PORTLAND COMMUNITY CHAMBER In Partnership with the Portland Regional Chamber . 3 I Portland' 1" . I 1| 4-fl132' *1 . - . - Economic' Cover photos: (C)Tim Portland's Economic Scorecard 2012-13 December 2012 Dear Readers, Welcome to the Portland Community Chamber's 'Portland Economic Scorecard 2012-2013,' our third annual assessment of economic health in Portland and our entire region. We think you'll find a wealth of important information in the pages that follow - information that will help us work together to build on a strong foundation and fix problems before they get out of hand. We began this journey in 2007 with our study "Looking Out for Portland and the Region" which examined our region's economy in ways that hadn't been done before. Since then our report has been the touchstone for many successful economic development initiatives. This Scorecard is one of those accomplishments. Every Scorecard gives our community the data we need to analyze the strengths and weaknesses of our economy. We look at a range of primary and secondary economic indicators. We measure our performance in several different timeframes. We compare ourselves to Maine, New England, the U.S. and a set of benchmark cities from around the country that best resemble us. In Appendix A on page 37 you'll find detailed notes on how our indicators were researched, and our methodologies are described in Appendix B on page 44. The purpose of our Scorecard is to analyze the data that shows how Portland is performing economically and use it to keep our City and our region strong. We all know that Portland is a www.PortlandRegion.com Page 1 Portland's Economic Scorecard 2012-13 wonderful place to live, work and raise a family. But in a fast-moving world all of us must stay aware of what sustains our economy, and what threatens it. Without hard data, gathered yearly, our economic strategies may rely too heavily on anecdote and guesswork. That's not how any of us would run our business, and it's not healthy for Portland either. This year, the Scorecard was jointly funded in conjunction with the Portland Development Corporation of the City of Portland. The City was a partner with the Chamber in the creation of and implementation of the first ever comprehensive Economic Development Strategic Plan for Portland. The Scorecard can be used as a tool by which the Work Plan of the Strategic Plan can be measured. Appendix C draws the parallels between the current Work Plan and the relevant Scorecard indicator, and this correlation is expected to improve with future versions of both documents. Summary of Findings: So what does the 2012 Scorecard tell us? We think several things stand out in the data, some of them good, others not. First, Portland and our region look good compared to the rest of Maine, and compared to New England. That's true over the short term and the long term. Our region's competitive advantages include an educated workforce and lower unemployment rates. Page 2 www.PortlandRegion.com Portland's Economic Scorecard 2012-13 Second, we compare well with New England and national benchmark cities, leading them in half our indicators, and staying close in most others. For example, on Median Regional Household Income data (page 14) we are faring well. Third, it's clear we still have lots of work to do. This report shows that when we're compared to national averages, and over short timeframes, we are lagging in pivotal areas including key industries, a higher tax burden, and housing affordability. A combination of factors is at play, including an uneven economic recovery and the fact that we exist in a high-cost region. Nevertheless, the growth of red indicators in the last two years creates urgency to find out what's wrong, and to fix it. No matter how you read these indicators we think it is imperative that business, government, and education leaders continue to work collaboratively to implement strategies which foster investment and job growth. That's what we'll be doing with the data in this book, and we hope you'll join us in 2013 to make next year's Scorecard our best yet. Sincerely, Michael P. Bourque President www.PortlandRegion.com Page 3 LAG GIN G II II II III IIII IIIIIIIIII III II I II II II II RATING KEEPING UP TARGET G EX ING ED CE Regional Employment Growth EX ING ED CE INDICATOR LAG GI N N KEEPI G UP G LAG GIN III IIII IIIII III Portland's Economic Scorecard 2012-13 PAGE Lagging Annual regional employment growth will exceed the national benchmarks. 6 Lagging Annual regional private sector growth will exceed national benchmarks. 7 Lagging Employment growth in key sectors for the Portland region will exceed that of the U.S. as a whole. 8 Exceeding Employment growth in key sectors for the Portland region will exceed that of the U.S. as a whole. 8 City Unemployment Rate Exceeding The annual Portland region unemployment rate will be below the national benchmarks. 9 Regional Unemployment Rate Exceeding The annual regional unemployment rate will be below the national benchmarks. 10 Regional Earnings per Employee Exceeding Regional earnings per employee will grow annually and will equal the New England average within 3 years. 11 Annual regional personal income growth will exceed the national benchmarks. 12 Regional Private Sector Employment Growth Biomedical/Life Sciences; Information Technology; and Business & Financial Services Employment Growth in Key Sectors - Arts, Entertainment, Recreation, & Visitor Regional Personal Income Growth LAG GI N IN KEEP G UP G EX ING ED CE Employment Growth in Key Sectors - Lagging Median City Household Income Exceeding Annual city median household income will exceed the national benchmarks. 13 Median Regional Household Income Exceeding Annual regional median household income will exceed the national benchmarks. 14 Gross Metro Product Growth Exceeding Annual growth in gross metro product will exceed the national benchmarks. 15 The value of total city imports and exports will continue to grow and reach 75% of the national benchmarks within 3 years. 16 17 Value of City Imports & Exports per Capita Lagging Regional Retail Sales Exceeding Annual growth in retail sales will exceed the national benchmarks. City Vacancy Rate Keeping Up Annual downtown and suburban Portland Class A & B office space vacancy rate will 18 be between 5% and 10%. City Population Growth Regional Population Growth Page 4 www.PortlandRegion.com Lagging Exceeding Annual city population growth will equal the national benchmarks. 19 Annual regional population growth will equal the national benchmarks. 20 LAG GIN G II LAG GI N Exceeding Crime Rate per 100,000 Population Housing Affordability Rental Affordability City Full Value Tax Rates Total Municipal General Fund Debt Outstanding per Capita Municipal Full-Time Equivalent Employees per 1,000 Population City Property Valuation Total Regional Cost Index Regional Science & Engineering Occupations G EX Exceeding ING ED CE Regional Educational Attainment LAG GI N KEEPING UP KEEPING UP TARGET G EX PAGE ING ED CE City Educational Attainment RATING ING ED CE INDICATOR Portland's Economic Scorecard 2012-13 EX LAG GIN II II II IIII III II III IIIII II II II II KEEPING UP G Annual percent of city population 25 years or older with a bachelor's degree or higher will exceed the national benchmarks. 21 Annual percent of regional population 25 years or older with a bachelor's degree or higher will exceed the national benchmarks. 22 Keeping Up City crime rate per 100,000 population will be below the benchmark cities. Lagging Exceeding Portland's median monthly housing costs as a percent of household income will be equal to or below the national benchmarks. Portland's median gross rent as a percent of household income will be equal to or below the national benchmarks. 23 24 25 Lagging Annual city full value property tax rate will be equal or below the Maine benchmarks. 26 Lagging Municipal debt per capita for Portland will be lower than the reference geographies. 27 Lagging Municipal full-time equivalent employees per 1,000 population for Portland will be lower than the reference geographies. 