHARE OF POPULATION BY AGE
2015
6%
8%
12%
14%
13%
14%
10%11%
13%13%
16%
13%
9%
11%11%
7%
9%
12%
75 +65 to 7455 to 6445 to 5435 to 4425 to 3418 to 2410 to 17< 10
US Georgetown
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
Georgetown’s population is older than the US average. Nearly 29% of Georgetown residents are age
65 and older – more than twice the US average. As a result, Georgetown has a smaller proportion of
residents relative to the US average across virtually all other age groups.
Notably, Young Professionals (residents between 25 and 44 years old) – a critical component of the
workforce – comprise 27% of the national population but only 22% of Georgetown residents.
Individuals between the ages of 18 and 24 comprise 10% of the US population but less than 7% of
Georgetown’s population – despite the presence of Southwestern University.
30Page 37 of 114
Benchmark Age WHY IS THIS IMPORTANT?
MEDIAN AGE
2015
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
% OF YOUNG PROFESSIONALS (RESIDENTS AGE 25-44)
2015
The relative age of Georgetown’s population stands in contrast to the relative youth of the Austin region.
The median age in the Austin region is less than 34 years – four years younger than the US median. In
Georgetown, the median age is 47 years. Young professionals represent fewer than 22% of
Georgetown’s population – well below the regional average. Approximately one-third of the population
in both Austin and Georgetown’s labor force are between the ages of 25 and 44.
31
Young Professionals (residents aged 25 to
44 years old) represent a critical segment of
a local workforce for companies seeking to
hire new workers with the latest skills and
knowledge. Recruiting and retaining
residents in this age cohort helps ensure a
region can supply a growing labor force for
companies.
22%
34%
33%
28%
27%
Georgetown
Labor Shed
Austin
Texas
US
47.0
33.7
33.6
34.1
37.6
Georgetown
Labor Shed
Austin
Texas
US
Page 38 of 114
The modern economy is increasingly
knowledge-intensive. New jobs often require
education beyond a high-school diploma –
ranging from a certificate to a master’s
degree. Due to this growing reliance on
skilled workers, many businesses expand in
and choose new locations based on the
presence of a well-educated population.
Educational Attainment WHY IS THIS IMPORTANT?
SHARE OF 25 YEARS+ POPULATION
W/ A BACHELOR’S DEGREE OR HIGHER, 2015
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
SHARE OF 25 YEARS+ POPULATION
W/ AN ASSOCIATE DEGREE, 2015
Georgetown is a highly educated community – with 44% of residents age 25 and older possessing a
bachelor’s degree or higher level of educational attainment.
The share of Georgetown residents with a bachelor's degree or higher is nearly 50% greater than the
US average and exceeds that of the Austin region – one of the most educated metropolitan areas in the
country.
Nearly 8% of Georgetown residents possess an Associate’s degree – slightly lower than the US average
but higher than the regional and statewide averages.
32
7.7%
7.1%
6.5%
6.7%
8.1%
Georgetown
Labor Shed
Austin
Texas
US
44.0%
40.6%
41.7%
27.6%
29.8%
Georgetown
Labor Shed
Austin
Texas
US
Page 39 of 114
In communities with a large retired
population, overall levels of educational
attainment may not reflect the attributes of
the local workforce.
Educational Attainment by Age WHY IS THIS IMPORTANT?
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
Nationally, younger generations are more likely to posses a bachelor’s degree or higher education. This
trend holds true for the Austin region, Texas, and Georgetown’s labor shed – with younger residents
holding more degrees.
In the City of Georgetown, the most well-educated residents are those age 45 and older. Georgetown
residents between the ages of 25 and 44 are less likely to be college graduates than their counterparts
in the broader labor shed or Austin region (though their education levels exceed the US and Texas).
33
SHARE OF POPULATION W/ A BACHELOR’S DEGREE OR HIGHER BY AGE GROUP, 2015
24%
29%
33%33%
24%
28%30%28%
37%
41%
45%43%
36%
40%
44%42%
49%
45%
39%
34%
65 years and over:45 to 64 years:35 to 44 years:25 to 34 years:
US Texas Austin Labor Shed Georgetown
Page 40 of 114
The modern economy is increasingly
knowledge-intensive. New jobs often require
education beyond a high-school diploma –
ranging from a certificate to a master’s
degree. Due to this growing reliance on
skilled workers, many businesses expand in
and choose new locations based on the
presence of a well-educated population.
Education Breakdown WHY IS THIS IMPORTANT?
FIELD OF BACHELOR'S DEGREE FOR FIRST MAJOR OF RESIDENTS WITH A BACHELOR’S DEGREE, 2015
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
4.5%
6.0%
3.4%
4.9%
8.2%
7.5%
0.7%
9.2%
19.7%
12.8%
4.6%
5.2%
4.1%
3.9%
5.4%
4.3%
4.8%
4.2%
5.5%
5.7%
7.6%
0.3%
9.0%
17.3%
18.0%
3.5%
6.3%
4.0%
4.0%
5.3%
Computers, Mathematics, and Statistics
Biological, Agricultural, and Environmental Sciences
Physical and Related Sciences
Psychology
Social Sciences
Engineering
Multidisciplinary Studies
Science and Engineering Related Fields
Business
Education
Literature and Languages
Liberal Arts and History
Visual and Performing Arts
Communications
Other
US Georgetown
Science &
Engineering
Business
Arts &
Humanities
The distribution of bachelor’s degrees among Georgetown residents is similar to the US average.
Nearly 33% of Georgetown residents with a bachelor’s degree studied a Science & Engineering field.
Nationally, the figure is 35%.
Georgetown residents are more likely to possess an Education degree than their US counterparts (18%
versus 13%) and slightly less likely to possess a Social Science or Business degree.
Education
34Page 41 of 114
Communities with high levels of talent
production and attraction are significantly
better positioned to capture high-skill, high
wage job growth compared to communities
with more limited talent production and
attraction.
Talent Production & Attraction WHY IS THIS IMPORTANT?
NET INFLUX OF INDIVIDUALS WITH A BACHELOR’S DEGREE
OR HIGHER LEVEL OF EDUCATIONAL ATTAINMENT
INTO CITY OF GEORGETOWN
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
POST-SECONDARY DEGREES AWARDED BY
CITY OF GEORGETOWN HIGHER EDUCATION INSTITUTIONS
Georgetown is both attracting and producing talent. Since 2012, on a net basis Georgetown has
annually attracted at least 500 individuals with a college degree.
Southwest University annually awards approximately 300 degrees to graduating students in
Georgetown. Georgetown Independent School District (ISD) is in the Austin Community College (ACC)
service area but not an ACC district. ACC provides programing throughout Georgetown ISD but does not
offer any specific degree programs in Georgetown.
35
299314
338
280
308
20152014201320122011
564
505
530551
2015201420132012
Page 42 of 114
The demographic characteristics of migrants
into a community helps determine the extent
to which new residents contribute the area’s
workforce. A community’s population may
grow much faster than its workforce, for
example, due to an influx of families with
small children.
Workforce Attraction WHY IS THIS IMPORTANT?
MIGRATION OF INDIVIDUALS FROM ANOTHER COUNTY, STATE, OR ABROAD BY AGE
2015
SOURCE: AVALANCHE CONSULTING / US CENSUS ACS
Older individuals represent a disproportionate share of migrants moving into Georgetown from other
communities.
In 2015, nearly 24% of all residents who moved into Georgetown from another county in Texas, outside
the state, or abroad were age 65 and older.
For context, less than 5% of migrants into the broader Austin region were age 65 and older.
13.8%
18.4%
17.5%
20.7%
18.3%
18.1%
22.1%
23.7%
21.4%
23.9%
26.5%
42.4%
40.9%
37.4%
35.9%
18.2%
12.7%
13.5%
15.4%
15.6%
23.4%
4.4%
4.3%
5.1%
6.4%
Georgetown
Labor Shed
Austin
Texas
US
1 to 17 18 to 24 25 to 44 45 to 64 65+
30Page 43 of 114
The modern economy is increasingly
knowledge-intensive. New jobs often require
education beyond a high-school diploma –
ranging from a certificate to a master’s
degree. Due to this growing reliance on
skilled workers, many businesses expand in
and choose new locations based on the
presence of a well-educated population.
School Performance WHY IS THIS IMPORTANT?
4-YEAR HIGH SCHOOL GRADUATION RATES
AMONG ALL SCHOOL DISTRICT WITHIN AUSTIN METRO, 2015
SOURCE: AVALANCHE CONSULTING / TEXAS EDUCATION AGENCY SOURCE: AVALANCHE CONSULTING / TEXAS EDUCATION AGENCY
Georgetown ISD has high graduation rates – and most students perform well on the statewide
standardized test (STAAR). Georgetown ISD has a 95% graduation rate – compared to 89% on
average in Texas. This sits right in the middle of Central Texas school districts.
Of Georgetown ISD students who take the STAAR test, 74% receive a satisfactory score across all
subject matters – statewide only 28% of students meet the satisfactory threshold. Georgetown students
again perform at the average level for Central Texas school districts.
37
95.0%
Georgetown ISD
% OF STUDENTS WITH SATSIFACTORY ACADEMIC PERFORMANCE
SCORES ACROSS ALL SUBJECTS ON STAAR TEST
AMONG ALL SCHOOL DISTRICT WITHIN AUSTIN METRO, 2015
74.0%
Georgetown ISD
Texas Avg. 89.0%
Texas Avg.
28.0%
Page 44 of 114
Racially and ethnically diverse regions often
grow more quickly than their less diverse
counterparts.
Diversity WHY IS THIS IMPORTANT?
Georgetown is less ethnically diverse than the rest of Central Texas and the overall state. Georgetown is
also becoming less diverse in recent years. Nearly 75% of Georgetown residents are White, Non-
Hispanic. In the Georgetown Labor Shed 53% of residents are White, Non-Hispanic.
Between 2010 and 2015, White, Non-Hispanic residents as a share of Georgetown’s population
increased from 72% to 74%. During this same period, White Non-Hispanic residents as a share of the
overall population declined in the Austin metropolitan region, Texas, and the US.
WHITE, NON-HISPANIC RESIDENTS AS % OF TOTAL
2010
SOURCE: AVALANCHE CONSULTING / US CENSUS BUREAUSOURCE: AVALANCHE CONSULTING / US CENSUS BUREAU
WHITE, NON-HISPANIC RESIDENTS AS % OF TOTAL,
2015
38
74.0%
51.8%
53.6%
43.8%
62.3%
Georgetown
Labor Shed
Austin
Texas
US
72.1%
52.7%
54.7%
45.3%
63.7%
Georgetown
Labor Shed
Austin
Texas
US
Page 45 of 114
15,110
6,232
4,2284,0783,576
1,475
3,5403,271
1,247
1,025
1,2322,0952,331
955
2,9262,781
65 years and older55 to 64 years45 to 54 years35 to 44 years25 to 34 years20 to 24 years10 to 19 yearsUnder 9 years
POPULATION BY AGE
2015
Population by Age and Race WHY IS THIS IMPORTANT?
SOURCE: AVALANCHE CONSULTING / US CENSUS BUREAU
Georgetown’s younger residents are more ethnically diverse than older residents.
White Non-Hispanic individuals represent 55% of Georgetown residents under the age of 20. In
contrast, White Non-Hispanic individuals comprise more than 90% of Georgetown residents age 65 and
older.
Georgetown’s racial and ethnic composition suggest that the city is likely to become more diverse in the
years ahead despite recent trends in the opposite direction.
