Indian River County, Florida Target Industry Analysis · Section 1.1: Executive Summary – Target...

11Client Name - Presentation Title | Presentation DateIndian River County – Target Industry Analysis, Phase 1 | Appendix to Indian River County Economic Development Strategic Positioning Action Plan 1

Indian River County, FloridaTarget Industry Analysis

Appendix toIndian River County Economic Development

Strategic Positioning Action PlanApproved March 3, 2015

October 1, 2015

Indian River County Chomb,, of [omm~tce

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22Client Name - Presentation Title | Presentation DateIndian River County – Target Industry Analysis, Phase 1 | Appendix to Indian River County Economic Development Strategic Positioning Action Plan

Table of Contents

Section 1 Executive Summary 3

Section 2 Project Goals and Process 7

Section 3 The Target Industry Detailed Analysis 10

Section 4 The Target Industry Specific Analysis 27

Appendix: NAICS Code Definitions 135

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Section 1: Executive Summary

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1.1 Indian River County’s Regional Economy 4

1.2 Target Industry Specific Analysis 5

1.3 Core Economic Development Strategies for Indian River County 6


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Section 1.1: Executive Summary – Indian River County’s Regional EconomyIndian River County’s Regional EconomyAn analysis of Indian River County’s current industries at the 2-digit NAICS code level was completed. A three pass analysis was used to come up with a list of potential target industries for Indian River County. The first pass was to evaluate the four-county region of Brevard, Indian River, Martin, and St. Lucie counties, to see which industries were strong in the region. The second pass was to evaluate input from the qualitative research conducted in the previous study. The third pass was to compare Indian River County’s industries to that of the region and the U.S.

Key Findings• Indian River County has a diverse mix of industries that, on average, have experienced positive 5-year growth.• Average annual wages in Indian River County are slightly higher than that of the region; however, they are lower than that of the U.S.• The largest industries based on number of employees are:

• Retail Trade• Health Care and Social Assistance• Accommodation and Food Services

• The industries with the highest concentration include:• Agriculture• Arts, Entertainment and Recreation• Retail Trade

• The following three industries had the highest 5-year growth from 2010-2014:• Utilities• Waste Management and Remediation Services• Other Services (Except Public Administration)

From this analysis, seven industries were identified to explore further in order to identify specific subsectors in which Indian River County excels. 1. Agriculture, Forestry, Fishing and Hunting2. Manufacturing3. Transportation and Warehousing4. Information5. Finance and Insurance6. Professional, Scientific and Technical Services7. Health Care and Social Services

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Section 1.1: Executive Summary – Target Industry Specific AnalysisTarget Industry Specific AnalysisA 6-digit NAICS code analysis was completed on the seven industries on the previous page in order to identify a list of potential target industries. This analysis involved a three-pass system. The first pass was the 2-digit NAICS code analysis. In the second pass, these industries were classified as stars or opportunities and/or included in the top 10 sectors based on employment for the 6-digit NAICS code analysis. The industries that were mentioned in the employer or stakeholder interviews were also included in this list, which was the third pass of the analysis. All of these “finalist” industries were then screened further based on discussion with the Indian River County Planning Division and Chamber of Commerce staff to generate the final list of target industries as listed below.

1. Ammunition and Related2. Environmental Consulting Services3. Computer Systems Design Services4. General Warehousing and Storage5. General Freight Trucking, Local6. Animal Production and Aquaculture7. Farming Management Solutions8. Specialized Clinics

Key Findings• Many subsectors in Indian River County seem to be driven by population and the economy. These industries, while important to the economy,

tend to be followers not leaders.• Stakeholders felt that environmental services and “green” industries would be a good fit for the county/region. This subsector was also

identified as an opportunity, therefore environmental consulting services was considered as a target industry. • Indian River County is already getting leads in the warehousing industry. With its unique set of assets and location, Indian River County could

be a good distribution center for companies. This would also provide opportunities in other industries, such as trucking.• Although health care is a broad industry, Indian River County has the opportunity to continue to attract specialized clinics, which would bring

new wealth into the county and improve quality of life.• Indian River County has a group of original equipment manufacturers (OEMs), which should be the focus of business retention and expansion

efforts, rather than trying to recruit other large OEMs that may be competitors.

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Section 1.1: Executive Summary – Core Economic Development StrategiesCore Economic Development Strategies for Indian River County After identifying the target industries that Indian River County should focus on, Ady Advantage also recommended strategies that will complement the recruitment strategy and drive the county’s economic development efforts.

• Targeted Recruitment/Attraction: This includes targeting the industries identified through this report.

• Business Retention and Expansion (BRE): Indian River County’s economic development plan includes a considerable amount of time and effort on BRE and Ady Advantage recommends that this continues.

• Small Business Development and Entrepreneurship: Indian River County has various assets, programs and incentives for small businesses, which can also be a means for diversification and growth.

• Original Equipment Manufacturer (OEM) and Supply Chain: Indian River County is unique, in that it has many large OEM’s in the county and the surrounding region. These companies have a great impact on the local/regional economy. Ady Advantage does not recommend recruiting businesses that compete directly with these companies, but Indian River County should have a special focus on these OEMs. This can be by providing things like workforce training or recruiting businesses to support the OEMs’ supply chains.

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Section 2: Project Goals and Process

2.1 Project Goals 8

2.2 Project Process 9

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Section 2.1: Project GoalsProject GoalsUse Economic Modeling Systems, Inc. (EMSI) data, as well as knowledge gained from the previous positioning research, completed by Ady Advantage, to gain an objective understanding of the county’s current industries and to determine/confirm which specific target industries Indian River County should focus on. These recommendations can then be used to effectively market the region and recruit these specific targeted industries.

Deliverables

• Target industry analysis at the 2-digit NAICS code level

• Specific target industry analysis at the 6-digit NAICS code level

• Target industry specific asset maps

Project Approach

Our project approach was designed to provide the best possible outcomes based on a methodology that is strategic, integrated andpractical: Strategic to make sure your overall business goals are met; Integrated within one consultancy to ensure that momentum, context and efficiencies are optimized; And practical in that we know how to communicate with your target audiences based on our work with hundreds of other EDOs, and in our position as site selectors.

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Section 2.2: Project Approach

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DISCOVER

DISTILL

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• Previous positioning research (including on-site visit, primary research from stakeholders and secondary research)

• Research of existing industries in region and county

• Target industry identification• Competitive positioning for each target

industry

• Target Industry & Business Recruitment Recommendations

• Brand Audit and Recommendations


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Section 3: The Target Industry Detailed Analysis

3.1 Overview and Current Economic Drivers 11

3.2 Summary of Previous Target Industry Assessment 12

3.3 Detailed Target Industry Analysis 13

Graph 3.3.A Four-County Region Industry Analysis 16

Graph 3.3.B Current Indian River County Industry Analysis 19

Table 3.3.A Existing Industry Concentration Comparison 20

Table 3.3.B Existing Industry Wage Comparison 22

Table 3.3.C Existing Industry Growth Comparison 24

3.4 Industries Recommended for Further Analysis 26

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Section 3.1: Overview and Current Economic DriversOverviewThis report analyzes data and presents recommendations for industries that Indian River County can use to target its recruitment efforts. It builds from the Indian River County Economic Development Strategic Positioning and Action Plan study accepted on March 3, 2015, by the Board of County Commissioners. That study included a qualitative assessment of Indian River County’s current target industries, along with substantial research on the county’s economic assets and optimal positioning. As such, this document should be viewed as an Appendix to that body of work which delves more deeply into recommended target industries based on the research described below.

The successful identification of target industries is as much an art as it is a science. Over the years, Ady Advantage has fine-tuned its approach to these types of studies to incorporate a breadth of both quantitative and qualitative data.

In this analysis for Indian River County, we included thousands of data points from proprietary and public databases, as well as input from over 120 business owners and stakeholders gathered during one-on-one interviews and input sessions over a several month period.

We conducted three separate filters of this information to help ensure that the viable potential target industries were discovered. Any industries that stood out in any of the three “passes” were then earmarked for more in-depth scrutiny before ultimately being recommended as a target industry for Indian River County.

For reference, the findings of the qualitative review included in the Strategic Positioning Action Plan is provided on the following page.

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Section 3.2: Summary of Previous Target Industry AssessmentCurrent Target Industries ListThe industries outlined within the 2030 Comprehensive Plan are as follows:

• Clean Energy• Life Sciences• Information Technology• Aviation/Aerospace• Financial/Professional Services• Manufacturing/Warehouse/Distribution• Emerging Technologies• Arts, Entertainment, and Recreation• Post Secondary Public and Private Educational Institutions • Other Clean Light Industries

This list, according to the 2030 Comprehensive Plan, is an adoption of the state of Florida’s targeted industries within Indian River County with the addition of “Post Secondary Public and Private Educational Institutions” and “Other Clean Light Industries.”

Original AssessmentThe list of general industries above is not very targeted. In site selection there is a saying, “If you specialize in everything you are specialized in nothing.” This means that having a laundry list of industries that you believe Indian River County should target shows to site selectors and businesses that you don’t truly understand your value proposition or your key differentiating factors that make Indian River County unique.

Targeted industries should also be more focused for the same reason. Manufacturing/Warehouse/Distribution is very broad and is probably an industry targeted by almost every economic development organization in some way, shape, or form. But, for example, Wood Products Manufacturing is much more specific and just reading the title conveys to site selectors and businesses that the county/region knows it has a unique advantage within that industry.

The comprehensive plan also stated that “the County’s list of target industries should match the State’s Target Industry List.” We disagree with this statement for a couple of reasons but the main reason is as follows. The state covers a much broader geographic scope. Within the state are very different communities with diverse economies. One could even argue that the State of Florida has one of, if not the most, diverse economy in the nation. For example Jacksonville is very different than Miami. Both have advantages and can be attractive to businesses and both are in Florida. You would not expect to see them targeting identical industries. Nor should they as each region has their own unique strengths. However, the State of Florida needs to communicate and describe the types of businesses for the entire state as a whole and does so with a broad, sweeping brush.

Indian River County has the opportunity to hone in on its key advantages and unique fits when it comes to target industries so it may truly differentiate itself and stand out from other counties and regions within the state and within the nation. In this case, depth is better than breadth. To hone in on a more focused target industry list, the following detailed target industry analysis was conducted.

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Section 3.3: Detailed Target Industry Analysis

Methodology and PurposeTo identify the region’s economic drivers, data on industry concentration and historic growth were gathered for several specific industry clusters; the data covered Indian River County, as well as Brevard County, Martin County, and St. Lucie County, referred to as the “region”. We then will drill down into the data for Indian River County and provide comparisons between Indian River County, the four-county region, and the U.S. as a whole for additional insights.

The clusters are defined by the North American Industry Classification System (NAICS) and the data for this analysis was licensed from Economic Modeling Systems Inc. (EMSI). Note that while EMSI provides information on industries and their impact on the local economy, it does not include identities of specific firms. Additional information about EMSI’s data and how its used for economic development are provided below.

• EMSI Information on Data Descriptions and Sources: http://www.economicmodeling.com/data/usa-data/• EMSI for Economic Development: http://www.economicmodeling.com/our-clients/emsi-for-economic-developers/

Our methodology focuses on industry size (measured by number of employees), industry growth or contraction (measured by historic change in employment from 2010 to 2014), industry concentration, as well as wages by industry. We used the most recent five-year period for the historical analysis. Note that according to the U.S. National Bureau of Economic Research, the “Great Recession” began in December 2007 and ended in June 2009.

• Industry concentration is measured using a location quotient methodology. A location quotient measures the presence of industry employment within a specific region compared to national averages. For example, if a region has a location quotient of 1.25 this means the industry’s share of regional employment is 25% higher than would be expected based on the industry’s share of national employment.

We took three separate “passes” at the data – from different perspectives and/or sources – to help ensure that we captured all the viable potential target industries. The three passes were:

If an industry surfaced as remarkable under one or more of the passes, they were included in the list of contenders shown at the end of this section and included for further analysis and vetting in Section 4 of this appendix.

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Primary Data Source Context

First Pass EMSI Indian River County relative to the region and to the nation

Second Pass On-Site Research Primarily on Indian River County, but also relative to the region, state, and nation

Third Pass EMSI Indian River County


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Section 3.3: Detailed Target Industry Analysis (continued)

Results Presented on GraphsThe various bubble charts, shown on pages 14 and 17, graphically show this first-level industry analysis. The same analytical and graphical approach is used throughout this target industry analysis to help visually show the various industries at increasingly granular levels of analysis (e.g., from a 2-digit level up to and including a 6-digit analysis).

In each graph, the X-axis is the historic growth or contraction by industry over time; the Y-axis identifies the industry location quotient, and the size of the industry cluster circle represents the number of employees in the region.

The graph breaks into four quadrants, split by industries above and below 0% growth, and those above and below average concentration (LQ = 1.0. The four quadrants reflect four general approaches to the industries, which we use as a starting point and then adjust based on the specific dynamics within a client’s region as well as our experience in conducting similar analyses in many diverse regions.

The general approaches to each of the four quadrants are as follows:

• Stars (Gold): Positive Growth / Above Average Concentration: Industries that currently drive the economy. They have been positive contributors to economic growth and there is a high-level of existing specialization and economic infrastructure; therefore, the region is likely competitive in those industries. These industries are often ideal targets for growing existing industry and attracting new industry.

• Mainstays (Blue): Negative Growth / Above Average Concentration: These industries represent a very important part of the economy, but they have not been contributing to growth, and may in fact be contributing to job loss. It is important that these industries be aggressively supported through retention efforts to ensure they can continue to play a significant role in the economy.

• Opportunities (Green): Positive Growth / Below Average Concentration: These industries have been growing, but are not currently well represented in the regional economy. If the regional economic infrastructure is able to support the operational requirements of these businesses, there is the opportunity to develop future stars. To foster such opportunities, economic development organizations need to develop needed infrastructure and be engaged in attraction.

• Reactive (Red): Negative Growth / Below Average Concentration: These industries are not well represented in the region and have not been growing. As such, they should only be targeted in reaction to some need or opportunity, as such need or opportunity arises.

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Section 3.3: Detailed Target Industry Analysis (continued)First Pass Analysis: Evaluating the Four-County RegionThe four-county regional economy, encompassing the counties of Brevard, Indian River, Martin, and St. Lucie, is relatively stable and diverse with several key industries such as Agriculture, Forestry, Fishing, and Hunting. In the past five years, industries in the four-county region averaged 3% growth, one percent less than growth in Indian River County, and lower than the national average of 7% for the same period. The average 2014 regional wages were about $1,500 less than Indian River County’s average wage of $44,333; both the regional and Indian River County average wage was less than the national average of $50,596.

In order to determine which industries in Indian River County should be explored more deeply, the four-county regional economy (page 8) was evaluated and then compared to Indian River County ‘s economy on the basis of employment, concentration, average wages, and historical growth.

Based on this first pass, the general industry categories that should be further analyzed and refined are shown below (and indicated in bold in the diagram legend on page 8):

• Manufacturing• Transportation and Warehousing• Professional, Scientific, and Technical Services (although classified as a reactive industry in the four-county region, it is an opportunity for Indian River

County)• Health Care and Social Services

Note that additional industries will be added to this list as a result of deeper analysis provided later in this report.

These four industries have been singled out because of their size, growth potential, perceived fit with Indian River County’s assets, and the possibility of positively impacting them from an economic development standpoint.

In general, the following industries will not be analyzed any further:

• Mainstay industries, defined as those in the upper left quadrant of the graph on the following page, unless there are specific niches worthy of exploratory research (an example which arises later is aquaponics which is part of the current mainstay industry Agriculture, Forestry, Fishing, and Hunting).

• Consumer-based industries, such as Accommodations and Food Services and Retail Trade, which tend to follow – not drive – economic activity.

• Real Estate and Construction industries, which are cyclical and industries that most economic development organizations want to diversify away from.

• Education and Health Care – like consumer-based industries, both Education and Health Care can be economic supporters, not necessarily the drivers. In Indian River County, both of these are very important assets and worthy of continued attention and development outside of the traditional business recruitment and expansion of economic development. Based on our understanding of health care services within Indian River County, we have kept them in the list above for further exploration. In particular, specialized health care can be a way to bring wealth into the county from outside the area.

• Most reactive industries, defined as those in the lower left quadrant of the graph on the following page, because of the negative growth and low location quotient (LQ). Examples include Finance and Insurance as well as Wholesale Trade.

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0.00

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Graph 3.3.A: Four-County Region Industry Analysis

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Circle Size = Number of employees in the 4-County RegionSource: Economic Modeling Systems Inc. (EMSI) http://www.economicmodeling.com/data/usa-data/. Ady Advantage

1 Agriculture, Forestry, Fishing and Hunting (NAICS 11)2 Mining, Quarrying, and Oil and Gas Extraction (NAICS 21)3 Utilities (NAICS 22)4 Construction (NAICS 23)5 Manufacturing (NAICS 31-33)6 Wholesale Trade (NAICS 42)7 Retail Trade (NAICS 44-45)8 Transportation and Warehousing (NAICS 48-49)9 Information (NAICS 51)10 Finance and Insurance (NAICS 52)11 Real Estate and Rental and Leasing (NAICS 53)12 Professional, Scientific, and Technical Services (NAICS 54)13 Management of Companies and Enterprises (NAICS 55)14 Administrative and Support Services (NAICS 561)15 Waste Management and Remediation Services (NAICS 562)16 Educational Services (NAICS 61)17 Health Care and Social Assistance (NAICS 62)18 Arts, Entertainment, and Recreation (NAICS 71)19 Accommodation and Food Services (NAICS 72)20 Other Services (except Public Administration) (NAICS 81)21 Government (NAICS 90 )

MAINSTAYS

REACTIVE

STARS

OPPORTUNITIES

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89

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= 10,000 employeesTotal Employees in Region: 362,599

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1717Client Name - Presentation Title | Presentation DateIndian River County – Target Industry Analysis, Phase 1 | Appendix to Indian River County Economic Development Strategic Positioning Action Plan17

Second Pass Analysis: Evaluating Input from Qualitative Research Conducted in Previous StudyThe next level of analysis included a review of the qualitative input from the Indian River County Economic Development Strategic Positioning Action Plan (input from employers and stakeholders) which suggested specific industries or niches to consider. These were taken at face value to be inclusive; further analysis, as warranted, will serve to vet them.

• Agriculture, Forestry, Fishing, and HuntingAquaponics may offer opportunities.

• ManufacturingAviation manufacturing services and aviation training services, both of which currently exist in the county; “clean” industry; ecologically-focused industries, and/or high-tech industries.

• Transportation and Warehousing Indian River County has been trying to become part of the Port Canaveral Foreign Trade Zone 136; it is about 60 miles away.

• Professional, Scientific, and Technical ServicesA note that Indian River State College now has programs that support entomology, agriculture, Harbor Branch, and Smithsonian. It also offers a program in green screen technology through the Kight Center for Emerging Technologies. Florida Atlantic University has a campus in St. Lucie County that focuses on oceanographic research. High-tech industries were also identified in the qualitative research conducted earlier.

• Health Care and Social ServicesFlorida Institute of Technology is building the Duke Heart Center, a new school on the campus of the Indian River Medical Center, to help train and educate health care professionals.


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1818Client Name - Presentation Title | Presentation DateIndian River County – Target Industry Analysis, Phase 1 | Appendix to Indian River County Economic Development Strategic Positioning Action Plan18

Section 3.3: Detailed Target Industry Analysis (continued)Third Pass Analysis: Comparing Indian River County to the Region and NationThe third-level of analysis included a comparison of Indian River County with the region and nation. Looking through this lens, the following industries were identified as warranting further exploratory research based on whether the industries showed growth over the past five years in Indian River County and whether these industries are driving the economy (versus being a lagging indicator).

• Manufacturing

• Transportation and Warehousing

• Information

• Finance and Insurance

• Professional, Scientific, and Technical Services

• Health Care and Social Services

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Circle Size = Number of employees in Indian River CountySource: Economic Modeling Systems Inc. (EMSI) http://www.economicmodeling.com/data/usa-data/, Ady Advantage

0.00

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Graph 3.3.B: Current Indian River County Industry Analysis

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1 Agriculture, Forestry, Fishing and Hunting (NAICS 11)

2 Mining, Quarrying, and Oil and Gas Extraction (NAICS 21)

3 Utilities (NAICS 22)

4 Construction (NAICS 23)

5 Manufacturing (NAICS 31-33)6 Wholesale Trade (NAICS 42)

7 Retail Trade (NAICS 44-45)

8 Transportation and Warehousing (NAICS 48-49)9 Information (NAICS 51)10 Finance and Insurance (NAICS 52)11 Real Estate and Rental and Leasing (NAICS 53)

12 Professional, Scientific, and Technical Services (NAICS 54)13 Management of Companies and Enterprises (NAICS 55)

14 Administrative and Support Services (NAICS 561)

15 Waste Management and Remediation Services (NAICS 562)

16 Educational Services (NAICS 61)

17 Health Care and Social Assistance (NAICS 62)

18 Arts, Entertainment, and Recreation (NAICS 71)

19 Accommodation and Food Services (NAICS 72)

20 Other Services (except Public Administration) (NAICS 81)

21 Government (NAICS 90 )

MAINSTAYS

REACTIVE

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OPPORTUNITIES

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8910

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= 1,000 employeesTotal Number of Employees: 46,958

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Section 3.3: Detailed Target Industry Analysis: Current Economic Drivers

Table 3.3.A: Existing Industry Concentration ComparisonIndian River

CountyTotal Employment

Regional Total

Employment

Indian RiverCounty Cluster Concentration

Regional Cluster

Concentration

Total All Industries 46,958 362,599 - -Agriculture, Forestry, Fishing and Hunting (NAICS 11) 2,130 4,542 5.09 1.41Mining, Quarrying, and Oil and Gas Extraction (NAICS 21) 16 77 0.06 0.03Utilities (NAICS 22) 31 1,310 0.16 0.89Construction (NAICS 23) 3,036 20,647 1.45 1.27Manufacturing (NAICS 31-33) 1,821 27,111 0.44 0.84Wholesale Trade (NAICS 42) 701 9,825 0.35 0.63Retail Trade (NAICS 44-45) 8,064 53,153 1.53 1.31Transportation and Warehousing (NAICS 48-49) 638 6,740 0.42 0.58Information (NAICS 51) 643 3,803 0.68 0.52Finance and Insurance (NAICS 52) 1,253 9,381 0.64 0.62Real Estate and Rental and Leasing (NAICS 53) 998 5,453 1.42 1.01Professional, Scientific, and Technical Services (NAICS 54) 2,071 17,965 0.72 0.81Management of Companies and Enterprises (NAICS 55) 129 1,865 0.18 0.33Administrative and Support Services (NAICS 561) 1,917 23,457 0.68 1.08Waste Management and Remediation Services (NAICS 562) 112 1,096 0.85 1.08Educational Services (NAICS 61) 678 5,950 0.74 0.84Health Care and Social Assistance (NAICS 62) 8,529 58,373 1.38 1.23Arts, Entertainment, and Recreation (NAICS 71) 1,917 7,533 2.66 1.35Accommodation and Food Services (NAICS 72) 5,138 39,231 1.19 1.18Other Services (except Public Administration) (NAICS 81) 2,142 13,103 1.48 1.17Government (NAICS 90 ) 4,994 51,984 0.69 0.93

Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage

Indian River County LQ > than Region (by ≥ 0.2)Indian River County LQ < than Region (by ≥ 0.2)

Note: Some comments reflect 3-digit NAICS data, not provided in the table, to lend insight into the subsectors within an industry.