28 Lagging Annual city property valuation will exceed the Maine benchmarks. 29 Lagging The total regional cost index will be no more than 5% above the national benchmarks. 30 Annual percent of regional employment in S&E occupations will equal the national benchmarks. 31 Keeping Up Regional Venture Capital Investment Lagging Venture capital as a percent of gross metro product will equal or exceed the total for the benchmark regions. 32 Regional Patents Issued Lagging The level of patents per 1,000 residents will exceed the national benchmarks. 33 Regional Food Services & Drinking Places Sales Growth Visitors to Greater Portland/Casco Bay Region Airline Passenger Counts (Enplanement) Annual growth in regional food services and drinking places sales will exceed the national benchmarks. Annual total Maine overnight visitors to the Greater Portland/Casco Bay region will Keeping Up increase to 20% of the state within 3 years. Keeping Up Lagging Annual passenger growth will exceed the national benchmarks. 34 35 36 www.PortlandRegion.com Page 5 Portland's Economic Scorecard 2012-13 Percent Change Total Regional Non-Farm Employment Percent Change in in Total RegionalNon-Farm Employment 3% 2.3% U.S.=2.5% 2% Regional Employment Growth TARGET: Annual regional employment growth will exceed the national benchmarks. 1.8% 0.9% 1% U.S.=1.0% 0.6% 0.5% 0.1% 0% Portland, ME Metro NECTA -1% National Benchmark Regions Maine -1.5% -2% -2.2% New England -2.2% -3% U.S.=-2.5% -3.1% -3.5% -4% % Change 02-11 Page 6 www.PortlandRegion.com -3.3% % Change 06-11 % Change 10-11 In the last year, 2010-11, total nonfarm employment in the Portland region increased by 0.6%. The national benchmark regions increase by 0.9% in the same time period, more than the Portland region. Between 2006 and 2011, employment in the Portland region declined by 2.2%, compared to an average decline for the national benchmark regions of 3.1%, the State of Maine by 3.5%, and a decline in New England by 3.3%. From 2002-11, the Portland region (1.8%) exceeded all of the comparison geographies in employment growth with the exception of the national benchmark regions (2.3%). Portland's Economic Scorecard 2012-13 Regional Private Sector Employment Growth TARGET: Annual regional private sector growth will exceed national benchmarks. Between 2010 and 2011, the Portland region's private non-farm employment increased by 0.8%, which was less than the 1.4% increase for the national benchmark regions. From 2006-11, the Portland region experienced a 1.7% decrease in private nonfarm employment. This decrease was less than that of the comparison geographies. The decrease for the national benchmark regions was 3.9% and 3.5% for Maine and New England. Over the last 9 years, from 20022011, the Portland region (2.0%) exceeded all of the comparison geographies in private employment growth. Percent Change in Total Regional Private 3% Non-Farm Employment Percent Change in Total Regional Private Non-Farm Employment 2.0% 1.9% U.S.=2.2% 2% 1.4% 0.8% 1% U.S.=1.5% 1.0% 0.6% 0% -1% -1.6% -2% -1.7% -2.2% Portland, ME Metro NECTA -3% National Benchmark Regions U.S.=-3.4% -4% -3.9% -3.5% -3.5% Maine New England -5% % Change 02-11 % Change 06-11 % Change 10-11 www.PortlandRegion.com Page 7 Portland's Economic Scorecard 2012-13 Biomedical/Life Sciences; Information Technology; and Business & Financial Services Employment Growth in Key Sectors Arts, Entertainment, Recreation, & Visitor TARGET: Employment growth in key sectors for the Portland region will exceed that of the U.S. as a whole. Percent Change in Employment in Key Industries - 2010-11 4.0% 2.9% 3.0% 2.2% 2.0% 1.0% 0.8% 2.2% 1.6% 1.3% 1.6% 1.6% 1.8% 0.6% 0.0% -1.0% -2.0% Portland, ME-MSA -3.0% Maine -4.0% -4.0% U.S. -5.0% -6.0% -5.6% -7.0% Biomedical/Life Sciences Information Technology Business and Financial Services Arts, Entertainment, Recreation, & Visitor Note that most of the job loss within this cluster is attributable to a significant decline in the Data Processing, Hosting, and Related Services industry from 2010 to 2011. 1 Page 8 www.PortlandRegion.com Employment growth between 2010 and 2011 in the targeted industries in the Portland region lagged U.S. growth, with the exception of the Arts, Entertainment, Recreation, & Visitor industry. Key industries for the regional economy were identified as part of the economic development plan produced by the Portland Community Chamber and City of Portland. Employment between 2010 and 2011 in the Biomedical/ Lifesciences sector in the Portland region increased 0.8%. The Portland region (-5.6%) lost jobs in the Information Technology sector.1 In the Business and Financial Services sector the Portland region grew 1.6%. Employment in the in the Arts, Entertainment, Recreation, & Visitor sector in the Portland region grew 2.2%. Portland's Economic Scorecard 2012-13 City Unemployment Rate TARGET: The annual city unemployment rate will be below the national benchmarks. City Unemployment Rate - 2002-11 9.0 8.0 From 2002-11, the annual unemployment rate for the City of Portland has remained lower than the State of Maine and the national benchmark cities. During this period, the unemployment rate for the City of Portland experienced a low of 3.4% in 2002, but has since risen, reaching a high of 6.5% in 2009, and dropping to 5.9% in 2011. During this period, the unemployment rate for the national benchmark cities started at 5.5% in 2002 and climbed to a high of 8.5% in 2010. 7.0 6.0 5.0 4.0 3.0 City of Portland 2.0 Maine Benchmark Cities 1.0 National Benchmark Cities 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 www.PortlandRegion.com Page 9 Portland's Economic Scorecard 2012-13 Regional Unemployment Rate Regional Unemployment Rate - 2002-11 TARGET: The annual Portland region unemployment rate will be below the national benchmarks. 10.0 9.0 8.0 From 2002-11, the annual unemployment rate for the Portland region has remained lower than all the reference geographies. 7.0 6.0 5.0 4.0 Portland, ME NECTA 3.0 National Benchmark Regions Maine 2.0 New England 1.0 United States 0.0 2002 2003 2004 2005 Page 10 www.PortlandRegion.com 2006 2007 2008 2009 2010 2011 During this period, the unemployment rate for the Portland region experience a low of 3.3% in 2002, but has since risen, reaching a high of 6.8% in 2010, and dropping to 6.1% in 2011. During this period, the unemployment rate for the national benchmark regions started at 4.9% in 2002, climbed to a high of 8.5% in 2010, and dropped to 7.9% in 2011. Portland's Economic Scorecard 2012-13 Regional Earnings per Employee TARGET: Regional earnings per employee will grow annually and will equal the New England average within 3 years. Regional Earnings per Employee - 2001-10 $55,000 $50,000 In 2010, the Portland region was higher than the national benchmark regions and Maine in earnings per employee. The Portland region had average earnings per employee of $50,805 in 2010, putting it above the national benchmark regions ($46,943), the average for the State of Maine ($41,816), and the average for the U.S. ($49,355), but below the average of the New England metro regions ($51,382). $45,000 $40,000 Portland, ME -MSA National Benchmark Regions $35,000 Maine New England United States $30,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 www.PortlandRegion.com Page 11 Portland's Economic Scorecard 2012-13 Regional Personal Income Growth TARGET: Annual regional personal income growth will exceed the national benchmarks. Percent Change Regional Personal Income 50% 45% 40% 44.2% 46.7% 43.1% U.S.=49.6% Portland, ME -MSA 40.3% National Benchmark Regions Maine 35% New England 30% 25% U.S.= 19.9% 18.2% 20% 15.5% 15% 16.2% 16.9% 10% 2.1% 5% 3.1% 1.7% U.S.