White, Non-Hispanic Non-White and/or Hispanic
The age distribution of a population by
racial and ethnic groups may reveal the
possibility of significant demographic
changes in the years ahead.
39Page 46 of 114
Labor Force Participation WHY IS THIS IMPORTANT?
Georgetown has a relatively low rate of labor force participation. Fewer than half of Georgetown
residents age 16 and older are currently working or unemployed.
The remaining half of Georgetown’s population age 16 and older is not currently looking for work. This
is likely due to the large retired population in the city.
In the Austin region, the labor force participation rate exceeds 70%. The labor force participation rate
of Texas and the US is 65% and 64% respectively.
Communities with low rates of labor
participation feature a smaller available
workforce than overall population figures
mightsuggest.Atthesametime,such
communities do not need to create as many
jobs to maintain a balance between
population and employment.
40
LABOR FORCE PARTICIPATION RATE,
2015
SOURCE: AVALANCHE CONSULTING / US CENSUS BUREAUSOURCE: AVALANCHE CONSULTING / US CENSUS BUREAU
EMPLOYMENT TO POPULATION RATIO,
2015
46.3%
65.4%
65.8%
59.8%
58.0%
Georgetown
Labor Shed
Austin
Texas
US
49.5%
71.1%
70.2%
64.7%
63.7%
Georgetown
Labor Shed
Austin
Texas
US
Page 47 of 114
01
Most net migration into
Georgetown is among
working-age individuals.
Although Georgetown is widely
known as an attractive destination
for retirees from outside the region,
on a net basis the majority of
individuals moving into the city are
between the ages of 18 and 64.
02
Educational attainment levels
among Georgetown’s
population exceed the
statewide and US averages
across all age groups.
While older Georgetown residents have
the highest rates of college educational
attainment, all age groups contribute to
the city’s talent base. College
educational attainment levels among
Georgetown residents between the ages
of 25 and 64 exceed the Texas and US
averages.
03
Georgetown is likely to
become more racially and
ethnically diverse over the
next decade.
While White, Non-Hispanic individuals
represent more than 90% of Georgetown
residents age 65 and older, the figure is
just 55% among Georgetown residents
under the age of 20.
Demographic Dynamics
Takeaways
41Page 48 of 114
04
Workforce Profiles
The following section provides more granular information about
Georgetown’s prevailing industry and occupational composition. Profiles
are included for Georgetown’s Northern and Southern Labor Sheds. The
profiles highlight recent employment trends, including employment
growth, employment by industry and occupational cluster, and the
relative concentration of each industry and occupational cluster
compared to the US average. Industry clusters with high growth
projections and/or those heavily concentrated in Georgetown are likely
to drive future workforce needs.
42Page 49 of 114
18
NEGATIVE GROWTH POSITIVE GROWTH
HIGH CONCENTRATION
LOW CONCENTRATION
TOP RIGHT – STRONG & ADVANCING
Contains clusters that are more concentrated in the region and
are growing. These clusters are strengths that help a
community stand apart from the competition. Small, high
growth clusters can be expected to become increasingly
dominant over time.
BOTTOM RIGHT – WEAK BUT ADVANCING
Contains clusters that are under-represented in the region
but are growing (often quickly). If growth trends continue,
these clusters will eventually move into the top-right
quadrant. Clusters in this quadrant are considered
“emerging” strengths for the region.
TOP LEFT – STRONG & DECLINING
Contains clusters that are more concentrated in the region but
are declining (negative employment growth). These clusters
may fall into the lower quadrant as job losses eventually
produce a decline in concentration.
BOTTOM LEFT – WEAK & DECLINING
Contains clusters that are under-represented in the region
(low concentration) and are also losing jobs. Clusters in this
quadrant may indicate a gap in the workforce pipeline if
local industries anticipate a future need. In general, clusters in
this quadrant reveal a lack of competitiveness.
Location Quotients
Location Quotients, also called “LQs”, represent the relative concentration or density of a specific occupation cluster in the region compared to theUS
average for that occupation cluster. A 1.5 LQ indicates that the region has 50% more concentration on a per capita basis than the US, which is a sign of
relative local strength in that occupation cluster. Note that LQ is a relative measure: a high concentration in one cluster means that others will have lower LQs.
Each bubble chart illustrates:
The growth of each occupational cluster along the horizontal axis
The LQ of each occupational cluster along the vertical axis
The size of each bubble indicates the number of employees within the occupation
Page 50 of 114
City of Georgetown – Industry Cluster Past Performance
44
GEORGETOWN MAJOR INDUSTRY CLUSTERS*, 2016
0
1
2
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80%
Strong,
Declining
Strong, Growing
LO
C
A
T
I
O
N
Q
U
O
T
I
E
N
T
,
2
0
1
6
LOCAL GROWTH, 2011 - 2016
Weak,
Declining Weak, Growing
SOURCE: EMSI / AVALANCHE CONSULTING
Creative
Content
Mining & Logging
[24%, 10.6 LQ]
Healthcare
Automotive
Construction
Finance
Professional
Services
Software/IT
Back Office
Transportation
Metalworking
Entertainment
Retail
Education
Government
Materials
Industrial
Machinery
[-34%, 4.0 LQ]
Electronics
[86%, 3.4 LQ]
Research
[299%, 1.2 LQ]
*Clusters with employment of 150 of more are displayed
Virtually every industry cluster in Georgetown grew between 2011 and 2016. Only Industrial Machinery and Materials lost jobs during this period; all other.
The largest and most concentrated industry clusters in Georgetown relative to the US average are primarily locally serving. This includes clusters such as
Construction, Retail, Entertainment, and Healthcare. Georgetown is also home to several smaller but relatively concentrated sectors that serve non-local
markets. These clusters include Mining & Logging, Electronics, and Research.
Several high-skill, high wage industry clusters remain less concentrated in Georgetown compared to the US average, including Creative Content, Finance,
Software/IT, and Professional Services. Local employment in all four of these industry clusters increased by at least 30% over the past 5 years.
Page 51 of 114
Northern Labor Shed – Industry Cluster Past Performance
45
GEORGETOWN’S NORTHERN LABOR SHED MAJOR INDUSTRY CLUSTERS*, 2016
0
1
2
-10% 0% 10% 20% 30% 40% 50% 60%
Strong,
Declining
Strong, Growing
LO
C
A
T
I
O
N
Q
U
O
T
I
E
N
T
,
2
0
1
6
LOCAL GROWTH, 2011 - 2016
Weak,
Declining Weak, Growing
SOURCE: EMSI / AVALANCHE CONSULTING
Creative Content
Research
[131%, 0.4 LQ]
Healthcare Construction
FinanceProfessional
Services
Software/IT
Back OfficeTransportation
Metalworking
Entertainment
Retail
Education
Government Materials
Industrial
Machinery
[-28%, 1.,4 LQ]
Electronics
[86%, 0.9 LQ]
Telecom
[-50%, 1.1 LQ]
*Clusters with employment of 2,500 of more are displayed
Like the City of Georgetown, the Northern Labor Shed is characterized by strong growth across most industry clusters. In many ways, the industrial
composition of the Northern Labor Shed mirrors that of Georgetown.
The economy is dominated by larger, relatively concentrated, locally serving industries such as Construction, Health Care, and Retail. Like Georgetown, both
the Electronics and Research sectors are expanding employment rapidly.
Notably, higher-skill, higher-wage industry clusters such as Creative Content and Software/IT are experiencing more modest growth in the Northern Labor
Shed compared to Georgetown. In fact, Professional Services employment actually declined in the Northern Labor Shed between 2011 and 2016.
Page 52 of 114
Southern Labor Shed – Industry Cluster Past Performance
46
GEORGETOWN’S SOUTHERN LABOR SHED MAJOR INDUSTRY CLUSTERS*, 2016
0
1
2
-10% 0% 10% 20% 30% 40% 50% 60%
Strong,
Declining
Strong, Growing
LO
C
A
T
I
O
N
Q
U
O
T
I
E
N
T
,
2
0
1
6
LOCAL GROWTH, 2011 - 2016
Weak,
Declining Weak, Growing
SOURCE: EMSI / AVALANCHE CONSULTING
Creative Content
Research
Healthcare
ConstructionFinance
Professional
Services
Back
Office
Transportation Energy
Entertainment
Retail
Education
Government
Electronics
[14%, 2.4 LQ]
Non-Profits
Telecom
Biomedical
*Clusters with employment of 750 of more are displayed
Agribusiness
Industrial
Machinery
Software/IT
[84%, 2.5 LQ]
MaterialsMetalworking
Georgetown’s Southern Labor Shed is more than five times larger than its Northern Labor Shed in terms of jobs. The Southern Labor Shed includes a
significant portion of the Austin metropolitan region and its industry composition is very different from Georgetown.
Between 2011 and 2016, all clusters except Government grew. Software/IT is both the fastest growing and most relatively concentrated industry cluster
within the Southern Labor Shed. Other relatively concentrated industry clusters include Electronics, Industrial Machinery, Professional Services, Creative
Content, Entertainment, and Finance.
While Retail and Healthcare are two of the largest industry clusters within the Southern Labor Shed, they are slightly less concentrated compared to the US
average. The Southern Labor Shed is also home to several small but high-growth clusters such as Materials, Energy, and Agribusiness.
Page 53 of 114
City of Georgetown – Industry Cluster Projected Growth
47
SOURCE: EMSI / AVALANCHE CONSULTING
GEORGETOWN PROJECTED EMPLOYMENT GROWTH BY INDUSTRY CLUSTER,
2016-2021
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-800
-600
-400
-200
0
200
400
600
800
1,000
1,200
Numeric Increase Percentage Increase
Employment in Georgetown is projected to grow by more than 15% through 2021 – an increase of approximately 4,350 jobs.
Five industry clusters alone are projected to account for 75% of all new jobs – Healthcare, Retail, Electronics, Entertainment, and Construction. Healthcare
alone is projected to fuel more than 20% of all job growth within Georgetown through 2021. All five of these clusters are expected to post double-digit
employment gains during the next five years.
Other leading sources of job growth include Finance, Research, Back Office, and Professional Services. Collectively, these three industry clusters are projected
to fuel one out of every five jobs created in Georgetown during the next five years. On a net new job basis, the growth in all other private sector industry
clusters is expected to be relatively modest.
Page 54 of 114
Northern Labor Shed – Industry Cluster Projected Growth
48
SOURCE: EMSI / AVALANCHE CONSULTING
GEORGETOWN NORTHERN LABOR SHED PROJECTED EMPLOYMENT GROWTH BY INDUSTRY CLUSTER,
2016-2021
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Numeric Increase Percentage Increase
Projected job growth in Georgetown’s Northern Labor Shed will largely mirror that of Georgetown. Healthcare, Retail, Construction, Entertainment,and
Finance are projected to propel more than 70% of all employment gains within the Northern Labor Shed through 2021.
Together, Electronics, Education, and Back Office job growth is anticipated to fuel less than 15% of job growth within the Northern Labor Shed. Employment
in Government is expected to account for more than 11% of all job growth. The collective employment gains of all other industry clusters is expected to be
relatively limited.
Page 55 of 114
Southern Labor Shed – Industry Cluster Projected Growth
49
SOURCE: EMSI / AVALANCHE CONSULTING
GEORGETOWN SOUTHERN LABOR SHED PROJECTED EMPLOYMENT GROWTH BY INDUSTRY CLUSTER,
2016-2021
0%
10%
20%
30%
40%
0
5,000
10,000
15,000
20,000
Numeric Increase Percentage Increase
In many ways, projected growth for the Southern Labor Shed is similar to that of Georgetown. There are, however, several notable exceptions, and
employment growth within the Southern Labor Shed is expected to be fueled by a greater variety of industry clusters.