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Comparison of Industry Concentration (Table 3.3.A)There are some marked differences in concentration between Indian River County and the 4-County Region. It is instructive to examine these differences because it helps indicate how Indian River County fits within the larger region.

Clusters where Indian River is more highly concentrated (highlighted in green).Agriculture, Forestry, Fishing, and Hunting (NAICS 11) has the highest location quotient (LQ )of all the industries in Indian River County (at a 2-digit NAICS code level). However, industry growth has declined 18% over the past five years, on par with regional decline, but much less than the U.S. average growth of 6%. Subsectors include:

• Crop Production (NAICS 111); LQ=3.07, growth=2%

• Animal Production (NAICS 112); LQ=0.69, growth=39%

• Fishing, Hunting, and Trapping (NAICS 114) is a small subsector but has an LQ= 2.06

• Support Services for Crop Production (NAICS 1151); LQ = 13.53, growth declined 25%

The second most concentrated industry, with an LQ of 2.66, is Arts, Entertainment, and Recreation (NAICS 71), mostly due to the Amusement, Gambling, and Recreation (NAICS 713) industry. This industry, in both Indian River County and the surrounding counties, declined over the past five years by 11% and 8%, respectively. However, nationwide the industry grew 10%.

• Golf courses, fitness, sports centers, and other amusement and recreational businesses employ almost 2,000 workers. Gambling employs less than 10 people.

Retail Trade (NAICS 44-45), with an LQ=1.53, grew an average of 7% across the board in the past five years.

Real Estate (NAICS 531), with an LQ=1.80, declined 2%, while Rental and Leasing Services (NAICS 532), with an LQ=0.46, grew by 31%.

Section 3.3: Detailed Target Industry Analysis: Current Economic Drivers (continued)

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Table 3.3.B: Existing Industry Wage ComparisonIndian River County

Average Cluster Wage (Annual)

Regional Average Cluster Wage

(Annual)

U.S. Average Cluster Wage

(Annual)

Total Industry (Average Wage) $44,333 $42,751 $50,596Agriculture, Forestry, Fishing and Hunting (NAICS 11) $26,493 $27,251 $29,902Mining, Quarrying, and Oil and Gas Extraction (NAICS 21) $35,471 $50,140 $101,225Utilities (NAICS 22) $37,405 $115,696 $96,591Construction (NAICS 23) $36,111 $37,200 $53,769Manufacturing (NAICS 31-33) $47,259 $69,772 $62,009Wholesale Trade (NAICS 42) $145,050 $61,231 $69,739Retail Trade (NAICS 44-45) $25,274 $26,004 $28,310Transportation and Warehousing (NAICS 48-49) $37,318 $53,790 $48,256Information (NAICS 51) $56,811 $55,146 $90,228Finance and Insurance (NAICS 52) $75,087 $60,290 $95,498Real Estate and Rental and Leasing (NAICS 53) $34,271 $32,601 $50,554Professional, Scientific, and Technical Services (NAICS 54) $58,548 $63,253 $84,914Management of Companies and Enterprises (NAICS 55) $116,016 $76,797 $111,671Administrative and Support Services (NAICS 561) $26,594 $35,945 $34,382Waste Management and Remediation Services (NAICS 562) $42,568 $46,090 $54,678Educational Services (NAICS 61) $33,296 $38,367 $46,000Health Care and Social Assistance (NAICS 62) $42,725 $44,564 $45,256Arts, Entertainment, and Recreation (NAICS 71) $31,468 $30,927 $34,832Accommodation and Food Services (NAICS 72) $18,876 $16,905 $18,322Other Services (except Public Administration) (NAICS 81) $27,753 $28,052 $33,216Government (NAICS 90 ) $45,488 $46,609 $50,914

Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage

Indian River County wages > both regional and U.S. wages Indian River County wages > only regional wages

Indian River County wages < both regional and U.S. wages by > $10,000


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Comparison of Industry Wages (Table 3.3.B)The desire to increase wages in Indian River County is a theme echoed by the economic development stakeholders. Understanding if Indian River County outpaces the region in cluster wages could indicate specific industry clusters to target for growth.

Regional average wage and county average wage are very similar but slightly behind the U.S. earnings. There are only three industry clusters where Indian River County has significantly higher wages than both the regional and national averages (highlighted in green):

• Wholesale Trade (NAICS 42)• Management of Companies and Enterprises (NAICS 55)• Accommodation and Food Services (NAICS 72)

When we compare only Indian River County and the four -county region, there are four industries in which Indian River has higher wages (highlighted in yellow):

• Information (NAICS 51)

• Finance and Insurance (NAICS 52)

• Real Estate and Rental and Leasing (NAICS 53)

• Arts, Entertainment, and Recreation (NAICS 71)

There are four industries where Indian River County wages are significantly less (>$10,000) than both the wages found in the region and the U.S. (highlighted in orange):

• Mining, Quarrying, and Oil & Gas Extraction (NAICS 21)

• Utilities (NAICS 22)

• Manufacturing (NAICS 31-33)

• Transportation & Warehousing (NAICS 48-49)

Overall, the data suggest that raising the county wage could be possible in the four industries indicated above where Indian River County currently has a cost advantage over the region. There also may be opportunities in Transportation and Warehousing (NAICS 48-49) as Indian River County is on par or has lower wages than the region. Lower wages can be used to attract new businesses, which in theory creates more demand for those workers resulting in increased wages over time.


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Table 3.3.C: Existing Industry Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 -2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year

Growth (2010 - 2014)

Total All Industries -2% 4% -4% 3% 4% 7%Agriculture, Forestry, Fishing and Hunting (NAICS 11) (0%) (18%) (14%) (20%) 5% 6%Mining, Quarrying, and Oil and Gas Extraction (NAICS 21) * * * (34%) 22% 53% 31%Utilities (NAICS 22) 121% 55% (36%) (21%) 0% 0%Construction (NAICS 23) (46%) 16% (43%) 11% (16%) 11%Manufacturing (NAICS 31-33) (15%) 4% (14%) 1% (14%) 6%Wholesale Trade (NAICS 42) (9%) 5% (10%) (5%) 2% 7%Retail Trade (NAICS 44-45) (2%) 7% (5%) 6% 0% 6%Transportation and Warehousing (NAICS 48-49) 41% 7% 12% 17% 7% 12%Information (NAICS 51) (1%) 4% (25%) (20%) (10%) 1%Finance and Insurance (NAICS 52) (19%) 2% (17%) (3%) (4%) 4%Real Estate and Rental and Leasing (NAICS 53) (11%) 1% (18%) (1%) (4%) 7%Professional, Scientific, and Technical Services (NAICS 54) 1% 1% (5%) (1%) 19% 13%Management of Companies and Enterprises (NAICS 55) (16%) (23%) 27% 11% 23% 15%

Administrative and Support Services (NAICS 561) (5%) (6%) (24%) (8%) 6% 17%

Waste Management and Remediation Services (NAICS 562) 37% 26% 28% 33% 14% 8%

Educational Services (NAICS 61) 16% 12% 46% 12% 25% 9%

Health Care and Social Assistance (NAICS 62) 17% 9% 25% 7% 25% 11%

Arts, Entertainment, and Recreation (NAICS 71) (7%) (11%) 2% (8%) 13% 10%

Accommodation and Food Services (NAICS 72) 39% 20% 24% 16% 15% 13%

Other Services (except Public Administration) (NAICS 81) 26% 23% 4% 12% (2%) (3%)

Government (NAICS 90 ) (10%) (10%) 3% (3%) 1% (2%)Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage*Insufficient Data - Not enough labor data to calculate percentage (started with <10 jobs)

Significant 5-year or 10-year growth compared to either the region or U.S.

Significant difference in 5-year or 10-year compared to either the region or U.S.


Note: Some comments reflect 3- and 4-digit NAICS data, not provided in the table, to lend insight into the subsectors within an industry.

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Comparison of Industry Growth (Table 3.3.C)Looking at growth by industry cluster between Indian River County and the U.S. provides some indication of potential strengths. Over the 2005-2014 10-year period, Indian River County lost 2% of its jobs, less than half the rate in the region. In the past five years, county growth was positive, again topping regional rates, though neither showed the positive growth found in the U.S. during the same time period.

The county has several industries that are growing faster than the U.S. average (highlighted in green):

• Utilities (NAICS 22): Water, Sewer, and other systems (2213) grew 56% in the past five years and has a location quotient (LQ) of 1.68. Utility industry wages are significantly lower in Indian River County than either regional or national wages.

• Transportation and Warehousing (NAICS 48-49) is a growing industry across the nation. The industry in Indian River County and the region grew significantly over the past ten years, though the growth has slowed considerably in the past 5 years. With an LQ of 0.42, smaller than the regional LQ of 0.58, growth in Indian River County stems primarily from Truck Transportation (NAICS 484) and Warehousing and Storage (NAICS 493).

• Waste Management and Remediation Services (NAICS 562): Waste Collection (NAICS 5621) in the county grew 41% and has an LQ of 1.59. Services to Buildings and Dwellings (NAICS 5617), though the LQ is 2.12, decreased by 5% in the past 5 years.

• Accommodation and Food Services (NAICS 72)

• Other Services (except Public Administration) (NAICS 81)


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Section 3.4: Detailed Target Industry Analysis: Industries Recommended for Further AnalysisSummary of Industries from Three PerspectivesThe table below summarizes the seven industries that are recommended for further exploration in the next section.

IndustryFirst Pass

(Compared to region, nation)

Second Pass (Qualitative Input

from Previous Study)

Third Pass (IndianRiver County’s

strengths)

Second-Pass Comments (specificsuggestions for potential target

industries from on-site research)

Agriculture, Forestry, Fishing and Hunting Not Indicated Indicated Indicated Aquaponics

Manufacturing Indicated Indicated IndicatedAviation services and training; “clean” industries; ecologically-focused industries; high-tech

Transportation and Warehousing Indicated Indicated Indicated

Information Not Indicated Indicated Not Indicated

Finance and Insurance Not Indicated Indicated Not Indicated

Professional, Scientific and Technical Services Indicated Indicated Indicated

Entomology, agriculture, Harbor Branch,and Smithsonian; oceanographic research; “clean” industries; ecologically-focused industries; high-tech

Health Care and Social Services Indicated Indicated Indicated Health care via Florida Institute of

Technology

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Section 4: The Target Industry Specific Analysis

4.1 Overview 28

4.2 Target Industry Specific Analysis (6-digit) 31

4.2.A Agriculture 31

4.2.B Manufacturing 41

4.2.C Transportation and Warehousing 52

4.2.D Information 62

4.2.E Finance and Insurance 72

4.2.F Professional, Scientific and Technical Services 82

4.2.G Health Care and Social Assistance 94

4.3 Target Industry Recommendations-First Pass Analysis 108

4.4 Target Industry Recommendations-Second & Third Pass Analysis 109

4.5 Target Industry Recommendations Summary 118

Graph 4.5.A Recommended Target Industries 121

4.6 The Role of Business Recruitment in Context 122

4.7 Industry Specific Positioning 124

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Section 4.1: OverviewOverviewThe following target industry analysis follows the same format as the analysis in Section 3. However, this section focuses on the seven industriesidentified in the 2-digit NAICS code industry analysis. In order to find which specific industries drive Indian River County’s economy, a 6-digitNAICS code analysis was done on the following industries.

• Agriculture (NAICS 11)

• Manufacturing (NAICS 31-33)

• Transportation and Warehousing (NAICS 48-49)

• Information (NAICS 51)

• Finance and Insurance (NAICS 52)

• Professional, Scientific and Technical Services (NAICS 54)

• Health Care and Social Services (NAICS 62)

As stated above, this analysis will show, for example, which sub-industries within manufacturing are driving the overall industry, which aregrowing opportunities, and which are declining. This exercise helps provide a deeper understanding of the region and identify possible nichemarkets, allowing us to more accurately recommend the industries that are the best fit for the region.

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Section 4.1: OverviewMethodology & PurposeTo identify the region’s economic drivers, data on industry concentration and historic growth were gathered for several specific industry clusters.The data covered Indian River County, as well as Brevard County, Martin County, and St. Lucie County, referred to as the “region”. We then drilleddown into the data for Indian River County and have provided comparisons between Indian River County, the four-county region, and the U.S. asa whole, for additional insights.

The clusters are defined by the North American Industry Classification System (NAICS) and the data for this analysis was licensed from EconomicModeling Systems Inc. (EMSI). Note that while EMSI provides information on industries and their impact on the local economy, it does notinclude identities of specific firms. Additional information about EMSI’s data and how it’s used for economic development are provided below.

• EMSI Information on Data Descriptions and Sources: http://www.economicmodeling.com/data/usa-data/• EMSI for Economic Development: http://www.economicmodeling.com/our-clients/emsi-for-economic-developers/

Our methodology focuses on industry size (measured by number of employees), industry growth or contraction (measured by historic change inemployment from 2010 to 2014), industry concentration, as well as wages by industry. We used the most recent five-year period for the historicalanalysis. Note that according to the U.S. National Bureau of Economic Research, the “Great Recession” began in December 2007 and ended inJune 2009.

• Industry concentration is measured using a location quotient methodology. A location quotient measures the presence of industryemployment within a specific region compared to national averages. For example, if a region has a location quotient of 1.25 this means theindustry’s share of regional employment is 25% higher than would be expected based on the industry’s share of national employment.

Note: Sectors with insufficient data are not included in the “bubble plot” graphs used in this section however, they were added back into thetables if they had employment information listed OR had a significant location quotient.

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Results Presented on GraphsThe various bubble charts, shown in the following sections, graphically depict this first-level industry analysis. The same analytical and graphicalapproach is used throughout this target industry analysis to show the various industries at increasingly granular levels of analysis (e.g., from a 2-digit level up to and including a 6-digit analysis).

In each graph, the X-axis is the historic growth or contraction by industry over time, the Y-axis identifies the industry location quotient, and thesize of the industry cluster circle represents the number of employees in the region.

The graph breaks into four quadrants, split by industries above and below 0% growth, and those above and below average concentration (LQ =1.0.) The four quadrants reflect four general approaches to the industries, which we use as a starting point and then adjust based on the specificdynamics within a client’s region as well as our experience in conducting similar analyses in many diverse regions.

The graph is broken down into four quadrants as follows:

• Stars (Gold): Positive Growth / Above Average Concentration: Industries that currently drive the economy. They have been positivecontributors to economic growth and there is a high level of existing specialization and economic infrastructure; therefore, the region is likelycompetitive in those industries. These industries are often ideal targets for growing existing industry and attracting new industry.

• Mainstays (Blue): Negative Growth / Above Average Concentration: These industries represent a very important part of the economy, but theyhave not been contributing to growth, and may in fact be contributing to job loss. It is important that these industries be aggressivelysupported through retention efforts to ensure they can continue to play a significant role in the economy.

• Opportunities (Green): Positive Growth / Below Average Concentration: These industries have been growing, but are not currently wellrepresented in the regional economy. If the regional economic infrastructure is able to support the operational requirements of thesebusinesses, there is the opportunity to develop future stars. To foster such opportunities, economic development organizations need todevelop necessary infrastructure and be engaged in attraction.

• Reactive (Red): Negative Growth / Below Average Concentration: These industries are not well represented in the region and have not beengrowing. As such, they should be targeted only in reaction to some need or opportunity, if one arises.

30

Section 4.1: Overview


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(2.00)

3.00

8.00

13.00

18.00

23.00

28.00

33.00

-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%

Spec

ific

Indu

stry

Con

cent

rati

on (L

Q)


Graph 4.2.A: Current Indian River County Industry Analysis

6

5

31

1 Crop Production (NAICS 111000)

2 Animal Production & Aquaculture (NAICS 112000)

3 Soil Preparation, Planting & Cultivating (NAICS 115112)

4 Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114)

5 Farm Labor Contractors & Crew Leaders (NAICS 115115)

6 Farm Management Services (NAICS 115116)

MAINSTAYS

REACTIVE

STARS

OPPORTUNITIES

= 100 employeesTotal Number of Employees: 2,130

31

4

2

Section 4.2.A Target Industry Specific Analysis-AgricultureIndian River County

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Table 4.2.A.1 Existing Industry Concentration Comparison Indian River CountyTotal Employment

Regional Total

Employment


Regional Cluster

Concentration

Total All Industries 2,130 4,542 - -Crop Production (NAICS 111000) 583 1,458 3.07 0.99Animal Production (NAICS 112000) 57 268 0.69 0.42Finfish Fishing (NAICS 114111)* <10 <10 2.89 1.10Hunting and Trapping (NAICS 114210)* <10 <10 3.33 1.17Soil Preparation, Planting, and Cultivating (NAICS 115112) 42 226 4.76 3.31Crop Harvesting, Primarily by Machine (NAICS 115113)* 26 26 6.20 0.80Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114) 805 1,044 27.96 4.69Farm Labor Contractors and Crew Leaders (NAICS 115115) 427 904 7.23 1.99Farm Management Services (NAICS 115116) 179 517 28.74 10.74Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.

Indian River County LQ > than Region (by a difference of ≥ 1.00)Indian River County LQ < than Region (by a difference of ≥ 1.00)

Indian River County LQ and Regional LQ are not significantly different

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Comparison of Industry Concentration (Table 4.2.A.1)Indian River is more highly concentrated than the region and the U.S. average in all Agriculture subsectors that are found in the county. The onesmarked in green on the previous page are those industries that have a location quotient that is significantly higher than the region’s LQ by morethan one.

The only subsector in which Indian River does not have a significantly higher LQ is animal production. Both Indian River and the region have alower LQ than the U.S. average in this subsector.

Note: There are two subsectors on the previous page that were not included in the bubble chart due to insufficient data. These are included inthe table because of their high location quotients.

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Section 4.2.A Target Industry Specific Analysis-Agriculture


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Table 4.2.A.2: Existing Industry Wage ComparisonIndian River County



(Annual)


(Annual)

Total Industry (Average Wage) $26,493 $27,251 $29,902Crop Production (NAICS 111000) $33,807 $29,859 $28,531Animal Production (NAICS 112000) $34,040 $36,072 $32,972Finfish Fishing (NAICS 114111)* ** ** $73,436Hunting and Trapping (NAICS 114210)* ** ** $30,756Soil Preparation, Planting, and Cultivating (NAICS 115112) $40,826 $41,418 $38,335Crop Harvesting, Primarily by Machine (NAICS 115113)* $31,129 $31,129 $29,836Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114) $23,786 $23,791 $31,806

Farm Labor Contractors and Crew Leaders (NAICS 115115) $17,348 $16,361 $20,182Farm Management Services (NAICS 115116) $30,560 $35,531 $34,748Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data


Indian River County wages < both regional and U.S. wagesIndian River County Wages are not significantly different than regional and/or U.S. wages

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Comparison of Industry Wages (Table 4.2.A.2)Overall, the Agriculture annual average wages are lower in Indian River than in both the region and the U.S.

The only industry in which Indian River has higher wages than the region and the U.S. (shaded in green) is Crop Production (NAICS 111000). Italso has higher wages than the region in the subsector of Farm Labor Contractors and Crew Leaders (NAICS 115115) (shaded in yellow).

There are two subsectors where Indian River has lower wages than both the region and the U.S. (shaded in red):

• Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114)

• Farm Management Services (NAICS 115116)

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Table 4.2.A.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 -2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries (0%) (18%) (14%) (20%) 5% 6%Crop Production (NAICS 111000) (9%) 2% (24%) (1%) 1% 5%

Animal Production (NAICS 112000) 58% 39% 26% 51% 14% 7%

Finfish Fishing (NAICS 114111)* ** ** ** ** (12%) (7%)

Hunting and Trapping (NAICS 114210)* ** ** ** ** (7%) 10%

Soil Preparation, Planting, and Cultivating (NAICS 115112) (86%) (30%) (49%) 12% 13% 11%

Crop Harvesting, Primarily by Machine (NAICS 115113)* 18% * (46%) * 30% 34%Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114) 10% (23%) (8%) (27%) 19% 8%

Farm Labor Contractors and Crew Leaders (NAICS 115115) 50% (38%) 5% (47%) 14% 11%

Farm Management Services (NAICS 115116) 79% 1% 12% (8%) 18% 22%Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage*These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data

Indian River County growth in the highlighted period > region and U.S. growth in that same period by greater than 10 percentage points.

Indian River County growth in the highlighted period < region and U.S. growth in that same period by greater than 10 percentage points.

Indian River County growth is not significantly higher or lower than both the region and the U.S..

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Comparison of Industry Growth (Table 4.2.A.3)Overall, Indian River County and the region as a whole experienced a decline in the Agriculture industry, while the U.S. industry average increased.Although Indian River’s 10-year growth is positive in most subsectors, there is a significant decline in the 5-year period from 2010-2014.

The following are the subsectors in which the 5-year and/or 10-year growth exceeds that of the region and the U.S. by 10 or more percentage points(shaded in green):

• Animal Production (NAICS 112000)

• Farm Management Services (NAICS 115116)

• Farm Labor Contractors and Crew Leaders (NAICS 115115)

Soil Preparation, Planting, and Cultivating (NAICS 115112) saw a negative growth in both the 5-year and 10-year periods, which was significantly lowerthan both the region and the U.S.

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Rank Table 4.2.A.4 Existing Manufacturing Industry Ranked by Number of Jobs, 5-Year Growth and Cluster Concentration

Indian River County Number of Jobs

(2014)

Indian River County 5-year

Growth

Indian River County Cluster Concentration

(LQ)

1 Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114) 805 (23%) 27.96 (2)2 Crop Production (NAICS 111000) 583 2% (2) 3.073 Farm Labor Contractors and Crew Leaders (NAICS 115115) 427 (38%) 7.23 (3)4 Farm Management Services (NAICS 115116) 179 1% (3) 28.74 (1)5 Animal Production (NAICS 112000) 57 39% (1) 0.696 Soil Preparation, Planting, and Cultivating (NAICS 115112) 42 (30%) 4.767 Crop Harvesting, Primarily by Machine (NAICS 115113)* 26 * 6.208 Finfish Fishing (NAICS 114111)* <10 * 2.899 Hunting and Trapping (NAICS 114210)* <10 * 3.33

Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage*These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data

Top three (3) in each (# Jobs, Growth, LQ) (rank)

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Industry Rankings Table (4.2.A.4) To further explore the Agriculture industry in Indian River County, the six-digit NAICS codes were used to rank the various sectors by (1) number of jobs, (2)growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity are overlooked.

The list on the previous page includes the top three subsectors for each of the three factors. These are highlighted in green with a ranking number inparentheses.

• Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114) topped the chart with the most employees from the Agriculture sector, over 200more employees than the next largest sector.

• The highest 5-year growth in the Agriculture industry was in the Animal Production sector (NAICS 112000). There were only two other sectors withpositive 5-year growth in this industry, but Animal Production had a significantly higher 5-year growth.

• Almost all of the Agriculture subsectors had a significant LQ, however, the top subsector is Farm Management Services, with an LQ of 28.74.

What does this mean?