=3.7% 2.9% 0% % Change 00-10 Page 12 www.PortlandRegion.com % Change 05-10 % Change 09-10 From 2009-10, the Portland region experienced an increase in personal income of 2.1%, lagging behind the national benchmark regions, which experienced an increase of 3.1%. Personal Income growth in the Portland region has lagged that of the national benchmark regions in the past ten, five, and 1-year periods. From 2005-10, the Portland region experienced an increase of 15.5% in personal income. This was lower than the averages experienced for the national benchmark regions (18.2%) New England (16.9%), and the State of Maine (16.2%). From 2000-10, the Portland region experienced an increase of 44.2% in personal income. This was lower than the averages experienced for the national benchmark regions (46.7%), but was higher than the average increases experienced by the State of Maine (43.1%) and New England (40.3%). Portland's Economic Scorecard 2012-13 Median City Household Income TARGET: Annual city median household income will exceed the national benchmarks. On average, in 2010 households in the City of Portland have higher incomes than the national benchmark cities. In 2010, the median household income in the City of Portland was $44,422. This was higher than the national benchmark cities ($42,720) and lower than the median for the Maine benchmark cities ($48,877). $50,000 Median City Household Income - 2010 $48,877 $49,000 $48,000 $47,000 $46,000 $45,000 $44,422 $44,000 $42,720 $43,000 $42,000 $41,000 $40,000 $39,000 City of Portland Maine Benchmark Cities National Benchmark Cities www.PortlandRegion.com Page 13 Portland's Economic Scorecard 2012-13 Median Regional Household Income - 2010 $70,000 $60,000 Median Regional Household Income $58,200 TARGET: Annual regional median household income will exceed the national benchmarks. $56,275 U.S. = $51,776 $51,129 $50,000 In 2010, the median income of households in the Portland region was $56,275 and exceeded that of the national benchmark regions and Maine. $46,933 $40,000 $30,000 The Portland region's median income ($56,275) was higher than the median for the national benchmark regions ($51,129) and for the State of Maine ($46,933) but was lower than the median for New England ($58,200). $20,000 $10,000 $0 Portland, ME -MSA National Benchmark Regions Page 14 www.PortlandRegion.com Maine New England Portland's Economic Scorecard 2012-13 Gross Metro Product Growth TARGET: Annual growth in gross metro product will exceed the national benchmarks. Percent Change in Gross Metro/State Product 50% U.S.= 45.8% 45% In the last one-year period, 2009-10, growth in gross metro product for the Portland region (3.6%) surpassed the benchmark regions (2.9%), the State of Maine (-1.2%) and New England (0.8%). From 2001-10, the Portland region experienced an increase of 40.1% in gross metro product. This was lower than the average of 42.9% for the national benchmark regions but was higher than the average for Maine (32.9%) and the New England states (34.6%). 40% 35% 42.9% 40.1% Portland, ME -MSA 34.6% 32.9% National Benchmark Regions 30% Maine 25% New England 20% 15% 10% 3.6% 5% U.S.= 1.9% 0.8% 2.9% 0% -1.2% -5% % Change 01-10 % Change 09-10 www.PortlandRegion.com Page 15 Portland's Economic Scorecard 2012-13 Value of City Imports & Exports Per Capita Per Capita Total City Imports & Exports $70,000 $60,000 $65,290 $65,078 $60,067 $63,458 $63,921 $50,000 $40,000 $37,094 $37,828 $32,347 $28,218 $30,000 $20,000 $26,570 City of Portland National Benchmark Cities $10,000 $0 Avg 2005-07 Avg 2006-08 Page 16 www.PortlandRegion.com Avg 2007-09 Avg 2008-10 Avg 2009-11 TARGET: The value of total city imports and exports will continue to grow and reach 75% of the national benchmarks within 3 years. Between 2009 and 2011, the value of imports and exports passing through the Port of Portland represented an average three year total of $26,570 per capita. This was only 41.5% of the national benchmark cities, which had an average of $63,921 during this same time period. The three-year average of 2006-08 per capita total city imports and exports for the Port of Portland was 57.9% of the national benchmark cities' average while the three-year averages between 200709 and 2008-10 for the Port of Portland decreased to 49.7% and 44.5% of the national benchmark cities respectively. On average, between 2009 and 2011, per capita total imports and exports at the Port of Portland were $26,570 compared to $63,921 for the national benchmark ports. Portland's Economic Scorecard 2012-13 Regional Retail Sales TARGET: Annual growth in retail sales will exceed the national benchmarks. Between 2010-11, the Portland region exceeded the national benchmark regions by 0.4% in terms of retail sales growth. The Portland region experienced an increase of 5.9% during this time period compared to the national benchmark regions (5.5%), Maine (5.4%) and New England (5.3%). In the 5-year period between 2006 and 2011 all of the geographies experienced a decline. The Portland region has seen a 6.2% increase in the percent change in retail sales over the last 10-year period from 2001-11, which is comparable to the comparison geographies, with the exception of the national benchmark regions which increased 11.7%. Percent Change in Regional Retail Sales 14.0% 12.0% U.S.=11.0% 11.7% 10.0% 8.0% 6.0% 6.2% 6.2% 5.8% U.S.=5.6% 5.9% 5.5% 5.4% 5.3% 4.0% 2.0% 0.0% U.S.=-1.2% Portland, ME -MSA -2.0% -1.5% National Benchmark Regions Maine -4.0% -3.8% -4.7% -6.0% % Change 01-11 % Change 06-11 -4.3% New England % Change 10-11 www.PortlandRegion.com Page 17 Portland's Economic Scorecard 2012-13 City Vacancy Rate TARGET: Annual downtown and suburban Portland Class A & B office space vacancy rate will be between 5% and 10%. Class A & B Office Space Vacancy Rate - 2001-11 16.00% 14.00% In 2011, the Downtown Portland market had a vacancy rate of 13.9%, which was higher than Suburban Portland (0.31%) and Non Portland (10.77%) areas. 12.00% 10.00% 8.00% 6.00% Total Downtown - Portland 4.00% Total Suburban - Portland Total Suburban - Non Portland 2.00% 0.00% 2001 2002 2003 2004 2005 Page 18 www.PortlandRegion.com 2006 2007 2008 2009 2010 2011 Over the past ten year period, from 2001-11, the Downtown Portland and Non Portland areas experienced significant swings in vacancy rates in Class A and B office space, with a general upward trend. Suburban Portland maintained a consistently low vacancy rate during this time period, never exceeding 2%. The Downtown Portland 2011 rate was the highest experienced since 2001. Portland's Economic Scorecard 2012-13 City Population Growth TARGET: Annual city population growth will equal the national benchmarks. Percent Change in City Population 7.0% 6.4% City of Portland 6.0% The City of Portland experienced an increase of 0.3% in population during the last one-year period, 2010-11, while the Maine benchmark cities grew by 0.1%, and national benchmark cities grew by 0.9%. Maine Benchmark Cities National Benchmark Cities 5.2% 5.0% 4.0% 4.7% 3.6% 3.5% 3.0% From 2006-11, the population of the City of Portland increased by 5.2%, while the Maine benchmark cities increased by 1.8% and the national benchmark cities increased by 4.7%. From 2001-11, the population of the City of Portland increased by 3.6%, while the Maine benchmark cities increased by 3.5%, and the national benchmark cities increased by 6.4%. 2.0% 1.8% 1.0% 0.9% 0.3% 0.1% 0.0% % Change 01-11 % Change 06-11 % Change 10-11 www.PortlandRegion.com Page 19 Portland's Economic Scorecard 2012-13 Regional Population Growth Percent Change in Regional Population 12.0% Portland, ME -MSA 10.1% 10.0% National Benchmark Regions U.S. = 9.3% Maine The Portland region grew 0.3% in population during the last oneyear period, 2010-11; the national benchmark regions stayed essentially flat, while Maine increased by 1.2%, and New England grew by a modest 0.3%. New England 8.0% 6.0% U.S.= 4.4% 4.0% 4.1% 3.4% 3.5% 2.9% 2.0% 1.1% 0.7% 1.2% 1.0% 0.3% 0.0% -2.0% Page 20 www.PortlandRegion.com % Change 06-11 U.S.= 0.8% 0.3% 0.0% % Change 01-11 TARGET: Annual regional population growth will equal the national benchmarks. % Change 10-11 From 2006-11, the population of the Portland MSA increased by 0.7%, while the national benchmark cities increased by 3.5%, Maine increased by 1.1%, and New England increased by 1.0%. From 2001-11, the population of the Portland region grew by 4.1%, which was much slower than the national benchmark regions (10.1%), but faster than the State of Maine (3.4%) and New England (2.9%). Portland's Economic Scorecard 2012-13 City Educational Attainment Percent of City Population 25 Years or Older with a Bachelor's Degree or Higher - 2010 TARGET: Annual percent of city population 25 years or older with a bachelor's degree or higher will exceed the national benchmarks. 