Moving Stamford Forward
Stamford’s Economic Development Plan
City of Stamford
Economic Development Plan
“Economic development is about working together to
maintain a strong economy by creating and retaining
desirable jobs, which provide a good standard of living
for individuals.”
Economic Development Plan
In order to begin the process, four questions must be answered :
1.Where are we now?
2.Where do we want to be?
3.How do we get there?
4.How do we measuring our success once we get there?
Economic Development Plan
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Organizational Development (Steering Committee)
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Workforce Development
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Business Development
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Infrastructure Development
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Tourism, Arts and Culture
Workforce
Focused on analyzing state and locally collected data to find trends and
determine where our weaknesses lie regarding our working population and
educational standards.
Workforce: Population
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Stamford has outpaced Connecticut
in population growth in the past 5
years
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Stamford: 4.9% increase
Connecticut: 1.8% decrease
Possible causes:
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Number of apartments
Number of residential attractions
(particularly in the Harbor Point region)
http://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml#none
Workforce: Median Age
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Median age decline contradicts
shift towards an older
demographic that the state has
been experiencing
Stamford residents are 4 years
younger than the average
Connecticuter
http://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml#none
Workforce: Race Distribution
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Diversity is one of Stamford's
greatest advantages
Although the white population
has increased by 8% since
2000, the white population as
a percentage of the total has
decreased 11.3%
A more diversified populace
leads to a more efficient
exchange of original ideas
http://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml#none
Workforce: Mean and Median Income
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Since 2000,
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Percent earning income over
$200,000 has doubled
Percent earning less than
$50,000 has dropped by 20%
Since 2010, the median
income has risen 33%
Numbers adjusted for inflation
http://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml#none
Workforce: Elementary Education
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Stamford has 9 elementary
schools and 3 magnet programs:
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Hart Magnet
Toquam Magnet
Westover Magnet
Strengthening the elementary
school education system is an
essential part of attracting and
cultivating new families
Workforce: College Education
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Stamford is home to branches from:
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University of Bridgeport
University of Connecticut
Sacred Heart University
Cornell University (Veterinary Specialists)
Specific degrees available include:
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Business Administration
English
History
Psychology
Healthcare Administration
Social Science
http://stamford.uconn.edu/undergraduate-degree-programs/
Workforce: Local and State Resources
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Stamford Small Business Portal
Stamford Innovation Center
Ferguson Library Small Business
Resource Center
CT Women’s Business Council
SCORE of Fairfield County
There are many more...
http://www.stamfordbusinessportal.org
Business
Developing Stamford’s economy in terms of employment and productivity of the
individual businesses that form the backbone of Stamford and the city as a whole.
Business: Labor Force Participation Rate
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Increase in all age ranges
except 16-19 year olds
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Attributed to increase in
college attendance
Fairfield county and
Connecticut also exhibit
similar increases
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Significantly lesser degree
than Stamford
http://www.stamfordct.gov/sites/stamfordct/files/file/file/appendix_a_detailed_demographic_profile.pdf
Business: Unemployment
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Notably lower than state and
national unemployment averages
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4% in Stamford
5% nationally
Indicates healthy economy and
robust workforce
http://www1.ctdol.state.ct.us/lmi/unemprateCTUS.asp
Business: Employment by Sector
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Minor increases in:
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Management services
Educational services
Utilities and
Transportation
Minor decreases in:
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Construction
Manufacturing
Retail & wholesale trade
http://factfinder.census.gov/faces/nav/jsf/pages/error.xhtml
Business: NAIC Codes
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On par with United States
in terms of diversity by
industry
Merchant wholesaler sales $65 million
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Account for 60% of all
merchant wholesaler sales in
CT (as of 2007)
http://www.clrsearch.com/Stamford-Demographics/CT/Establishment-Statistics-by-NAICS-Code
Business: Inflow/Outflow
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Net worker inflow:
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2009: 16,826
2013: 19,589
Since 2009, increases in:
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# of residents staying in Stamford
for work
# of Stamford workers under age
of 29
2009
http://onthemap.ces.census.gov/
2013
Business: GDP
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Stamford-Bridgeport-Norwalk
metropolitan area GDP has grown at
around 3% each year
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Spike in 2012 increased growth rate to
6.28%
Significantly higher GDP growth than
that of CT
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Represents our economic prowess among
neighboring cities
http://www.bea.gov/newsreleases/regional/gdp_metro/2015/pdf/gdp_metro0915.pdf
Business: Notable Companies by Industry
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Retail
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Tech
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Deloitte, GE, UBS, RBS, Gen Re, Ernst
& Young
Media
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Pitney Bowes, Kayak, Harman
Finance
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Vineyard Vines, Fairway
NBC, A&E, WWE, Thomson Reuters
Other
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Starwood
(BOLD AND ITALICIZED = HEADQUARTERED IN STAMFORD)
http://www.stamfordct.gov/economic-development/pages/stamfords-major-employers
Business: Notable Companies Stock Price
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Stock prices have mainly
increased from 2010 to
2014
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Kayak and Harman
(both headquartered in
Stamford) have shown
the most promising stock
growth
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Kayak: 181.89% change
Harman: 128.60% change
http://www.stamfordct.gov/economic-development/pages/stamfords-major-employers
Business Recap
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Foster the ecosystem businesses need to
succeed through developing education to
attract global powerhouse companies
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The City can capitalize on:
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Increasing labor force participation
Low unemployment rates
Notable companies now in the city
Potential to develop education system
Infrastructure
Developing communications, housing and transportation infrastructure and its impact
on the city as a whole.