• There are no subsectors that rank in the top three of all categories

• After the top three subsectors for 5-year growth, all other subsectors have negative growth

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Take-AwaysStar IndustriesCrop Production (NAICS 111000) has a location quotient (LQ) of 3.07, which is 2.08 above the regional LQ. This subsector employs 583 people in Indian River.These employees, on average, earn $33,807, which is almost $4,000 more on average than their counterparts in the region and over $5,000 more than the U.S.average for this subsector. This is also one of the few Agriculture subsectors that showed positive growth in the county over the past 5 years, although it onlygrew by 2%.Farm Management Services (NAICS 115116) has the highest LQ of all of the Agriculture subsectors in Indian River at 28.74, which is significantly higher than theregional LQ (10.74). This subsector has grown 79% in the past 10 years, but only 1% in the past 5 years. However, this is significantly higher 10-year growth thanwas seen in the region (12%) and the U.S. (18%). Farm Management Services employs 179 people in Indian River who earn, on average, $30,560 annually. Thesewages are less than those of the region and the U.S., which are $35,531 and $34,748 respectively.

OpportunitiesAnimal Production & Aquaculture (NAICS 112000) only employs 57 people in Indian River and has an LQ below the U.S. average (0.69); however, this subsector ofAgriculture has seen significant growth. Growth rates in the 10-year period were 58% and 39% in the 5-year period. Both periods saw significant growthcompared to the rest of the region and the U.S. Wages for this subsector are average ($34,040); slightly lower than the region ($36,072) and slightly higher thanthe U.S. ($32,972).

MainstaysSoil Preparation, Planting & Cultivating (NAICS 115112)Postharvest Crop Activities (except Cotton Ginning) (NAICS 115114)Farm Labor Contractors & Crew Leaders (NAICS 115115)

40

Section 4.2.A Target Industry Specific Analysis-Agriculture


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Section 4.2.B Target Industry Specific Analysis: Manufacturing


(0.50)

1.50

3.50

5.50

7.50

9.50

11.50

13.50

15.50

-50% 0% 50% 100% 150%

Spec

ific

Indu

stry

Con

cent

rati

on (L

Q)


Graph 4.2.B: Current Indian River County Industry Analysis

6

5

3

1

7

8

9

10

11

12

1314

15

16

1 Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411)2 Curtain and Linen Mills (NAICS 314120)3 Commercial Printing (except Screen and Books) (NAICS 323111)4 Nitrogenous Fertilizer Manufacturing (NAICS 325311)5 Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220)6 Ready-Mix Concrete Manufacturing (NAICS 327320)7 Cut Stone and Stone Product Manufacturing (NAICS 327991)8 Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318)9 Machine Shops (NAICS 332710)

10 Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318)

11 Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515)12 Aircraft Manufacturing (NAICS 336411)13 Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110)14 Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122) 15 Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212)16 Sporting and Athletic Goods Manufacturing (NAICS 339920)

MAINSTAYS

REACTIVE

STARS

OPPORTUNITIES


41

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0

0

• • • • • • • • • I • • • • • •

•


Table 4.2.B.1: Existing Industry Concentration Comparison Indian River CountyTotal Employment

Regional Total

Employment


Regional Cluster

ConcentrationTotal All Industries 1,821 27,111 - -

Dog and Cat Food Manufacturing (NAICS 311111)* 11 11 1.38 0.18Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411) 51 299 5.05 3.81Ice Cream and Frozen Dessert Manufacturing (NAICS 311520)* <10 <10 1.27 0.18Curtain and Linen Mills (NAICS 314120) 25 31 3.43 0.55All Other Miscellaneous Textile Product Mills (NAICS 314999)* 25 39 2.25 0.47Hosiery and Sock Mills (NAICS 315110)* <10 <10 1.62 0.21Commercial Printing (except Screen and Books) (NAICS 323111) 32 417 0.28 0.47Nitrogenous Fertilizer Manufacturing (NAICS 325311) 40 40 16.29 2.11All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS 325998)* 29 81 2.31 0.82Polystyrene Foam Product Manufacturing (NAICS 326140)* 11 27 1.15 0.37Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220) 55 71 6.49 1.09Ready-Mix Concrete Manufacturing (NAICS 327320) 26 147 0.88 0.65Abrasive Product Manufacturing (NAICS 327910)* <10 <10 1.30 0.17Cut Stone and Stone Product Manufacturing (NAICS 327991) 13 144 1.42 1.97Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318) 28 99 3.00 1.35Ornamental and Architectural Metal Work Manufacturing (NAICS 332323)* 18 97 1.42 0.99Machine Shops (NAICS 332710) 41 620 0.41 0.81Industrial Valve Manufacturing (NAICS 332911)* 22 22 2.30 0.30Ammunition (except Small Arms) Manufacturing (NAICS 332993)* 40 46 8.69 1.29Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318) 26 155 1.24 0.97Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515) 36 38 4.08 0.56

Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing (NAICS 334220)* 24 307 1.27 2.10

Carbon and Graphite Product Manufacturing (NAICS 335991)* <10 <10 1.09 0.14

Aircraft Manufacturing (NAICS 336411) 827 835 10.23 1.34Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110) 37 353 0.98 1.23Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122) 17 19 1.35 0.19Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212) 33 43 5.51 0.92Jewelry and Silverware Manufacturing (NAICS 339910)* 13 132 1.29 1.68Sporting and Athletic Goods Manufacturing (NAICS 339920) 26 125 1.84 1.14Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.

Indian River County LQ > than Region (by a difference of ≥ 1.00)

Indian River County LQ < than Region (by a difference of ≥ 1.00) Indian River County LQ and Regional LQ are not significantly different


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Comparison of Industry Concentration (Table 4.2.B.1)Indian River is more highly concentrated than the region and the U.S. average in most of the Manufacturing subsectors that are found in thecounty.

The ones marked in green on the previous page are those industries that have a location quotient that is significantly higher than the region’s LQby more than one.

• Dog and Cat Food Manufacturing (NAICS 311111)

• Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411)

• Ice Cream and Frozen Dessert Manufacturing (NAICS 311520)

• Curtain and Linen Mills (NAICS 314120)

• All Other Miscellaneous Textile Product Mills (NAICS 314999)

• Hosiery and Sock Mills (NAICS 315110)

• Nitrogenous Fertilizer Manufacturing (NAICS 325311)

• All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS 325998)

• Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220)

• Abrasive Product Manufacturing (NAICS 327910

• Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318)

• Industrial Valve Manufacturing (NAICS 332911)

• Ammunition (except Small Arms) Manufacturing (NAICS 332993)

• Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515)

• Aircraft Manufacturing (NAICS 336411)

• Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122)

• Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212)

43

Section 4.2.B Target Industry Specific Analysis: ManufacturingIndian River County

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Table 4.2.B.2: Existing Industry Wage ComparisonIndian River County


Regional Average Cluster Wage (Annual)

U.S. Average Cluster Wage (Annual)

Total Industry (Average Wage) $47,259 $69,772 $62,009Dog and Cat Food Manufacturing (NAICS 311111)* $22,889 $22,763 $60,774Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411) $35,646 $43,846 $40,474Ice Cream and Frozen Dessert Manufacturing (NAICS 311520)* ** ** $43,864Curtain and Linen Mills (NAICS 314120) $35,404 $32,328 $34,149All Other Miscellaneous Textile Product Mills (NAICS 314999)* $23,169 $22,828 $32,921Hosiery and Sock Mills (NAICS 315110)* ** ** $30,828Commercial Printing (except Screen and Books) (NAICS 323111) $33,210 $40,382 $47,466Nitrogenous Fertilizer Manufacturing (NAICS 325311) $55,051 $55,051 $83,375All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS 325998)* $61,477 $56,507 $69,926Polystyrene Foam Product Manufacturing (NAICS 326140)* $23,133 $26,929 $43,867Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220) $47,234 $48,512 $50,853Ready-Mix Concrete Manufacturing (NAICS 327320) $40,228 $49,799 $51,703Abrasive Product Manufacturing (NAICS 327910)* ** ** $54,986Cut Stone and Stone Product Manufacturing (NAICS 327991) $25,975 $31,753 $39,401Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318) $33,859 $54,509 $52,465Ornamental and Architectural Metal Work Manufacturing (NAICS 332323)* $32,430 $33,078 $47,640Machine Shops (NAICS 332710) $32,188 $41,576 $50,065Industrial Valve Manufacturing (NAICS 332911)* $60,005 $60,005 $64,278Ammunition (except Small Arms) Manufacturing (NAICS 332993)* $34,941 $36,460 $77,960Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318) $72,080 $72,954 $63,295Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515) $39,884 $40,370 $53,794Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing (NAICS 334220)* $60,574 $73,905 $102,948Carbon and Graphite Product Manufacturing (NAICS 335991)* ** ** $61,521Aircraft Manufacturing (NAICS 336411) $55,870 $56,468 $101,682Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110) $27,850 $32,489 $37,230Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122) $25,919 $26,259 $34,796Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212) $34,163 $35,242 $48,151Jewelry and Silverware Manufacturing (NAICS 339910)* $58,421 $74,719 $46,460Sporting and Athletic Goods Manufacturing (NAICS 339920) $26,642 $35,764 $51,066Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data


Indian River County wages < both regional and U.S. wagesIndian River County wages are not significantly different than the region and/or U.S.


44/lilJAdva ntag~


Comparison of Industry Wages (Table 4.2.B.2)Overall, the Manufacturing wages in Indian River are significantly lower than that of the region and the U.S.

The only industry in which Indian River has higher wages than the region and the U.S. (shaded in green) is Curtain and Linen Mills (NAICS 314120).

There are three subsectors where Indian River has higher wages than the region, but lower than the U.S. (shaded in yellow):

• Dog and Cat Food Manufacturing (NAICS 311111)

• All Other Miscellaneous Textile Product Mills (NAICS 314999)

• All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS 325998)

The industries in which Indian River has lower wages than both the region and the U.S. are shaded in orange. The subsectors with the mostsignificant differences are listed below:

• Commercial Printing (except Screen and Books) (NAICS 323111)

• Ready-Mix Concrete Manufacturing (NAICS 327320)


• Machine Shops (NAICS 332710)

• Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing (NAICS 334220)

• Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110)

• Sporting and Athletic Goods Manufacturing (NAICS 339920)

45


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Table 4.2.B.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 - 2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries -15% 4% -14% 1% -14% 6%Dog and Cat Food Manufacturing (NAICS 311111)* ** ** ** ** 24% 9%Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411) 38% 13% 7% (5%) (9%) (6%)Ice Cream and Frozen Dessert Manufacturing (NAICS 311520)* ** ** ** ** (9%) 0%Curtain and Linen Mills (NAICS 314120) 79% (40%) 7% (28%) (56%) (7%)All Other Miscellaneous Textile Product Mills (NAICS 314999)* ** ** 30% (13%) (18%) 3%Hosiery and Sock Mills (NAICS 315110)* ** ** ** ** (65%) (28%)Commercial Printing (except Screen and Books) (NAICS 323111) (52%) (20%) (37%) (9%) (32%) (9%)Nitrogenous Fertilizer Manufacturing (NAICS 325311) (33%) 54% (33%) 54% (10%) (0%)All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS 325998)* ** ** ** 252% 6% 9%

Polystyrene Foam Product Manufacturing (NAICS 326140)* ** ** ** 29% (10%) 9%Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220) (2%) (20%) (20%) (44%) (13%) 15%Ready-Mix Concrete Manufacturing (NAICS 327320) (69%) (13%) (71%) (9%) (29%) 1%Abrasive Product Manufacturing (NAICS 327910)* ** ** ** ** (10%) 6%Cut Stone and Stone Product Manufacturing (NAICS 327991) ** (7%) 243% 44% (2%) 22%Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318) ** 17% (51%) (52%) (22%) 12%Ornamental and Architectural Metal Work Manufacturing (NAICS 332323)* ** ** 37% 62% (7%) 16%Machine Shops (NAICS 332710) ** (41%) 72% 45% 13% 19%Industrial Valve Manufacturing (NAICS 332911)* ** ** ** ** 15% 18%Ammunition (except Small Arms) Manufacturing (NAICS 332993)* ** ** ** ** (23%) (17%)Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318) (67%) 136% (82%) (43%) (18%) (1%)Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515) 16% 89% 19% 100% (5%) 22%Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing (NAICS 334220)* ** ** (61%) (40%) (25%) (17%)

Carbon and Graphite Product Manufacturing (NAICS 335991)* ** ** ** ** (4%) 7%Aircraft Manufacturing (NAICS 336411) (14%) (5%) (38%) (29%) 12% 3%Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110) (46%) 164% (15%) 99% (36%) 9%Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122) (19%) (45%) (27%) (57%) (52%) (2%)Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212) ** 27% 115% 59% 2% 14%Jewelry and Silverware Manufacturing (NAICS 339910)* ** ** 38% 28% (31%) 2%Sporting and Athletic Goods Manufacturing (NAICS 339920) (82%) (21%) (51%) 7% (22%) (0%)Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage*These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data





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Comparison of Industry Growth (Table 4.2.B.3)Overall, the Manufacturing industry in Indian River, the region and the U.S. experienced negative growth in the 10-year period and slightly positive growthin the 5-year period.

Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411) was the only subsector in which the growth in the 10-year and 5-year period in IndianRiver County significantly exceeded both the region and the U.S. in the respective years.

There were two subsectors in which the 5-year and 10-year growth was significantly less than that of the region and the U.S.

• Sporting and Athletic Goods Manufacturing (NAICS 339920)

• Commercial Printing (except Screen and Books) (NAICS 323111)

The following subsectors showed higher growth (by 10 percentage points) in either the 10-year or 5-year period in Indian River, compared to the regionand the U.S.:

• Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220)


• Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318)

• Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212)

The following subsectors had a significantly lower growth in either the 10-or 5-year period in Indian River and/or the region in comparison to the U.S. :

• Cut Stone and Stone Product Manufacturing (NAICS 327991)


There were also a few subsectors in which Indian River County saw a significantly higher growth in either the 5-year or 10-year period in comparison to the region and theU.S., but significantly lower growth in the other period.

• Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110)

• Curtain and Linen Mills (NAICS 314120)

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Rank Table 4.2.B.4 Existing Manufacturing Industry Ranked by Number of Jobs, 5-Year Growth and Cluster Concentration Indian River County

Number of Jobs (2014)


Growth


(LQ)1 Aircraft Manufacturing (NAICS 336411) 827 (5%) 10.23 (2)2 Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220) 55 (20%) 6.49 (4)3 Frozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411) 51 13% 5.054 Machine Shops (NAICS 332710) 41 (41%) 0.415 Nitrogenous Fertilizer Manufacturing (NAICS 325311) 40 54% (4) 16.29 (1)6 Ammunition (except Small Arms) Manufacturing (NAICS 332993)* 40 ** 8.69 (3)7 Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110) 37 164% (1) .988 Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515) 36 89% (3) 4.089 Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212) 33 27% (5) 5.51 (5)

10 Commercial Printing (except Screen and Books) (NAICS 323111) 32 (20%) 0.2811 All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS 325998)* 29 ** 2.3112 Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318) 28 17% 3.0013 Sporting and Athletic Goods Manufacturing (NAICS 339920) 26 (21%) 1.8414 Ready-Mix Concrete Manufacturing (NAICS 327320) 26 (13%) 0.8815 Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318) 26 136% (2) 1.2416 All Other Miscellaneous Textile Product Mills (NAICS 314999)* 25 ** 2.2517 Curtain and Linen Mills (NAICS 314120) 25 (40%) 3.4318 Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing (NAICS 334220)* 24 ** 1.2719 Industrial Valve Manufacturing (NAICS 332911)* 22 ** 2.3020 Ornamental and Architectural Metal Work Manufacturing (NAICS 332323)* 18 ** 1.4221 Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122) 17 (45%) 1.3522 Cut Stone and Stone Product Manufacturing (NAICS 327991) 13 (7%) 1.4223 Jewelry and Silverware Manufacturing (NAICS 339910)* 13 ** 1.2924 Polystyrene Foam Product Manufacturing (NAICS 326140)* 11 ** 1.1525 Dog and Cat Food Manufacturing (NAICS 311111)* 11 ** 1.3826 Hosiery and Sock Mills (NAICS 315110)* <10 ** 1.6227 Abrasive Product Manufacturing (NAICS 327910)* <10 ** 1.3028 Ice Cream and Frozen Dessert Manufacturing (NAICS 311520)* <10 ** 1.2729 Carbon and Graphite Product Manufacturing (NAICS 335991)* <10 ** 1.09

Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage*These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data

Top five (5) in each (# Jobs, Growth, LQ) (rank)


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Industry Rankings (Table 4.2.B.4)To further explore the Manufacturing industry in Indian River, the six-digit NAICS codes were used to rank the various sectors by (1) number of jobs, (2)growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity are overlooked.

The list on the previous page includes the top five subsectors for each of the three factors. These are highlighted in green with a ranking number inparentheses.

• Aircraft Manufacturing (NAICS 336411) employs the most people, with 827 employees. This is about 15 times more employees than Rubber and PlasticsHoses and Belting Manufacturing (NAICS 326220), which employs the second-highest number of people in Indian River.

• The highest 5-year growth was seen in the subsector of Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110), and the subsector withthe second-highest 5-year growth was Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318).

• Nitrogenous Fertilizer Manufacturing (NAICS 325311) had the most significant LQ of 16.29.


• Only one subsector is on the top five for all three rankings-Nitrogenous Fertilizer Manufacturing (NAICS 325311)

• Number of jobs tends to correlate with LQ (four out of five subsectors)

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Take-AwaysStar IndustriesFrozen Fruit, Juice, and Vegetable Manufacturing (NAICS 311411) has a significantly higher LQ (5.05) than the region (3.81). This subsector employs 51 people inIndian River, who earn an average annual wage of $35,646. This is less than their regional counterparts ($43,846) and the U.S. average ($40,474). In the 10-yearand 5-year periods, this subsector in Indian River has grown by 38% and 13%, respectively. This is significantly higher than the region and the U.S., which bothexperienced negative growth of this subsector in the 5-year period.

Nitrogenous Fertilizer Manufacturing (NAICS 325311) has the highest LQ of all of the Manufacturing subsectors (16.29). This subsector employs 40 people inIndian River. Wages for this subsector in Indian River are the same as wages in the region ($55,0510), but significantly lower than the U.S. wages ($83,375).Indian River, the region and the U.S. all experienced negative growth in this subsector for the 10-year period, but Indian River saw 54% growth in the 5-yearperiod, while the U.S. stayed stagnant. This subsector is the only one in the top five for all three industry rankings.

Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318) employs 28 people in Indian River. Its LQ of 3.00 is significantly higher than the region’s (1.35).Employees in this subsector earn an average annual wage of $33,859 in Indian River. This is significantly lower than wages in the region ($54,509) and the U.S.average for this subsector ($52,465). In the 5-year period, Indian River saw a 17% growth in this subsector. During the same time period, the region experiencednegative growth of 52% and the U.S. saw a growth rate of 12%.

Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318) only employs 26 people in Indian River, who earn, on average, $72,080. This is onpar with regional wages, and almost $10,000 higher than annual wages in the U.S. With an LQ of 1.24, Indian River is slightly more concentrated than the U.S.and the region (0.97). In the 5-year period, Indian River grew by 136% in this subsector, while the region and the U.S. experienced negative growth of 43% and1% respectively.

Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515) has a significantly higher LQ (4.08), than the region’s (0.56). This subsector employs 36people in Indian River, and only two more in the region. Because of this, wages for Indian River are on par with the region at $39,884. However, these wages arelower than the U.S. average ($53,794). Although growth for the 5-year and 10-year periods is lower in Indian River than in the region, Indian River saw highergrowth than the U.S.: 16% compared to -5% for the 10-year period and 89% compared to 22% for the 5-year period.

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Take-AwaysStar IndustriesWood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110) in Indian River has an LQ of 0.98, which is slightly lower than the U.S. average, as well as theregional LQ (1.23). Its 37 employees earn an average annual wage of $27,850. This is slightly lower than the regional wages ($32,489), and almost $10,000 lowerthan U.S. annual wages for this subsector ($37,230). Although this subsector experienced negative growth in Indian River during the 10-year period, it sawtremendous growth in the 5-year period of 164%, while the U.S. only grew by 6% in that same period.

Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212) has a significantly higher LQ than the region; 5.51 compared to 0.92. This subsectoremploys 33 people, who ear, on average, $34,163. This is slightly lower than the regional wages ($35,242) and significantly lower than the U.S. average annualwages ($48,151). Its 5-year growth rate of 27% is less than that of the region (59%), but greater than that of the U.S. (14%).

MainstaysCurtain and Linen Mills (NAICS 314120)Rubber and Plastics Hoses and Belting Manufacturing (NAICS 326220)Cut Stone and Stone Product Manufacturing (NAICS 327991)Aircraft Manufacturing (NAICS 336411)Nonupholstered Wood Household Furniture Manufacturing (NAICS 337122)Sporting and Athletic Goods Manufacturing (NAICS 339920)

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Section 4.2.C Target Industry Specific Analysis: Transportation & Warehousing


0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

-45% -35% -25% -15% -5% 5% 15% 25% 35%

Spec

ific

Indu

stry

Con

cent

rati

on (L

Q)


Graph 4.2.C: Current Indian River County Industry Analysis

6

5

3

1

7

1 General Freight Trucking, Local (NAICS 484110)

2 Limousine Service (NAICS 485320)

3Other Airport Operations (NAICS 488119)

4 Other Support Activities for Air Transportation (NAICS 488190)

5 Freight Transportation Arrangement (NAICS 488510)

6 Couriers and Express Delivery Services (NAICS 492110)

7 General Warehousing and Storage (NAICS 493110)

MAINSTAYS

REACTIVE

STARS

OPPORTUNITIES

= 50 employeesTotal Number of Employees: 638

52

4

2

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. I t l Q I I ·8 I '

•

I • )

-

•

~

~ -• • t •

. . ~ . . ~ . . . . . . ~ . . . ~ . . . . .

• •

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Table 4.2.C.1: Existing Industry Concentration ComparisonIndian River


Regional Total

Employment


Regional Cluster

ConcentrationTotal All Industries 638 6,740 - -

Other Nonscheduled Air Transportation (NAICS 481219)* <10 178 5.90 15.37General Freight Trucking, Local (NAICS 484110) 24 153 0.30 0.25Used Household and Office Goods Moving (NAICS 484210)* 63 267 1.90 1.05Limousine Service (NAICS 485320) 20 33 1.41 0.29Charter Bus Industry (NAICS 485510)* <10 119 0.80 1.51Scenic and Sightseeing Transportation, Water (NAICS 487210)* <10 43 1.12 1.07Other Airport Operations (NAICS 488119) 40 179 1.63 0.94Other Support Activities for Air Transportation (NAICS 488190) 15 826 0.45 3.13Freight Transportation Arrangement (NAICS 488510) 23 145 0.34 0.28Couriers and Express Delivery Services (NAICS 492110) 93 894 0.52 0.64General Warehousing and Storage (NAICS 493110) 297 1,532 1.38 0.92Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data

Indian River County LQ > than Region (by a difference of ≥ 1.00) Indian River County LQ < than Region (by a difference of ≥ 1.00)


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Comparison of Industry Concentration (Table 4.2.C.1)In most subsectors of Transportation and Warehousing, Indian River County has a similar LQ to its neighboring counties.

The only subsector in which Indian River has a significantly higher location quotient is Limousine Service (NAICS 48532) (highlighted in green).

There are two subsectors in which Indian River has a significantly lower LQ than the region (highlighted in orange).