50.0% 45.0% In 2010, 43.2% of Portland's population had obtained a bachelor's degree or higher, which was greater than the national benchmark cities (34.1%). 43.2% 40.0% 34.1% 35.0% 30.0% 26.9% 25.0% 20.0% Portland's educational attainment was higher than the averages experienced for the Maine benchmark cities (26.9%) and the national benchmark cities (34.1%). 15.0% 10.0% 5.0% 0.0% City of Portland Maine Benchmark Cities National Benchmark Cities www.PortlandRegion.com Page 21 Portland's Economic Scorecard 2012-13 Regional Educational Attainment Percent of Regional Population 25 Years or Older with a Bachelor's Degree or Higher - 2010 40.0% 35.0% 33.8% 32.7% 30.1% 30.0% 26.5% 25.0% TARGET: Annual percent of regional population 25 years or older with a bachelor's degree or higher will exceed the national benchmarks. U.S. = 27.6% In 2010, 33.8% of the Portland region's population that was 25 years or older had attained at least a bachelor's degree compared to 30.1% in the national benchmark regions. 20.0% 15.0% 10.0% 5.0% 0.0% Portland, ME -MSA National Benchmark Regions Page 22 www.PortlandRegion.com Maine New England The Portland region was also higher than the averages experienced for Maine (26.5%), New England (32.7%), and the U.S. (27.6%) on this indicator. Portland's Economic Scorecard 2012-13 Crime Rate per 100,000 Population TARGET: City crime rate per 100,000 population will be below the benchmark cities. The City of Portland's crime rate per 100,000 was 5,007 just slightly above the benchmark cities at 4,960 in 2010. In 2010, crime rates per 100,000 in both the City of Portland and the national benchmark cities were significantly above both the U.S. average and all other reference geographies. The Portland MSA crime rate (2,607), however, was significantly below the national benchmark regions. Crime Rates per 100,000 Population - 2010 6,000 5,000 5,007 4,960 4,000 U.S.= 3,346 3,175 3,000 2,607 2,601 City of Portland National Benchmark Cities Portland, ME -MSA National Benchmark Regions Maine New England 2,579 2,000 1,000 0 www.PortlandRegion.com Page 23 Portland's Economic Scorecard 2012-13 Housing Affordability TARGET: Portland's median monthly housing costs as a percent of household income will be equal to or below the national benchmarks. Median Monthly Housing Costs as a Percent of Household Income - 2010 25% 24.1% 24% 23.6% 23.3% 24% 23.0% 23% 23.1% U.S.= 20.9% 23% 22% 21.6% 22% 21.3% In terms of home ownership affordability, the City of Portland is less affordable than its national counterparts and the Portland MSA is less affordable than the national benchmark regions. 21% 21% 20% 20% City of Portland Maine Benchmark Cities National Portland, ME Benchmark MSA Cities Page 24 www.PortlandRegion.com Maine National New England Benchmark Regions In 2010, median monthly homeownership cost represented 24.1% of household income in the City of Portland compared to 23.3% for the Maine benchmark cities and 23.0% for the national benchmark cities. In the Portland MSA, median monthly homeownership cost represented 23.1% of household income, which was more than Maine (21.3%) and the national benchmark cities (21.6%) but lower than New England (23.6%). Portland's Economic Scorecard 2012-13 Rental Affordability TARGET: Portland's median gross rent as a percent of household income will be equal to or below the national benchmarks. In terms of rental affordability, the City of Portland is more affordable than the national benchmark cities. Similarly, the Portland MSA is more affordable than the national benchmark regions. In 2010, median monthly gross rent represented 30.9% of household income in the City of Portland compared to 30.2% for the Maine benchmark cities and 32.3% for the national benchmark cities. Looking at the Portland MSA, median monthly gross rent represented 30.3% of household income, compared to 29.8% in Maine, 31.0% in the national benchmark regions, and 30.2% in New England. Median Gross Rent as a Percent of Household Income - 2010 33% 32.3% 32% 32% 31% 31% 31.0% 30.9% 30.2% 30.2% 30.3% U.S. = 29.6% 29.8% 30% 30% 29% 29% City of Portland Maine Benchmark National Portland, ME MSA Cities Benchmark Cities Maine National Benchmark Regions New England www.PortlandRegion.com Page 25 Portland's Economic Scorecard 2012-13 City Full Value Tax Rates TARGET: Annual city full value property tax rate will be equal or below the Maine benchmarks. City Full Value Property Tax Rate Trends - 2000-10 25.00 20.00 17.27 15.65 15.00 12.78 10.00 City of Portland 5.00 Maine Benchmark Cities Maine 0.00 2000 2001 2002 2003 2004 Page 26 www.PortlandRegion.com 2005 2006 2007 2008 2009 2010 In 2010, the City of Portland's full value property tax rate was 17.27 mils, which is higher than the benchmark cities. This was slightly higher than the average for the Maine benchmark cities (15.65 mils), and higher than the state as a whole (12.78 mils). Out of the sixteen Maine municipalities used for this study, ten communities had lower fullvalue tax rates in 2010 than Portland and five had higher. Portland's Economic Scorecard 2012-13 Total Municipal General Fund Debt Outstanding per Capita TARGET: Municipal debt per capita for Portland will be lower than the reference geographies. Total City General Fund Debt Per Capita - 2012 $4,500 $4,000 In Fiscal Year 2010, Portland's General Fund Debt Outstanding per capita was higher than all nine communities on the indicator. In Fiscal Year 2010, Portland's General Fund Debt Outstanding per capita was $3,893 compared to an average of $988 for the reference communities, and Portland was higher than all nine communities on this indicator. Portland's General Fund Debt Outstanding includes scheduled past obligations and most recently just over $12 million for bonds issued in 2009 for combined sewer overflow. Debt outstanding provides both an indication of the City's willingness to invest in infrastructure but also the amount that taxpayers must bear to support that infrastructure. Communities should seek to be near the middle of this indicator, striking a balance between investment and tax burden. $3,893 $3,500 $3,000 $2,500 $2,000 $1,500 $988 $1,000 $500 $Portland Average Excl. Portland www.PortlandRegion.com Page 27 Portland's Economic Scorecard 2012-13 Municipal Full-Time Equivalent Employees per 1,000 Population Municipal Full Time Equivalent Employees Per 1,000 Population 20.0 18.0 TARGET: Municipal full-time equivalent employees per 1,000 population for Portland will be lower than the reference geographies. 17.7 16.0 14.0 12.4 12.0 In Fiscal Year 2010, the City of Portland had a full-time equivalent employment level of 1,106. This represented 17.7 FTE's per capital compared to an average of 12.4 for the reference communities. 10.0 8.0 6.0 4.0 2.0 0.0 Portland Page 28 www.PortlandRegion.com Average Excl. Portland Of the nine reference communities, only Santa Fe (25.9) and Burlington (17.8) were higher than Portland on a per capita basis. Municipal employment is an indication of the scope or effort put forth by the City to deliver services. It also is an indication of the cost required to support those services as personnel related costs represent the largest portion of municipal budgets. Portland's Economic Scorecard 2012-13 City Property Valuation TARGET: Annual city property valuation will exceed the Maine benchmarks. Between 2011 and 2012, the City of Portland's property valuation decreased (-3.2%), a level of decrease higher than that of the Maine Benchmark cities (-1.8%). Between 2007 and 2012, the valuation of property in the City of Portland increased 0.1%. Maine benchmark cities increased 4.4% during the same period and the State of Maine increased 9.7%. In the ten-year period from 2002-12, the City of Portland's property valuation increased 77.9%, the Maine benchmark cities increased 78.5%, and the State of Maine rose 92.6%. Percent Change in (State Adjusted) Property Valuation 100% 92.6% City of Portland 80% 77.9% 78.5% Maine Benchmark Cities Maine 60% 40% 20% 9.7% 4.4% 0.1% 0% -3.2% -1.8% -2.1% -20% % Change 02-12 % Change 07-12 % Change 11-12 www.PortlandRegion.com Page 29 Portland's Economic Scorecard 2012-13 Total Regional Cost Index Total Regional Cost Index - 2011 140.0 124.4 120.0 TARGET: The total regional cost index will be no more than 5% above the national benchmarks. 