Similar to both Georgetown and the Northern Labor Shed, the Entertainment, Healthcare, and Retail clusters are projected to lead job growth. Together,
these three industry clusters are expected to account for 45% of all new jobs within the Southern Labor Shed through 2021.
Notably, the Software/IT cluster is projected to create more than 11% of all new jobs in the Southern Labor Shed during this period. No other industry cluster
is expected to enjoy a greater rate of growth. Construction, Back Office, and Finance are projected to drive more than 20% of Southern Labor Shed
employment growth during this period. Research and Professional Services are expected to make significant contributions to job growth as well
Page 56 of 114
City of Georgetown – Occupation Cluster Past Performance
50
GEORGETOWN MAJOR OCCUPATIONAL CLUSTERS*, 2016
0
1
2
-10% 0% 10% 20% 30% 40% 50% 60%
Strong,
Declining
Strong, Growing
LO
C
A
T
I
O
N
Q
U
O
T
I
E
N
T
,
2
0
1
6
LOCAL GROWTH, 2011 - 2016
Weak,
Declining Weak, Growing
SOURCE: EMSI / AVALANCHE CONSULTING
Engineering
Construction
Mechanics
Legal
Medical
Finance
Computer
Education
Sales &
Marketing
Design
ProductionLogistics
Social
Services
Personal
Services
Hospitality
*Clusters with employment of 100 of more are displayed
BusinessBack
Office
Communications
Every major occupational cluster experienced employment growth in Georgetown between 2011 and 2016. All but four clusters posted double-digit gains
during this period.
The two fastest growing clusters were Medical and Legal occupations. Both occupational clusters grew by more than 50% over the past five years.
Employment in the Construction, Computer, Engineering, Hospitality, and Finance clusters all increased by at least 25%.
Notably, Computer occupations are Georgetown’s most concentrated occupational cluster. On a per capita basis, Georgetown is home to 80% more
Computer positions relative to the US average. Employment in Georgetown’s Construction cluster is 50% more concentrated relative to the US average.Other
concentrated occupational clusters include Personal Services and Communications.
Page 57 of 114
Northern Labor Shed – Occupation Cluster Past Performance
51
GEORGETOWN’S NORTHERN LABOR SHED MAJOR INDUSTRY CLUSTERS*, 2016
0
1
2
-10% 0% 10% 20% 30%
Strong,
Declining
Strong, Growing
LO
C
A
T
I
O
N
Q
U
O
T
I
E
N
T
,
2
0
1
6
LOCAL GROWTH, 2011 - 2016
Weak,
Declining Weak, Growing
SOURCE: EMSI / AVALANCHE CONSULTING*Clusters with employment of 200 of more are displayed
Engineering
Construction
[53%, 1.3 LQ]
Computer
Medical
Communications
Sales &
Marketing
Production
Plant Operations
Legal
Education
Personal
Services
Business
Social
Services
Finance
Logistics
Hospitality
Mechanics
Design
Back Office
While the industry composition of Georgetown’s Northern Labor Shed is similar to that of Georgetown itself, the two geographies differ more significantly in
their respective occupational compositions. Employment in the Northern Labor Shed increased across virtually all major industry clusters, though the rate of
growth was typically more modest. Between 2011 and 2016, the two fastest growing occupational clusters within the Northern Labor Shed included
Construction and Finance. Employment in Construction and Finance increased by 53% and 22%, respectively. Other fast growing occupational clusters
included Medical, Hospitality, and Logistics.
The Northern Labor Shed features four occupational clusters that are more concentrated locally relative to the national average – Medical, Hospitality,
Personal Services, Mechanics, and Education. Over the past five years, Social Services was the only occupational cluster to experience a decline in
employment within the Northern Labor Shed.
Page 58 of 114
52
GEORGETOWN’S SOUTHERN LABOR SHED MAJOR INDUSTRY CLUSTERS*, 2016
0
1
2
3
-10% 0% 10% 20% 30% 40%
Strong,
Declining
Strong, Growing
LO
C
A
T
I
O
N
Q
U
O
T
I
E
N
T
,
2
0
1
6
LOCAL GROWTH, 2011 - 2016
Weak,
Declining Weak, Growing
SOURCE: EMSI / AVALANCHE CONSULTING*Clusters with employment of 1,500 of more are displayed
Southern Labor Shed – Occupation Cluster Past Performance
Education Engineering
Social Service
Production Logistics
Legal
Sales &
Marketing
Back
Office
Medical
Mechanics
Communications
Business
Hospitality
Computer
Construction
Personal
Services
Finance
Design
Performance
Georgetown’s Southern Labor Shed is growing faster than its Northern Labor Shed, though not as fast as Georgetown itself. The Southern Labor Shed also
features several significant employment differences from both Georgetown and the Southern Labor Shed. Most notably, Computer occupations are the
fastest growing and most concentrated cluster within the Southern Labor Shed. Employment in this cluster increased by more than 35% between 2011 and
2016. On a per capita basis, the Southern Labor Shed is also home to more than twice as many Computer positions compared to the US average.
Other high growth clusters in the Southern Labor Shed include Construction, Design, and Performance. Employment in all three clusters increased by more than
30% during the past five years. Four other clusters posted employment gains of at least 20% during this period – Communications, Finance, Business, and
Medical. The Communications cluster is also the second most concentrated cluster within the Southern Labor Shed. Other relatively concentrated clusters
include Back Office, Sales & Marketing, Legal, and Engineering.
Page 59 of 114
City of Georgetown – Occupation Cluster Projected Growth
53
SOURCE: EMSI / AVALANCHE CONSULTING
GEORGETOWN PROJECTED EMPLOYMENT GROWTH BY INDUSTRY CLUSTER*,
2016-2021
0%
15%
30%
45%
60%
0
200
400
600
800
Numeric Increase Percentage Increase
*Clusters with projected employment growth of 20 of more are displayed
As noted earlier in this report, total employment in Georgetown is projected to increase by 4,350 between 2016 and 2021. Nearly one in every three of
these jobs are projected to be either Medical or Hospitality occupations. The Back Office and Personal Services clusters are expected to be responsible for
another 25% of all expected job growth within Georgetown during this period. Four other clusters are expected to post job gains of at least 200 positions
through 2021 – Computer, Construction, Education, and Logistics.
Collectively, the Production and Mechanics clusters are projected to create more than 300 jobs. Several higher skill, higher wage clusters are expected to
experience more modest growth on an absolute basis within Georgetown during the next five years. These clusters include Finance, Business, Engineering,
Legal, and Architecture. Though job creation in these clusters is expected to be limited on a net new job basis, all are projected to post double-digit
employment gains during the next five years.
Page 60 of 114
Northern Labor Shed - Occupation Cluster Projected Growth
54
SOURCE: EMSI / AVALANCHE CONSULTING
GEORGETOWN NORTHERN LABOR SHED PROJECTED EMPLOYMENT GROWTH BY INDUSTRY CLUSTER*,
2016-2021
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
1,000
2,000
3,000
4,000
Numeric Increase Percentage Increase
*Clusters with projected employment growth of 30 of more are displayed
Occupational growth trends for Georgetown’s Northern Labor Shed closely mirror those of Georgetown. The four occupational clusters expected to
experience high levels of growth are identical for both geographies – Medical, Hospitality, Back Office, and Personal Services. Collectively, these four
occupational clusters are projected to generate nearly 55% of all new jobs within the Northern Labor Shed between 2016 and 2021.
Three other clusters are expected to create more than 1,000 jobs each during the next five years – Construction, Logistics, and Education. Together, these
three clusters are projected to account for nearly 25% of all new jobs in the Northern Labor Shed during the next five years. The Financial, Computer,
Mechanics, and Business clusters are each expected to create between 500 and 600 jobs during this period. On a net basis, job growth in all other
occupational clusters within the Northern Labor Shed are projected to be relatively modest.
Page 61 of 114
Southern Labor Shed – Occupation Cluster Projected Growth
55
SOURCE: EMSI / AVALANCHE CONSULTING
GEORGETOWN SOUTHERN LABOR SHED PROJECTED EMPLOYMENT GROWTH BY INDUSTRY CLUSTER*,
2016-2021
0%
10%
20%
30%
40%
0
5,000
10,000
15,000
20,000
25,000
Numeric Increase Percentage Increase
*Clusters with projected employment growth of 100 of more are displayed
The occupational clusters projected to experience the greatest growth in the Southern Labor Shed differ slightly from those of Georgetown and its Northern
Labor Shed. While Medical occupations are expected to post the greatest increases on a net basis in both Georgetown and the Northern Labor Shed,
employment gains in the Southern Labor Shed are projected to be led by the Hospitality and Back Office clusters. Together, these two clusters are expected
to account for approximately one in every three new jobs created in the Southern Labor Shed between 2016 and 2021.
Employment growth in the Medical, Personal Services, and Computer clusters is also expected to be substantial. Collectively, these three clusters will account
for an anticipated 30% of all new jobs during this period. Other leading sources of employment growth are expected to include Logistics, Business, Finance,
Construction, and Education.
Page 62 of 114
Occupational Wage Comparison
56
SOURCE: EMSI / AVALANCHE CONSULTING
WAGES BY OCCUPATIONAL CLUSTER*
2016
*Clusters with employment of 100 in Georgetown of more are displayed
Sales & Marketing
Business
Computer
Legal
Engineering
Financial
Education
Social Service
Medical
Mechanics
Back Office
Personal Services
Construction
Production
Logistics
Hospitality
$0 $10 $20 $30 $40 $50 $60
Georgetown
Northern Labor Shed
Southern Labor Shed
Wages for most occupations are higher in the Southern Labor shed than in Georgetown. In turn, wages in Georgetown are typically higher than in the
Northern Labor Shed. Still, there are several notable exceptions to these trends. Average hourly wages for the Sales & Marketing, Computer, Engineering,
and Production clusters in Georgetown exceed those of both labor sheds. In several instances, the wage premium in Georgetown is significant.
Sales & Marketing workers in Georgetown, for example, earn nearly 15% more on average than workers in the Southern Labor Shed and 25% more than
workers in the Northern Labor Shed. Conversely, average hourly wages for the Education, Social Service, Medical, Construction, and Logistics clusters in
Georgetown trail both labor sheds. Again, the differences can be significant. The average hourly wage for a Medical worker in Georgetown, for example,is
25% less than for such workers in the Southern Labor Shed.
Page 63 of 114
01
Virtually all employment
and occupational clusters in
Georgetown and its labor
sheds are projected to post
employment gains through
2021.
Total employment within Georgetown is
projected to increase approximately
16% between 2016 and 2021, a net
gain of approximately 4,350 jobs.
Expected job gains will include
virtually every industry and
occupational cluster.
02
Employment growth within
Georgetown is expected to be
dominated by a handful of
industrial and occupational
clusters.
While most of Georgetown's industry and
occupational clusters are projected to
enjoy growth during the next five years,
the gains will be disproportionately
driven by healthcare and consumer
spending. Healthcare alone is expected to
account for 20% of all jobs in
Georgetown through 2021.
03
While wages in
Georgetown’s Southern
Labor Shed are generally
higher than in Georgetown
itself, there are several
notable exceptions.
Average hourly wages in Georgetown
are approximately 10% less than in
the Southern Labor Shed. For clusters
such as Sales & Marketing, Computer,
Engineering, and Production, however,
average wages in Georgetown are
higher than in either the Southern or
Northern Labor Shed.