• Other Nonscheduled Air Transportation (NAICS 481219)

• Other Support Activities for Air Transportation (NAICS 488190)

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Table 4.2.C.2: Existing Industry Wage ComparisonIndian River County



(Annual)


(Annual)Total Industry (Average Wage) $37,318 $53,790 $48,256

Other Nonscheduled Air Transportation (NAICS 481219)* ** $88,614 $88,576General Freight Trucking, Local (NAICS 484110) $45,420 $33,439 $43,855Used Household and Office Goods Moving (NAICS 484210)* $30,700 $30,536 $35,729Limousine Service (NAICS 485320) $15,817 $25,582 $28,185Charter Bus Industry (NAICS 485510)* ** $27,416 $29,801Scenic and Sightseeing Transportation, Water (NAICS 487210)* ** $54,626 $28,050Other Airport Operations (NAICS 488119) $46,297 $43,650 $28,342Other Support Activities for Air Transportation (NAICS 488190) $48,754 $54,492 $57,079Freight Transportation Arrangement (NAICS 488510) $49,002 $57,192 $58,181Couriers and Express Delivery Services (NAICS 492110) $40,547 $40,307 $47,168General Warehousing and Storage (NAICS 493110) $35,779 $51,786 $41,802Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data


Indian River County wages < both regional and U.S. wagesIndian River County wages are not significantly different than the region and/or the U.S.

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Comparison of Industry Wages (Table 4.2.C.2)Overall, the wages for the Transportation and Warehousing industry are lower than that of both the region and the U.S.

The subsectors where Indian River has lower wages than the region and the U.S. are shaded in orange:

• Limousine Service (NAICS 485320)

• Other Support Activities for Air Transportation (NAICS 488190)

• Freight Transportation Arrangement (NAICS 488510)

• General Warehousing and Storage (NAICS 493110)

There are several industries where wages are higher in both the region and the U.S. (shaded in green) or just the region (shaded in yellow):

• General Freight Trucking, Local (NAICS 484110)

• Used Household and Office Goods Moving (NAICS 484210)

• Other Airport Operations (NAICS 488119)

• Couriers and Express Delivery Services (NAICS 492110)

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Table 4.2.C.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 - 2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries 41% 7% 12% 17% 7% 12%Other Nonscheduled Air Transportation (NAICS 481219)* ** ** ** (33%) 114% 63%General Freight Trucking, Local (NAICS 484110) (59%) 33% (31%) (11%) 0% 14%Used Household and Office Goods Moving (NAICS 484210)* 85% ** (32%) 24% (6%) 16%Limousine Service (NAICS 485320) 0% (26%) (27%) (40%) 14% 17%Charter Bus Industry (NAICS 485510)* ** ** 120% 45% (7%) 0%Scenic and Sightseeing Transportation, Water (NAICS 487210)* ** ** (14%) (25%) (5%) 11%Other Airport Operations (NAICS 488119) ** (5%) (36%) 38% 17% 22%Other Support Activities for Air Transportation (NAICS 488190) (77%) (40%) 166% 75% 18% 7%Freight Transportation Arrangement (NAICS 488510) (4%) (15%) 6% 26% 11% 16%Couriers and Express Delivery Services (NAICS 492110) (21%) 13% (12%) 4% 2% 10%General Warehousing and Storage (NAICS 493110) 482% 21% 34% 54% 29% 19%Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data






JIIAdvantag~


Comparison of Industry Growth (Table 4.2.C.3)Indian River’s Transportation & Warehousing industry has seen a positive growth in both the 10-year and the 5-year periods. The 10-year growth for thecounty is significantly higher than the region and the U.S.

The following subsectors showed higher growth (by 10 percentage points) in either the 10-year or 5-year period in Indian River, compared to the regionand the U.S.:

• Used Household and Office Goods Moving (NAICS 484210)• General Warehousing and Storage (NAICS 493110)

There were two subsectors in which the 5-year and 10-year growth was significantly less than that of the region and the U.S.

• Other Support Activities for Air Transportation (NAICS 488190)• Freight Transportation Arrangement (NAICS 488510)

There was also one subsector in which Indian River County saw a significantly higher growth in the 5-year period in comparison to the region and the U.S., but significantlylower growth in the 10-year period.

• General Freight Trucking, Local (NAICS 484110)

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Rank Table 4.2.C.4 Existing Transportation and Warehousing Industry Ranked by Number of JobsIndian River County



Growth


(LQ)1 General Warehousing and Storage (NAICS 493110) 297 21% (2) 1.38 (5)2 Couriers and Express Delivery Services (NAICS 492110) 93 13% (3) 0.523 Used Household and Office Goods Moving (NAICS 484210)* 63 ** 1.90 (2)4 Other Airport Operations (NAICS 488119) 40 (5%) 1.63 (3)5 General Freight Trucking, Local (NAICS 484110) 24 33% (1) 0.306 Freight Transportation Arrangement (NAICS 488510) 23 (15%) 0.347 Limousine Service (NAICS 485320) 20 (26%) 1.41 (4)8 Other Support Activities for Air Transportation (NAICS 488190) 15 (40%) 0.459 Other Nonscheduled Air Transportation (NAICS 481219)* <10 ** 5.90 (1)

10 Scenic and Sightseeing Transportation, Water (NAICS 487210)* <10 ** 1.1211 Charter Bus Industry (NAICS 485510)* <10 ** 0.80

Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data




JIIAdvantag~


Industry Rankings (Table 4.2.C.4)To further explore the Transportation and Warehousing industry in Indian River, the six-digit NAICS codes were used to rank the various sectors by (1)number of jobs, (2) growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity are overlooked.


• General Warehousing and Storage (NAICS 493110) has the highest employment in Indian River, employing almost 300 people. The subsector with thenext highest employment only employs about 100 people.

• There were only three subsectors in this industry that showed a positive 5-year growth, the highest being General Freight Trucking, Local (NAICS484110), which grew 33% in the 5-year period.

• Other Nonscheduled Air Transportation has the highest LQ of all of the Transportation & Warehousing subsectors, with an LQ of 5.90.


• There were two subsectors in the top five for all three categories-General Warehousing and Storage (NAICS 493110) and Other Airport Operations(NAICS 488119). However, other airport operations actually experienced negative growth.

• Growth is positive in only three industries

• Number of jobs tends to correlate with LQ (three out of five subsectors)

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Take-AwaysStar IndustriesGeneral Warehousing and Storage (NAICS 493110) employs the most people in Indian River out of all of the Transportation and Warehousing subsectors at 297people. Employees in General Warehousing and Storage in Indian River earn $35,779 annually, which is significantly less than their counterparts in the regionand the U.S. who earn $51,786 and $41,802, respectively. This subsector has a slightly higher LQ (1.38) than the region (0.92). It also had the highest 10-yeargrowth, at a significant 482%, and 21% growth in the past 5 years. This subsector is the only one in the top five for all three industry rankings.

OpportunitiesGeneral Freight Trucking, Local (NAICS 484110) has an LQ of 0.30 which is just above the region’s LQ (0.25) and well below the U.S. average. It only employs about24 people who earn, on average, $45,420, which is more than their counterparts in the region ($33,439) and the U.S. ($43,855). This subsector grew 33% in thelast 5-year period, which is the highest 5-year growth of all Transportation and Warehousing subsectors in Indian River. In that same time period, the regionhad a negative growth rate of 11% and the U.S. grew by 14%.

Couriers and Express Delivery Services (NAICS 492110) has the second highest employment of all of the Transportation and Warehousing subsectors, employing93 people. Although this subsector has a low LQ of 0.52, it has the third highest growth in this industry with 13% in the past 5 years. This compares to the regionwhich grew at 4% and the U.S. with 10% growth in the same time period. Employees of this subsector earn $40,547 on average, which is slightly more than theregion ($40,307) and less than the U.S. ($47,168).

MainstaysLimousine Service (NAICS 485320)Other Airport Operation (NAICS 488119)

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Section 4.2.D Target Industry Specific Analysis: Information


0.00

0.50

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1.50

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-35% -15% 5% 25% 45% 65%

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Graph 4.2.D: Current Indian River County Industry Analysis

6

5

3

1

7

8

1 Newspaper Publishers (NAICS 511110)

2 Periodical Publishers(NAICS 511120)

3 Book Publishers (NAICS 511130)

4 Software Publishers (NAICS 511210)

5 Motion Picture Theaters (except Drive-Ins) (NAICS 512131)

6 Radio Stations (NAICS 515112)

7 Wired Telecommunications Carriers (NAICS 517110)

8 Data Processing, Hosting & Related Services (NAICS 518210)

MAINSTAYS

REACTIVE

STARS

OPPORTUNITIES

= 50 employeesTotal Number of Employees: 643

62

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Table 4.2.D.1: Existing Industry Concentration ComparisonIndian River


Regional Total

Employment


Regional Cluster

ConcentrationTotal All Industries 643 3,803 - -

Newspaper Publishers (NAICS 511110) 102 635 1.46 1.18Periodical Publishers (NAICS 511120) 112 178 3.35 0.69Book Publishers (NAICS 511130) 15 27 0.65 0.16Software Publishers (NAICS 511210) 101 193 0.95 0.23Motion Picture Theaters (except Drive-Ins) (NAICS 512131) 46 416 1.07 1.24Radio Stations (NAICS 515112) 14 124 0.55 0.64Wired Telecommunications Carriers (NAICS 517110) 203 1,098 0.98 0.69Telecommunications Resellers (NAICS 517911)* 12 52 0.63 0.34Data Processing, Hosting, and Related Services (NAICS 518210) 12 267 0.13 0.36Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data



63

Section 4.2.D Target Industry Specific Analysis: InformationIndian River County

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Comparison of Industry Concentration (Table 4.2.D.1)In the Information industry, most subsectors in Indian River are similar to that of the region. Of these, there are two that are slightly above theU.S. LQ of one in both the county and the region.

• Newspaper Publishers (NAICS 511110)

• Motion Picture Theaters (except Drive-Ins) (NAICS 512131)

The only subsector with a significantly higher LQ than the region is Periodical Publishers (NAICS 511120).

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Table 4.2.D.2: Existing Industry Wage ComparisonIndian River County



(Annual)



Newspaper Publishers (NAICS 511110) $34,888 $43,164 $46,855Periodical Publishers (NAICS 511120) $39,047 $42,987 $85,030Book Publishers (NAICS 511130) $45,455 $42,452 $76,486Software Publishers (NAICS 511210) $118,734 $111,020 $136,205Motion Picture Theaters (except Drive-Ins) (NAICS 512131) $13,386 $12,951 $12,855Radio Stations (NAICS 515112) $35,215 $39,080 $52,255Wired Telecommunications Carriers (NAICS 517110) $59,345 $59,630 $79,707Telecommunications Resellers (NAICS 517911)* $36,499 $39,988 $72,654Data Processing, Hosting, and Related Services (NAICS 518210) $50,095 $87,172 $90,530Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.


Indian River County wages < both regional and U.S. wagesIndian River County wages are not significantly than the region and/or the U.S.

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Comparison of Industry Wages (Table 4.2.D.2)Overall, the wages for the Information industry are slightly higher than the region, but significantly lower than the U.S. Most of the subsectorshave wages that are lower than both the region and the U.S. (shaded in orange):

• Newspaper Publishers (NAICS 511110)

• Periodical Publishers (NAICS 511120)

• Radio Stations (NAICS 515112)

• Wired Telecommunications Carriers (NAICS 517110)

• Telecommunications Resellers (NAICS 517911)

• Data Processing, Hosting, and Related Services (NAICS 518210)

The industries where Indian River has higher wages than the region, but lower wages than the U.S. are shaded in yellow:

• Book Publishers (NAICS 511130)

• Software Publishers (NAICS 511210)

There is only one industry in which Indian River’s wages are higher than both the region and the U.S. (shaded in green):

• Motion Picture Theaters (except Drive-Ins) (NAICS 512131)

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Table 4.2.D.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 - 2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries -1% 4% -25% -20% -10% 1%Newspaper Publishers (NAICS 511110) (31%) (10%) (50%) (22%) (45%) (20%)Periodical Publishers (NAICS 511120) (26%) (1%) (35%) (24%) (31%) (16%)Book Publishers (NAICS 511130) ** 36% (23%) (4%) (20%) (8%)Software Publishers (NAICS 511210) 42% (13%) 16% 8% 31% 20%Motion Picture Theaters (except Drive-Ins) (NAICS 512131) (33%) 64% (1%) (10%) (3%) (0%)Radio Stations (NAICS 515112) (50%) 40% (38%) (9%) (17%) 1%Wired Telecommunications Carriers (NAICS 517110) 57% 15% (20%) (30%) (14%) 1%Telecommunications Resellers (NAICS 517911)* ** ** (77%) 37% (58%) (38%)Data Processing, Hosting, and Related Services (NAICS 518210) ** (29%) (45%) (59%) 5% 15%Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data





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Comparison of Industry Growth (Table 4.2.D.3)Indian River’s Information industry has not grown significantly in the 10-year or 5-year period; however, in the 5-year period it had a higher growth thanboth the region and the U.S.

There were two subsectors in which there was a significantly higher growth in both the 5-year and 10-year period in Indian River County compared to thatof the region and the U.S.• Wired Telecommunications Carriers (NAICS 517110)• Newspaper Publishers (NAICS 511110)

The following subsectors showed higher growth (by 10 percentage points) in the 5-year period in Indian River, compared to the region and the U.S.:

• Book Publishers (NAICS 511130)• Periodical Publishers (NAICS 511120)

There were also a few subsectors in which Indian River County saw a significantly higher growth in the 5-year or 10-year period in comparison to the region and the U.S.,but significantly lower growth in the other period.

• Motion Picture Theaters (except Drive-Ins) (NAICS 512131)• Radio Stations (NAICS 515112)• Software Publishers (NAICS 511210)

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Rank Table 4.2.D.4 Existing Information Industry Ranked by Number of JobsIndian River County



Growth


(LQ)1 Wired Telecommunications Carriers (NAICS 517110) 203 15% (4) 0.98 (4)2 Periodical Publishers (NAICS 511120) 112 (1%) 3.35 (1)3 Newspaper Publishers (NAICS 511110) 102 (10%) 1.46 (2)4 Software Publishers (NAICS 511210) 101 (13%) 0.95 (5)5 Motion Picture Theaters (except Drive-Ins) (NAICS 512131) 46 64% (1) 1.07 (3)6 Book Publishers (NAICS 511130) 15 36% (3) 0.657 Radio Stations (NAICS 515112) 14 40% (2) 0.558 Telecommunications Resellers (NAICS 517911)* 12 ** 0.639 Data Processing, Hosting, and Related Services (NAICS 518210) 12 (29%) 0.13




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Industry Rankings (Table 4.2.D.4) To further explore the Information industry in Indian River, the six-digit NAICS codes were used to rank the various sectors by (1) number of jobs, (2)growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity are overlooked.


• Wired Telecommunications Carriers (NAICS 517110) employs the most people in Indian River (203). The subsector with the next highest employmentemploys slightly more than half as many people.

• There were only four subsectors of Information that showed positive 5-year growth in Indian River, with the highest being Motion Picture Theaters(except Drive-Ins) (NAICS 512131).

• Periodical Publishers (NAICS 511120) has the highest LQ of 3.35, with the rest of the subsectors being only slightly above or below the U.S. average.


• All five top subsectors by employees, are also the top five LQ’s

• There are only four subsectors with positive growth

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Take-AwaysStar IndustriesMotion Picture Theaters (except Drive-Ins) (NAICS 512131) employs 46 people in Indian River and has an LQ of 1.07, which is slightly below that of the region(1.24). These employees, on average, earn $13,386, which is slightly more than their counterparts in the region ($12,951) and the U.S. ($12,855). This subsectorstands out in its high 5-year growth of 64%, when the region had a negative 5-year growth rate of 10% and the U.S. saw no growth.

OpportunitiesBook Publishers (NAICS 511130) has an LQ of 0.65, which is higher than the region (0.16), but lower than the U.S. average. This subsector only employs 15 peopleand these people earn, on average, $45,455, which is more than the region’s wages ($42,452), but significantly less than the U.S. average ($76,486). Thissubsector saw a 5-year growth of 36% when both the region and the U.S saw negative growth rates of 4% and 8% respectively.

Radio Stations (NAICS 515112) have a low employment of only 14 people in the county and an LQ that is below the U.S. average (0.55); however, this subsectorhad significant 5-year growth of 40%, when the region had a negative growth of 9% and the U.S. only grew about 1% in the same time period. Employees of thissubsector earn about $35,215, which is slightly less than their counterparts in the region ($39.080), but significantly less than their counterparts in the U.S.($52,255).

Wired Telecommunications Carriers (NAICS 517110) have the second-highest employment in Indian River, employing 203 people. These people make, onaverage, $59,345, which is slightly less than the region’s wages ($59,630) and significantly less than the U.S. average ($79,707). Although it has an LQ slightlybelow average (0.98), this subsector had a positive growth rate in both the 10-year and the 5-year periods, when the region and the U.S. both saw negativegrowth during those time periods.

MainstaysNewspaper Publishers (NAICS 511110)Periodical Publishers (NAICS 511120)

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Section 4.2.D Target Industry Specific Analysis: Information


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Section 4.2.E Target Industry Specific Analysis: Finance & Insurance


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0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

-40% -20% 0% 20% 40% 60% 80% 100% 120% 140%

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Graph 4.2.E: Current Indian River County Industry Analysis

1

6

5

3

7

8

910

1 Commercial Banking (NAICS 522110)

2 All Other Nondepository Credit Intermediation (NAICS 522298)

3 Securities Brokerage (NAICS 523120)

4 Portfolio Management (NAICS 523920)

5 Investment Advice (NAICS 523930)

6 Direct Property and Casualty Insurance Carriers (NAICS 524126)

7 Direct Title Insurance Carriers (NAICS 524127)

8 Insurance Agencies and Brokerages (NAICS 524210)

9 Third Party Administration of Insurance and Pension Funds (NAICS 524292)

10 All Other Insurance Related Activities (NAICS 524298)

MAINSTAYS

REACTIVE

STARS

OPPORTUNITIES


72

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Table 4.2.E.1: Existing Industry Concentration ComparisonIndian River


Regional Total

Employment


Regional Cluster


Commercial Banking (NAICS 522110) 512 3,062 1.16 0.90Credit Unions (NAICS 522130) 35 580 0.42 0.91International Trade Financing (NAICS 522293) <10 <10 2.53 0.46All Other Nondepository Credit Intermediation (NAICS 522298) 20 229 0.86 1.24Securities Brokerage (NAICS 523120) 131 547 1.38 0.75Commodity Contracts Dealing (NAICS 523130) <10 18 0.81 0.47Portfolio Management (NAICS 523920) 30 298 0.49 0.63Investment Advice (NAICS 523930) 26 233 0.42 0.49Trust, Fiduciary, and Custody Activities (NAICS 523991) <10 19 0.72 0.35Direct Property and Casualty Insurance Carriers (NAICS 524126) 23 155 0.14 0.12Direct Title Insurance Carriers (NAICS 524127) 16 165 0.81 1.07Insurance Agencies and Brokerages (NAICS 524210) 322 2,049 1.35 1.11Third Party Administration of Insurance and Pension Funds (NAICS 524292) 40 138 0.70 0.31All Other Insurance Related Activities (NAICS 524298) 16 459 0.67 2.50Trusts, Estates, and Agency Accounts (NAICS 525920) <10 <10 7.30 2.26Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.



73

Section 4.2.E Target Industry Specific Analysis: Finance & InsuranceIndian River County

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Comparison of Industry Concentration (Table 4.2.E.1)In the Finance and Insurance industry, most subsectors have an LQ within one point of the region’s LQ.

Indian River has a significantly lower LQ in one subsector: All Other Insurance Related Activities (NAICS 524298).

The county has a significantly higher LQ than the region in the following two subsectors:

• International Trade Financing (NAICS 522293)

• Trusts, Estates, and Agency Accounts (NAICS 525920)

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Table 4.2.E.2: Existing Industry Wage ComparisonIndian River County



(Annual)



Commercial Banking (NAICS 522110) $54,147 $50,089 $69,500Credit Unions (NAICS 522130) $39,918 $47,768 $45,404International Trade Financing (NAICS 522293) ** ** $176,912All Other Nondepository Credit Intermediation (NAICS 522298) $31,456 $28,629 $59,891Securities Brokerage (NAICS 523120) $207,619 $170,467 $206,236Commodity Contracts Dealing (NAICS 523130) ** $119,461 $201,484Portfolio Management (NAICS 523920) $155,032 $77,844 $263,510Investment Advice (NAICS 523930) $42,221 $50,322 $164,013Trust, Fiduciary, and Custody Activities (NAICS 523991) ** $95,931 $116,977Direct Property and Casualty Insurance Carriers (NAICS 524126) $69,821 $64,837 $82,508Direct Title Insurance Carriers (NAICS 524127) $56,668 $49,003 $75,176Insurance Agencies and Brokerages (NAICS 524210) $49,732 $48,718 $68,614Third Party Administration of Insurance and Pension Funds (NAICS 524292) $75,124 $72,651 $67,286All Other Insurance Related Activities (NAICS 524298) $77,763 $46,419 $78,005Trusts, Estates, and Agency Accounts (NAICS 525920) ** ** $90,191Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data



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Comparison of Industry Wages (Table 4.2.E.2)Overall, the wages for the Finance and Insurance industry are significantly higher than that of the region, but significantly lower than the U.S.average wages.

There are two subsectors in which Indian River has higher wages than both the region and the U.S.(shaded in green):

• Securities Brokerage (NAICS 523120)

• Third Party Administration of Insurance and Pension Funds (NAICS 524292)

There are also two subsectors in which Indian River has lower wages than both the region and the U.S. (shaded in orange):

• Credit Unions (NAICS 522130)

• Investment Advice (NAICS 523930)

In seven of the subsectors, Indian River has higher wages than the region, but lower wages than the U.S. (shaded in yellow):

• Commercial Banking (NAICS 522110)

• All Other Nondepository Credit Intermediation (NAICS 522298)

• Portfolio Management (NAICS 523920)

• Direct Property and Casualty Insurance Carriers (NAICS 524126)

• Direct Title Insurance Carriers (NAICS 524127)

• Insurance Agencies and Brokerages (NAICS 524210)

• All Other Insurance Related Activities (NAICS 524298)

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Table 4.2.E.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 - 2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries -19% 2% -17% -3% -4% 4%Commercial Banking (NAICS 522110) (10%) (1%) (7%) (27%) (1%) (1%)Credit Unions (NAICS 522130) ** ** 0% (3%) 12% 7%International Trade Financing (NAICS 522293) ** ** ** ** (4%) 6%All Other Nondepository Credit Intermediation (NAICS 522298) ** 67% 70% 45% 17% 20%Securities Brokerage (NAICS 523120) 4% 2% (24%) (4%) (7%) (1%)Commodity Contracts Dealing (NAICS 523130) ** ** ** ** 23% 10%Portfolio Management (NAICS 523920) (6%) (12%) 282% 164% 59% 35%Investment Advice (NAICS 523930) (87%) (19%) (39%) (4%) 60% 31%Trust, Fiduciary, and Custody Activities (NAICS 523991) ** ** ** (44%) (11%) 12%Direct Property and Casualty Insurance Carriers (NAICS 524126) ** (34%) (24%) (35%) (3%) 2%Direct Title Insurance Carriers (NAICS 524127) (80%) 23% (63%) 65% (40%) 6%Insurance Agencies and Brokerages (NAICS 524210) 22% 12% 17% 14% 7% 9%Third Party Administration of Insurance and Pension Funds (NAICS 524292) ** 135% (33%) 2% 37% 28%All Other Insurance Related Activities (NAICS 524298) ** (6%) 399% 94% 38% 29%Trusts, Estates, and Agency Accounts (NAICS 525920) ** ** ** ** (89%) (90%)Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient Data





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Comparison of Industry Growth (Table 4.2.E.3)The Finance and Insurance industry had negative growth rates for the 10-year period in the county, the region and the U.S. However, Indian River and theU.S. both saw slightly positive growth in the 5-year period.

