Laserfiche WebLink
BACKGROUND <br /> Since August 2022, staff and the Economic Vitality Committee (EVC) have been <br /> working with Willdan Financial & Economic Consulting Services and the Metts Group to <br /> prepare an update to the City's existing Economic Development Strategic Plan. The <br /> initial step was the collection and analysis of data for an Economic Profile Report <br /> (Attachment 2), which is an assessment of Pleasanton's economic, fiscal, and business <br /> strengths and opportunities. The profile report includes review and analysis of citywide <br /> demographic and employment patterns, commercial real estate market overview, and <br /> sub-area industry analysis. The findings from that analysis identify opportunities and <br /> recommendations to advance the City's economic development goals over the next five <br /> years. An overview of the profile report notes the following strengths and opportunities: <br /> Key Strengths <br /> • Innovation economy — Pleasanton's economy features industry sectors such as <br /> life sciences, biotechnology, communications, and software development that <br /> draw highly-educated and skilled workers to form an innovation-based 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 /> • Entrepreneurial culture and investor interest — Pleasanton's proximity to <br /> innovation and a highly-skilled workforce boosts a culture of entrepreneurialism <br /> and attraction of venture capital. <br /> • Accessibility — Pleasanton's excellent accessibility to a diverse, well-educated <br /> labor market and proximity to the broader Bay Area market is an important asset. <br /> • High-value commercial space — Pleasanton offers high-quality business districts <br /> with diverse types and sizes of Class A office, Class B office, and flex space, and <br /> supporting amenities and infrastructure at a much lower cost than central Bay <br /> Area locations. <br /> • Life sciences industry growth — Pleasanton has a burgeoning life sciences <br /> industrial cluster from organic growth of existing businesses. <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 /> Key Gaps and Opportunities <br /> • Jobs-housing balance — Because of the high level of specialization in innovation <br /> industries, Pleasanton's workforce is largely made up of commuters from outside <br /> of the city and Tri-Valley region. <br /> • Housing affordability and availability — Pleasanton's low housing production rate <br /> and older housing stock contributes to a low rating from the Pleasanton business <br /> survey on housing affordability for employees. <br /> Page 2 of 6 <br />