Infrastructure: Housing Units
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The total number of units has
generally increased from 2000
to 2014
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Small dip attributable to economic
recession
Despite increase in number of
housing units from 2012-2014,
there was no change in:
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Number of rooms per housing unit
Average size of the housing unit
http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?src=CF
Infrastructure: Housing Supply
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Waterside/South End was the
quickest growing
neighborhood between 20002010
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28.5% increase in housing supply
Apartments/condos were built
Areas with the most units as of
2010:
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(2000-2010)
Glenbrook - 5,444
North Stamford - 5,289
Extensive growth in
Waterside/South End since
2010
http://www.city-data.com/city/Stamford-Connecticut.html
Infrastructure: Income Per Household by Neighborhood
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Average income has
increased across all regions
Most notable increases in:
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Waterside/South End: 62.10%
Newfield: 52.10%
North stamford increasing
most slowly, increasing
economic equality
http://www.city-data.com/city/Stamford-Connecticut.html
Infrastructure: Change in Income vs. Change in Rent
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From 2010 to 2014, the rise in
median income has far outpaced
the rise in median gross rent,
which is opposite the national
trend.
Sources: ACS 2014 Median Household Income (1 year estimates)
American FactFinder Median Gross Rent (5 year estimates)
Wall Street Journal
Infrastructure: Office Vacancy Rates (Direct)
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Vacancy rates are
currently falling back to
their pre recessionary
norms
Current vacancy rate at
level similar to 2008 (pre
housing crisis)
Source: http://www.stamfordct.gov/sites/stamfordct/files/u358/f2014_city_of_stamford_cafr_final.pdf
http://www.stamfordct.gov/sites/stamfordct/files/u358/f2014_city_of_stamford_cafr_final.pdf
Infrastructure: Transportation to Work
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Public transportation has
seen a growth of 1.3% in
the past 4 years
The 1.3% decline in
carpooling could be
attributed to the return of
strong economic
conditions
American FactFinder Census
Infrastructure: Sustainability
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Stamford 2030 District
○ Existing buildings: 50% reduction in energy, water,
and transportation use by 2030
○ New buildings: 50% reduction immediately, full
carbon neutrality by 2030
Stamford Energy Improvement District
○ Creating small power grids that help alleviate the
high costs of electricity and gas through the
installation of solar panels and biofuel converters
Mill River Greenway
Proposed Noroton River Greenway
http://www.2030districts.org/stamford
Infrastructure: Healthcare
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Stamford Hospital locations
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Tully Health Center
Staff Health Urgent Care Center
Chelsea Piers Pain Center
Imaging at Mill River
Upcoming new facility/expansion
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New emergency department,
pediatrics, and intensive care unit
Heart and Vascular Institute
Other important health centers
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The Pediatric Center
Orthopaedic Surgery and Sports Medicine
Infrastructure: Healthcare - Vita District
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Vita Health & Wellness
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Partnerships with:
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Vita Health Sciences Institute
Expected to open late 2016
Stamford Hospital
West Side community
City of Stamford
Strengthening the community
Leading to positive change
Infrastructure: Communications
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The CT Gig Project brings high-speed,
low cost internet to everyone
Creates a tool that will allow for any
business or household to work in
Stamford without wireless internet
limitations
http://www.osc.ct.gov/gig/
Infrastructure: Transportation
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Stamford is the largest train hub in
CT in terms of revenue
Stamford has become a net inbound
train station
In 2012, the MTA has reported that
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9,243 entered Stamford through inbound
trains
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4,729 people left on outbound trains
during the average weekday
Source: 2012 MTA City Ridership Data - WCCOG
Infrastructure Recap
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Stamford is a growing city and its
infrastructure should be updated to reflect this
growth.
The City can capitalize on:
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Growing housing supply
Sustainability and Energy Cost-Cutting Measures
Efforts to provide gigabit Internet access to all
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Proximity to significant train lines, highways, and
waterways
Close proximity to major cities like New York City
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Tourism, Arts, and Culture
This section highlights all that Stamford has to offer, also analyzing the positive ways
in which tourism gives back to the city.