There were three subsectors in which Indian River County experienced higher 5-year or 10-year growth compared to both the region and the U.S.:• All Other Nondepository Credit Intermediation (NAICS 522298)• Securities Brokerage (NAICS 523120)• Third Party Administration of Insurance and Pension Funds (NAICS 524292)

There were also two subsectors that showed significantly lower growth in the 5-year or 10-year period than both the region and the U.S.:• Direct Title Insurance Carriers (NAICS 524127)• All Other Insurance Related Activities (NAICS 524298)

The following subsectors had significantly lower growth in both the 5-year and 10-year periods compared to that of the region and the U.S.:• Portfolio Management (NAICS 523920)• Investment Advice (NAICS 523930)

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Rank Table 4.2.E.4 Existing Finance and Insurance Industry Ranked by Number of JobsIndian River County



Growth

Indian River County Cluster

Concentration (LQ)

1 Commercial Banking (NAICS 522110) 512 (1%) 1.16 (5)2 Insurance Agencies and Brokerages (NAICS 524210) 322 12% (4) 1.35 (4)3 Securities Brokerage (NAICS 523120) 131 2% (5) 1.38 (3)4 Third Party Administration of Insurance and Pension Funds (NAICS 524292) 40 135% (1) 0.705 Credit Unions (NAICS 522130) 35 ** 0.426 Portfolio Management (NAICS 523920) 30 (12%) 0.497 Investment Advice (NAICS 523930) 26 (19%) 0.428 Direct Property and Casualty Insurance Carriers (NAICS 524126) 23 (34%) 0.149 All Other Nondepository Credit Intermediation (NAICS 522298) 20 67% (2) 0.86

10 Direct Title Insurance Carriers (NAICS 524127) 16 23% (3) 0.8111 All Other Insurance Related Activities (NAICS 524298) 16 (6%) 0.6712 Trusts, Estates, and Agency Accounts (NAICS 525920) <10 ** 7.30 (1)13 International Trade Financing (NAICS 522293) <10 ** 2.53 (2)14 Commodity Contracts Dealing (NAICS 523130) <10 ** 0.8115 Trust, Fiduciary, and Custody Activities (NAICS 523991) <10 ** 0.72

Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient Data - Not enough labor data to calculate percentage (started with <10 jobs)



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Industry Rankings (Table 4.2.E.4)To further explore the Finance and Insurance industry in Indian River, the six-digit NAICS codes were used to rank the various sectors by (1) number ofjobs, (2) growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity are overlooked.


• Commercial Banking (NAICS 522110) has the highest number of employees, with 512. The subsector with the second-highest number of employees hasabout 200 less than that.

• Of the five subsectors that showed positive 5-year growth, the highest was Third Party Administration of Insurance and Pension Funds (NAICS 524292).

• Trusts, Estates, and Agency Accounts has the highest LQ in Indian River.


• There are two subsectors that rank in the top five for all three categories: Insurance Agencies and Brokerages (NAICS 524210) and Securities Brokerages(NAICS 523210).

• Only five of the ten subsectors had positive 5-year growth

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Take-AwaysStar IndustriesSecurities Brokerage (NAICS 523120) employs about 131 people in Indian River, with an LQ of 1.35, slightly above the U.S. average. Employees in this subsectorearn, on average, $207,619, which is significantly higher than wages in the region ($170,467) and slightly higher than that of the U.S. ($206,236). This subsectorsaw positive growth of 2% in the 5-year period.

Insurance Agencies and Brokerages (NAICS 524210) is the second largest subsector, employing 322 people. These people earn an average of $49,732, which isslightly higher than that of the region ($48,718) and lower than the U.S. average ($68,614). With an LQ of 1.35, it is slightly above the region’s LQ of 1.11. Thissubsector saw a greater positive growth rate (22%) in the 10-year period than both the region and the U.S. with growth rates of 17% and 7%, respectively.

OpportunitiesAll Other Nondepository Credit Intermediation (NAICS 522298) only employs 20 people in the region and has an LQ of 0.86, which is slightly below the region’s LQof 1.24. Employees in this subsector earn an average annual wage of $31,456, which is more than their counterparts in the region ($28,629). This is alsosignificantly less than the U.S. average for this subsector ($59,891). In the past 5 years, this subsector has grown 67%, while the subsector has only grown 45%in the region and 20% in the U.S.

Direct Title Insurance Carriers (NAICS 524127) has an LQ of 0.81, which is slightly lower than the region and the U.S. average. Although it only employs 16 people,they earn, on average, $56,668, which is significantly higher than their counterparts in the region. The U.S. average annual wage for this subsector is muchhigher at $75,176. This industry saw negative growth of 80% in the 10-year period, but a positive growth of 23% in the last 5 years. The region and the U.S. alsohad positive growth rates for the 5-year period of 65% and 6%, respectively.

Third Party Administration of Insurance and Pension Funds (NAICS 524292) employs only 40 people in the region and has an LQ lower than the U.S. average;however, this subsector saw significant 5-year growth of 135%, while the region’s subsector only grew by 2% and the U.S. by 28%. Employees in this subsectorearn about $75,124, which is higher than their counterparts in the region ($72,651) and the U.S. ($67,286).

MainstaysCommercial Banking (NAICS 522110)

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Section 4.2.E Target Industry Specific Analysis: Finance & Insurance


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Section 4.2.F Target Industry Specific Analysis: Professional, Scientific and Technical Services


(0.20)

0.30

0.80

1.30

1.80

2.30

2.80

3.30

3.80

4.30

4.80

-90% -40% 10% 60% 110% 160% 210%

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Graph 4.2.F: Current Indian River County Industry Analysis

6

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1 Offices of Lawyers (NAICS 541110)2 Title Abstract and Settlement Offices (NAICS 541191)3 Offices of Certified Public Accountants (NAICS 541211)4 Tax Preparation Services (NAICS 541213)5 Payroll Services (NAICS 541214)6 Other Accounting Services (NAICS 541219)7 Architectural Services (NAICS 541310)8 Engineering Services (NAICS 541330)

9 Surveying and Mapping (except Geophysical) Services (NAICS 541370)

10 Interior Design Services (NAICS 541410)11 Graphic Design Services (NAICS 541430)12 Custom Computer Programming Services (NAICS 541511)13 Computer Systems Design Services (NAICS 541512)

14 Administrative Management and General Management Consulting Services (NAICS 541611)

15 Marketing Consulting Services (NAICS 541613)16 Other Management Consulting Services (NAICS 541618)17 Environmental Consulting Services (NAICS 541620)

18 Other Scientific and Technical Consulting Services (NAICS 541690)

19 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) (NAICS 541712)

20 Advertising Agencies (NAICS 541810)21 Other Services Related to Advertising (NAICS 541890)22 Veterinary Services (NAICS 541940)

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Table 4.2.F.1: Existing Industry Concentration Comparison Indian River CountyTotal Employment

Regional Total

Employment


Regional Cluster


Offices of Lawyers (NAICS 541110) 327 2,228 0.91 0.80Title Abstract and Settlement Offices (NAICS 541191) 12 140 0.64 0.95All Other Legal Services (NAICS 541199)* <10 79 0.95 1.20Offices of Certified Public Accountants (NAICS 541211) 97 616 0.66 0.54Tax Preparation Services (NAICS 541213) 56 347 1.41 1.13Payroll Services (NAICS 541214) 10 654 0.16 1.29Other Accounting Services (NAICS 541219) 221 743 2.64 1.15Architectural Services (NAICS 541310) 83 293 1.47 0.67Landscape Architectural Services (NAICS 541320)* 52 222 5.03 2.77Engineering Services (NAICS 541330) 182 2,963 0.57 1.20Drafting Services (NAICS 541340)* <10 19 2.64 0.87Surveying and Mapping (except Geophysical) Services (NAICS 541370) 31 223 1.90 1.80Interior Design Services (NAICS 541410) 56 127 4.43 1.31Industrial Design Services (NAICS 541420)* 14 35 2.83 0.92Graphic Design Services (NAICS 541430) 10 151 0.47 0.89Custom Computer Programming Services (NAICS 541511) 29 1,843 0.11 0.90Computer Systems Design Services (NAICS 541512) 83 1,116 0.29 0.50Administrative Management and General Management Consulting Services (NAICS 541611) 162 880 1.01 0.71Human Resources Consulting Services (NAICS 541612)* 46 99 1.66 0.47Marketing Consulting Services (NAICS 541613) 36 257 0.53 0.48Other Management Consulting Services (NAICS 541618) 47 284 1.45 1.15Environmental Consulting Services (NAICS 541620) 18 259 0.61 1.17Other Scientific and Technical Consulting Services (NAICS 541690) 31 460 0.40 0.76Research and Development in Biotechnology (NAICS 541711)* 48 141 0.93 0.36Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) (NAICS 541712) 11 843 0.08 0.73

Advertising Agencies (NAICS 541810) 20 143 0.31 0.28Other Services Related to Advertising (NAICS 541890) 116 209 4.17 0.98Veterinary Services (NAICS 541940) 183 1,359 1.63 1.56Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.



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Section 4.2.F Target Industry Specific Analysis: Professional, Scientific and Technical ServicesIndian River County

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Comparison of Industry Concentration (Table 4.2.F.1)In the Professional, Scientific and Technical Services industry, many of the subsectors have an LQ that is less than one and within one point ofthe regional LQ.

There are several subsectors in which Indian River has a significantly higher LQ than the rest of the region (shaded in green):

• Other Accounting Services (NAICS 541219)

• Landscape Architectural Services (NAICS 541320)

• Drafting Services (NAICS 541340)

• Interior Design Services (NAICS 541410)

• Industrial Design Services (NAICS 541420)

• Human Resources Consulting Services (NAICS 541612)

• Other Services Related to Advertising (NAICS 541890)

There is only one subsector that has a higher LQ in the region than in Indian River (shaded in orange):

• Payroll Services (NAICS 541214)

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Table 4.2.F.2: Existing Industry Wage ComparisonIndian River County


Regional Average Cluster Wage (Annual)

U.S. Average Cluster Wage (Annual)

Total Industry (Average Wage) $58,548 $63,253 $84,914Offices of Lawyers (NAICS 541110) $92,342 $66,904 $88,771Title Abstract and Settlement Offices (NAICS 541191) $49,532 $45,921 $50,574All Other Legal Services (NAICS 541199)* ** $46,283 $64,039Offices of Certified Public Accountants (NAICS 541211) $51,215 $52,396 $80,568Tax Preparation Services (NAICS 541213) $19,690 $19,141 $27,928Payroll Services (NAICS 541214) $80,693 $36,335 $63,619Other Accounting Services (NAICS 541219) $43,751 $38,433 $53,494Architectural Services (NAICS 541310) $66,780 $69,295 $77,061Landscape Architectural Services (NAICS 541320)* $26,141 $37,199 $51,264Engineering Services (NAICS 541330) $82,636 $82,574 $90,367Drafting Services (NAICS 541340)* ** $42,236 $54,286Surveying and Mapping (except Geophysical) Services (NAICS 541370) $27,678 $64,985 $53,615Interior Design Services (NAICS 541410) $42,628 $37,314 $53,771Industrial Design Services (NAICS 541420)* $24,679 $36,269 $77,095Graphic Design Services (NAICS 541430) $25,384 $33,245 $60,115Custom Computer Programming Services (NAICS 541511) $70,338 $82,959 $105,599Computer Systems Design Services (NAICS 541512) $90,832 $85,163 $100,109Administrative Management and General Management Consulting Services (NAICS 541611) $57,920 $70,687 $102,047Human Resources Consulting Services (NAICS 541612)* $30,169 $50,535 $82,695Marketing Consulting Services (NAICS 541613) $83,931 $53,234 $73,891Other Management Consulting Services (NAICS 541618) $113,763 $90,115 $88,206

Environmental Consulting Services (NAICS 541620) $49,697 $74,161 $70,637

Other Scientific and Technical Consulting Services (NAICS 541690) $64,127 $59,699 $77,238Research and Development in Biotechnology (NAICS 541711)* $92,737 $79,875 $135,330Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) (NAICS 541712) $41,173 $79,552 $116,052Advertising Agencies (NAICS 541810) $39,915 $47,986 $92,755Other Services Related to Advertising (NAICS 541890) $8,320 $20,361 $29,897Veterinary Services (NAICS 541940) $33,503 $33,677 $34,559Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data



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Comparison of Industry Wages (Table 4.2.F.2)Overall, the wages for the this industry are lower than that of the region and significantly lower than the U.S. average.

There are only four subsectors in which Indian River has higher wages than both the region and the U.S. (shaded in green):

• Offices of Lawyers (NAICS 541110)

• Payroll Services (NAICS 541214)

• Marketing Consulting Services (NAICS 541613)

• Other Management Consulting Services (NAICS 541618)

Indian River has higher wages than the region, but lower wages than the U.S. in the following subsectors (shaded in yellow):

• Title Abstract and Settlement Offices (NAICS 541191)

• Tax Preparation Services (NAICS 541213)

• Other Accounting Services (NAICS 541219)

• Engineering Services (NAICS 541330)

• Interior Design Services (NAICS 541410)

• Computer Systems Design Services (NAICS 541512)

• Other Scientific and Technical Consulting Services (NAICS 541690)

• Research and Development in Biotechnology (NAICS 541711)

All of the other subsectors have lower wages in Indian River than both the region and the U.S. (shaded in orange). Some of the significant differences are foundin the following subsectors:

• Landscape Architectural Services (NAICS 541320)

• Surveying and Mapping (except Geophysical) Services (NAICS 541370)

• Environmental Consulting Services (NAICS 541620)

• Research and Development in the Physical, Engineering and Life Sciences (except Biotechnology) (NAICS 541712)

• Advertising Agencies (NAICS 541810)

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Table 4.2.F.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 - 2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries 1% 1% -5% -1% 19% 13%Offices of Lawyers (NAICS 541110) (19%) (5%) (12%) (5%) (3%) 0%Title Abstract and Settlement Offices (NAICS 541191) (60%) (8%) (39%) 40% (26%) 12%All Other Legal Services (NAICS 541199)* ** ** 39% 58% 57% 24%Offices of Certified Public Accountants (NAICS 541211) (18%) (9%) (44%) 4% 10% 9%Tax Preparation Services (NAICS 541213) 40% 19% (38%) (32%) 20% 9%Payroll Services (NAICS 541214) ** (29%) 4931% 436% 36% 29%Other Accounting Services (NAICS 541219) 75% (34%) 29% (19%) 6% 5%Architectural Services (NAICS 541310) (46%) 0% (32%) (15%) (14%) 6%Landscape Architectural Services (NAICS 541320)* ** ** 35% 62% (29%) (1%)Engineering Services (NAICS 541330) (35%) (7%) (17%) (15%) 12% 7%Drafting Services (NAICS 541340)* ** ** (46%) ** (22%) 9%Surveying and Mapping (except Geophysical) Services (NAICS 541370) (61%) 41% (55%) 22% (26%) 14%Interior Design Services (NAICS 541410) (25%) 6% (51%) (8%) (5%) 23%Industrial Design Services (NAICS 541420)* ** ** (45%) 169% 19% 21%Graphic Design Services (NAICS 541430) (86%) (80%) (7%) (5%) (6%) 6%Custom Computer Programming Services (NAICS 541511) (41%) (15%) (3%) (3%) 46% 23%Computer Systems Design Services (NAICS 541512) 159% 196% 66% 18% 65% 27%Administrative Management and General Management Consulting Services (NAICS 541611) 100% 10% 61% 22% 51% 24%

Human Resources Consulting Services (NAICS 541612)* 142% ** (6%) 98% 2% 14%Marketing Consulting Services (NAICS 541613) (35%) 80% (12%) 19% 69% 32%Other Management Consulting Services (NAICS 541618) 147% 0% 21% 12% 8% 7%Environmental Consulting Services (NAICS 541620) 50% 13% (1%) (8%) 22% 10%Other Scientific and Technical Consulting Services (NAICS 541690) ** 82% 119% 50% 161% 45%Research and Development in Biotechnology (NAICS 541711)* ** ** 341% 253% 16% 9%Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) (NAICS 541712) (73%) (61%) (14%) (26%) 14% 2%

Advertising Agencies (NAICS 541810) (29%) (41%) (51%) (32%) 12% 16%Other Services Related to Advertising (NAICS 541890) 544% 73% 182% 65% 22% 32%Veterinary Services (NAICS 541940) 10% (19%) 20% 1% 22% 11%Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient Data

Indian River County growth in the highlighted period > region and U.S. growth in that same period by 10 percentage points.

Indian River County growth in the highlighted period < region and U.S. growth in that same period by10 percentage points.



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Comparison of Industry Growth (Table 4.2.F.3)The Professional, Scientific and Technical Services industry grew less in the past 5 years in Indian River and the region than in the U.S. Indian River onlysaw a 1% growth in this industry during the 5-year period.

Two subsectors showed significantly higher growth in Indian River County in both the 5-year and 10-year periods compared to that of the region and theU.S.:• Tax Preparation Services (NAICS 541213)• Computer Systems Design Services (NAICS 541512)

However, there were also three subsectors that showed significantly less growth in both the 5-year and 10-year periods compared to that of the regionand the U.S.• Title Abstract and Settlement Offices (NAICS 541191)• Graphic Design Services (NAICS 541430)• Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) (NAICS 541712)

The following industries had significantly higher growth in Indian River in either the 5-year or 10-year period compared to the region and the U.S.:Surveying and Mapping (except Geophysical) Services (NAICS 541370)Human Resources Consulting Services (NAICS 541612)• Other Management Consulting Services (NAICS 541618)• Environmental Consulting Services (NAICS 541620)• Other Scientific and Technical Consulting Services (NAICS 541690)

There were also some subsectors that showed significantly lower growth than either the region or the U.S. in the 10-year or 5-year periods:• Offices of Certified Public Accountants (NAICS 541211)• Payroll Services (NAICS 541214)• Architectural Services (NAICS 541310)• Engineering Services (NAICS 541330)• Custom Computer Programming Services (NAICS 541511)• Veterinary Services (NAICS 541940)

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Comparison of Industry Growth (Table 4.2.F.3) (continued)

Interestingly, three subsectors showed significantly higher growth in either the 5-year or 10-year period, but significantly lower growth in the other period:• Other Accounting Services (NAICS 541219)• Administrative Management and General Management Consulting Services (NAICS 541611)• Marketing Consulting Services (NAICS 541613)

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Rank Table 4.2.F.4 Existing Professional, Scientific and Technical Services Industry Ranked by Number of JobsIndian River County



Growth


(LQ)1 Offices of Lawyers (NAICS 541110) 327 (5%) 0.912 Other Accounting Services (NAICS 541219) 221 (34%) 2.64 (5)3 Veterinary Services (NAICS 541940) 183 (19%) 1.634 Engineering Services (NAICS 541330) 182 (7%) 0.575 Administrative Management and General Management Consulting Services (NAICS 541611) 162 10% 1.016 Other Services Related to Advertising (NAICS 541890) 116 73% (4) 4.17 (3)7 Offices of Certified Public Accountants (NAICS 541211) 97 (9%) 0.668 Computer Systems Design Services (NAICS 541512) 83 196% (1) 0.299 Architectural Services (NAICS 541310) 83 0% 1.47

10 Tax Preparation Services (NAICS 541213) 56 19% 1.4111 Interior Design Services (NAICS 541410) 56 6% 4.43 (2)12 Landscape Architectural Services (NAICS 541320)* 52 ** 5.03 (1)13 Research and Development in Biotechnology (NAICS 541711)* 48 ** 0.9314 Other Management Consulting Services (NAICS 541618) 47 0% 1.4515 Human Resources Consulting Services (NAICS 541612)* 46 ** 1.6616 Marketing Consulting Services (NAICS 541613) 36 80% (3) 0.5317 Other Scientific and Technical Consulting Services (NAICS 541690) 31 82% (2) 0.4018 Surveying and Mapping (except Geophysical) Services (NAICS 541370) 31 41% (5) 1.9019 Custom Computer Programming Services (NAICS 541511) 29 (15%) 0.1120 Advertising Agencies (NAICS 541810) 20 (41%) 0.3121 Environmental Consulting Services (NAICS 541620) 18 13% 0.6122 Industrial Design Services (NAICS 541420)* 14 ** 2.83 (4)23 Title Abstract and Settlement Offices (NAICS 541191) 12 (8%) 0.6424 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) (NAICS 541712) 11 (61%) 0.0825 Payroll Services (NAICS 541214) 10 (29%) 0.1626 Graphic Design Services (NAICS 541430) 10 (80%) 0.4727 Drafting Services (NAICS 541340)* <10 ** 2.64 (5)28 All Other Legal Services (NAICS 541199)* <10 ** 0.95




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Industry Rankings (Table 4.2.F.4)To further explore the Professional, Scientific and Technical Services industry in Indian River, the six-digit NAICS codes were used to rank the varioussectors by (1) number of jobs, (2) growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity areoverlooked.


• Offices of Lawyers (NAICS 541110) employs the most people in Indian River (327). The second-highest number of employees are found in the subsectorOther Accounting Services (NAICS 541219), which employs almost 100 fewer people than Offices of Lawyers.

• Nine subsectors in this industry saw positive growth over the past 5-years, but Computer Systems Design Services grew significantly more than all ofthe other subsectors.

• Employing 52 people in Indian River, Landscape Architectural Services (NAICS 541320) has the highest LQ of 5.03.


• None of the subsectors ranked in the top five in all three categories.

• We do not see a correlation between number of employees and LQ in this industry.

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Take-AwaysStar IndustriesTax Preparation Services (NAICS541213) employs 56 people in Indian River, who earn, on average, $19,690. These wages are slightly above that of the region($19,141) and significantly lower than the U.S. ($27,928). This subsector saw 40% growth in the 10-year period and 19% growth in the 5-year period, while theregion had a negative growth rate of 38% and 32% for the 10-year and 5-year periods, respectively. The U.S. had positive growth in this subsector as well, butslightly less than Indian River. With an LQ of 1.41, it is more concentrated than the U.S. and the region (1.13).

Surveying and Mapping (except Geophysical) Services (NAICS 541370) has an LQ of 1.90, which is just slightly above that of the region (1.80). This subsectoremploys 31 people in Indian River who earn about $27,678, which is significantly less than their counterparts in the region ($64,985) and in the U.S. ($53,615).During the 10-year period, this subsector experienced negative growth in Indian River, the region, and the U.S. However, in the 5-year period this subsectorgrew positively in Indian River (41%), the region (22%), and the U.S. (14%).

Interior Design Services (NAICS541410) has the second-highest LQ, 4.43, in Indian River out of all of the Professional, Scientific and Technical Services. Employing56 people in Indian River, this subsector experienced 6% growth in the 5-year period, while the region saw a negative growth of 8% and the subsector grew by23% in the U.S. Employees in this industry earn, on average, $42,628, which is more than their regional counterparts ($37,314), but less than their counterpartsin the U.S. ($53,771).

Administrative Management and General Management Consulting Services (NAICS541611) ranks number 5 in the Professional, Scientific and Technical Servicesindustry in terms of employment, with 162 employees. These employees earn an average annual wage of $57,920. Employees of this subsector in the regionearn $70,687 and $102,047 in the U.S. This subsector has an LQ of 1.01, which is just above the U.S. average, and also above the regional LQ (0.71). In the 10-year period, this subsector saw growth of 100%, but only 10% growth in the past 5 years.

