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BACKGROUND <br /> Since April 2013, City staff and the Economic Vitality Committee (EVC) have been <br /> working with Strategic Economics to prepare an update to the City's existing Economic <br /> Development Strategic Plan. The initial focus was on the collection and analysis of data <br /> for a Background Report that would provide a foundation for the development of <br /> strategies for business support and growth. The Background Report is intended to be <br /> an assessment of Pleasanton's economic, fiscal, and business strengths and <br /> opportunities, and includes review and analysis of citywide demographic and <br /> employment patterns, commercial real estate market overview, and sub-area industry <br /> analysis. This Background Report was presented to the City Council in September and <br /> the key findings are presented again: <br /> Key Advantages <br /> Economic Strengths <br /> • Strong employment growth— Pleasanton is a highly-competitive employment <br /> center, with long term growth outpacing the Tri-Valley and East Bay. <br /> • Innovation economy — Pleasanton's economy features high-technology industry <br /> sectors that draw highly-educated workers and form an innovation-based <br /> economy <br /> • Business networks — Pleasanton's largest employers reflect the city's major <br /> industry sectors and are economic anchors that attract talented employees and <br /> additional business activity <br /> Employment Centers <br /> • Accessibility — Pleasanton's excellent accessibility to a diverse, well-educated <br /> labor market and proximity to the broader Bay Area market remains an important <br /> asset <br /> • High-value commercial space — Pleasanton offers high-quality business <br /> districts with diverse types and sizes of Class A office, Class B office, and flex <br /> space, and supporting amenities and infrastructure at a much lower cost than <br /> central Bay Area locations <br /> Business Environment <br /> • Strong retail centers — Pleasanton's retail centers perform well, with the city <br /> commanding more taxable retail sales than any other city in the Tri-Valley <br /> • Quality of life — Schools in Pleasanton's school district consistently rank among <br /> the best in the Bay Area and are an attractor for workers and employers, while <br /> leisure visitors are drawn to Pleasanton for unique assets <br /> Page 2 of 7 <br />