113.1 In 2011, the total cost index is about 10% higher in the Portland MSA as compared to the national benchmark regions average. 103.2 100.0 80.0 60.0 The total cost index for the Portland region was 113.1 compared to the national benchmark regions at 103.2 and New England at 124.4. 40.0 20.0 0.0 Portland, ME -MSA National Benchmark Regions Page 30 www.PortlandRegion.com New England Metros Portland's Economic Scorecard 2012-13 Regional Science & Engineering Occupations TARGET: Annual percent of regional employment in S&E occupations will equal the national benchmarks. Percent of Employment in S&E Occupations - 2010 4.5% 4.0% In 2010, the percent of all employed who were in S&E occupations in the Portland region was 3.9%, which was lower than the national benchmark regions (4.2%) but represented significant gains in the last 4 years. U.S. = 4.1% 3.5% S&E occupations are desirable for a region in that they are generally higher earning occupations. In 2010, the percent of all employed who were in S&E occupations in the Portland region (3.9%) was higher than Maine (2.7%) but lower than New England (4.2%) and the U.S. (4.1%). 4.2% 4.2% 3.9% 1.5% 3.0% 2.7% 2.5% 2.0% 1.0% 0.5% 0.0% Portland, ME -MSA National Benchmark Regions Maine New England www.PortlandRegion.com Page 31 Portland's Economic Scorecard 2012-13 Regional Venture Capital Investment Venture Capital as a % of Gross State/Metro Product 6% 5.601% 5% TARGET: Venture capital as a percent of gross metro product will equal or exceed the total for the benchmark regions. From 2008-10, the venture capital as a percent of gross state product was 0.067% in the Portland region, well below the national benchmark regions, at 5.601%. 4% 3% 2% 1% 0.067% 0% Portland, ME MSA Page 32 www.PortlandRegion.com National Benchmark Regions Venture capital is a measure of start-up companies and new products and services of existing companies to attract capital needed for growth. In 2010, the Portland region did not receive any venture capital and the national benchmark regions received $1,108 million. Over the 3-year period from 20082010, the Portland region received a total of $25,929 million and the national benchmark regions received $19,785 million. Portland's Economic Scorecard 2012-13 Regional Patents Issued TARGET: The level of patents per 1,000 residents will exceed the national benchmarks. Patents Per 1,000 Residents 2008-2010 80% 0.72 During the three-year period from 20082010, the Portland MSA had 0.57 patents per 1,000 residents compared to the rate of 0.72 patents per 1,000 residents in the national benchmark regions. From 2008-10, the Portland MSA had 0.57 patents per 1,000 residents, which was greater than the State of Maine (0.26 patents per 1,000 residents). However, the Portland MSA had fewer patents issued per 1,000 residents compared to both the national benchmark regions (0.72) and New England (0.68). 0.68 70% 60% 0.57 Portland, ME -MSA 50% National Benchmark Regions Maine 40% New England 30% 0.26 20% 10% 0% www.PortlandRegion.com Page 33 Portland's Economic Scorecard 2012-13 Regional Food Services & Drinking Places Sales Growth Percent Change in Regional Food Services & Drinking Places Sales TARGET: Annual growth in regional food services and drinking places sales will exceed the national benchmarks. 25.0% 22.9% Portland, ME -MSA U.S.=20.7% 20.0% National Benchmark Regions From 2010-11, the Portland region saw a 3% increase in sales for regional food services and drinking places; this was the same increase as the national benchmark regions. Maine 15.0% New England 13.9% 13.3% 11.6% 10.0% 4.6% 5.0% U.S.=4.5% 3.0% 3.0% 2.2% 0.4% 0.0% 0.0% -1.2% -5.0% % Change 01-11 Page 34 www.PortlandRegion.com % Change 06-11 % Change 10-11 U.S.=2.9% 2.6% This pattern of positive growth rate for 2010-11 is also seen in Maine (2.2%), New England (2.6%), and the U.S. (2.9%). Over the five year period of 2006-11, the Portland region experienced no growth and lagged behind the comparison geographies with the exception of the State of Maine, which experienced a decline of 1.2%. Over the ten year period of 2001-11, the Portland region saw an increase of 13.3%, which was less than the benchmark regions (22.9%), and New England (13.9%), but was greater than the State of Maine (11.6%). Portland's Economic Scorecard 2012-13 Visitors to Greater Portland/ Casco Bay Region TARGET: Annual total Maine overnight visitors to the Greater Portland/Casco Bay region will increase to 20% of the state within 3 years. In 2011, 16% of Maine's overnight visitors visited the Greater Portland/ Casco Bay region, which was the same level as in 2010, but higher than that in 2009. In 2011, the Greater Portland/Casco Bay region ranked second - tied with the Downeast & Acadia Region - by capturing 16% of Maine's overnight visitors. Since 2009, the Greater Portland/Casco Bay region increased in the portion of overnight visitors by one percentage point. Total Maine Overnight Visitors by Region - 2011 Percent of All Visitors by Region 30% 25% 20% 15% 10% 5% 0% Maine Lakes & Southern Greater Maine Coast Portland/Casco Mountains Bay Mid-Coast Kennebec & Moose River Valleys The Maine Highlands Downeast & Acadia Aroostook Other www.PortlandRegion.com Page 35 Portland's Economic Scorecard 2012-13 Airline Passenger Counts (Enplanement) Percent Change in Passenger Counts (Enplanements) TARGET: Annual passenger growth will exceed the national benchmarks. 40.0% Portland, ME 33.2% National Benchmark Regions 30.0% Maine New England 21.9% 20.0% 17.3% 10.0% U.S. = 9.4% 2.2% 2.7% 1.9% 1.0% 0.0% -1.9% -7.8% -10.0% U.S. = 1.6% -2.2% -6.6% U.S. =-2.2% -13.0% -20.0% % Change 01-11 Page 36 www.PortlandRegion.com % Change 06-11 % Change 10-11 The Portland International Jetport saw a decline of 2.2% from 2010-11 in enplanements, compared to the 1% increase in the national benchmark regions. Enplanement counts are those boarding revenue passengers embarking on an airline trip. In the last year, 2010-11, the Portland Jetport declined (-2.2%); however, not as dramatically as the State of Maine (-13%). The national benchmark regions (1%) and New England (1.9%) increased. During the five-year period from 2006-11, the Portland Jetport saw a 17.3% increase, which was considerable when compared to the national benchmark regions (-7.8%), Maine (-1.9%), and New England (-6.6%). For the ten-year period 2001-11, the Portland Jetport (33.2%) outpaced the national benchmark regions (2.2%), New England (2.7%), and the State of Maine (21.9%). APPENDICES Appendix A Indicator Sources & Notes Appendix B Methodology Appendix C Measurement of Portland Economic Development Strategic Plan Appendix A -- Indicator Sources & Notes Regional Employment Growth: State and Area Employment, Hours, and Earnings, Current Employment Statistics (CES) program; U.S. Bureau of Labor Statistics; www.bls.gov/sae/home.htm Private Sector Employment Growth: State and Area Employment, Hours, and Earnings, Current Employment Statistics (CES) program; U.S. Bureau of Labor Statistics; www.bls.gov/sae/home.htm Employment Growth in Key Industries: Economic Modeling Specialists Intl. EMSI; www.economicmodeling.com The key industry sectors are defined as follows using the North American Industry Classification system: NAICS Code Description Biomedical/Life Sciences 325411 Medicinal and Botanical Manufacturing 325412 Pharmaceutical Preparation Manufacturing 325413 In-Vitro Diagnostic Substance Manufacturing 325414 