Other Services Related to Advertising (NAICS 541890) has the third largest LQ in this industry at 4.17, which is significantly higher than that of the region (0.98).This subsector employs 116 people who earn, on average, $8,320. This is significantly less than their counterparts in the region ($20,361) and in the U.S.($29,897). This subsector had the highest 10-year growth rate of 544%, while the region grew by 182% and the U.S. grew by 65% in that same period. In the 5-year period, this subsector grew 73% in Indian River, 65% in the region and 32% in the U.S.

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Take-AwaysOpportunitiesComputer Systems Design Services (NAICS541512) employs 83 people in Indian River, despite a significantly low LQ of 0.29. These employees earn more thantheir regional counterparts, $90,832, compared to $85,163. However, they earn less than the U.S. average for this subsector ($100,109). This subsector sawsignificant growth in both the 10-year and 5-year periods of 159% and 196%, respectively.

Marketing Consulting Services (NAICS 541613) has a low LQ of 0.53 and only employs 36 people in Indian River, but these employees earn about $83,931, which issignificantly higher than that of the region ($53,234) and the U.S. ($73,891). Although both Indian River and the region experienced negative growth in thissubsector for the 10-year period, both saw high growth in the 5-year period, 80% and 19% respectively. The U.S. also saw positive growth during this 5-yearperiod (32%).

Environmental Consulting Services (NAICS 541620) in Indian River grew by 50% in the 10-year period and 13% in the 5-year period. The region experiencednegative growth in both of these periods, and the U.S. saw slightly lower growth than Indian River. Employing only 18 people in Indian River, its LQ is 0.61,which is lower than the region’s LQ of 1.17. Employees in this subsector earn $49,697, significantly less than their counterparts in the region ($74,161) and inthe U.S. ($70,637).

Other Scientific and Technical Consulting Services (NAICS 541690) in Indian River and the region have lower LQ’s than the U.S. average, 0.40 and 0.76,respectively. This subsector employs only 31 people in Indian River. These employees earn $64,127, which is more than their regional counterparts ($59,699),but less than their U.S. counterparts ($77,238). This subsector experienced higher 5-year growth in Indian River (82%) than in both the region (50%) and theU.S. (45%).

MainstaysOffices of Lawyers (NAICS 541110)Other Accounting Services (NAICS 541219)Architectural Services (NAICS 541310)Other Management Consulting Services (NAICS 541618)Veterinary Services (NAICS 541940)

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Section 4.2.G Target Industry Specific Analysis: Health Care and Social Assistance


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5.00

-70% -50% -30% -10% 10% 30% 50% 70% 90% 110%

Spec

ific

Indu

stry

Con

cent

rati

on (L

Q)


Graph 4.2.G: Current Indian River County Industry Analysis

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1 Offices of Physicians (except Mental Health Specialists) (NAICS 621111)2 Offices of Physicians, Mental Health Specialists (NAICS 621112)3 Offices of Dentists (NAICS 621210)4 Offices of Chiropractors (NAICS 621310)5 Offices of Optometrists (NAICS 621320)6 Offices of Mental Health Practitioners (except Physicians) (NAICS 621330)

7 Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340)

8 Offices of Podiatrists (NAICS 621391)9 Offices of All Other Miscellaneous Health Practitioners (NAICS 621399)10 Kidney Dialysis Centers (NAICS 621492)11 Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493)12 All Other Outpatient Care Centers (NAICS 621498)13 Medical Laboratories (NAICS 621511)14 Diagnostic Imaging Centers (NAICS 621512)15 Home Health Care Services (NAICS 621610)16 General Medical and Surgical Hospitals (NAICS 622110)17 Psychiatric and Substance Abuse Hospitals (NAICS 622210)18 Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310)19 Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110)20 Continuing Care Retirement Communities (NAICS 623311)21 Assisted Living Facilities for the Elderly (NAICS 623312)22 Other Residential Care Facilities (NAICS 623990)23 Child and Youth Services (NAICS 624110)24 Services for the Elderly and Persons with Disabilities (NAICS 624120)25 Other Individual and Family Services (NAICS 624190)26 Vocational Rehabilitation Services(NAICS 624310)27 Child Day Care Services (NAICS 624410)

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Table 4.2.G.1: Existing Industry Concentration Comparison Indian River CountyTotal Employment

Regional Total

Employment


Regional Cluster


Offices of Physicians (except Mental Health Specialists) (NAICS 621111) 1,620 11,446 1.94 1.78Offices of Physicians, Mental Health Specialists (NAICS 621112) 19 142 1.05 1.02Offices of Dentists (NAICS 621210) 448 3,239 1.46 1.36Offices of Chiropractors (NAICS 621310) 48 537 1.09 1.59Offices of Optometrists (NAICS 621320) 28 440 0.67 1.33Offices of Mental Health Practitioners (except Physicians) (NAICS 621330) 11 161 0.43 0.82Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340) 153 904 1.32 1.01Offices of Podiatrists (NAICS 621391) 28 176 2.40 1.93Offices of All Other Miscellaneous Health Practitioners (NAICS 621399) 21 314 0.67 1.29Kidney Dialysis Centers (NAICS 621492) 47 472 1.21 1.59Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493) 109 552 2.69 1.76All Other Outpatient Care Centers (NAICS 621498) 21 568 0.49 1.69Medical Laboratories (NAICS 621511) 33 513 0.55 1.08Diagnostic Imaging Centers (NAICS 621512) 30 532 1.25 2.92Home Health Care Services (NAICS 621610) 691 3,873 1.59 1.15General Medical and Surgical Hospitals (NAICS 622110) 2,222 13,563 1.45 1.15Psychiatric and Substance Abuse Hospitals (NAICS 622210) 46 945 1.29 3.40Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310) 197 523 2.79 0.96Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110) 542 6,602 0.96 1.51Continuing Care Retirement Communities (NAICS 623311) 738 1,645 4.93 1.42Assisted Living Facilities for the Elderly (NAICS 623312) 344 1,798 2.53 1.71Other Residential Care Facilities (NAICS 623990) 91 531 1.67 1.26Child and Youth Services (NAICS 624110) 78 517 1.28 1.10Services for the Elderly and Persons with Disabilities (NAICS 624120) 145 914 0.30 0.24

Other Individual and Family Services (NAICS 624190) 155 1,170 1.18 1.15

Vocational Rehabilitation Services(NAICS 624310) 153 1,303 1.39 1.53Child Day Care Services (NAICS 624410) 458 2,397 1.66 1.13Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.



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Section 4.2.G Target Industry Specific Analysis: Health Care and Social AssistanceIndian River County

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Comparison of Industry Concentration (Table 4.2.G.1)In the Health Care and Social Assistance industry, many of the subsectors have an LQ that is within one point of the regional LQ.

There are only two subsectors in which Indian River has a significantly higher concentration than the region and the U.S. (shaded in green):

• Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310)

• Continuing Care Retirement Communities (NAICS 623311)

The following subsectors have significantly lower LQ’s in Indian River than that of the region (shaded in orange):

• All Other Outpatient Care Centers (NAICS 621498)

• Diagnostic Imaging Centers (NAICS 621512)

• Psychiatric and Substance Abuse Hospitals (NAICS 622210)

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Table 4.2.G.2: Existing Industry Wage ComparisonIndian River County



(Annual)



Offices of Physicians (except Mental Health Specialists) (NAICS 621111) $66,769 $75,149 $82,430Offices of Physicians, Mental Health Specialists (NAICS 621112) $58,466 $48,716 $55,924Offices of Dentists (NAICS 621210) $46,462 $48,396 $47,244Offices of Chiropractors (NAICS 621310) $34,286 $32,338 $30,271Offices of Optometrists (NAICS 621320) $33,710 $33,507 $37,540Offices of Mental Health Practitioners (except Physicians) (NAICS 621330) $28,216 $34,271 $37,746Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340) $37,039 $42,883 $42,336Offices of Podiatrists (NAICS 621391) $40,369 $49,953 $42,872Offices of All Other Miscellaneous Health Practitioners (NAICS 621399) $37,142 $46,797 $39,755Kidney Dialysis Centers (NAICS 621492) $42,081 $47,682 $52,580Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493) $36,158 $40,005 $56,890All Other Outpatient Care Centers (NAICS 621498) $33,031 $47,419 $55,642Medical Laboratories (NAICS 621511) $66,560 $56,400 $57,382Diagnostic Imaging Centers (NAICS 621512) $24,729 $51,559 $60,273Home Health Care Services (NAICS 621610) $34,337 $36,068 $27,974General Medical and Surgical Hospitals (NAICS 622110) $50,035 $45,831 $57,643Psychiatric and Substance Abuse Hospitals (NAICS 622210) $44,060 $37,415 $42,712Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310) $54,546 $47,321 $56,481Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110) $29,098 $29,716 $30,362Continuing Care Retirement Communities (NAICS 623311) $24,830 $23,182 $26,536Assisted Living Facilities for the Elderly (NAICS 623312) $20,983 $22,779 $22,630Other Residential Care Facilities (NAICS 623990) $22,027 $28,280 $28,975Child and Youth Services (NAICS 624110) $30,052 $33,116 $30,617Services for the Elderly and Persons with Disabilities (NAICS 624120) $24,491 $20,009 $15,755Other Individual and Family Services (NAICS 624190) $29,648 $33,274 $32,332Vocational Rehabilitation Services(NAICS 624310) $12,555 $23,812 $24,529

Child Day Care Services (NAICS 624410) $19,555 $18,998 $20,186Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage *These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data



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Comparison of Industry Wages (Table 4.2.G.2)Overall, the wages for this industry are slightly lower than that of the regional and the U.S. averages.

There are only five subsectors in which Indian River has higher wages than both the region and the U.S. (shaded in green):

• Offices of Physicians, Mental Health Specialists (NAICS 621112)

• Offices of Chiropractors (NAICS 621310)

• Medical Laboratories (NAICS 621511)

• Psychiatric and Substance Abuse Hospitals (NAICS 622210)

• Services for the Elderly and Persons with Disabilities (NAICS 624120)

Indian River has higher wages than the region, but lower wages than the U.S. in the following subsectors (shaded in yellow):

• Offices of Optometrists (NAICS 621320)

• General Medical and Surgical Hospitals (NAICS 622110)

• Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310)

• Continuing Care Retirement Communities (NAICS 623311)

• Child Day Care Services (NAICS 624410)

All of the other subsectors have lower wages in Indian River than both the region and the U.S. (shaded in orange). Some of the significant differences are foundin the following subsectors:

• Offices of Physicians (except Mental Health Specialists) (NAICS 621111)

• All Other Outpatient Care Centers (NAICS 621498)

• Diagnostic Imaging Centers (NAICS 621512)

• Vocational Rehabilitation Services(NAICS 624310)

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Table 4.2.G.3: Existing Industry Employment Growth Comparison

Indian RiverCounty

10-year Growth (2005 - 2014)

Indian River County

5-year Growth (2010 - 2014)

Regional 10-year

Growth (2005 - 2014)

Regional 5-year

Growth (2010 - 2014)

U.S. 10-year Growth

(2005- 2014)

U.S. 5-year Growth (2010 - 2014)

Total All Industries 17% 9% 25% 7% 25% 11%Offices of Physicians (except Mental Health Specialists) (NAICS 621111) 6% 9% 26% 9% 19% 7%Offices of Physicians, Mental Health Specialists (NAICS 621112) (47%) (59%) (15%) (3%) 22% 15%Offices of Dentists (NAICS 621210) 14% 15% 24% 17% 16% 9%Offices of Chiropractors (NAICS 621310) (6%) 14% 18% 15% 13% 7%Offices of Optometrists (NAICS 621320) 27% (52%) 83% 7% 30% 14%Offices of Mental Health Practitioners (except Physicians) (NAICS 621330) (8%) (8%) 22% 20% 37% 20%Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340) 74% 18% 106% 17% 59% 22%

Offices of Podiatrists (NAICS 621391) 40% 17% (4%) (4%) 2% (2%)Offices of All Other Miscellaneous Health Practitioners (NAICS 621399) 24% 11% 70% 14% 119% 35%Kidney Dialysis Centers (NAICS 621492) (51%) 2% 40% (1%) 51% 20%Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493) 42% 106% 69% 150% 69% 27%All Other Outpatient Care Centers (NAICS 621498) 62% (57%) 711% 117% 57% 24%Medical Laboratories (NAICS 621511) 94% (6%) 51% 50% 31% 12%Diagnostic Imaging Centers (NAICS 621512) 88% 67% 69% (7%) 16% 1%Home Health Care Services (NAICS 621610) 108% 8% 67% (9%) 55% 17%General Medical and Surgical Hospitals (NAICS 622110) 16% 8% 9% 4% 10% 3%Psychiatric and Substance Abuse Hospitals (NAICS 622210) ** 77% (17%) (24%) 14% 4%Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310) (30%) 19% (19%) 58% 33% 2%Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110) (5%) (8%) 11% 2% 5% (0%)Continuing Care Retirement Communities (NAICS 623311) 27% 19% 143% 34% 45% 11%Assisted Living Facilities for the Elderly (NAICS 623312) 262% 44% 48% 28% 29% 15%Other Residential Care Facilities (NAICS 623990) 133% (53%) 128% (3%) (3%) (1%)Child and Youth Services (NAICS 624110) ** 3% 7% 8% 17% 4%Services for the Elderly and Persons with Disabilities (NAICS 624120) (52%) (31%) 77% 4% 215% 109%Other Individual and Family Services (NAICS 624190) (9%) 101% 24% 19% 22% 3%Vocational Rehabilitation Services(NAICS 624310) 1291% 6% 3% (8%) 4% (2%)Child Day Care Services (NAICS 624410) 43% 38% 4% (2%) 9% 3%Source: Economic Modeling Systems Inc. (EMSI) ) http://www.economicmodeling.com/data/usa-data/, Ady Advantage* These industries are not included in the previous Bubble Plot due to insufficient data.**Insufficient data





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Comparison of Industry Growth (Table 4.2.G.3)The Health Care and Social Assistance industry in Indian River has grown 17% in the 10-year period and 9% in the 5-year period, which is on par with theregion, but slightly lower than the U.S. average.

There were four subsectors that showed significantly higher growth in both the 5-year and 10-year periods compared to that of the region and the U.S.:• Offices of Podiatrists (NAICS 621391)• Diagnostic Imaging Centers (NAICS 621512)• Assisted Living Facilities for the Elderly (NAICS 623312)• Child Day Care Services (NAICS 624410)

However, there were also four subsectors that showed significantly lower growth in both the 5-year and 10-year periods compared to that of the regionand the U.S.:• Offices of Physicians, Mental Health Specialists (NAICS 621112)• Offices of Mental Health Practitioners (except Physicians) (NAICS 621330)• Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310)• Services for the Elderly and Persons with Disabilities (NAICS 624120)

The following subsectors had significantly higher growth in the 10-year or the 5-year period:• Home Health Care Services (NAICS 621610)• Vocational Rehabilitation Services(NAICS 624310)• Psychiatric and Substance Abuse Hospitals (NAICS 622210)

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Comparison of Industry Growth (Table 4.2.G.3) (continued)There were also some subsectors that showed significantly lower growth than the region and the U.S. in the 10-year or 5-year periods:• Offices of Physicians (except Mental Health Specialists) (NAICS 621111)• Offices of Chiropractors (NAICS 621310)• Offices of Optometrists (NAICS 621320)• Offices of All Other Miscellaneous Health Practitioners (NAICS 621399)• Kidney Dialysis Centers (NAICS 621492)• Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110)• Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493)• Other Residential Care Facilities (NAICS 623990)• All Other Outpatient Care Centers (NAICS 621498)• Continuing Care Retirement Communities (NAICS 623311)

Interestingly, two subsectors showed significantly higher growth in either the 5-year or 10-year period, but significantly lower growth in the other period:• Medical Laboratories (NAICS 621511)• Other Individual and Family Services (NAICS 624190)

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Rank Table 4.2.G.4 Existing Health Care and Social Assistance Industry Ranked by Number of JobsIndian River County



Growth


(LQ)1 General Medical and Surgical Hospitals (NAICS 622110) 2,222 8% 1.452 Offices of Physicians (except Mental Health Specialists) (NAICS 621111) 1,620 9% 1.943 Continuing Care Retirement Communities (NAICS 623311) 738 19% 4.93 (1)4 Home Health Care Services (NAICS 621610) 691 8% 1.595 Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110) 542 (8%) 0.966 Child Day Care Services (NAICS 624410) 458 38% 1.667 Offices of Dentists (NAICS 621210) 448 15% 1.468 Assisted Living Facilities for the Elderly (NAICS 623312) 344 44% (5) 2.53 (4)9 Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310) 197 19% 2.79 (2)

10 Other Individual and Family Services (NAICS 624190) 155 101% (2) 1.1811 Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340) 153 18% 1.3212 Vocational Rehabilitation Services(NAICS 624310) 153 6% 1.3913 Services for the Elderly and Persons with Disabilities (NAICS 624120) 145 (31%) 0.3014 Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493) 109 106% (1) 2.69 (3)15 Other Residential Care Facilities (NAICS 623990) 91 (53%) 1.6716 Child and Youth Services (NAICS 624110) 78 3% 1.2817 Offices of Chiropractors (NAICS 621310) 48 14% 1.0918 Kidney Dialysis Centers (NAICS 621492) 47 2% 1.2119 Psychiatric and Substance Abuse Hospitals (NAICS 622210) 46 77% (3) 1.2920 Medical Laboratories (NAICS 621511) 33 (6%) 0.5521 Diagnostic Imaging Centers (NAICS 621512) 30 67% (4) 1.2522 Offices of Optometrists (NAICS 621320) 28 (52%) 0.6723 Offices of Podiatrists (NAICS 621391) 28 17% 2.40 (5)24 Offices of All Other Miscellaneous Health Practitioners (NAICS 621399) 21 11% 0.6725 All Other Outpatient Care Centers (NAICS 621498) 21 (57%) 0.4926 Offices of Physicians, Mental Health Specialists (NAICS 621112) 19 (59%) 1.0527 Offices of Mental Health Practitioners (except Physicians) (NAICS 621330) 11 (8%) 0.43




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Industry Rankings (Table 4.2.G.4)To further explore the Health Care and Social Assistance industry in Indian River, the six-digit NAICS codes were used to rank the various sectors by (1)number of jobs, (2) growth, and (3) concentration, or LQ. This helps to ensure that no niche areas that may present an opportunity are overlooked.


• General Medical and Surgical Hospitals (NAICS 622110) employs the most people in Indian River, with 2,222 employees. This is followed by Offices ofPhysicians (NAICS 621111), employing 1,620 people, and Continuing Care Retirement Communities (NAICS 623311), employing 738 people.

• There were two subsectors that experienced growth of over 100% in the past 5 years: Freestanding Ambulatory Surgical and Emergency Centers (NAICS621493) and Other Individual and Family Services (NAICS 624190).

• There are five subsectors in the Health Care and Social Assistance industry with LQ’s over two. The highest is Continuing Care Retirement Communities(NAICS 623311) with an LQ of 4.93.


• None of the subsectors rank in the top five for all three categories

• We do not see a correlation between number of jobs and LQ in this industry

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Take-AwaysStar IndustriesOffices of Physicians (except Mental Health Specialists) (NAICS 621111) is the second largest subsector in the Health Care and Social Assistance industry in IndianRiver, employing 1,620 people. It has an LQ of 1.94, which is slightly above the regional LQ of 1.78. Employees in this subsector earn, on average, $66,769, whichis lower than their counterparts in the region ($75,149) and in the U.S. ($82,430). This subsector saw lower growth in the 5-year period in Indian River than inthe region and the U.S., but the 5-year growth of 9% is on par with the region and slightly higher than the U.S. growth rate (7%).

Offices of Dentists (NAICS 621210) have an above average LQ of 1.46 in Indian River, compared to the regional LQ of 1.36. Offices of Dentists employ 448 people inIndian River who earn an average annual wage of $46,462, which is similar to that of the region ($48,396) and the U.S. ($47,244). The 10-year and 5-year growthrates for this subsector in Indian River were similar to the region and the U.S. The 5-year growth rates are 15% for Indian River, 17% for the region and 9% forthe U.S.

Offices of Chiropractors (NAICS 621310) employs 48 people in Indian River and its LQ of 1.09 is slightly lower than that of the region (1.59). These employees earnan average of $34,286, which is slightly above that of the region ($32,338) and the U.S. average ($30,271). Although this subsector experienced negative growthof 6% in the 10-year period, it grew by 14% in the past 5 years. This is on par with the region, which grew 15% in the 5-year period, and above the U.S. 5-yeargrowth rate of 7%.

Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340) in Indian River, the region and the U.S. saw high 10-year growth of 74%,106%, and 59%, respectively. With an LQ of 1.32 (slightly higher than the region’s LQ of 1.01), this subsector employs 153 people. On average, these employeesin Indian River earn $37,039, which is slightly less than their counterparts in both the region ($42,883) and in the U.S. ($42,336).

Offices of Podiatrists (NAICS 621391) employs 28 people in Indian River and has an LQ of 2.40, which is higher than the region (1.93) and significantly higher thanthe U.S. average. These 28 people earn an average annual wage of $40,369 in Indian River, which is significantly less than their regional counterparts who earn$49,953 and just under their U.S. counterparts, who earn $42,872 annually.

Kidney Dialysis Centers (NAICS 621492) have an LQ of 1.21 in Indian River, which is higher than the U.S. average, but slightly lower than the region’s LQ of 1.59.The 47 employees in this subsector earn an average annual wage of $42,081 in Indian River, compared to their counterparts in the region ($47,682) and in theU.S. ($52,580). This subsector experienced negative 10-year growth of 51% in Indian River, while the region grew by 40% and the U.S. grew by 51%.

Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493) employs just over 100 people in Indian River and has an LQ of 2.69, which is higher thanthat of the region (1.76) and the U.S. average. These employees earn an average annual wage of $36,158 in Indian River. Their counterparts in the region earnslightly more ($40,005) and their counterparts in the U.S. earn significantly more ($56,890). Although this subsector experienced a 10-year growth rate less thanthe region and the U.S., its 5-year growth rate of 106% is below that of the region (150%) and much higher than that of the U.S. (27%).

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Take-AwaysStar IndustriesDiagnostic Imaging Centers (NAICS 621512) accounts for only 30 employees in Indian River, which is why its LQ of 1.25 is less than the region’s LQ of 2.92. Theseemployees earn, on average, $24,729, which is significantly lower than the regional ($51,559) and U.S. ($60,273) average wages in this subsector. Indian River’sDiagnostic Imaging Centers have seen a 10-year growth of 88% and a 5-year growth of 67%, both of which are higher than the growth seen in the region and theU.S. during those same time periods.

Home Health Care Services (NAICS 621610) is the fourth-largest Health Care and Social Assistance subsector in Indian River, employing 691 people. Its LQ of 1.59is slightly above that of the region (1.15). Employees in this subsector earn an average annual wage of $34,337 in Indian River, which is slightly less than theirregional counterparts ($36,068), but higher than their U.S. counterparts ($27,974). This subsector experienced an extremely high 10-year growth of 108%compared to that of the region (67%) and the U.S. (55%).

General Medical and Surgical Hospitals (NAICS 622110) employs the most people in Indian River’s Health Care industry, with 2,222 employees. These employeesearn $50,035, which is more than their regional counterparts (45,831), but less than the U.S. average annual wage (57,643). Indian River has an LQ of 1.45 forthis subsector, which is only slightly above the regional LQ. With 10-year and 5-year growth rates of 16% and 8% respectively, Indian River had slightly highergrowth in both of these time periods than was seen in the region and the U.S.