Workforce Profiles
Key Takeaways
57Page 64 of 114
05
SWOT Analysis
The Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis
on the following pages summarizes Georgetown’s competitive position in
four categories – Economic Trends, Education & Workforce,,
Infrastructure, and Quality of Life. The conclusions in this section are
drawn from data findings in this report and stories shared by
Georgetown stakeholders through interviews and focus groups. They also
draw from the consulting team’s national perspective and expertise.
58Page 65 of 114
Economic Trends
59
OPPORTUNITIES
Historically, Georgetown has not been viewed by outsiders as a place to
do business. As Austin and the inner ring of communities in the metropolitan
area become highly developed, more and more business and residents are
looking for opportunities further out from the core. Combined with new
leadership and a commitment to support economic development,
Georgetown is poised to create many new primary jobs.
STRENGTHS
Georgetown’s employment base continued to experience significant growth.
Between 2011 and 2016, the rate of job growth in Georgetown has been
more than 50% higher than the Texas average and more than twice the US
average.
In recent years, the City of Georgetown has become more supportive of
business and residential growth.
Several residents noted that local political leaders are very accessible.
Georgetown is a “get things done” type of community. Alongside a
surprisingly large manufacturing cluster for such an attractive community,
Georgetown also has an emerging “Maker” culture.
THREATS
Despite growth, Georgetown still has a relatively low share of non-service,
primary jobs, and many higher-paid residents actually work outside of the
city. In order to sustain growth and maintain a diverse tax base into the
future, the city must continue to focus on industry diversification and
primary job creation.
The comparative difference between the national unemployment rate and
Georgetown’s unemployment rate has recently narrowed. 2017
represented the first time in a decade that the city’s unemployment rate
was within a half of a percentage point of the US average – possibly
indicating a slowing of growth.
WEAKNESSES
In the past, Georgetown was often viewed as a difficult place to do
business. Although conditions have changed, these impressions take time to
change.
Employment in Georgetown is disproportionately reliant on locally serving
industries such as construction, retail, and related service sectors.
Average wages for some industries in Georgetown are less than the
national average as well as the city’s broader labor shed. This dynamic
may make it more difficult for local employers to recruit workers from
outside the city.
Under current employment projections, employment gains will be
disproportionately concentrated in a handful of clusters.
Page 66 of 114
Education & Workforce
60
OPPORTUNITIES
A new bus system in Georgetown may make it easier to hire lower wage
workers residing outside the city. Several employers in the service industries
cited the lack of transit options as an obstacle to hiring workers.
Southwestern University is currently working with donors to fund more
internships and develop more relationships with employers in the city.
Georgetown ISD has faced many challenges in shifting from a primarily
rural district to one of the fastest growing in the state. They have made
significant gains in STEM education, CTE programming, and overall
outcomes. Through partnerships with local employers and organizations,
their story can be better told to internal and external audiences.
Georgetown typically imports younger, lower-skill workers and exports
older, professional workers. As a result, new and existing professional
companies located in Georgetown have access to a surplus of talent.
STRENGTHS
Georgetown is a very educated community – 44% of Georgetown
residents age 25 and older possess a bachelor’s degree or higher level of
educational attainment.
Through the Labor Shed, Georgetown employers are able to draw workers
from a pool of 700,000 workers.
Employers generally reported that finding workers with trade skills was
fairly easy. Employers have also been very successful recruiting workers
from outside the region to live in Georgetown.
Georgetown is home to a large veteran population. The city’s proximity to
Fort Hood likely contributes to an additional influx of veterans.
Employers cited relatively low turnover among professional staff.
THREATS
Many employers – particularly in retail, restaurants, and other service
sectors – will face continued and growing hiring challenges if affordability
and transportation issues are not addressed. Challenges hiring service
workers will put upward pressure on wages and make operating in
Georgetown more difficult.
If Georgetown’s population growth continues to be heavily concentrated
among retirees, the city will continue to have relatively low workforce
participation and smaller overall labor force gains.
While high school graduation rates and test scores in Georgetown ISD
exceed the Texas averages, they trail those of many other school districts
within the Austin region.
WEAKNESSES
Employers report significant challenges hiring and retaining lower-income
workers – many of whom cannot afford to live in Georgetown. Most of
these local jobs are filled by non-residents.
There is a common perception that Georgetown ISD is performing less well
than neighboring districts.
Georgetown does not have a higher education presence other than
Southwestern University. Although there is no ACC district in Georgetown,
the city is in the ACC service area, which can create challenges to working
with other technical training providers.
On a proportional basis, Georgetown is home to a much smaller young
professional population relative to the rest of the region. Man of the better
educated residents are actually retired.
Page 67 of 114
Infrastructure
61
OPPORTUNITIES
Despite significant population growth, Georgetown has plenty of land
available for further residential, commercial, and industrial development.
Georgetown’s municipal airport is already home to a flight training facility
and has additional land ripe for development.
Southwestern University possesses an abundance of land that may be
suitable for additional development.
New investments at Longhorn Junction are preparing that area of town for
rapid office, commercial, and other growth in coming years.
STRENGTHS
Georgetown is making investments in infrastructure. There is currently
$200 million in planned infrastructure citywide.
Georgetown’s proximity to interstate 35 and SH 130 provide the city with
strong connections to the rest of Central Texas and the nation
Georgetown’s commitment to renewable energy is attractive to many
businesses and provides a sustainable source of power into the future.
Georgetown Municipal Airport is an important economic development asset
for the city – supporting flights for executives, corporations, and general
aviation activity.
THREATS
Rapid population growth has increased traffic congestion throughout
Georgetown. If traffic concerns are not addressed within the community, it
will affect the city’s small town appeal.
If zoning for commercial and industrial land is not preserved in
undeveloped areas, rapid residential growth could potentially erode some
of these properties and prevent future primary job expansion in the city.
Lack of public transportation options inside Georgetown and connecting to
the broader region will continue to create challenges for hiring lower-
income workers – many of whom lack a personal vehicle. It also creates
internal challenges for students, lower-income residents, and some elderly
residents who face mobility challenges.
WEAKNESSES
The City has been chasing growth with infrastructure improvements. As a
result, many residents note increased traffic due to new population. Many
areas desirable for commercial and industrial growth currently lack water
and wastewater infrastructure.
Residents and business owners repeatedly complained about congestion
and overall urban design of Williams Drive.
Several residents and business owners noted that internet service is not
reliable everywhere in the city.
Some areas of the city are not pedestrian friendly.
Page 68 of 114
Quality of Place
62
OPPORTUNITIES
Georgetown has made significant investments in its park system and other
recreational amenities. While Georgetown’s rich recreational offerings are
widely loved by residents, its not clear that outsiders are aware of such
amenities.
Although Georgetown’s downtown is already home to several restaurants
and retail outlets, there remain opportunities for additional establishments.
Many residents would like to see more businesses with consistent and later
hours.
STRENGTHS
Employers widely reported the ease of recruiting outside talent to
Georgetown due in part to the city’s reputation and attractive quality of
life.
Existing residents have highly positive views of the community. As one
resident observed, Georgetown has the perfect mix of history, industry,
and livability.
Georgetown has a large, vibrant arts community and unique downtown.
Georgetown is a highly multi-generational and engaged community – with
an active volunteer population of all ages.
The trail and park systems in the city are excellent and celebrated by
residents. Overall Georgetown is a naturally beautiful and physically
attractive city.
THREATS
Some employers experience difficulty recruiting younger workers to the
areas, as other communities in Central Texas feature more amenities aimed
at young professionals.
Home prices continue to rise, forcing many workers to live in neighboring
communities that offer more affordable housing.
Residents remain divided on the area’s growth, with newcomers and young
people generally more receptive to further expansion. Growth is occurring
and inevitable at this point – residents and leaders must work to shape this
growth.
Rapid population growth may make it more difficult for Georgetown to
retain its small town charm.
WEAKNESSES
Housing affordability was brought up as a top concern by residents
throughout stakeholder input. Many also expressed a need for more
diverse housing types to attract and retain younger residents – including
more walkable, dense urban living options.
Residents repeatedly expressed a desire for more retail and restaurants.
During focus groups with the community, many residents discussed the need
for additional healthcare facilities to serve local population needs.
Page 69 of 114
CITY OF GEORGETOWN
TARGET INDUSTRY ANALYSIS
AUGUST 18, 2017
avalanche
Page 70 of 114
About the City of Georgetown
Economic Development Target Industry
& Workforce Analysis
In April 2017,the City of Georgetown initiated the development of an Economic Development Target Industry &Workforce Analysis
aimed at diversifying the local economy,increasing business investment throughout the city,and fully leveraging hometown talent.
Through a competitive bidding process,the City of Georgetown retained Avalanche Consulting,a national economic development
consultancy based in Austin,TX,to facilitate the preparation of the Economic Development Target Industry &Workforce Analysis.
Georgetown residents and businesses were invited to share their perspectives and vision for the community through an online survey
and a series of individual interviews and focus groups.
Once complete,the Economic Development Target Industry &Workforce Analysis will have two primary phases:
Phase 1:Workforce Analysis
The Economic Development Target Industry &Workforce Analysis begins with an exploration of Georgetown's competitive position.
The study team examined a range of local assets and quantitative metrics to better understand the city’s evolving economy and
population.In addition to data analysis,the study team conducted multiple focus groups and interviews.All input is then distilled into
a concise SWOT summary outlining the community’s strengths,weaknesses,opportunities,and threats.
Phase 2:Target Industry Analysis
This second phase of the Economic Development Target Industry &Workforce Analysis includes the target industries and niche sector
recommendations of the consulting team’s.By targeting specific industry clusters,the City of Georgetown can more strategically invest
in those factors such as infrastructure or workforce training programs necessary to spur job creation within the community.Target
industry identification blends industry location quotient analysis with a review of data trends,SWOT evaluation,and city priorities.
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2
Why Target?
Identifying target industries is an important part of effective economic development.No community can be all things to all
businesses.Instead the most successful communities identify their key competitive strengths and focus their economic development
activities on those industry industries that best match those strengths.
Targeting specific industries is not only about attracting new businesses to a community.It is about understanding and addressing the
needs of existing businesses;it is about fostering an environment that encourages new businesses to form locally;and it is about
aligning activities in pursuit of a shared vision for the entire community.
Focusing on target industries also does not mean that other businesses are ignored.Economic development activities are aimed at
improving the overall economy in Georgetown for all businesses.Investments and programs designed for target industries should
benefit all sectors of the local economy.
The following Target Industry Analysis provides a list of recommended target industries for the City of Georgetown and an
explanation of how each of these industries and their niche sectors were identified.
This analysis also includes profiles of each target industry.These profiles include a general description of each industry,their economic
trends,and related locational requirements –such as workforce,infrastructure,and regulatory needs.Each industry profile also
includes descriptions of specialized niched sectors that present strong opportunities for growth in Georgetown.The profiles conclude
with a sample of sales messages that describe a business case for growing each industry in Georgetown.
This report is a resource for leadership,economic development partners,and citizens.It should help everyone better understand the
business opportunities that exist in Georgetown and provide a platform on which to develop strategies to grow these industries.
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Table of Contents
The Target Industry Profiles provide greater
detail about each industry,their location
needs,and the opportunity they present for
Georgetown.
TARGET INDUSTRY PROFILES
PAGE
26
The Target Industry Analysis begins with a
discussion on how industries were evaluated.
The section then includes a series of
recommendations on specific target
industries and niche sectors for the City of
Georgetown.