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Annual Events
Places of Interest
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Outdoor Recreation
Indoor Recreation
Arts and Theatre
Shopping
Hotels
Restaurants
Nightlife
“CT Visit” Campaign
Tourism: Annual Events
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Alive@Five
Jazz-Up July
City Firework Display
Hope in Motion Walk & Run
UBS Thanksgiving Day Parade
KIC IT Triathlon
Stamford Symphony
The Palace
Theatre
Bartlett Arboretum
Mill River Park
Stamford Museum & Nature Center
Chelsea Piers Connecticut
Nightlife
Colony Grill
Stamford Town Center
Arts and Culture
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The Palace Theatre
Avon Theatre
Fernando Luis Alvarez
Franklin Street Works
Hoyt Barnum House
Stamford Symphony
Curtain Call
Tourism: “CT Visit” Campaign
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Increased tourism as a direct result of this campaign from Summer ‘14 - ’15
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4% increase in hotel occupancy rates
12% increase in visits to leading state attractions
8% increase in trips lasting 4 nights or longer
73% of people seeing “Still Revolutionary” advertisements reported taking action as a
result of seeing an ad
25% of people seeing an ad in this campaign visited CT (as a direct result of the ad)
http://www.cultureandtourism.org/cct/lib/cct/tourism/stats/conn_tourism_economic_impact_report-cy2013.pdf
Tourism: Employment
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1/5 of county’s income and
employment tied to tourism industry
Number of workers involved
directly/indirectly with tourism
continues to rise
Leads to positive cycle of
employment and tourists
http://www.cultureandtourism.org/cct/lib/cct/tourism/stats/conn_tourism_economic_impact_report-cy2013.pdf
Tourism: Industry Sales
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Food Services/Food and Beverage
make up around 20% of all retail
sales
Upward trend in tourism-related
sales across the county and the
state
http://www.cultureandtourism.org/cct/lib/cct/tourism/stats/conn_tourism_economic_impact_report-cy2013.pdf
Tourism: Restaurants
http://www.courant.com/data-desk/hc-the-most-popular-town-for-dining-out-in-connecticut-is-20141107-htmlstory.html
Tourism Recap
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Utilize more effectively annual events and
places of interest to put Stamford as a
valid option on the mind of tourists
Increases in tourism will continue to bring
jobs to people of all ages
The City can capitalize on:
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Parks and beaches
Annual events
Train station’s prime location
Development of Mill River Park area
Downtown appeal
Diverse and delicious restaurant offerings
Cultural and artistic elements
Work, Live, Play
Connecting the narratives
Developing the Ecosystem: Things to Consider
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Retain
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Expand
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Provide the educated and experienced employees
Provide financial incentives to companies to stay local
Foster and develop secondary education to expand and educate workforce
Increase public networking events to promote collaboration for local businesses
Attract
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Entice new businesses in the same industry by utilizing industrial clusters
Develop ecosystem (tourism and culture) and create an attractive environment where
businesses and families to want to stay long term
Cultivate an environment in which small businesses can succeed
■ Evaluate different forms of programs/incentives for business attraction and
retention
Developing the Ecosystem:
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Provide the educated and experienced employees needed for our local businesses
to succeed
Foster and develop our secondary education offerings with:
○ New dorms
○ Matching degrees with company needs
○ Internships
○ Increased job availability
Use Stamford train station to advertise our city and incentivize commuters to
consider a permanent residence in Stamford
Further develop public transit to discourage use of cars
○ Make waterside walks more aesthetically appealing
○ Incorporate public bus routes into the My Stamford app
Developing the Ecosystem:
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Capitalize on “Still Revolutionary” campaign
○ We need activities that could be advertised and would draw tourists
Bring tourist attractions for younger population
○ Arena (concerts, shows, etc)
○ Foster culture and arts to create positive and inclusive vibe in the downtown
area
○ Family attractions (aquariums, arcades, mini golf, etc)
Further develop the “My Stamford” app to inform public on
○ Major events
○ Various places of interest
○ Fun and unique things to do
○ Popular sales going on around the city
Developing the Ecosystem:
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Work towards developing ideal infrastructure for businesses and residents
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Gigabit Internet
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Public Wifi
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Low Cost Electricity and Natural Gas
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Ease of Transportation
Bike Lanes
Bus Rapid Transit/Light Rail
Pleasant Sidewalks
Further advertise new, modern places in Stamford such as Jazz clubs and new
restaurants, as well as, local events
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Contact
Thomas Madden, AICP
Director Economic Development
888 Washington Boulevard
Stamford, CT
06901
(203) 977-5168
tmadden@stamfordct.gov