Psychiatric and Substance Abuse Hospitals (NAICS 622210) has an LQ of 1.29, which is slightly above the U.S. average, but significantly below the regional LQ(3.40). This subsector employs 46 people who earn, on average, $44,060, which is more than their counterparts in the region ($37,415) and in the U.S. (42,712).The 5-year growth for this subsector in Indian River was 77%, which is significantly higher than that of the region (-24%) and the U.S. (4%).

Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310) has a significantly higher LQ in Indian River than in the region. Indian River’s LQ is2.79, while the LQ for the region is 0.96 (below the U.S. average). This subsector employs 197 people in Indian River. These employees earn an average annualwage of $54,546, which is more than their regional counterparts ($47,321), but less than the U.S. average (56,481). This subsector experienced negative growthof 30% in the 10-year period, but positive growth of 19% in the 5-year period.

Continuing Care Retirement Communities (NAICS 623311) is the third largest Health Care subsector in Indian River in terms of employment. It employs 738people, who earn an average annual wage of $24,830. These wages are similar to what is found in the region ($23,182) and slightly less than that of the U.S.(26,536). Its LQ of 4.93 is significantly higher than the region’s LQ (1.42). The subsector has seen positive growth of 27% in the 10-year period and 19% in the 5-year period. The region grew at a higher growth rate in both time periods, 143% and 34% respectively.

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Take-AwaysStar IndustriesAssisted Living Facilities for the Elderly (NAICS 623312) employs 344 people in Indian River. Its LQ of 2.53 is slightly higher than that of the region (1.71). IndianRiver employees in this subsector earn slightly less than their regional and U.S. counterparts by about $2,000 annually. This subsector saw significant 10-yeargrowth in Indian River of 262%, but then slowed to 44% in the 5-year period. Both of these growth rates are higher than the 10-year and 5-year growth rates ofboth the region and the U.S.

Child and Youth Services (NAICS 624110) is a fairly small subsector in Indian River, employing 78 people. It has an LQ of 1.28, which is slightly higher than theregion’s LQ of 1.10. This industry has seen fairly stagnant 5-year growth across the board, only growing 3% in Indian River, 8% in the region and 4% in the U.S.Average annual wages for this subsector are also on par with the region and the U.S. Employees in Indian River earn $30,052, while their counterparts in theregion earn $33,116 and in the U.S. earn ($30,617).

Other Individual and Family Services (NAICS 624190) employs 155 people in Indian River. The LQ in Indian River is 1.18, which is on par with the region’s LQ of1.15. Employees in this subsector in Indian River earn, on average, $29,648, which is about $3,000-4,000 less than their regional and U.S. counterparts. Thissubsector has shown significant 5-year growth of 101% in Indian River, while the region only saw a growth of 19% and the U.S. saw a growth of 3%.

Vocational Rehabilitation Services (NAICS 624310) has an LQ of 1.39, which is higher than the U.S. average, but slightly lower than the regional concentration(1.53). This subsector employs 153 people who earn an average annual wage of $12,555 in Indian River. This is significantly less than their counterparts in theregion, who earn $23,812, and the U.S. average of $24,529. This subsector in Indian River had the highest 10-year growth rate of 1,291%, but slowed to only 6%in the 5-year period. Both of these growth rates are significantly higher than that of the region and the U.S.

Child Day Care Services (NAICS 624410) employs 458 people in Indian River. With an LQ of 1.66, they are slightly more concentrated than the region (1.13). The458 employees in this subsector earn, on average, $19,555. This is slightly higher than the regional wages ($18,998), but slightly lower than average U.S. wages($20,186) in this subsector. Indian River’s 10-year and 5-year growth of 43% and 38%, respectively, is significantly higher than the growth seen in the region andthe U.S. in those same time periods.

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Take-AwaysOpportunitiesOffices of All Other Miscellaneous Health Practitioners (NAICS 621399) has a significantly lower LQ (0.67) than the U.S. average and the region’s LQ of 1.29.Although this subsector only employs 21 people in Indian River, it has seen positive growth in the 10-and 5-year periods of 24% and 11%, respectively. Both ofthese growth rates, however, are lower than what was seen in the region and the U.S. during those same time periods. Employees in this subsector earn$37,142 on average, which is about $2,000 less than the U.S. average and almost $10,000 less than the region’s wages.

MainstaysOffices of Physicians, Mental Health Specialists (NAICS 621112)Other Residential Care Facilities (NAICS 623990)

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First Pass AnalysisFrom the 2-digit NAICS code analysis in Chapter 3, seven industries were recommended for further exploration. That section will be included in the targetindustry recommendations as the “first pass” of the target industry specific analysis (6-digit).

The following is a list of the industries that had originally been recommended for deeper analysis at the 6-digit level for the purpose of finding potential nichemarkets.

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Section 4.3 Target Industry Recommendations-First Pass Analysis

Industry

Agriculture/Crop & Animal Production (NAICS 11)

Manufacturing (NAICS 31-33)

Transportation and Warehousing (NAICS 48-49)

Information (NAICS 51)

Finance & Insurance (NAICS 52)

Professional, Scientific & Technical Services (NAICS 54)

Health Care and Social Assistance (NAICS 62)


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Industry NAICS EMSI “Star” or “Opportunity”

Top 5 (based on # of

employees)

StakeholderInput Include? Reason/Comments

Crop Production 111000 Star NoIndustry needs to diversify from citrus production, but replacement industry has not yet been identified

Farm Management Solutions 115116 Star MaybeRecruit only if it is not tied to citrus and/or can be extended beyond citrus because citrus is down.

Animal Production & Aquaculture 112000 Opportunity Yes Already exists and shows potential

Second and Third Pass Analysis: AgricultureThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.

Section 4.4: Target Industry Recommendations-Second & Third Pass AnalysisIndian River County

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Second and Third Pass Analysis: ManufacturingThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.



employees)


Frozen Fruit, Juice and Vegetable Manufacturing 311411 Star No We assume this is dependent on the

citrus industry.

Nitrogenous Fertilizer Manufacturing 325311 Star No

High growth, but not sure where this is coming from. Local ordinances prohibit applying of fertilizer during rainy season, because it ends up in the lagoon.

Wood Kitchen Cabinet and Countertop Manufacturing 337110 Star No Appears to be driven by demand for

high-end/custom homes. Tends to follow the real estate market.Custom Architectural Woodwork and

Millwork Manufacturing 337212 Star No

Aircraft Manufacturing 336411 No

Do not want to recruit a competitor company to original equipmentmanufacturer (OEM) already in the county. Do want to recruit companies that support these large existing companies with supply chain.

Ammunition (except Small Arms) Manufacturing 332993 Yes

This industry already exists in Indian River County. There has been an interest in Indian River County from these types of companies and it fits well with local business climate.


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Second and Third Pass Analysis: Manufacturing Cont.The following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.



employees)


Other Aluminum Rolling, Drawing, and Extruding 331318 Star BRE*

• These industries provide materials that are used by original equipment manufacturers (OEMs).

• These companies should be supported and welcomed with open arms, especially if they are supporting an OEM or their supply chain.

• Not industries to necessarily recruit.

Other Commercial and Service Industry Machinery Manufacturing 333318 Star BRE*

Cutting Tool and Machine Tool Accessory Manufacturing 333515 Star BRE*

Rubber and Plastic Hoses and Belting Manufacturing 326220 BRE*

Machine Shops 332710 BRE*

Section 4.4: Target Industry Recommendations-Second & Third Pass Analysis

*BRE=Business Retention and Expansion


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Second and Third Pass Analysis: Transportation and WarehousingThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.



employees)


General Warehousing and Storage 493110 Star YesA large employer is already located in the region; IRC is a suitable location for other DC’s, perhaps in different sectors

General Freight Trucking, Local 484110 Opportunity Yes

With a trucking school outside of the region, there is an opportunity to replenish the diminishing workforce in this industry. Suitable location for transportation.

Couriers and Express Delivery Services 492110 Opportunity No

Not a industry that should be recruited. Usually will follow population or businesses; things like FedEx or UPS

Used Household and Office Goods Moving 484210 No Driven by population and economy, not

driving it

Other Airport Operations 488119 No Driven by population and economy, not driving it


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Second and Third Pass Analysis: InformationThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.




employees)


Motion Picture Theaters(except Drive-Ins) 512131 Star No If there is a market need these will expand and

Indian River County should welcome with open arms, these are more consumer based/retail industries, not necessarily what Indian River County should focus on recruiting.

Radio Stations 515112 Opportunity No

Newspaper Publishers 511110 No

Book Publishers 511130 Opportunity No These industries need a specific workforce, that may not be available in Indian River County. There is insufficient data on the location quotients for these careers.Periodical Publishers 511120 No

Software Publishers 511210 NoAvailability of software developers and computer programmers is low, well below U.S. average.

Wired Telecommunications Carriers 517110 Opportunity No This industry tends to follow the population.


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Second and Third Pass Analysis: Finance and InsuranceThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.



employees)


Securities Brokerage 523120 Star NoWe are assuming the growth from these comes from the wealthy people in the county. These tend to follow the economy, rather than drive it

Insurance Agencies and Brokerages 524210 Star No

Direct Title Insurance Carriers 524127 Opportunity No

All Other Nondepository Credit Intermediation 522298 Opportunity No

Not a significant location quotient in Indian River County for occupations relevant to this industry.

Third Party Administration of Insurance and Pension Funds 524292 Opportunity No

Driven by industry and economy, doesn’t drive it.

Commercial Banking 522110 No

Credit Unions 522130 No Consumer driven. More of a retailoperation than industry


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Second and Third Pass Analysis: Professional, Scientific and Technical ServicesThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.



employees)

StakeholderInput Include?

Tax Preparation Services 541213 Star No

These are potentially consumer driven. If they are business driven, then they tend to follow business.

Offices of Lawyers 541110 No

Other Accounting Services 541219 No

Administrative Management and General Management Consulting Services 541611 Star No

Veterinary Services 541940 No Consumer driven; follows the population and economy, doesn’t drive it.Interior Design Services 541410 Star No

Other Services Related to Advertising 541890 Star NoWelcome, but don’t pursue

Marketing Consulting Services 541613 Opportunity No

Surveying and Mapping (except Geophysical) Services 541370 Star No Usually construction or property

driven. Follower not a driver.

Computer Systems Design Services 541512 Opportunity Yes Lockheed is already in Melbourne, so there is opportunity

Environmental Consulting Services 541620 Opportunity Yes These types of industries were mentioned by stakeholders (i.e. “Green, clean” type industries

Other Scientific and Technical Consulting Services 541690 Opportunity Yes

Engineering Services 541330 No Did not show up as a star or opportunity on EMSI


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employees)


Offices of Physicians (except Mental Health Specialists) 621111 Star No

• Tend to follow economy, not lead

• Maintain existing physicians,dentists, etc.

• Try to attract additional specialized clinics.

Offices of Dentists 621210 Star No

Offices of Physical, Occupational and Speech Therapists, and Audiologists

621340 Star No

Offices of Podiatrists 621391 Star No

Kidney Dialysis Centers 621492 Star No

Freestanding Ambulatory Surgicaland Emergency Centers 621493 Star No

Diagnostic Imaging Centers 621512 Star No

Home Health Care Services 621610 Star No

General Medical and Surgical Hospitals 622110 Star No

Psychiatric and Substance Abuse Hospitals 622210 Star No

Specialty (except Psychiatric and Substance Abuse) Hospitals 622310 Star No

Second and Third Pass Analysis: Health Care and Social AssistanceThe following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.


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employees)


Continuing Care Retirement Communities 623311 Star No

• Tend to follow economy, not lead

• Maintain existing physicians,dentists, etc.

• Try to attract additional specialized clinics.

Assisted Living Facilities for the Elderly 623312 Star No

Child and Youth Services 624110 Star No

Other Individual and Family Services 624190 Star No

Vocational Rehabilitation Services 624310 Star No

Child Day Care Services 624410 Star No

Offices of All Other Miscellaneous Health Practitioners 621399 Opportunity No

Nursing Care Facilities (Skilled Nursing Facilities) 623110 No

Second and Third Pass Analysis: Health Care and Social Assistance cont.The following industries were classified as “stars” or “opportunities” based on the EMSI data, and/or included in the top five sectors basedon employment, and/or mentioned by the stakeholders/employers in interviews.


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4.5 Target Industry Recommendations SummaryFollowing are the five target industries that we believe Indian River County should focus its marketing and recruitment efforts on. The industries areorganized by priority and within these industries the subsectors are also organized by priority.

1. Manufacturinga. Ammunition and Related – There has already been inbound interest from these types of companies to locate in the county in the recent

past and it fits well with the local business climate. We recommend expanding beyond just ammunition to also include small arms.

• Ammunition (except Small Arms) Manufacturing-NAICS 332993

2. Professional, Scientific and Technical Servicesa. Environmental Consulting Services - These types of industries were mentioned quite a few times during our primary research with

stakeholders (e.g. “clean” industries; ecologically-focused industries) and also rose to the top in the desk research. As companies becomemore “green”, this could drive demand for these types of services, and it’s a good fit with the culture of Indian River County.

• Environmental Consulting Services-NAICS 541620

• Other Scientific and Technical Consulting Services-NAICS 541690

b. Computer Systems Design Services: This could be a secondary industry that Indian River County should be aware of as Lockheed isalready in Melbourne, so the opportunity is there, just need to take advantage of it. This could be a good fit for the county and in the pastfive years, this subsector has experienced extremely high growth.

• Computer Systems Design Services-NAICS 541512

3. Transportation and Warehousinga. Warehousing- The west side of the county offers a location from which companies looking to distribute products to south Florida can be

located. Indian River County is already getting leads in this industry. Build off of CVS Pharmacy’s success.

• General Warehousing and Storage-NAICS 493110

b. Trucking- There is an opportunity for trucking, as people in this industry continue to retire. With a trucking school just outside the region,as well as a training program at Indian River State College, there are opportunities for companies to employ residents in this field.

• General Freight Trucking, Local-NAICS 484110

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4.5 Target Industry Recommendations Summary (continued)Continued…

4. Agriculturea. Aquaculture- This subsector was mentioned multiple times during the primary research. Indian River County has already seen emergence

in this industry, and while its size is still small, it may help offset the decline in the citrus industry.

• Animal Production & Aquaculture-NAICS 112000

b. Farming and Crop Services- This subsector is currently serving the citrus industry. If these companies can move beyond citrus and adaptto serving other industries, this could be an opportunity.

• Farm Management Solutions-NAICS 115116

5. Health Carea. Specialized clinics- Subsectors within the healthcare industry tend to follow the economy rather than drive it. However, Indian River

County has an opportunity to attract specialized clinics which would bring new wealth into the county and improve the quality of lifewithin the region. Note that there is not a specific NAICS code for “specialized clinics”, as it can fall into many different subsectors.

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4.5 Target Industry Recommendations Summary (continued)The recommended target industries are plotted on a bubble chart on the following page at the 6-digit NAICS code level in order to see the growth,concentration and size of each of the target industries. All of the recommended target industries were identified as “stars” or “opportunities” using theEMSI data. These industries also had high growth and/or high location quotients (LQs) and/or were mentioned in the qualitative research.

Note that there are two industries that do not appear on the bubble chart for the following reasons:

• Ammunition and Related: This industry has insufficient data on 5-year growth, so it cannot be plotted. However, this industry has an extremely high location quotient of 8.69 (anything above 1.20 is considered strong).

• Specialized Clinics: This industry does not have a specific NAICS code, therefore there is no EMSI data for the growth, size or location. This uniqueindustry already exists in Indian River County. According to the 2-digit level NAICS code analysis, the Health Care and Social Assistance industry is growing in Indian River County and while this industry tends to follow the economy and the population, Indian River County has the ability to support these specialized clinics.

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Section 4.5 Recommended Target Industries


(3.50)

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6.50

11.50

16.50

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31.50

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Graph 4.5.A: Recommended Target Industry Analysis for Indian River County

1 54 2

6

Recommended Target Industries1 Environmental Consulting Services (NAICS 541620)2 Computer Systems Design Services (NAICS 541512)3 General Warehousing and Storage (NAICS 493110)4 General Freight Trucking, Local (NAICS 484110)5 Animal Production and Aquaculture (NAICS 112000)6 Farm Management Services (NAICS 115116)

7 * Ammunition and Small Arms Manufacturing: not included due to insufficient 5-year growth data

8 ** Specialized Clinics: not included because industry does not have one specific NAICS code

MAINSTAYS

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OPPORTUNITIES

= 50 employees

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4.6 The Role of Business Recruitment in ContextTargeted Recruitment as Part of the Overall Economic Development Plan

While this report has focused on industries for Indian River County to target via recruitment strategies, it is important to note that recruitment is justone of several economic development strategies that, taken together, will drive the County’s economic development efforts. In Indian River County,the core economic development strategies include:

• Targeted Recruitment/Attraction

• Business Retention and Expansion (BRE)

• Small Business Development and Entrepreneurship

• Original Equipment Manufacturer (OEM) and Supply Chain

Business Retention and Expansion

A long-known truth in economic development is that most job creation and investment, in most places, comes from keeping businesses in the regionand helping them expand.

In addition, having a strong BRE program is important because a region’s BRE program is its best defense against a competing region’s businessrecruitment program, and vice-versa. Indian River County’s economic development plan includes a considerable amount of time and effort on BREactivities,. Ady Advantage recommends that this continue. At the same time, there are some opportunities identified in this report that should befolded into the BRE contact plan. As example includes existing clusters such as wood working/cabinet making.

Small Business Development and Entrepreneurship

Small businesses and entrepreneurship should be considered as part of the overall economic development plan. Indian River County has a unique mixof assets that can be used to attract, support and retain start-ups and other small businesses, including a high quality of life, low costs of doingbusiness and Indian River State College, which serves the county. These types of assets help promote entrepreneurialism and innovation in the county.Indian River County also has various incentives to help small businesses, such as the HUBZone Program.

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4.6 The Role of Business Recruitment in Context (continued)OEM Strategy

OEMs or original equipment manufacturers can have a large impact on the local/regional economy. Indian River County has some large OEMs likePiper, as well as OEMs in the surrounding region. This strategy is a blend of BRE, and business recruitment in that we are not recommending that IndianRiver County try to recruit any businesses that directly compete with existing OEMS. Rather, we suggest a special focus on these OEMs, as they areliterally the county’s key accounts for business retention and expansion.

The second element is to look to recruit for any gaps in their supply chains, as appropriate, to help strengthen the OEM’s competitiveness andcommitment to the region. This comes in to play in some of the industries such as


• Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318)

• Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515)

• Rubber and Plastic Hoses and Belting Manufacturing (NAICS 326220)


• We also suggest mapping existing businesses’ ties to OEMs, with the goal of identifying specific OEMs, perhaps in additional industries, that youshould consider contacting and pursuing directly.

• This would be a natural outcome of baseline BRE work.

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4.7 Industry Specific PositioningIntroductionAs part of Section 5 of the county’s Strategic Positioning Target Industry Assessment and Action Plan, the core economic asset maps and competitivepositioning were developed for Indian River County as a whole. As noted in that section, competitive positioning statements are “elevator pitches” orwhat you would tell a site selector if you only had a few minutes to talk to him/her. These are important as they depict the county’s strengths and alsoact as a guide when marketing the county. In the previous research done for Indian River County, Ady Advantage developed the following overallpositioning for the county. This positioning was then used to figure out the target industry specific positioning.

Overall PositioningIndian River County has access to a labor force of over 470,000, which has been growing at a rate of 17.5 percent over the last ten years. Theseindividuals are well educated, 87.3 percent of them have graduated high school, and have access to some of the best training in the nation includingIndian River State College, which was recently named a top ten community college in the nation. That being said, the cost of doing business is low.Florida is rated the 5th best state in terms of state business tax climate and offers some of the best training grants in the nation. In addition, IndianRiver County has some of the lowest millage rates in the state along with reduced impact fees for specific industries. Access to raw materials andmarkets is also an advantage within Indian River County as there is ample access to regional markets via I-95 and the Florida Turnpike. Access tointernational markets is available via the two municipal airports, nearby Orlando International Airport, and several major ports located on the easterncoast. The closest port, Port Canaveral, is designated as a foreign trade zone and can ship products easily to Canada, South America, Europe, Africa,and Asia. All of this before we even mention the superb quality of life experienced within a coastal Florida county.

Talking PointsLow Cost of Doing Business:

• Florida is rated as the 5th best state in terms of state business tax climate• Indian River County has some of the lowest millage rates within the state• The cost of living within Indian River County is four percent lower than the national average

Transport:• There is ample access to regional markets via I-95 and SR 60, which run through the county, and the Florida Turnpike, which can be

accessed just west of the county via SR 60 or south of the county via I-95.• Access to international markets is available through several major ports on the coast. The closest being Port Canaveral, which is about an

hour away• Indian River County also has two airports and is within a 90-minute drive of one of the nation’s largest airports in Orlando.

Labor:• Labor costs are 5-13 percent lower than the national average across the board.• Florida has a low unionization rate of 5.4 percent, which is 5.9 percent lower than the national average.

Training:• Indian River County has access to some of the best training grants and resources in the nation.• Indian River State College was named one of the best ten community colleges in the country.

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4.7 Industry Specific Positioning - Manufacturing

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Indian River County Competitiveness

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Business Costs Asset Map Business Conditions Asset Map


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4.7 Industry Specific Positioning - Manufacturing Manufacturing PositioningIndian River County already has some large manufacturing companies in the county and in the region and this may be an opportunity to recruit otherlarge manufacturers, as well as companies who will support existing businesses in the region. Low labor costs, low cost of living and a beneficial statebusiness tax are an advantage to Indian River County’s manufacturing industry. Indian River County also has a growing, knowledgeable workforceavailable, with various training programs and Indian River State College which serves the county. Its location provides four major highways in thecounty, as well as several major ports nearby. Specific manufacturing subsectors that are recommended for recruitment for Indian River Countyinclude ammunition and related, and woodwork or other manufacturing for high-end homes.

Talking Points• Large original equipment manufacturers (OEM’s) already in the region• Labor Costs• Labor Growth• Training Programs/Education• Transportation

HighwayPort

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4.7 Industry Specific Positioning – Professional, Scientific and Technical

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4.7 Industry Specific Positioning – Professional, Scientific and Technical ServicesProfessional, Scientific and Technical Services PositioningIn the stakeholder interviews, environmental consulting services was mentioned multiple times and was also identified as an opportunity through theeconomic analysis. Therefore, this is the recommended subsector to focus on. These types of industries fit well with the culture of Indian River Countyand will benefit from the availability/diversity of higher education in the county and nearby, the availability of fiber and the location of the county.Southern Florida’s unique peninsula location in the U.S. makes it the perfect place for environmental services, especially those related to the ocean.Florida has various ocean tech resources and programs available at Florida Atlantic University and Florida Institute of Technology. A secondary focusincludes computer systems design services. With its extremely high 5-year growth and Lockheed already located in Melbourne, there may be anopportunity to recruit companies in this industry.

Talking Points• Availability of higher education• Incubator at Indian River State College• Various ocean tech resources-Florida Atlantic University and Florida Institute of Technology• Availability of fiber• Quality of life

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4.7 Industry Specific Positioning – Transportation & Warehousing

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4.7 Industry Specific Positioning – Transportation & WarehousingTransportation and Warehousing PositioningWithin a day’s drive, companies in Indian River County can reach over 34.7 million people. Its access to four major highways and multiple ports nearby,makes Indian River County an ideal location for transportation, as well as warehousing to be distributed to south Florida. As many other areas in theUnited States may be seeing a decline in transportation because of the lack of available workers, Indian River County has a trucking school nearby inOkeechobee, as well as a training program at Indian River State College that can create a new pool of workers. There are already various warehouseoperations in the region and Indian River County is receiving leads in this industry.