TARGET INDUSTRY
RECOMMENDATIONS
PAGE
4
Page 73 of 114
01
Target Industry
Recommendations
This section of the report describes the criteria used to evaluate
potential industries and recommends specific target industries and niche
sectors for the City of Georgetown.
4Page 74 of 114
5
Target Industry Identification
Selecting targets is an iterative process –using quantitative and qualitative information to identify targets that offer the greatest
opportunities for a community based on local assets,needs,and desires.
The consulting team asked four primary questions to filter potential industries:
1.Is the industry growing and projected to grow within Georgetown,the Austin Metro,Texas,and the US?
Communities should focus their economic development efforts on industries that offer the highest return on investment.Investing in
industries that are declining or likely to decline in the future is typically a poor use of resources.
2.Does the industry already have a presence in Georgetown?
Industries with an existing presence in Georgetown may reflect local competitive advantages.Concentrated industries may also offer
strong opportunities for expansion,recruitment,and startup growth with continued support.
3.Does the industry match Georgetown’s assets?
The Workforce Analysis and this Target Industry Analysis report identify numerous competitive assets and opportunities in Georgetown.
Potential target industries were evaluated based on their compatibility with these assets.
4.Does the industry align with Georgetown’s goals and vision?
Industries were evaluated based on their ability to support the goals and values identified in conversations,focus groups,and interviews
with Georgetown leadership,stakeholders,and City staff.
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6
Competitive Strengths & Opportunities
Georgetown has numerous strengths and opportunities that make it a competitive location to grow and attract businesses.Some of the
primary assets and strengths considered when selecting target industries include:
•Historically,Georgetown was often viewed as a bedroom and retirement community,but in recent years,the city has seen rapid
job growth in conjunction with population growth.As central Austin and the inner ring of metropolitan area communities become
highly developed,Georgetown is increasingly viewed as an attractive and affordable location for a range of industries.
•Retired residents of Georgetown are highly active in the community and regularly volunteer their time and skills.This large
population is highly educated and many have retired from successful business careers.They can offer tremendous benefit to local
companies and entrepreneurs as part-time employees,advisors,and mentors.
•Local elected leaders and City staff are proactively supportive of growing new businesses in the city.
•Georgetown has a relatively large manufacturing sector for a community of its size.Alongside this employment base,the city
also has a surprisingly strong Maker culture that encourages experimentation and development in skilled manufacturing.
•Georgetown is home to a wealth of talent.Residents are highly educated –with 44%holding a bachelor’s degree or higher –
but a majority (75%)of working residents commute out of the city to their jobs each day.Many of these residents would prefer
not to commute and present a large pool of potential workers for businesses located in the city.
•In addition to out-commuting residents,employers in Georgetown are able to draw from a labor force of 700,000 workers
spread across the city’s North and South labor sheds.Each labor shed has unique characteristics –including high concentrations of
Medical and Construction occupations in the North and a high concentration of Computer occupations in the South.
•Georgetown is home to a large veteran population,and the North labor shed encompasses Fort Hood.
•Georgetown offers a high quality of life,and employers report high success recruiting workers from outside the region to live in
the city.Employers generally reported that finding skilled trade workers was relatively easy,but some worry that rising cost of
living and traffic congestion are making it harder to find low-skill workers.
•Education is a major strength in Georgetown.Southwestern University is located in the city,and an Austin Community College
campus is located in Round Rock .The East Williamson County Higher Education Center has campuses in Hutto and Taylor.The
Georgetown Independent School District has also made significant gains in STEM education and Career &Technical Education
(CTE)programs in recent years.
•Georgetown’s commitment to renewable energy resources is attractive to many businesses –especially in clean energy.Page 76 of 114
7
Georgetown Target Industry Recommendations
Based on the analysis conducted through this selection process,Avalanche recommends three target industries and nine niche sectors
for the City of Georgetown.Research &Development is an additional target that underlies all three industries.
The profiles in the following section provide additional detail about each target and why they make sense for Georgetown.
RESEARCH &
DEVELOPMENT
Advanced
Manufacturing
Life Sciences
Professional
Services
Aerospace & Aviation
Clean Energy Technology
Electronics & Component Manufacturing
Creative Design
Engineering Services
Software & Information Technology
Healthcare Services
Medical Technology
Pharmaceuticals
TARGET INDUSTRY NICHE SECTORS
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8
Target Industry Alignment
Economic development activities are supported by more than the City of Georgetown.It is important to consider how each target
industry fits into regional and statewide programs.
Georgetown is part of Opportunity Austin,an economic development initiative representing the multi-county and multi-city Austin
metropolitan region.Georgetown is also supported by Team Texas and the Texas Governor’s Office of Economic Development and
Tourism .These groups have identified statewide target industries and created programs to support their growth.
Not every statewide or regional target aligns with those of Georgetown,but each local target should fit into the broader
framework.By aligning targets,the City of Georgetown will be able to leverage marketing,education,financial,and other
supportive resources provided by the state and region.
Local economic development efforts must also highlight the opportunities that make Georgetown unique within the Austin region and
within Texas .When a target industry business is considering expanding or relocating in Texas or Austin,Georgetown should be top
of mind as a potential location.
GEORGETOWN TARGET OPPORTUNITY AUSTIN TARGET TEXAS TARGET
Advanced Manufacturing
Advanced Manufacturing Advanced Technology & Manufacturing
Clean Energy & Power Technology Energy
Space Technology Aerospace, Aviation,& Defense
Life Sciences Life Sciences Biotechnology & Life Sciences
Professional Services Creative & Digital Media Technology Information & Computer Technology
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02
Target Industry Profiles
The profiles on the following pages provide greater detail about each of
Georgetown’s target industries and their niche sectors.Each profiles includes
an overview of the industry –describing its activities,business location
factors,and recent employment trends.The profiles then highlight global
forces that may impact each industry’s future.The consulting team also shares
local sales messages that demonstrate Georgetown’s appeal to each target
industry.Each profile concludes with a discussion of the availability of
workforce supporting each industry in Georgetown’s North and South Labor
Sheds.
These profiles are meant to serve as a reference to the City of Georgetown,
its partner organizations,city residents,and local businesses.The profiles
should arm the community with information to help make more informed
decisions about strategic programs and investments.
9Page 79 of 114
10
Advanced Manufacturing
Source: Moman Architecture
Advanced
Manufacturing
Aerospace & Aviation
Clean Energy Technology
Electronics & Component Manufacturing
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INDUSTRY OVERVIEW
Advanced Manufacturing involves the transformation of raw
materials into component pieces and finished products using complex
machinery and sophisticated production processes.Despite the
national media’s focus on the decline of US manufacturing,its
employment has increased every year since 2010 and currently
employs more than 3.6 million Americans.
Modern Advanced Manufacturing is distinguished by its reliance on
advanced technology and a skilled labor force.Many Advanced
Manufacturing occupations require specialized training to operate
complex machinery.As a result,Advanced Manufacturing operations
often seek locations with a strong technical college or other training
systems.High demand for these skilled workers often supports
relatively high wages in this industry.
Advanced Manufacturing operations typically require plentiful,
affordable energy supplies.Advanced Manufacturing subsectors
may also require sizable natural gas,water,and wastewater
capacity.Proximity to an interstate is preferable to help facilitate
delivery of both raw materials and finished products.Available rail
access may also be a consideration.
Advanced Manufacturing jobs are already highly concentrated in
Georgetown –with 2,000 jobs and an LQ of 2.76 –more than
double the concentration in Austin.Advanced Manufacturing jobs
are also growing more rapidly in Georgetown and forecast to
continue rapid growth into the near future.11
Advanced Manufacturing
3,598,100
285,900
32,200
2,000
US
TX
Austin MSA
Georgetown
ADVANCED MANUFACTURING
EMPLOYMENT, 2016
Source: EMSI / Avalanche Consulting
1.00
0.95
1.34
2.76
US
TX
Austin MSA
Georgetown
ADVANCED MANUFACTURING
LOCATION QUOTIENT, 2016
7%
10%
87%
US
TX
Austin MSA
Georgetown
0%
ADVANCED MANUFACTURING
EMPLOYMENT GROWTH, 2011 –2016
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GLOBAL FORCES
Manufacturing employment in the US declined for three decades as
companies moved operations abroad to secure cheaper labor.In
recent years,however,US Manufacturing has enjoyed a
resurgence as domestic production becomes more globally
competitive.Increased automation and the continued adoption of
robotics have helped make US manufacturers more productive.
Rising foreign labor costs have increased the cost competitiveness
of US workers,and declining commodity prices,including domestic
energy prices,have lowered the cost of US production and
transportation.
While automation makes US manufacturers more competitive,it is
also changing the nature of manufacturing work –eliminating the
need for some positions,creating others,and requiring overall
greater training of workers.
While increased productivity has helped the US maintain its position
as the world’s second-largest producer of manufactured goods,a
rise in the sense of nationalism in the US and other countries has
raised the specter of a trade war that would threaten domestic
manufacturing.Additionally,possible renegotiations of trade
agreements such as NAFTA would could have significant impacts on
US manufacturing.
12
Advanced Manufacturing
$84,600
$96,100
$121,300
$108,100
US
TX
Austin MSA
Georgetown
ADVANCED MANUFACTURING
AVERAGE SALARY, 2016
Source: EMSI / Avalanche Consulting
1%
0%
6%
30%
US
TX
Austin MSA
Georgetown
ADVANCED MANUFACTURING FORECAST
EMPLOYMENT GROWTH, 2016 –2021
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NICHE SECTORS
Aerospace &Aviation
Aerospace and Aviation includes companies involved in the design,manufacture,and operation of various forms of aircraft and their
components.Whereas Aviation-related aircraft operate within the Earth’s atmosphere,Aerospace-related aircraft typically extend
beyond the Earth’s atmosphere and into space.Both industries have experienced growth in recent years with private space
exploration driving an expansion of the the Aerospace sector and increased demand for international air travel fueling new aircraft
production.The emerging Unmanned Aerial Vehicles (UAV)market,expected to double during the next 10 years,represents another
major growth area.
Maintenance,Repair,and Overhaul (MRO)operations are another important segment of this sector.These services are performed by
the airlines themselves or independent contractors in centralized,regional facilities.With numerous airlines competing for space at
busy major airports,many are looking for MRO locations outside larger metropolitan areas where they can conduct these activities
at lower costs.
Clean Energy Technology
Clean Energy Technology covers operations focused on the development and manufacturing of products and processes to reduce
carbon output.These technologies are most often utilized in transportation,energy production and transmission,and energy efficiency.
The rise of Clean Energy Technology has been primarily driven by emission standards and other regulations,fluctuating energy costs,
changes in consumer attitudes,and an influx of R&D.The International Renewable Energy Agency (IRENA)projects that employment in
clean energy will triple worldwide to 24 million by 2030.
Companies involved in Clean Energy Technology seek locations with an established technology industry,a strong research university,
and existing energy expertise.
13
Advanced Manufacturing
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Electronics &Component Manufacturing
Electronics &Component Manufacturing includes the manufacture,design,development,assembly,and servicing of electronics and
components featuring integrated circuits.According to a 2016 analysis by IBISWorld,the global consumer electronics manufacturing
industry was valued at $286 billion.The industry is divided into four key segments:government products,industrial products,consumer
products and electronics components.Companies in this industry must invest substantial resources into research and development to
constantly improve parts,products,and the processes to improve them,specifically to keep up with the demand for new technologies
and green/energy efficient products.Key areas of future growth include:automotive,mobile devices,healthcare,communications,and
data processing.
