GROWING IN TRENTON Mayor Eric E. Jackson May 21, 2015
City Wide Market Study: An Overview To establish the City s economic baseline and identifying and understanding the City s current available economic resources and how such resources can be enhanced to accommodate growth; To identify market potential for the City with respect to market segments including retail, dining/entertainment, arts and culture, tourism and hospitality, government and education, personal and professional services, health care services, innovation and technology, office, housing development, and industrial and manufacturing; To quantify future demand for the market segments listed above; To inform the development of a market-based economic development strategy which is intended to be a focused set of market-driven recommendations for diversifying the economy, retaining and expanding existing businesses, attracting businesses, and attracting industrial, commercial, residential and mixed-use development; To inform the development of a small and mid-size business and entrepreneurial development strategy; To inform the development of a business assistance program; and To inform a workforce development strategy (a well-trained and abundant workforce is the very asset needed to attract new employers).
City Wide Market Study: Findings KEY EMPLOYMENT FINDINGS Private sector employment holding steady but wages not increasing like Mercer County Only 11,595 Trenton residents work in Trenton Gap between caliber of residents employment and local jobs Bus is most used transit Less train ridership and commutation between Trenton and Philly/NYC than expected Buck s County PA is source of many Trenton workers As of 2010, regional rail is under utilized. Bus and automobile travel is more significant KEY HOUSING FINDINGS Older, more traditional (single family attached) housing stock Higher Vacancy Rates Fewer Owners / More Renters Lower Housing Values Slightly lower rents, but less rental affordability due to lower incomes
Retail Leakage/Surplus by Health & Personal Care Stores Clothing & Clothing Accessories Stores Furniture & Home Furnishings Stores Bldg Materials, Garden Equip. & Supply Stores $13,266,917 $1,008,777 $5,164,238 $8,544,468 Trenton residents are shopping in the surrounding region Trenton could support between 55,000 170,000 sf of additional retail IF some of this leakage can be captured Sporting Goods, Hobby, Book & Music Stores $9,522,033 Food Services & Drinking Places $10,469,580 Miscellaneous Store Retailers $11,692,899 Electronics & Appliance Stores $13,404,105 Food & Beverage Stores Gasoline Stations Nonstore Retailers $22,080,931 $30,309,596 $32,852,388 General Merchandise Stores Motor Vehicle & Parts Dealers $65,500,593 $76,218,991 $20,000,000 $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 and Dun & Bradstreet. Copyright 2013 Dun & Bradstreet, Inc. All rights reserved.
Economic Development Priorities Emphasize the need for population growth Improve connections to region both physical and economic Improve quality of life indicators to make Trenton a place people want to live, work and play Land Area: 7.5 sq miles Population: 85,104 Population : 11,126.9 MHI: $43,458 Workforce: 34,253 Population: 278,427 Population : 11,458.2 Population: 1,553,165 Population : 11,379.5 Population: 8,405,837 Population : 27,012.5
Strategic Plan Pathway to Success Population Growth Connect to Region Improve Quality of Life Historic tax credits Small & midsized projects Leverage vacant & government owned property Warehouse/ Transportation Private Sector Regional Linkages Workforce Development Small business support Latino business hub Q-o-L Investments Arts/culture Public amenities Neighborhoods Public Safety Retail Connecting anchors Attract small, unique retailers Streetscape & façade improvements
Economic Development Strategy: Quality of Life Retail Development Development Projects Roebling Block 3 Roebling Block 2 Clinton Lofts Culbertson Lofts Ohio Avenue Van Schiver Building Front Street Garage Bell Building Route 29 Boulevard Leverage State Incentives Developer Tours Strategic Property Acquisitions Greater Trenton Initiative
Economic Development Strategy: Quality of Life Retail Development Business Retention & Expansion Program Business Walks Business Recruitment Leveraging State Incentives Workforce Development Segment Identification Trenton Employment Policy Ordinance Quarterly Local Contractor Meetings
Economic Development Strategy: Quality of Life Retail Development Facilitate Business Growth with an Emphasis on the Growing Latino Business Population Micro-Lending Opportunities Leveraging State Incentives Small Business Development Trainings
Economic Development Strategy: Quality of Life Quality of Life Retail Development Gateway Corridors Neighborhood Development Vacant & Abandoned Property Strategies Public Safety
Economic Development Strategy: Retail Development Quality of Life Retail Development S. Broad Street Corridor Streetscaping Landscaping Micro-Lending Opportunities Greater Trenton
Closing Remarks Closing Remarks