Talking Points• Access to population• Access to highways and ports• Trucking school in Okeechobee• Current Companies• Leads in this industry

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4.7 Industry Specific Positioning – Agriculture

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4.7 Industry Specific Positioning – AgricultureAgriculture PositioningAgriculture has always been an important part of Indian River County’s economy; however, this has historically been due to the citrus industry, which isnow declining. The subsector, aquaculture, was mentioned multiple times during the primary research. Indian River County has already seenemergence in this industry, and while its size is still small, it can help offset the decline in the citrus industry. The agriculture industry in Indian RiverCounty will benefit from the historical presence of agriculture, the low labor costs and the access to markets. Indian River County is also verycompetitive on the availability of water and gas which will be important to this industry as well.

Talking Points• Historical presence of agriculture• Low labor costs• Access to markets• Availability of utilities

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4.7 Industry Specific Positioning – Specialized Health Care

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4.7 Industry Specific Positioning – Specialized Health CareSpecialized Health Care PositioningIndian River County has an opportunity to attract specialized clinics which would bring new wealth into the county and improve the quality of lifewithin the region. Although there are no opportunities for bachelors degrees and higher in the county, there are opportunities nearby. Indian RiverState College is ranked in the top ten community colleges in the U.S. and offers various specialized programs that this industry could benefit from. Asthe population grows in Indian River County, it would be expected that the demand for health care will increase. This could be an opportunity forIndian River County to bring in specialized clinics and be known for having this in the region. Cost of living will be important for employees in thisindustry and air access will be important for patients and for recruiting specialized doctors to work in Indian River County.

Talking Points• Diversity of Higher Education in region and state• Population Growth• Labor Costs• Cost of Living• Air Access

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Appendix: NAICS Code DefinitionsThe following is an alphabetical list of NAICS codes that were identified in the second and third pass analysis. The definitions are provided from the U.S.Census website in order to get a better idea of the targeted industries recommended by Ady Advantage, as well as the industries that have beeneliminated.

Administrative Management and General Management Consulting Services (NAICS 541611): Establishments primarily engaged in providingoperating advice and assistance to businesses and other organizations on administrative management issues, such as financial planning andbudgeting, equity and asset management, records management, office planning, strategic and organizational planning, site selection, new businessstartup, and business process improvement. This industry also includes establishments of general management consultants that provide a full range ofadministrative; human resource; marketing; process, physical distribution, and logistics; or other management consulting services to clients.

Aircraft Manufacturing (NAICS 336411): Establishments primarily engaged in one or more of the following: (1) manufacturing or assembling completeaircraft; (2) developing and making aircraft prototypes; (3) aircraft conversion (i.e., major modifications to systems); and (4) complete aircraft overhauland rebuilding (i.e., periodic restoration of aircraft to original design specifications).

All Other Nondepository Credit Intermediation (NAICS 522298): Establishments primarily engaged in providing nondepository credit (except creditcard issuing, sales financing, consumer lending, real estate credit, international trade financing, and secondary market financing). Examples of types oflending in this industry are: short-term inventory credit, agricultural lending (except real estate and sales financing) and consumer cash lendingsecured by personal property.

Ammunition (except Small Arms) Manufacturing (NAICS 332993): Establishments primarily engaged in manufacturing ammunition (except smallarms). Examples of products made by these establishments are bombs, depth charges, rockets (except guided missiles), grenades, mines, andtorpedoes.

Animal Production & Aquaculture (NAICS 112000): Establishments are classified to the Animal Production and Aquaculture subsector when animalproduction (i.e., value of animals for market) accounts for one-half or more of the establishment's total agricultural production.

Assisted Living Facilities for the Elderly (NAICS 623312): Establishments primarily engaged in providing residential and personal care services (i.e.,without on-site nursing care facilities) for (1) the elderly or other persons who are unable to fully care for themselves and/or (2) the elderly or otherpersons who do not desire to live independently. The care typically includes room, board, supervision, and assistance in daily living, such ashousekeeping services.

Book Publishers (NAICS 511130): Establishments in this industry carry out design, editing, and marketing activities necessary for producing anddistributing books. These establishments may publish books in print, electronic, or audio form.

Child and Youth Services (NAICS 624110): Establishments primarily engaged in providing nonresidential social assistance services for children andyouth. These establishments provide for the welfare of children in such areas as adoption and foster care, drug prevention, life skills training, andpositive social development.

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Appendix: NAICS Code Definitions (continued)Child Day Care Services (NAICS 624410): Establishments primarily engaged in providing day care of infants or children. These establishmentsgenerally care for preschool children, but may care for older children when they are not in school and may also offer pre-kindergarten educationalprograms.

Commercial Banking (NAICS 522110): Establishments primarily engaged in accepting demand and other deposits and making commercial, industrial,and consumer loans. Commercial banks and branches of foreign banks are included in this industry.

Computer Systems Design Services (NAICS 541512): Establishments primarily engaged in planning and designing computer systems that integratecomputer hardware, software, and communication technologies. The hardware and software components of the system may be provided by thisestablishment or company as part of integrated services or may be provided by third parties or vendors. These establishments often install the systemand train and support users of the system.

Continuing Care Retirement Communities (NAICS 623311): Establishments primarily engaged in providing a range of residential and personal careservices with on-site nursing care facilities for (1) the elderly and other persons who are unable to fully care for themselves and/or (2) the elderly andother persons who do not desire to live independently. Individuals live in a variety of residential settings with meals, housekeeping, social, leisure, andother services available to assist residents in daily living. Assisted living facilities with on-site nursing care facilities are included in this industry.

Couriers and Express Delivery Services (NAICS 492110): Establishments primarily engaged in providing air, surface, or combined mode courier andexpress delivery services of parcels, but not operating under a universal service obligation. These parcels can include goods and documents, but theexpress delivery services are not part of the normal mail service. These services are generally between metropolitan areas, urban centers, orinternational, but the establishments of this industry form a network that includes local pick-up and delivery to serve their customers' needs.

Credit Unions (NAICS 522130): Establishments primarily engaged in accepting members' share deposits in cooperatives that are organized to offerconsumer loans to their members.

Crop Production (NAICS 111000): Establishments are classified to the crop production subsector when crop production (i.e., value of crops formarket) accounts for one-half or more of the establishment's total agricultural production.

Custom Architectural Woodwork and Millwork Manufacturing (NAICS 337212): Establishments primarily engaged in manufacturing customdesigned interiors consisting of architectural woodwork and fixtures utilizing wood, wood products, and plastics laminates. All of the industry output ismade to individual order on a job shop basis and requires skilled craftsmen as a labor input. A job might include custom manufacturing of displayfixtures, gondolas, wall shelving units, entrance and window architectural detail, sales and reception counters, wall paneling, and matching furniture.

Cutting Tool and Machine Tool Accessory Manufacturing (NAICS 333515): Establishments primarily engaged in manufacturing accessories andattachments for metal cutting and metal forming machine tools.

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Appendix: NAICS Code Definitions (continued)Diagnostic Imaging Centers (NAICS 621512): Establishments known as diagnostic imaging centers primarily engaged in producing images of thepatient generally on referral from a health practitioner.

Direct Title Insurance Carriers (NAICS 524127): Establishments primarily engaged in initially underwriting (i.e., assuming the risk and assigningpremiums) insurance policies to protect the owners of real estate or real estate creditors against loss sustained by reason of any title defect to realproperty.

Engineering Services (NAICS 541330): Establishments primarily engaged in applying physical laws and principles of engineering in the design,development, and utilization of machines, materials, instruments, structures, processes, and systems. The assignments undertaken by theseestablishments may involve any of the following activities: provision of advice, preparation of feasibility studies, preparation of preliminary and finalplans and designs, provision of technical services during the construction or installation phase, inspection and evaluation of engineering projects, andrelated services.

Environmental Consulting Services (NAICS 541620): Establishments primarily engaged in providing advice and assistance to businesses and otherorganizations on environmental issues, such as the control of environmental contamination from pollutants, toxic substances, and hazardousmaterials. These establishments identify problems (e.g., inspect buildings for hazardous materials), measure and evaluate risks, and recommendsolutions. They employ a multidisciplined staff of scientists, engineers, and other technicians with expertise in areas, such as air and water quality,asbestos contamination, remediation, and environmental law. Establishments providing sanitation or site remediation consulting services areincluded in this industry.

Farm Management Solutions (NAICS 115116): Establishments primarily engaged in providing farm management services on a contract or fee basisusually to citrus groves, orchards, or vineyards. These establishments always provide management and may arrange or contract for the partial or thecomplete operations of the farm establishment(s) it manages. Operational activities may include cultivating, harvesting, and/or other specializedagricultural support activities.

Freestanding Ambulatory Surgical and Emergency Centers (NAICS 621493): Establishments with physicians and other medical staff primarilyengaged in (1) providing surgical services (e.g., orthoscopic and cataract surgery) on an outpatient basis or (2) providing emergency care services (e.g.,setting broken bones, treating lacerations, or tending to patients suffering injuries as a result of accidents, trauma, or medical conditions necessitatingimmediate medical care) on an outpatient basis. Outpatient surgical establishments have specialized facilities, such as operating and recovery rooms,and specialized equipment, such as anesthetic or X-ray equipment.

Frozen Fruit, Juice and Vegetable Manufacturing (NAICS 311411): Establishments primarily engaged in manufacturing frozen fruits; frozenvegetables; and frozen fruit juices, ades, drinks, cocktail mixes and concentrates

General Freight Trucking, Local (NAICS 484110): Establishments primarily engaged in providing local general freight trucking. General freightestablishments handle a wide variety of commodities, generally palletized and transported in a container or van trailer. Local general freight truckingestablishments usually provide trucking within a metropolitan area which may cross state lines. Generally the trips are same-day return.

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Appendix: NAICS Code Definitions (continued)General Medical and Surgical Hospitals (NAICS 622110): Establishments known and licensed as general medical and surgical hospitals primarilyengaged in providing diagnostic and medical treatment (both surgical and nonsurgical) to inpatients with any of a wide variety of medical conditions.These establishments maintain inpatient beds and provide patients with food services that meet their nutritional requirements. These hospitals havean organized staff of physicians and other medical staff to provide patient care services. These establishments usually provide other services, such asoutpatient services, anatomical pathology services, diagnostic X-ray services, clinical laboratory services, operating room services for a variety ofprocedures, and pharmacy services.

General Warehousing and Storage (NAICS 493110): Establishments primarily engaged in operating merchandise warehousing and storage facilities.These establishments generally handle goods in containers, such as boxes, barrels, and/or drums, using equipment, such as forklifts, pallets, and racks.They are not specialized in handling bulk products of any particular type, size, or quantity of goods or products.

Home Health Care Services (NAICS 621610): Establishments primarily engaged in providing skilled nursing services in the home, along with a range ofthe following: personal care services; homemaker and companion services; physical therapy; medical social services; medications; medical equipmentand supplies; counseling; 24-hour home care; occupation and vocational therapy; dietary and nutritional services; speech therapy; audiology; andhigh-tech care, such as intravenous therapy.

Insurance Agencies and Brokerages (NAICS 524210): Establishments primarily engaged in acting as agents (i.e., brokers) in selling annuities andinsurance policies.

Interior Design Services (NAICS 541410): Establishments primarily engaged in planning, designing, and administering projects in interior spaces tomeet the physical and aesthetic needs of people using them, taking into consideration building codes, health and safety regulations, traffic patternsand floor planning, mechanical and electrical needs, and interior fittings and furniture. Interior designers and interior design consultants work in areas,such as hospitality design, health care design, institutional design, commercial and corporate design, and residential design. This industry alsoincludes interior decorating consultants engaged exclusively in providing aesthetic services associated with interior spaces.

Kidney Dialysis Centers (NAICS 621492): Establishments with medical staff primarily engaged in providing outpatient kidney or renal dialysis services.

Machine Shops (NAICS 332710): Establishments known as machine shops primarily engaged in machining metal and plastic parts and parts of othercomposite materials on a job or order basis. Generally machine shop jobs are low volume using machine tools, such as lathes (including computernumerically controlled); automatic screw machines; and machines for boring, grinding, and milling.

Marketing Consulting Services (NAICS 541613): Establishments primarily engaged in providing operating advice and assistance to businesses andother organizations on marketing issues, such as developing marketing objectives and policies, sales forecasting, new product developing and pricing,licensing and franchise planning, and marketing planning and strategy.

Motion Picture Theaters (except Drive-Ins) (NAICS 512131): Establishments primarily engaged in operating motion picture theaters (except drive-ins) and/or exhibiting motion pictures or videos at film festivals, and so forth.

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Appendix: NAICS Code Definitions (continued)Newspaper Publishers (NAICS 511110): Establishments in this industry carry out operations necessary for producing and distributing newspapers,including gathering news; writing news columns, feature stories, and editorials; and selling and preparing advertisements. These establishments maypublish newspapers in print or electronic form.

Nitrogenous Fertilizer Manufacturing (NAICS 325311): Establishments primarily engaged in one or more of the following: (1) manufacturingnitrogenous fertilizer materials and mixing ingredients into fertilizers; (2) manufacturing fertilizers from sewage or animal waste; and (3) manufacturingnitrogenous materials and mixing them into fertilizers.

Nursing Care Facilities (Skilled Nursing Facilities) (NAICS 623110): Establishments primarily engaged in providing inpatient nursing andrehabilitative services. The care is generally provided for an extended period of time to individuals requiring nursing care. These establishments have apermanent core staff of registered or licensed practical nurses who, along with other staff, provide nursing and continuous personal care services.

Offices of All Other Miscellaneous Health Practitioners (NAICS 621399): Establishments of independent health practitioners (except physicians;dentists; chiropractors; optometrists; mental health specialists; physical, occupational, and speech therapists; audiologists; and podiatrists). Thesepractitioners operate private or group practices in their own offices (e.g., centers, clinics) or in the facilities of others, such as hospitals or HMO medicalcenters.

Offices of Dentists (NAICS 621210): Establishments of health practitioners having the degree of D.M.D. (Doctor of Dental Medicine), D.D.S. (Doctor ofDental Surgery), or D.D.Sc. (Doctor of Dental Science) primarily engaged in the independent practice of general or specialized dentistry or dentalsurgery. These practitioners operate private or group practices in their own offices (e.g., centers, clinics) or in the facilities of others, such as hospitalsor HMO medical centers. They can provide either comprehensive preventive, cosmetic, or emergency care, or specialize in a single field of dentistry.

Offices of Lawyers (NAICS 541110): Offices of legal practitioners known as lawyers or attorneys (i.e., counselors-at-law) primarily engaged in thepractice of law. Establishments in this industry may provide expertise in a range or in specific areas of law, such as criminal law, corporate law, familyand estate law, patent law, real estate law, or tax law.

Offices of Physical, Occupational and Speech Therapists, and Audiologists (NAICS 621340): Establishments of independent health practitionersprimarily engaged in one of the following: (1) providing physical therapy services to patients who have impairments, functional limitations, disabilities,or changes in physical functions and health status resulting from injury, disease or other causes, or who require prevention, wellness or fitness services;(2) planning and administering educational, recreational, and social activities designed to help patients or individuals with disabilities, regain physicalor mental functioning or to adapt to their disabilities; and (3) diagnosing and treating speech, language, or hearing problems. These practitionersoperate private or group practices in their own offices (e.g., centers, clinics) or in the facilities of others, such as hospitals or HMO medical centers.

Offices of Physicians (except Mental Health Specialists) (NAICS 621111): Establishments of health practitioners having the degree of M.D. (Doctor ofMedicine) or D.O. (Doctor of Osteopathy) primarily engaged in the independent practice of general or specialized medicine (except psychiatry orpsychoanalysis) or surgery. These practitioners operate private or group practices in their own offices (e.g., centers, clinics) or in the facilities of others,such as hospitals or HMO medical centers.

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Appendix: NAICS Code Definitions (continued)Offices of Podiatrists (NAICS 621391): Establishments of health practitioners having the degree of D.P.M. (Doctor of Podiatric Medicine) primarilyengaged in the independent practice of podiatry. These practitioners diagnose and treat diseases and deformities of the foot and operate private orgroup practices in their own offices (e.g., centers, clinics) or in the facilities of others, such as hospitals or HMO medical centers.

Other Accounting Services (NAICS 541219): Establishments (except offices of CPAs) engaged in providing accounting services (except tax returnpreparation services only or payroll services only). These establishments may also provide tax return preparation or payroll services. Accountant(except CPA) offices, bookkeeper offices, and billing offices are included in this industry.

Other Airport Operations (NAICS 488119): Establishments primarily engaged in (1) operating international, national, or civil airports, or public flyingfields or (2) supporting airport operations, such as rental of hangar space, and providing baggage handling and/or cargo handling services.

Other Aluminum Rolling, Drawing, and Extruding (NAICS 331318): Establishments primarily engaged in (1) rolling, drawing, or extruding shapes(except flat rolled sheet, plate, foil, and welded tube) from purchased aluminum and/or (2) recovering aluminum from scrap and rolling, drawing, orextruding shapes (except flat rolled sheet, plate, foil, and welded tube) in integrated mills.

Other Commercial and Service Industry Machinery Manufacturing (NAICS 333318): Establishments primarily engaged in manufacturing commercialand service industry equipment (except optical instruments and lenses, and photographic and photocopying equipment).

Other Individual and Family Services (NAICS 624190): Establishments primarily engaged in providing nonresidential individual and family socialassistance services (except those specifically directed toward children, the elderly, persons diagnosed with intellectual and developmental disabilities,or persons with disabilities).

Other Scientific and Technical Consulting Services (NAICS 541690): Establishments primarily engaged in providing advice and assistance tobusinesses and other organizations on scientific and technical issues (except environmental).

Other Services Related to Advertising (NAICS 541890): Establishments primarily engaged in providing advertising services (except advertising agencyservices, public relations agency services, media buying agency services, media representative services, display advertising services, direct mailadvertising services, advertising material distribution services, and marketing consulting services).

Periodical Publishers (NAICS 511120): Establishments known either as magazine publishers or periodical publishers. These establishments carry outthe operations necessary for producing and distributing magazines and other periodicals, such as gathering, writing, and editing articles, and sellingand preparing advertisements. These establishments may publish magazines and other periodicals in print or electronic form.

Psychiatric and Substance Abuse Hospitals (NAICS 622210): Establishments known and licensed as psychiatric and substance abuse hospitalsprimarily engaged in providing diagnostic, medical treatment, and monitoring services for inpatients who suffer from mental illness or substanceabuse disorders. The treatment often requires an extended stay in the hospital. These establishments maintain inpatient beds and provide patientswith food services that meet their nutritional requirements. They have an organized staff of physicians and other medical staff to provide patient careservices. Psychiatric, psychological, and social work services are available at the facility. These hospitals usually provide other services, such asoutpatient services, clinical laboratory services, diagnostic X-ray services, and electroencephalograph services.

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Appendix: NAICS Code Definitions (continued)Radio Stations (NAICS 515112): Establishments primarily engaged in broadcasting aural programs by radio to the public. Programming may originatein their own studio, from an affiliated network, or from external sources.

Rubber and Plastic Hoses and Belting Manufacturing (NAICS 326220): Establishments primarily engaged in manufacturing rubber hose and/orplastics (reinforced) hose and belting from natural and synthetic rubber and/or plastics resins. Establishments manufacturing garden hoses frompurchased hose are included in this industry.

Securities Brokerage (NAICS 523120): Establishments primarily engaged in acting as agents (i.e., brokers) between buyers and sellers in buying orselling securities on a commission or transaction fee basis.

Software Publishers (NAICS 511210): Establishments primarily engaged in computer software publishing or publishing and reproduction.Establishments in this industry carry out operations necessary for producing and distributing computer software, such as designing, providingdocumentation, assisting in installation, and providing support services to software purchasers. These establishments may design, develop, andpublish, or publish only.

Specialty (except Psychiatric and Substance Abuse) Hospitals (NAICS 622310): Establishments known and licensed as specialty hospitals primarilyengaged in providing diagnostic and medical treatment to inpatients with a specific type of disease or medical condition (except psychiatric orsubstance abuse). Hospitals providing long-term care for the chronically ill and hospitals providing rehabilitation, restorative, and adjustive services tophysically challenged or disabled people are included in this industry. These establishments maintain inpatient beds and provide patients with foodservices that meet their nutritional requirements. They have an organized staff of physicians and other medical staff to provide patient care services.These hospitals may provide other services, such as outpatient services, diagnostic X-ray services, clinical laboratory services, operating room services,physical therapy services, educational and vocational services, and psychological and social work services.

Surveying and Mapping (except Geophysical) Services (NAICS 541370): Establishments primarily engaged in performing surveying and mappingservices of the surface of the earth, including the sea floor. These services may include surveying and mapping of areas above or below the surface ofthe earth, such as the creation of view easements or segregating rights in parcels of land by creating underground utility easements.

Tax Preparation Services (NAICS 541213): Establishments (except offices of CPAs) engaged in providing tax return preparation services without alsoproviding accounting, bookkeeping, billing, or payroll processing services. Basic knowledge of tax law and filing requirements is required.

Third Party Administration of Insurance and Pension Funds (NAICS 524292): Establishments primarily engaged in providing third partyadministration services of insurance and pension funds, such as claims processing and other administrative services to insurance carriers, employee-benefit plans, and self-insurance funds.

Used Household and Office Goods Moving (NAICS 484210): Establishments primarily engaged in providing local or long-distance trucking of usedhousehold, used institutional, or used commercial furniture and equipment. Incidental packing and storage activities are often provided by theseestablishments.

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Appendix: NAICS Code Definitions (continued)Veterinary Services (NAICS 541940): Establishments of licensed veterinary practitioners primarily engaged in the practice of veterinary medicine,dentistry, or surgery for animals; and establishments primarily engaged in providing testing services for licensed veterinary practitioners.

Vocational Rehabilitation Services (NAICS 624310): (1) Establishments primarily engaged in providing vocational rehabilitation or habilitationservices, such as job counseling, job training, and work experience, to unemployed and underemployed persons, persons with disabilities, and personswho have a job market disadvantage because of lack of education, job skill, or experience and (2) establishments primarily engaged in providingtraining and employment to persons with disabilities. Vocational rehabilitation job training facilities (except schools) and sheltered workshops (i.e.,work experience centers) are included in this industry.

Wired Telecommunications Carriers (NAICS 517110): Establishments primarily engaged in operating and/or providing access to transmissionfacilities and infrastructure that they own and/or lease for the transmission of voice, data, text, sound, and video using wired telecommunicationsnetworks. Transmission facilities may be based on a single technology or a combination of technologies. Establishments in this industry use the wiredtelecommunications network facilities that they operate to provide a variety of services, such as wired telephony services, including VoIP services;wired (cable) audio and video programming distribution; and wired broadband Internet services. By exception, establishments providing satellitetelevision distribution services using facilities and infrastructure that they operate are included in this industry.

Wood Kitchen Cabinet and Countertop Manufacturing (NAICS 337110): Establishments primarily engaged in manufacturing wood or plasticslaminated on wood kitchen cabinets, bathroom vanities, and countertops (except freestanding). The cabinets and counters may be made on a stock orcustom basis.

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