Important site location considerations for companies in the Electronics &Component Manufacturing sector include a highly-skilled
workforce,energy availability and affordability,and proximity to interstate.
14
Advanced Manufacturing
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LOCAL SALES MESSAGES
•Georgetown is already home to a highly-concentrated and rapidly growing Advanced Manufacturing industry.The success of
existing businesses highlights Georgetown’s competitive position.
•Alongside manufacturing employers,Georgetown is a ”Get Things Done”community.Many adults and youth in Georgetown
embrace a “Maker”culture focused on innovative manufacturing and design.
•Georgetown benefits from a logistically strong geographic location –with easy access to Interstate 35,State Highway 130,and
rail service from both Burlington Northern Santa Fe and Union Pacific railroads.
•There is plentiful commercial and industrial land available for development in Georgetown,and the City continues to plan for the
future and make infrastructure investments necessary to accommodate growth.
•Georgetown Municipal Airport is an important asset for the city –supporting flights for executives,corporations,and general
aviation activity.The airport has surrounding land available for development and already supports a flight training school
•In partnership with the airport and others,the Georgetown ISD recently completed a program where students designed and built
an actual airplane,which was flown before graduation.
•The City of Georgetown’s commitment to renewable energy is attractive to many businesses for a variety of reasons –including
cultural fits,co-branding opportunities,and cost assurances.The renewable energy commitment will ensure a sustainable source of
electricity into the future.
•Advanced Manufacturers in Georgetown can draw from an available labor force of over 30,000 workers in supportive
occupations across both labor sheds.
•Georgetown is home to a large veteran population,and employers draw workers from as far north as Fort Hood –helping
capture existing military and other skilled trade workers.
•Existing employers generally have good success finding skilled trade workers locally and recruiting workers from outside the
region.Additionally,Austin Community College,East Williamson County Higher Education Center,the University of Texas,Texas
State University,Texas State Technical College,and other regional institutions offer training programs in a wide range of skills
required in this industry.
•Georgetown is part of the Austin Metro –one of the most innovative regions in the world,with a host of companies and institutions
conducting cutting edge research and development in clean energy technology and other manufacturing sectors.15
Advanced Manufacturing
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GEORGETOWN WORKFORCE
Georgetown has access to a large Advanced Manufacturing workforce,with 6,000 individuals in supportive occupations in the North
Labor Shed and nearly 28,000 workers in the South Labor Shed.The largest occupational categories of workers available are Other
Production Occupations (which include a mix of operators,inspectors,and other miscellaneous positions),Assemblers &Fabricators,
and Metal Workers &Plastic Workers .
16
Advanced Manufacturing
474
668
691
1,053
1,645
1,785
2,102
4,691
6,490
8,135
GEORGETOWN SOUTH LABOR SHED –2016
Source: EMSI / Avalanche Consulting
100
127
210
326
328
360
366
1,159
1,556
1,558
GEORGETOWN NORTH LABOR SHED –2016
$52.72
$14.05
$19.09
$11.18
$12.28
$11.30
$27.53
$14.05
$14.80
$16.48
INDUSTRY SUPPORTIVE WORKERS AVERAGE HOURLY $
Metal & Plastic Workers
Other Production Occs.
Assemblers & Fabricators
Supervisors of Workers
Textile & Furnish. Workers
Woodworkers
Food Processing Workers
Plant & System Operators
Printing Workers
Air Transp. Workers
Other Production Occs.
Assemblers & Fabricators
Metal & Plastic Workers
Textile & Furnish. Workers
Supervisors of Workers
Food Processing Workers
Printing Workers
Woodworkers
Plant & System Operators
Air Transp. Workers $40.66
$24.42
$13.34
$16.58
$13.11
$29.98
$10.73
$17.17
$15.40
$16.13
INDUSTRY SUPPORTIVE WORKERS AVERAGE HOURLY $
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17
Life Sciences
Life Sciences
Healthcare Services
Medical Technology
Pharmaceuticals
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INDUSTRY OVERVIEW
The Life Sciences industry covers a range of technology,products,
and services meant to enhance the biological functions of animals,
crops,and humans.This includes production,processing,and sales of
crops and livestock agricultural products.It also covers the provision
of medical care in hospitals,outpatient care,dental work,urgent
care,elderly care,and veterinary offices–as well as the
development and manufacture of products that promote human and
animal health.Population growth,demographic change,
technological innovation,global markets,and consumer preferences
are all driving gains in this industry.
The location of Life Sciences operations is usually driven by the size
and dynamics of local populations and the presence of research
facilities in specialty fields.Hospitals and outpatient operations
provide healthcare services to the residents of a community and
often cluster in hubs to serve a broader region.Serving a larger,
regional population allows industries to develop specialized care
facilities.Pharmaceuticals,medical technology,and other related
operations tend to cluster in centers that also feature a university
research facility.The Life Sciences require significant education and
training for their workers,including medical doctors,nurses,
therapists,and technicians.
Life Sciences are currently less concentrated in Georgetown than the
national average –with an LQ of 0.87 –but more than the Austin
Metro.In recent years,Life Sciences jobs have grown more rapidly
in Georgetown and are expected to continue that trend.18
Life Sciences
9,337,500
747,200
99,100
1,500
US
TX
Austin MSA
Georgetown
LIFE SCIENCES
EMPLOYMENT, 2016
Source: EMSI / Avalanche Consulting
1.00
0.93
0.75
0.87
US
TX
Austin MSA
Georgetown
LIFE SCIENCES
LOCATION QUOTIENT, 2016
9%
12%
23%
35%
US
TX
Austin MSA
Georgetown
LIFE SCIENCES
EMPLOYMENT GROWTH, 2011 –2016
Page 88 of 114
GLOBAL FORCES
A variety of factors are contributing to the growth of the Life
Sciences industry.The aging US population continues to create new
demands for healthcare services.New medical devices,therapies,
and pharmaceuticals increase both the demand and costs of
healthcare.Ongoing changes to insurance and regulation add
further complexity to an exceedingly intricate marketplace.
Rising costs are directly changing the Healthcare Services sectors –
increasing the number of hospital system mergers,as they seek to
reduce costs through consolidation.The drive for cost reduction is
also leading to new emphases in the delivery of healthcare service.
More doctors are prioritizing patient outcomes and focusing on
behavioral,lifestyle,and wellness strategies.These in turn push
growth in wellness products.
Technology is also a primary global driver in this cluster.Mobile
devices and software are allowing doctors to reduce costs by
providing distance treatment.The capture,consolidation,and
analysis of patient data and human genetic and biological
information is leading to more personalized and effective
treatments and medicines.
Growth in the Life Sciences industry is unlikely to slow in the years
ahead.Strong demand in this industry far exceeds any concerns
related to cost structure and pricing or changes in regulatory
compliance.19
Life Sciences
$54,800
$50,000
$59,400
$45,400
US
TX
Austin MSA
Georgetown
LIFE SCIENCES
AVERAGE SALARY, 2016
Source: EMSI / Avalanche Consulting
13%
18%
21%
27%
US
TX
Austin MSA
Georgetown
LIFE SCIENCES FORECAST
EMPLOYMENT GROWTH, 2016 –2021
Page 89 of 114
NICHE SECTORS
Healthcare Services
Healthcare Services covers the hospital systems,home healthcare,diagnostics laboratories,independent physician offices,and other
ambulatory healthcare services that serve a community or region.Regional healthcare service providers can offer specialty treatment
centers unavailable in smaller communities.The sector is largely driven by population dynamics and benefits from strong educational
support.
Medical Technology
Medical Technology includes the development and design of products used to monitor,diagnose,and treat a wide array of medical
conditions and diseases.Advancements in the sector provide improved health outcomes and cost savings through earlier and more
accurate diagnosis,less invasive treatment options,and reduced hospital stays and rehabilitation times.Products include everything
from smartwatches to home diagnostics to 3D printed biological material.
Pharmaceuticals
Pharmaceuticals are medicines designed and manufactured to treat human diseases and other ailments.The development of
pharmaceuticals relies heavily on specialized research –often performed through partnerships between universities and private
businesses.Production of pharmaceuticals relies heavily on chemical manufacturing skills and processes.Pharmaceuticals and new
medicines receive the highest amount of R&D expenditures of any sector in the US.
20
Life Sciences
Page 90 of 114
LOCAL SALES MESSAGES
•Georgetown is already home to a small but rapidly growing Life Sciences industry –including private companies in
pharmaceuticals and other biotechnology areas.
•Georgetown features two world class hospital systems with an additional facility just outside the city limits –St.David’s
Georgetown Hospital and the Georgetown Scott &White Clinic.The Seton Medical Center Williamson County and Scott &White
Hospital are also located in close proximity to Georgetown.
•The hospital systems offer an extensive suite of general and specialized services.
•Scott &White recently opened a cancer research facility in nearby Round Rock.
•The Georgetown Health Foundation is dedicated to supporting the healthcare system in Georgetown and owns extensive land that
could be developed into an expanded medical district.
•Georgetown is well-located geographically –nearby to the University of Texas,Texas A&M,and other cutting-edge Life Sciences
research and education institutions.There are numerous institutions across the Austin Metro focused on innovation and technological
development in this industry.
•As the geographic core of Austin becomes more expensive,many entrepreneurs are seeking more affordable,high-quality
locations with access to talented workers in the area.Georgetown is a perfect fit for these growing ventures.
•Georgetown’s rapidly growing overall population and large retired community create high demand for healthcare services in the
area.The local population also provides opportunities for development and testing of new products and services in this industry.
•Austin Community College,East Williamson County Higher Education Center,and other regional educational institutions provide
extensive training in Life Sciences fields.The new University of Texas Medical School in Austin will also be a tremendous resource
for the regional Life Sciences industry.
21
Life Sciences
Page 91 of 114
GEORGETOWN WORKFORCE
Life Sciences employers in Georgetown can drawn from an abundant pool of workers in both labor sheds.The North Labor Shed
includes over 16,000 Life Sciences workers,and the South Labor Shed covers nearly 58,000 similar workers.The largest category of
workers is Health Diagnosing &Treating Practitioners –which include doctors,nurses,surgeons,pharmacists,therapists,and many
more.The North Labor Shed in particular has a high concentration of all these occupations.
22
Life Sciences
694
815
1,916
1,920
7,725
7,773
14,201
22,729
GEORGETOWN SOUTH LABOR SHED –2016
Source: EMSI / Avalanche Consulting
122
172
186
224
1,660
2,678
4,123
6,855
GEORGETOWN NORTH LABOR SHED –2016
$36.34
$23.22
$29.33
$23.11
$15.36
$10.87
$20.98
$42.52
INDUSTRY SUPPORTIVE WORKERS AVERAGE HOURLY $
Health Diagnosing & Treating
Practitioners
Health Technologists &
Technicians
Nursing, Psychiatric, & Home
Health Aides
Other Healthcare Support
Other Healthcare Practitioners
Life Scientists
Occupational & Physical
Therapists
Physical Scientists $24.21
$29.10
$34.16
$32.40
$12.05
$17.13
$21.80
$47.59Health Diagnosing & Treating
Practitioners
Health Technologists &
Technicians
Other Healthcare Support
Nursing, Psychiatric, & Home
Health Aides
Life Scientists
Physical Scientists
Other Healthcare Practitioners
Occupational & Physical
Therapists
INDUSTRY SUPPORTIVE WORKERS AVERAGE HOURLY $
Page 92 of 114
23
Professional Services
Source: Tour Texas
Professional
Services
Creative Design
Engineering Services
Software & Information Technology
Page 93 of 114
INDUSTRY OVERVIEW
Professional Services includes a wide range of skilled services that
often support other industries –from accounting and engineering to
creative design and software development.With a heavy focus on
the research and development of new products,systems,and
software,Professional Services are often a source of innovation.