Biological Product (except Diagnostic) Manufacturing 333314 Optical Instrument and Lens Manufacturing 334510 Electromedical and Electrotherapeutic Apparatus Manufacturing 334516 Analytical Laboratory Instrument Manufacturing 339112 Surgical and Medical Instrument Manufacturing 339113 Surgical Appliance and Supplies Manufacturing 339114 Dental Equipment and Supplies Manufacturing 339115 Ophthalmic Goods Manufacturing 339116 Dental Laboratories Page 38 www.PortlandRegion.com 423450 Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers 423460 Ophthalmic Goods Merchant Wholesalers 446110 Pharmacies and Drug Stores 446120 Cosmetics, Beauty Supplies, and Perfume Stores 446130 Optical Goods Stores 446191 Food (Health) Supplement Stores 446199 All Other Health and Personal Care Stores 541711 Research and Development in Biotechnology 541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) 541720 Research and Development in the Social Sciences and Humanities 562211 Hazardous Waste Treatment and Disposal 621410 Family Planning Centers 621420 Outpatient Mental Health and Substance Abuse Centers 621491 HMO Medical Centers 621492 Kidney Dialysis Centers 621493 Freestanding Ambulatory Surgical and Emergency Centers 621498 All Other Outpatient Care Centers 621511 Medical Laboratories 621512 Diagnostic Imaging Centers 621610 Home Health Care Services 621910 Ambulance Services 621991 Blood and Organ Banks 621999 All Other Miscellaneous Ambulatory Health Care Services 622110 General Medical and Surgical Hospitals 622210 Psychiatric and Substance Abuse Hospitals 622310 Specialty (except Psychiatric and Substance Abuse) Hospitals Appendix A -- Indicator Sources & Notes 623110 Nursing Care Facilities 623210 Residential Mental Retardation Facilities 623220 Residential Mental Health and Substance Abuse Facilities 623311 Continuing Care Retirement Communities 623312 Homes for the Elderly 623990 Other Residential Care Facilities Information Technology 511210 Software Publishers 517110 Wired Telecommunications Carriers 518210 Data Processing, Hosting, and Related Services 541511 Custom Computer Programming Services 541512 Computer Systems Design Services 541513 Computer Facilities Management Services 541519 Other Computer Related Services Business & Financial Services 323115 Digital Printing 323116 Manifold Business Forms Printing 518210 Data Processing, Hosting, and Related Services 522210 Credit Card Issuing 522220 Sales Financing 522291 Consumer Lending 522292 Real Estate Credit 522293 International Trade Financing 522294 Secondary Market Financing 522298 All Other Nondepository Credit Intermediation 522310 Mortgage and Nonmortgage Loan Brokers 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities 522390 Other Activities Related to Credit Intermediation 523110 Investment Banking and Securities Dealing 523120 Securities Brokerage 523130 Commodity Contracts Dealing 523140 Commodity Contracts Brokerage 523210 Securities and Commodity Exchanges 523910 Miscellaneous Intermediation 523920 Portfolio Management 523930 Investment Advice 523991 Trust, Fiduciary, and Custody Activities 523999 Miscellaneous Financial Investment Activities 524113 Direct Life Insurance Carriers 524114 Direct Health and Medical Insurance Carriers 524126 Direct Property and Casualty Insurance Carriers 524127 Direct Title Insurance Carriers 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers 524130 Reinsurance Carriers 524210 Insurance Agencies and Brokerages 524291 Claims Adjusting 524292 Third Party Administration of Insurance and Pension Funds 524298 All Other Insurance Related Activities 525110 Pension Funds 525120 Health and Welfare Funds 525190 Other Insurance Funds 525910 Open-End Investment Funds 525920 Trusts, Estates, and Agency Accounts 525990 Other Financial Vehicles 531120 Lessors of Nonresidential Buildings (except Miniwarehouses) 531130 Lessors of Miniwarehouses and Self-Storage Units www.PortlandRegion.com Page 39 Appendix A -- Indicator Sources & Notes 531190 531311 531312 531390 533110 541110 541191 541199 541211 541213 541214 541219 541310 541320 541330 541340 541350 541360 541370 541380 541410 541420 541430 541490 541511 541512 541513 541519 541611 Lessors of Other Real Estate Property Residential Property Managers Nonresidential Property Managers Other Activities Related to Real Estate Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Offices of Lawyers Title Abstract and Settlement Offices All Other Legal Services Offices of Certified Public Accountants Tax Preparation Services Payroll Services Other Accounting Services Architectural Services Landscape Architectural Services Engineering Services Drafting Services Building Inspection Services Geophysical Surveying and Mapping Services Surveying and Mapping (except Geophysical) Services Testing Laboratories Interior Design Services Industrial Design Services Graphic Design Services Other Specialized Design Services Custom Computer Programming Services Computer Systems Design Services Computer Facilities Management Services Other Computer Related Services Administrative Management and General Management Consulting Services Page 40 www.PortlandRegion.com 541612 Human Resources Consulting Services 541613 Marketing Consulting Services 541614 Process, Physical Distribution, and Logistics Consulting Services 541618 Other Management Consulting Services 541620 Environmental Consulting Services 541690 Other Scientific and Technical Consulting Services 541810 Advertising Agencies 541820 Public Relations Agencies 541830 Media Buying Agencies 541840 Media Representatives 541850 Display Advertising 541860 Direct Mail Advertising 541870 Advertising Material Distribution Services 541910 Marketing Research and Public Opinion Polling 541922 Commercial Photography Arts, Entertainment, Recreation, & Visitor 339920 Sporting and Athletic Goods Manufacturing 339931 Doll and Stuffed Toy Manufacturing 339932 Game, Toy, and Children's Vehicle Manufacturing 423910 Sporting and Recreational Goods and Supplies Merchant Wholesalers 487110 Scenic and Sightseeing Transportation, Land 487210 Scenic and Sightseeing Transportation, Water 487990 Scenic and Sightseeing Transportation, Other 512110 Motion Picture and Video Production 512120 Motion Picture and Video Distribution 512131 Motion Picture Theaters (except Drive-Ins) 512132 Drive-In Motion Picture Theaters Appendix A -- Indicator Sources & Notes 512191 Teleproduction and Other Postproduction Services 512199 Other Motion Picture and Video Industries 512210 Record Production 512220 Integrated Record Production/Distribution 512230 Music Publishers 512240 Sound Recording Studios 512290 Other Sound Recording Industries 515111 Radio Networks 515112 Radio Stations 515120 Television Broadcasting 515210 Cable and Other Subscription Programming 561510 Travel Agencies 561520 Tour Operators 561591 Convention and Visitors Bureaus 561599 All Other Travel Arrangement and Reservation Services 711110 Theater Companies and Dinner Theaters 711120 Dance Companies 711130 Musical Groups and Artists 711190 Other Performing Arts Companies 711211 Sports Teams and Clubs 711212 Racetracks 711219 Other Spectator Sports 711310 Promoters of Performing Arts, Sports, and Similar Events with Facilities 711320 Promoters of Performing Arts, Sports, and Similar Events without Facilities 711410 Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures 711510 Independent Artists, Writers, and Performers 712110 Museums 712120 Historical Sites 712130 Zoos and Botanical Gardens 712190 Nature Parks and Other Similar Institutions 713110 Amusement and Theme Parks 713120 Amusement Arcades 713290 Other Gambling Industries 713910 Golf Courses and Country Clubs 713920 Skiing Facilities 713930 Marinas 713940 Fitness and Recreational Sports Centers 713950 Bowling Centers 713990 All Other Amusement and Recreation Industries 721110 Hotels (except Casino Hotels) and Motels 721120 Casino Hotels 721191 Bed-and-Breakfast Inns 721199 All Other Traveler Accommodation 721211 RV (Recreational Vehicle) Parks and Campgrounds 721214 Recreational and Vacation Camps (except Campgrounds) Unemployment Rate: Local Area Unemployment Statistics (LAUS) program, U.S. Bureau of Labor Statistics; www.bls.gov/lau/home.htm Regional Earnings per Employee: Regional Economic Information System, Bureau of Economic Analysis, U.S. Department of Commerce; www.bea.gov/regional/reis Regional Personal Income Growth: Regional Economic Information System, Bureau of Economic Analysis, U.S. Department of Commerce; www.bea.gov/regional/reis www.PortlandRegion.com Page 41 Appendix A -- Indicator Sources & Notes Median Household Income: American Community Survey, 5-year estimates 2006-2010; www.census.gov/acs/www Gross Metro Product Growth: Bureau of Economic Analysis, U.S. Department of Commerce; Advanced estimates of GDP by metropolitan area for 2010 and revised estimates for 2007-2009; www.bea.gov Value of City Imports & Exports Per Capita: World Institute for Strategic Economic Research (WISER), provided by the Maine International Trade Center; www.wisertrade.org Regional Retail Sales: 2011 MSA Profile-Metropolitan Area Projections to 2040, Woods & Poole Economics; www. woodsandpoole.com City Vacancy Rate: Boulos Company, Portland, Maine; Greater Portland Area Office Market Survey 2000-2011; www.cbre.us/o/ portlandme/properties/boulos-office-market-survey/Pages/home.aspx Population Growth: U.S. Census Bureau; www.census.gov/popest/ Education Attainment: American Community Survey, 5-year estimates 2006-2010; www.census.gov/acs/www Crime Rate: Crime in the United States, Uniform Crime Reporting, Federal Bureau of Investigation, U.S. Department of Justice; www. fbi.gov Housing Affordability: American Community Survey, 5-year estimates 2006-2010; www.census.gov/acs/www Rental Affordability: American Community Survey, 5-year estimates 2006-2010; www.census.gov/acs/www Page 42 www.PortlandRegion.com City Full Value Property Tax Rate: Property Tax Division, Maine Revenue Services, Maine Bureau of Taxation; www.maine.gov/ revenue/propertytax/municipalservices/fullvalue.htm Total Municipal General Fund Debt Outstanding per Capita and Municipal Full-Time Equivalent Employees per 1,000 Population:: from analysis conducted by Camoin Associates for the Portland Community Chamber of Commerce, June 2011; excludes debt for education and enterprise funds; Nine reference communities were included in the analysis: Worcester, MA; Wilmington, NC; Nashua, NH; Corvallis, OR; Greenville, SC; Yakima, WA; Missoula, MT; Santa Fe, NM; Burlington, VT. For Employees 1 FTE equals 2,080 person hours worked per year. Includes municipal employees only and excludes employees associated with School Department and any Enterprise Funds. Data for Portland excludes full-time equivalent employees for education (1,120), Jetport Fire (13), Jetport Police (5), and the Barron Center (259) City Property Valuation: State Valuation History (2000-2012), Property Tax Division, Maine Revenue Services, Maine Bureau of Taxation; www.maine.gov/revenue/propertytax/sidebar/state_ valuation_history.htm Total Regional Cost Index: ACCRA; www.accra.org Regional Science & Engineering Occupations: Science and Engineering Indicators, 2012, National Science Foundation; www.nsf. gov/statistics/seind12/c3/c3s2.htm Regional Venture Capital Investment: Innovation Economy 360; www.ie360.net Regional Patents Issued: Innovation Economy 360; www.ie360.net Appendix A -- Indicator Sources & Notes Regional Food Services & Drinking Places Sales Growth: 2011 MSA Profile-Metropolitan Area Projections to 2040, Woods & Poole Economics; www.woodsandpoole.com Visitors to Greater Portland/Casco Bay Region: Maine Office of Tourism Visitor Tracking Research 2012 Annual Report; Maine Office of Tourism; www.visitmaine.com/tourism/info/research/ Airline Passenger Counts (Enplanement): Federal Aviation Administration, "Passenger Boarding (Enplanement) and All-Cargo Data for U.S. Airports;" www.faa.gov www.PortlandRegion.com Page 43 Appendix B -- Methodology This third edition of the Economic Scorecard is based on the same methodology used in the inaugural edition, Looking Out for Portland and Beyond, for the selection of indicators by which to measure growth in the Portland economy and reference geographies for comparison and benchmarking. In choosing the indicators we required that they meet the following criteria: able to be easily measured using data that is readily available; having data that is comparable for measuring against other geographies; and having data available on a regular/continual basis for future updates. In addition to choosing indicators, we developed a group of communities and regions in which to compare Portland. These benchmark regions and cities were chosen based on a review of several factors including population size, geography, and relative economic importance to their state. The list was further refined to include regions that were perceived by an advisory committee as attractive places to live and work. In addition to regional benchmarks we also created a group of Maine benchmark cities. They were chosen to include a selection of Maine's largest towns and cities and service centers. In comparing the reference groups, two basic geographic levels are used for the analysis: - The Portland region in comparison to a reference group of other regions throughout the U.S. - The City of Portland in comparison to the primary city in each of the reference group regions. When data were readily available on both the regional and city level, they were presented. However in many cases data were available Page 44 www.PortlandRegion.com only on one of the levels. For the region-level analysis, the region is defined according to the federal definitions of Metropolitan and Micropolitan Statistical Areas (MSA), and/or New England City and Town Areas (NECTA). MSA and NECTA geography details are available at: www.census.gov/population/metro/. Two different definitions of the Portland region were used for this analysis and the one used depended on the availability of the data. For many of the regional indicators the Portland-South Portland-Biddeford Metropolitan Statistical Area (MSA) was used. This includes all of Cumberland, York, and Sagadahoc counties. For other indicators the Portland region was defined as the Portland New England City and Town Area (NECTA). This includes a smaller geographic area covering most of Cumberland County and part of Oxford and York Counties. For the most part the indicators measure growth in the indicator overtime, typically the last one-year, five-year, and ten-year periods. In other words "what has been the percentage change in the indicator for Portland and/or the Portland Region, and how does this compare to the reference group?" Some of the indicators measure Portland's current and historical levels expressed as a rate, percentage, per capita, per employee, per gross economic output (gross metro product), or median. For each indicator we present: o A chart that compares Portland to the average for the benchmarks, Maine, New England, and the U.S. o A narrative summary of Portland's performance o A target that sets a benchmark for where Portland ought to be in the future Appendix B -- Methodology o A tachometer setting which was is based on the most current annual level or annual percent change. The tachometer has three settings: - Lagging - where Portland is underperforming compared to the national reference group - Keeping Up - where Portland is about equal to the national reference group - Exceeding - where Portland is outperforming compared to the national reference group Based on the availability of data, the benchmark geographies in this report use some or all of the following cities or regions: Maine benchmark cities include: Auburn, Augusta, Bangor, Biddeford, Brunswick, Falmouth, Gorham, Lewiston, Portland, Rockland, Saco, Sanford, Scarborough, South Portland, Waterville, and Westbrook. London, CT MSA; Norwich-New London, CT-RI NECTA; North PortBradenton-Sarasota, FL; Savannah, GA; Boise City-Nampa, ID; Bloomington, IN; Worcester, MA MSA; Worcester, MA-CT NECTA; Bangor, ME MSA; Bangor, ME NECTA; Lewiston-Auburn, ME