Professional Services is also one of the largest industries in the US,
with 9.3 million workers.
Professional Services operations have minimal infrastructure
requirements.Office space and high-speed internet are usually the
basic requirements for a firm to operate.Instead,talent availability
is more important.If they are to thrive,Professional Services firms
must be able to attract and retain talent.Quality of life is another
critical location factor,as it facilitates the ability of Professional
Services firms to recruit and retain the best talent.As a result,
Professional Services firms often cluster in larger,centralized
locations with plenty of amenities and in cities with universities that
can provide a continuous supply of new workers with the latest skills.
With 1,400 employees,Professional Services is less concentrated in
Georgetown than the overall Austin Metro –with a local LQ of 0.73
compared to 1.59 regionally.The industry is rapidly becoming more
concentrated in Georgetown –growing 66%over the past five
years and projected to grow another 28%over the next five.
24
Professional Services
9,337,500
747,200
99,100
1,400
US
TX
Austin MSA
Georgetown
PROFESSIONAL SERVICES
EMPLOYMENT, 2016
Source: EMSI / Avalanche Consulting
1.00
0.96
1.59
0.73
US
TX
Austin MSA
Georgetown
PROFESSIONAL SERVICES
LOCATION QUOTIENT, 2016
16%
23%
47%
66%
US
TX
Austin MSA
Georgetown
PROFESSIONAL SERVICES,
EMPLOYMENT GROWTH, 2011 –2016
Page 94 of 114
GLOBAL FORCES
Professional Services is currently one of the most dynamic industries
worldwide.This industry thrives in areas where there is a strong
private sector supported by government with stable regulatory
environments,strong intellectual property protections,and a reliable
judicial system.For such reasons,the US continues to be the most
desirable location for Professional Services firms.
The rise of cloud computing,combined with a continued increase in
the number of devices capable of producing data,has propelled an
explosion in information worldwide;according to an estimate from
IBM,90%of all information ever created has been produced in just
the past two years.Numerous subsectors have risen up in the
Software &Information Technology field to find new ways of using
this data to improve efficiencies in markets and better deliver a
wide range of services to customers.
Continued development of artificial intelligence (AI)could
potentially impact the Professional Services industry as once
complex tasks become simplified and automated.Already we have
seen the introduction of IBM’s Watson in cancer research,tax
preparation and aircraft maintenance.The impacts of AI on this and
other industries remain unknown,but even if it eliminates some jobs,
it has the potential to create new opportunities in programming and
applications.
25
Professional Services
$95,800
$90,600
$94,500
$69,600
US
TX
Austin MSA
Georgetown
PROFESSIONAL SERVICES
AVERAGE SALARY, 2016
Source: EMSI / Avalanche Consulting
10%
15%
22%
28%
US
TX
Austin MSA
Georgetown
PROFESSIONAL SERVICES FORECAST
EMPLOYMENT GROWTH, 2016 –2021
Page 95 of 114
NICHE SECTORS
Creative Design
Creative Design covers individuals and businesses that offer contracted design services in a number of specialty areas,including
graphic design,interior design,and industrial design.Design services are used in everything from film and technology to
manufacturing and architecture.The most basic form of design includes the preparation of graphics and images for websites,
marketing materials,logos,and signage,along with numerous other business needs.The more technical side focuses more on design
for physical space,objects and processes including building interiors,user interfaces,industrial systems,and consumer product design.
The Creative Design sector,like all Professional Services,is driven by availability of skilled talent.
Engineering Services
Engineering Services encompass professional businesses that provide contracted applied engineering services in a range of fields,
including structural,mechanical,industrial,electrical,and other engineering fields.These engineering experts are critical to
constructing,upgrading,and maintaining complex modern manufacturing facilities and machinery,designing buildings,and supporting
a range of physical activities.Engineering businesses tend to cluster in proximity to their primary clients –manufacturers,builders,and
utilities.This sector hires employees with advanced degrees –at a minimum bachelor’s degree holders and often master’s.As a result,
engineering firms frequently choose locations with a high quality of life to aid employee retention and attraction.
Software &Information Technology
Software &IT includes organizations and individuals in software design and publishing,custom computer programming,computer
systems design,and data processing facilities management.Data storage and utilization and cyber security are some of the major
growth areas for this sector as the amount and sensitivity of data online increases exponentially.Software and IT is a very
enterprising sector with small and medium-sized firms representing almost 99%of the industry.
26
Professional Services
Page 96 of 114
LOCAL SALES MESSAGES
•Georgetown is part of the Austin Metro –one of the most dynamic centers of Professional Services in the country.Although
Professional Services jobs are currently less concentrated in Georgetown,the industry is growing more rapidly locally than the
entire region,state,or nation.
•Georgetown is a highly attractive place to live,and employers widely report that recruiting outside talent to Georgetown is an
easy task.Given the industry’s emphasis on talent availability and quality of place,Georgetown provides a competitive location
to recruiting and retain skilled workers.
•Georgetown is already home to many individuals employed in Professional Services who currently work for employers located
outside of the city.Employers opening,expanding,or relocating to Georgetown can potentially draw from this wealth of existing
local talent –in addition to a pool of more than 75,000 workers to the South.
•Georgetown is already home to a large share of professionals who work from home or small startups.
•The City continues to make strategic investments in infrastructure and quality of life assets that make Georgetown an attractive
place to live.The city benefits from a large,vibrant arts community;a unique downtown;extensive,high-quality parks and trails;
and an overall attractive built and natural environment.
•In addition to the Georgetown Municipal Airport,the city has relatively easy access to Austin Bergstrom International Airport –
both of which are positive assets for business travelers and executives in Professional Services.
•Current residents of Georgetown hold very positive views of their community.As one resident observed,Georgetown has the
perfect mix of history,industry,and livability.The city is also multi-generational and engaged –with an active volunteer
population across ages –an attractive feature to many professionals.
27
Professional Services
Page 97 of 114
GEORGETOWN WORKFORCE
Professional Services supportive workers are much more concentrated in the Georgetown South Labor Shed than the North.The South
Labor Shed has over 75,000 workers in occupations that support Professional Services,while the North Labor Shed has slightly under
5,000.Across both labor sheds,the largest category of Professional Services workers available to employers in Georgetown are
Software Developers &Programmers and Engineers.
28
Professional Services
494
1,433
1,830
3,744
7,375
7,531
9,421
10,188
11,958
21,533
GEORGETOWN SOUTH LABOR SHED
Source: EMSI / Avalanche Consulting
32
109
277
366
387
405
610
733
769
1,022
GEORGETOWN NORTH LABOR SHED –2016
$41.94
$30.14
$37.26
$41.14
$17.64
$40.53
$27.90
$25.15
$48.12
$46.02
INDUSTRY SUPPORTIVE WORKERS AVERAGE HOURLY $
Engineers
Software Developers
Computer Specialists
Drafters / Eng. Techs.
Database & System Admin.
Art & Design Workers
Computer & Info. Analysts
Misc. Computer Occs.
Architects, Surveyors, Carts.
Computer & Info Research Sci.
Software Developers
Engineers
Computer & Info. Analysts
Computer Specialists
Drafters / Eng. Techs.
Database & System Admin.
Art & Design Workers
Architects, Surveyors, Carts.
Misc. Computer Occs.
Computer & Info Research Sci.$47.25
$40.93
$33.66
$25.25
$45.82
$29.67
$25.76
$41.23
$49.54
$45.79
INDUSTRY SUPPORTIVE WORKERS AVERAGE HOURLY $
Page 98 of 114
Research &Development (R&D)involves targeted efforts to innovate,introduce,and improve a product or process.Companies invest
in R&D to maintain their competitiveness,to develop new products,or to identify new markets or uses for existing products.As the US
economy has become increasingly knowledge based,the number of R&D jobs has continued to increase.During the past 15 years,
private R&D employment has increased three times faster than the US average for all industries.
R&D expenditures by US businesses currently exceed $340 billion annually.Such spending is disproportionately concentrated in a
handful of industries and locations.Just two industries –Manufacturing and Software/IT –account for more than 80%of domestic
R&D expenditures.Additionally,half of all R&D spending in the US is absorbed by five states,including Texas .
Manufacturing R&D is focused primarily on the improvement or development of systems,machines,processes,and/or products.
Manufacturing accounts for more than two-thirds of R&D expenditures in the US,dominated by the Chemical and Computer/Electronic
Products sectors.
Research and Development is a sustaining factor in the Life Science industry with activities spanning from drug development and
delivery to the application of bio-tech research.Pharmaceuticals alone represent 16%of all US R&D expenditures.
Software and IT dominate the Professional Services industry with more than $63 billion in annual R&D expenditures.Primary
activities include product development and application.
29
Research & Development
Page 99 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Cons id eration o f the June and July, 2017 financ ial rep o rts. Leigh Wallac e, F inanc e Manager, GEDCO,
Financ e Direc tor, COG
ITEM SUMMARY:
See Attachments
FINANCIAL IMPACT:
None
SUBMITTED BY:
Leigh Wallace, Financ e Manager, GEDCO F inanc e Direc tor, COG
ATTACHMENTS:
Description Type
Report Cover Memo
Page 100 of 114
GEDCO Board Meeting Date: August 21, 2017 Item No. __________
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
AGENDA ITEM COVER SHEET
_________________________________________________________________
SUBJECT:
Consideration of the June 30, 2017 and July 31, 2017 financial reports. Leigh Wallace,
Finance Manager, GEDCO, Finance Director, COG.
_________________________________________________________________
ITEM SUMMARY:
The corporate bylaws require the Finance Manager to present the monthly financial
reports to the Board. Included in these reports will be:
• Financial reports
• Sales Tax revenues
• Monthly expenditures
• Any other relevant financial information
Sales tax revenue is two months in arrears. Included in this report is the sales tax revenue
collected in May and June for sales in March and April. Payments made to vendors in
the months of June and July are also included.
ATTACHMENTS:
Monthly Financial Reports
Sales Tax History
SUBMITTED BY:
Leigh Wallace
Finance Manager, GEDCO
Finance Director, COG
Page 101 of 114
APPROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
% YEAR-END
VARIANCE
BEGINNING FUND BALALNCE 5,015,684 5,068,518 52,834 1.05%
Revenue
OPERATING REVENUES
Sales Tax 1,468,750 112,816 875,323 1,581,250 112,500 7.66%
Interest 10,400 4,384 29,018 34,171 23,771 228.57%
Miscellaneous Revenue 60,321 - 60,302 60,321 - 0.00%
Lease Revenue (Grape Creek)48,000 4,000 40,000 48,000 - 0.00%
OPERATING REVENUES TOTAL 1,587,471 121,200 1,004,643 1,723,742 136,271 8.58%
OPERATING EXPENDITURES
Joint Services Allocation 197,722 16,477 148,293 197,722 - 0.00%
Supplies 300 53 193 300 - 0.00%
Special Services 7,500 - 33 7,500 - 0.00%
Travel & Training 1,500 - - 1,500 - 0.00%
Promotional & Marketing Program 81,000 7,185 63,190 81,000 - 0.00%
Miscellaneous Expense 10,321 - 10,302 10,302 (19) -0.18%
OPERATING EXPENDITURES Total 298,343 23,715 222,011 298,324 (19) -0.01%
TOTAL NET OPERATIONS 1,289,128 97,485 782,632 1,425,418 136,290 0.11
NON-OPERATING EXPENDITURES
Avalanche Consulting, Inc 100,000 30,650 100,000 100,000 - 0.00%
Bond Issuance Costs - - (114) (114) (114) 0.00%
Catalyst 24,000 9,053 14,427 23,000 (1,000) -4.17%
Debt Service 115,839 - 66,679 115,839 - 0.00%
DisperSol 60,000 - 10,000 60,000 - 0.00%
Economic Development Projects -Undetermined 5,200,322 - - - (5,200,322) -100.00%
Interest Expense 111,463 - - 111,463 - 0.00%
Principal Reduction 100,000 - - 100,000 - 0.00%
Radix 50,000 - - - (50,000) -100.00%
Rentschler Brewing LLC 70,000 - 70,000 70,000 - 0.00%
Tasus 6,000 - - - (6,000) -100.00%
Texas Life Sciences 100,000 - - - (100,000) -100.00%
NON-OPERATING EXPENDITURES Total 5,937,624 39,703 260,992 580,188 (5,357,436) -90.23%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (4,648,496) 57,782 521,641 845,230 5,493,726 -118.18%
ENDING FUND BALANCE 367,188 5,913,748 5,546,560 1510.55%
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of June 2017
Page 102 of 114
APPROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
% YEAR-END
VARIANCE
BEGINNING FUND BALALNCE 5,015,684 5,068,518 52,834 1.05%
Revenue
OPERATING REVENUES
Sales Tax 1,468,750 125,728 1,001,051 1,581,250 112,500 7.66%
Interest 10,400 5,154 34,172 34,171 23,771 228.57%
Miscellaneous Revenue 60,321 - 60,302 60,321 - 0.00%
Lease Revenue (Grape Creek)48,000 4,000 44,000 48,000 - 0.00%
OPERATING REVENUES TOTAL 1,587,471 134,882 1,139,525 1,723,742 136,271 8.58%
OPERATING EXPENDITURES
Joint Services Allocation 197,722 16,477 164,770 197,722 - 0.00%
Supplies 300 - 193 300 - 0.00%
Special Services 7,500 - 33 7,500 - 0.00%
Travel & Training 1,500 - - 1,500 - 0.00%
Promotional & Marketing Program 81,000 - 66,940 81,000 - 0.00%
Miscellaneous Expense 10,321 - 10,302 10,302 (19) -0.18%
OPERATING EXPENDITURES Total 298,343 16,477 242,238 298,324 (19) -0.01%
TOTAL NET OPERATIONS 1,289,128 118,405 897,287 1,425,418 136,290 0.11
NON-OPERATING EXPENDITURES
Avalanche Consulting, Inc 100,000 15,700 100,000 100,000 - 0.00%
Bond Issuance Costs - - (114) (114) (114) 0.00%
Catalyst 24,000 2,833 14,979 23,000 (1,000) -4.17%
Debt Service 115,839 - 66,679 115,839 - 0.00%
DisperSol 60,000 - 10,000 60,000 - 0.00%
Economic Development Projects -Undetermined 5,200,322 - - - (5,200,322) -100.00%
Interest Expense 111,463 - - 111,463 - 0.00%
Principal Reduction 100,000 - - 100,000 - 0.00%
Radix 50,000 - - - (50,000) -100.00%
Rentschler Brewing LLC 70,000 - 70,000 70,000 - 0.00%
Tasus 6,000 - - - (6,000) -100.00%
Texas Life Sciences 100,000 - - - (100,000) -100.00%
NON-OPERATING EXPENDITURES Total 5,937,624 18,533 261,543 580,188 (5,357,436) -90.23%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (4,648,496) 99,871 635,743 845,230 5,493,726 -118.18%
ENDING FUND BALANCE 367,188 5,913,748 5,546,560 1510.55%
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of July 2017
Page 103 of 114
As of July 31, 2017
Georgetown Economic Development Corporation
Sales Tax History
Variance % Var.
MONTH [a]2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 To FY 16 To FY 16
October 70,264$ 86,324$ 91,863$ 98,094$ 106,050$ 114,748$ 8,698$ 8.20%
November 74,472 82,083 99,552 102,891 112,766 125,214 12,448$ 11.04%
December 111,968 117,582 134,682 143,774 148,200 160,542 12,342$ 8.33%
January 73,177 82,714 89,357 87,695 96,563 110,006 13,443$ 13.92%
February 72,946 77,890 86,901 89,107 108,117 105,556 (2,561)$ -2.37%
March 105,822 115,564 114,355 123,951 133,492 137,301 3,809$ 2.85%
April 81,362 84,420 106,002 102,671 108,977 117,261 8,284$ 7.60%
May 80,919 94,412 112,572 95,699 120,418 125,188 4,770$ 3.96%
June 99,664 114,132 123,306 130,589 142,767 151,484 8,717$ 6.11%
July 89,969 92,765 102,435 108,994 119,534
August 85,792 92,735 98,015 102,888 132,582
September 88,334 125,197 119,473 125,201 135,378
Total 1,034,688$ 1,165,819$ 1,278,513$ 1,311,554$ 1,464,844$ 1,147,300$
YTD 770,592 855,121 958,590 974,471 1,077,350 1,147,300 69,950 6.49%
Notes:
[a]Sales tax revenue from the State Comptroller is received two months in arrears.
Sales tax for December is actually received in February
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Re
v
e
n
u
e
s
Sales Tax 3 Year Trend
2014-15
2015-16
2016-17
Page 104 of 114
• Economic Development Projects:
- Catalyst Commerical, Inc.
- Avalanche Consulting, Inc.
• Promotional & Marketing Programs
- D&L Printing
Page 105 of 114
• Economic Development Projects:
- Catalyst Commerical, Inc.
- Avalanche Consulting, Inc.
• Promotional & Marketing Programs
- Austin Chamber Opportunity Austin
Page 106 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Disc ussion and p o s s ib le ac tion regard ing the S taff Report —David Morgan, City Manager
-P erformance Agreement Report
-Report from P lanning
-Retail Stud y Up d ate
-Ac tivity Report
-Other Pro jec ts
ITEM SUMMARY:
The GEDCO Board has req uested that staff p ro vide a projec t p ro gress and s tatus report at eac h meeting
o n all of the ac tive p ro jects disc ussed b y the Bo ard .
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
David S. Morgan, C ity Manager
ATTACHMENTS:
Description Type
Project Report Cover Memo
Activity report Cover Memo
Page 107 of 114
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
Citigroup
Grant for wastewater infrastructure for
construction of datacenter. 12/12/2006 12/31/2018 $ 1,300,000 $ 1,300,000
DisperSol
Grant for job creation related to expansion
of manufacturing facilities.10/16/2014 2/15/2019 250,000$ $ 80,000
Grape Creek
Grant for reimbursement of Qualified
Expenditures for the lease/purchase and
future site improvements at 101 E. 7th
Street and 614 Main Street for the
operation of a winery on the Downtown
Square. 8/23/2011 3/1/2018 280,000$ 280,000$
Grape Creek
GEDCO purchase of building. GCV
currently under lease/purchase agreement
with right to exercise purchase at end of PA
for $447K.8/23/2011 3/1/2018 447,000$ 447,000$
Lone Star Circle of Care
Grant for Qualified Expenditures for future
site improvements at 205 East University
Avenue, Georgetown, Texas. Loan
Agreement and Promissory Note have
been executed. 6/28/2011 11/30/2017 387,000$ $ 387,000
Radiation Detection Corporation
Grant for Qualified Expenditures and job
creation related to the relocation of the
corporate offices to Georgetown. 7/23/2013 12/31/2021 320,000$ 320,000$
Radix BioSolutions, Ltd.
Provided grant to assist with the work and
future plans of Radix BioSolutions at the
TLCC. Radix paid back $47K on 3/15/15.
Radix paid back $50K 3/10/16. Radix paid
back $50K on 3/10/2017 .3/9/2010 3/31/2018 250,000$ $ 103,000
GEDCO - ACTIVE PERFORMANCE AGREEMENTS STATUS REPORT
August 21, 2017
Over Page 108 of 114
Economic Development Activity Report
Updated August 2017
FY 2017 Projects Won
Business CapEx Jobs Sq. Ft.
Rentsch Brewery $ 2,600,000 12 7,250
Holt Cat $ 20,000,000 129 60,000
Project Tower $ 2,800,000 TBD 9,500
Ewald Kubota $ 2,980,000 14 10,500
TOTALS $ 28,380,000 155 87,250
0
2
4
6
8
10
12
14
16
Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17
Lead Activity
Leads Rolling 6-Month Average
0
2
4
6
8
10
12
14
16
Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17
Prospect Activity
Proposals Site Visits Development Meetings
Page 109 of 114
Other Activities:
• Retail recruitment ongoing
• Target Industry and Workforce Analysis – Presenting to Council August 22, 2017
• Developers roundtable – August 31, 2017
• Showcase Austin – October 12, 2017
• Industry Appreciation month – October 13, 2017
• 2nd Annual Economic Development Symposium – December 11, 2017
• Small Business Expo in partnership with the Chamber – March 1, 2018
• Will be working on a strategic plan in Q4 2017 to present to Council
0
2
4
6
8
10
12
Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr
2017
May 17 Jun 17 Jul 17 Aug 17 Sep 17
Business Retention Activity
Visits Assistance Requests Touches
6
9
3
7
Current Projects
Hot Warm Cold Development
Page 110 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Ac tion out of Exec utive S es s io n.
ITEM SUMMARY:
FINANCIAL IMPACT:
TBD
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 111 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Sec. 551.071: CONSULTATION WITH ATTORNEY
Cons ultation with atto rney regard ing legal iss ues related to agend a items and o ther matters in which (1)
when the go vernmental b o d y s eeks the advic e of its atto rney about: (A) p end ing or contemplated litigation;
o r (B) a settlement offer; or (2) o n a matter in whic h the duty of the attorney to the governmental b o d y
und er the Texas Dis c ip linary Rules o f Pro fes s ional C o nduct of the State Bar of Texas c learly conflicts with
this c hapter - C harlie McNab b , City Atto rney
ITEM SUMMARY:
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 112 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Section 551.072. DELIBERATIONREGARDING REAL PROPERTY
Disc ussion and p o s s ib le ac tion to deliberate the purchas e,exchange, leas e o r value o f real p ro p erty for
p urposes autho rized by the Develo p ment Corporatio n Act whic h d is cus s ion in open session wo uld have a
d etrimental effec t o n nego tiatio ns with third p ers o ns .
ITEM SUMMARY:
FINANCIAL IMPACT:
n/a
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 113 of 114
City of Georgetown, Texas
Georgetown Economic Development Corporation
August 21, 2017
SUBJECT:
Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT
NEGOTIATIONS.
Deliberatio n regard ing c o mmercial o r financ ial informatio n that the c o rp o ratio n has received from a
b usines s pros p ec t that the Geo rgeto wn Economic Development Corporation s eeks to have lo cate, s tay, o r
expand in or near the territo ry o f the City o f Geo rgeto wn and with whic h the Corporatio n is c o nducting
econo mic d evelo p ment negotiations ; and/o r d elib eration regard ing the o ffer o f a financial o r other inc entive
to a bus iness pros pec t that the Co rp o ration s eeks to have loc ate, stay, o r expand in or near the territory of
the City of Georgetown.
- Do wntown Infras tructure Imp ro vements
- TLCC
ITEM SUMMARY:
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 114 of 114