MSA; Lewiston-Auburn, ME NECTA; Portland-South Portland-Biddeford, ME MSA; Portland-South Portland-Biddeford, ME NECTA; Grand Rapids-Wyoming, MI; Missoula, MT; Ashville, NC; Wilmington, NC; Manchester-Nashua, NH MSA; Manchester, NH NECTA; Portsmouth, NH-ME NECTA; Santa Fe, NM; Albany-Schenectady-Troy, NY; Corvallis, OR; Harrisburg-Carlisle, PA; Providence-New Bedford-Fall River, RI-MA MSA; Providence-Fall River-Warwick, RI-MA NECTA; Charleston-North Charleston, SC; Greenville-Mauldin-Easley, SC; Chattanooga, TN-GA; Burlington-South Burlington, VT MSA; Burlington-South Burlington, VT NECTA; and Yakima, WA. National benchmark cities include: Santa Barbara, CA; New London, CT; Sarasota, FL; Savannah, GA; Boise City, ID; Bloomington, IN; Worcester, MA; Auburn, ME; Bangor, ME; Lewiston, ME; Portland, ME; Grand Rapids, MI; Missoula, MT; Asheville, NC; Wilmington, NC; Manchester, NH; Nashua, NH; Portsmouth, NH; Santa Fe, NM; Albany, NY; Corvallis, OR; Harrisburg, PA; Providence, RI; Charleston, SC; Greenville, SC; Chattanooga, TN; Burlington, VT; and Yakima, WA. National benchmark regions include the following Metropolitan Statistical Areas (MSA) and New England City and Town Areas (NECTA): Santa Barbara-Santa Maria-Goleta, CA; Norwich-New www.PortlandRegion.com Page 45 Appendix C -- Measurement of Portland Economic Development Strategic Plan The indicators in this Economic Scorecard are used to help measure progress on the Portland Economic Development Strategic Plan. The following tables lists the Scorecard indicators used for each vision and goal. Blanks indicate no Scorecard Indicator applies to that goal. Over time additional measures will be developed and incorporated for each goal. Economic Scorecard Indicators and the Portland Economic Vision and Plan Economic Vision and Goals Relevant Scorecard Indicators GROW THE ECONOMY - The City is committed to creating economic prosperity through growing its tax and employment base. Employment Growth, Private Sector Employment Growth, Unemployment Rate, Earnings per Employee, Personal Income Growth, Median Household Income, Gross Metro Product Growth, Retail Sales, Vacancy Rates, Property Valuation Understand the needs and concerns of existing businesses to support their retention and expansion Support industry sectors that are innovative and have high growth/high value potential to provide future opportunities for economic development Employment Growth in Key Sectors, S&E Occupations, Regional Earnings per Employee, Value of City Imports & Exports per Capita, Regional Venture Capital Investment, Regional Patents Issued Coordinate business and higher education needs to support regional workforce development Educational Attainment Increase awareness among businesses, workers, and residents regarding the benefits to the local economy of supporting Portland businesses Sustain economically vibrant neighborhoods Support efforts for a vibrant and attractive downtown Downtown Commercial Vacancy Rates Support a working waterfront Value of City Imports & Exports Page 46 www.PortlandRegion.com Appendix C -- Measurement of Portland Economic Development Strategic Plan Economic Scorecard Indicators and the Portland Economic Vision and Plan Economic Vision and Goals Relevant Scorecard Indicators Support and market Portland's distinct urban commercial targeted growth districts, encouraging a mix of housing and commercial development to create 24/7 activity and vitality Commercial Vacancy Rates, Housing Affordability, Rental Affordability Continue to develop and promote Portland's commercial and industrial districts, including Riverside Street, the Rand Road Technology Park, and other locations suited for cutting edge business and industry Commercial Vacancy Rates Attract and support entrepreneurs as a means of growing and diversifying the local economy Venture Capital Investment, Patents Issued Recognize that infrastructure - be it roads, sewer, water, energy, communication networks or transportation - is the underpinning of economic growth and development Visitors to Region, Enplanements, Value of City Imports and Exports Per Capita ENRICH THE CREATIVE ECONOMY - Value innovation, entrepreneurship, creativity, arts, culture, and entertainment to improve the economy and enhance Portland's uniqueness and diversity Employment Growth in Arts, Entertainment, Recreation, & Visitor Sectors Increase collaboration, coordination, and communication among those involved in the arts, cultural, creative and innovation sectors Market Portland to increase recognition nationally and internationally that this is a City where arts, culture and entertainment, innovation, and Visitors to Greater Portland/Casco Bay Region and Regional Food Services & Drinking Places Sales Growth creativity thrive Create incentives to establish and grow Portland's creative enterprises Venture Capital Investment www.PortlandRegion.com Page 47 Appendix C -- Measurement of Portland Economic Development Strategic Plan Economic Scorecard Indicators and the Portland Economic Vision and Plan Economic Vision and Goals Relevant Scorecard Indicators Support individuals, workers, and businesses that are innovative, creative and entrepreneurial as a means of growing and diversifying the local economy Employment Growth in Arts, Entertainment, Recreation, & Visitor Sectors Recognize and support individual artists, and arts and cultural-related venues and organizations SUPPORT BUSINESS - Portland will be recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming, and delivered in a timely manner with superior "customer service" AND The City will continue to strive towards a more simplified and streamlined process of interacting with all current and future businesses in Portland Private Sector Employment Growth Interactions with City departments, agencies and staff will be handled with accuracy, timeliness and a positive customer service attitude The Development Review process will be clear, consistent, predictable and timely The business community, in partnership with the City, will nurture the growth and prosperity of Portland businesses Private Sector Employment Growth, Regional Earnings per Employee, Gross Metro Product Growth Utilize Federal, State and Local support to help Portland businesses of all sizes grow, add employment, and generate new net tax revenue as well as attract new businesses Private Sector Employment Growth, Property Tax Rate, and Property Valuation Page 48 www.PortlandRegion.com About the Portland Community Chamber The Portland Community Chamber, an affiliate of the Portland Regional Chamber, represents the employer community in the City of Portland through advocacy, community partnerships and events. By working collaboratively in our community, we strive to build a vibrant economy and a superior place to live and work. A volunteer - driven organization, the Portland Community Chamber counts on participation from the local employer community to fulfill our mission. We have many committees that plan everything from appearances before the Portland City Council to our monthly breakfast forum, Eggs & Issues. Everything we do is designed to improve the quality of life in our great city. Affiliation with the Portland Regional Chamber allows our membership to have a powerful voice at the local, regional and state levels. By leveraging this partnership, the Portland Community Chamber helps us successfully effect positive change for our community. For more information on becoming an active member of the Chamber, please call 207.772.2811 or visit www.portlandregion.com. About Camoin Associates Camoin Associates provides research and analysis to help communities, regions, states, and businesses succeed in economic development. Additional information about Camoin Associates can be found at: www. camoinassociates.com or by emailing info@camoinassociates.com. Layout & design by Bert Follansbee o 207.885.9286 o afollans@maine.rr.com COMMUNITY CHAMBER In Partnership with the Portland Regional Chamber 443 Congress Sreet, Portland, ME 04101 (207) 772-2811 port Iandregi on. com