Friday, Sept. 17, 2021

United Economic Leadership

Brought to you by |
Business Development Board
of Martin County
"We are proud to welcome Stuart Jet Center to our expanding network of FBOs. ...The Capen brothers, Dan, Doug, and Jeff, will continue to lead Ross Aviation at Stuart Jet Center, and we are committed to combining the best of Ross Aviation with their decades-long track record of excellence."--Brian Corbett, chief executive officer of Ross Aviation in Business Airport International.
Encouraging trendlines emerge in analysis of Covid's impact on economy
Harry S. Truman famously said, "Give me a one-handed economist. All my economists say, 'on one hand,' then 'but on the other...'"

Such is often the dualistic nature of economics.

Fortunately for Martin County, a recently released study examining how Covid-19 impacted our local economy is even-handed in providing both revealing and encouraging findings.

The report was created by Business Flare, an economic consultancy retained by the county. Some standouts:

On one hand: Overall economic output declined from 2019 to early 2020 by $1 billion total, from $14.4 billion to $13.4 billion.

On the other: The economy recovered to $14.2 billion by Q3 2020.

On one hand: Employment declined during the period from 100,000 to 94,000 jobs.

On the other: Employment rebounded to 96,000 jobs by Q3 2020 (includes wage, salary, self-employed and 1099 employees).

On one hand: Some sectors (aircraft-manufacturing, personal and household repair and maintenance, hotels, select types of restaurants) declined in economic activity during Q3 2020.

On the other: Full-service restaurants, which suffered declines by 40 percent from 2019 to Q2 2020, jumped 45 percent in Q3. Fitness centers and custom boat building, which fell by 44 percent in the same period, recovered by 37 percent in Q3.

Another tale of the tape: Paycheck Protection Plan (PPP), which distributed $289 million in loans in Martin County, preserved 37,000--or 40 percent--of county jobs.

Catch the presentation below made by Assistant County Administrator George Stokus and BusinessFlare CEO Kevin Crowder, starting at the 2:46 mark.
'Innovation district'

BusinessFlare also zeroed in on an "innovation district." Located just north of Salerno Road between Dixie Highway and U.S. 1, the region was identified for its unique economic output and described as a "concept ... strengthened by the presence of numerous patent registrations" as well as companies whose creations support aviation, marine and the auto industries.
Other findings:

Stuart: "The two most dominant industries in Stuart for economic activity are healthcare and finance. The city’s second largest industry, the financial industry, has economic output that increased early in the pandemic and remained stable throughout it. As part of this activity and recovery, there were 743 PPP loans awarded, for a total of 96 million dollars which retained over 12,000 jobs."

Indiantown: "Growth and recovery in Indiantown were supported by 102 PPP loans totaling six million dollars, that retained 834 jobs."

Port Salerno: "More than 1,000 PPP loans were awarded in Port Salerno in zip code 34957 for a total of 88 million dollars. These loans retained over 10,000 jobs and were instrumental in preserving 90% of the area’s manufacturing jobs."

Hobe Sound: "The Hobe Sound area had 414 PPP loans for 25 million dollars and the preservation of 3,700 jobs."

Palm City: "Palm City area business received over one hundred million dollars in PPP loans, which retained almost 14,000 jobs."

Jensen Beach/Rio: "In Jensen Beach and Rio there were 500 PPP loans for 34 million dollars, which retained 5,000 of the area’s jobs."
Exhibit 'Story of Survival' carries lessons every business owner will appreciate
If modern times have taught business owners anything, it's the principals of survival. For that reason, local business leaders will likely find inspiration and insight in the special exhibit the Elliott Museum is hosting Sept. 25-26.

"Seminole People of Florida: A Story of Survival * Success" is a partnership with the Seminole Nation and features a Native American powwow. Enjoy a dance competition showcasing the tribes, artisan creations, native cuisine, even live alligator wrestling.

The Elliott Museum is at 825 N.E. Ocean Blvd., Stuart. Call 772-225-1961 for more information.
BDBMC strengthens team with new addition
We're please to announce the latest member of our team.

Jaymie Sardo joined the Business Development Board staff as our new economic development coordinator. 

Growing up in Palm Beach County, Jaymie worked in education as a high school teacher of the arts for three years and earned her bachelor's of science in Art Education at the University of Central Florida. 

"Jaymie’s creativity, wide range of technology skills and a can-do attitude are proving a great addition to Team BDBMC," says Joan K. Goodrich, executive director, "and we're excited about the many ways in which she'll enhance our ability to assist new and existing businesses, conduct market research and enact entrepreneurial programs."
Local business continues to care for those who are caring for us
Kudus to Ocean Specialists, which recently donated meals to the staffs of three Cleveland Clinic ER facilities as an expression of appreciation for their ongoing courage and commitment serving the suffering during the pandemic.

"They said that nobody has done that for them in quite a while and were grateful to be recognized and appreciated," says Jim Byous, president of Ocean Specialists.

The company deliveries high-quality subsea network connectivity on a global scale to such industries as energy exploration and ocean science observation.
Sponsorships now available for the 'best of local business' event on November 5
BDBMC available to help businesses
The Business Development Board of Martin County, a public-private partnership for economic development is proudly funded and supported by the Martin County Board of County Commissioners, City of Stuart, American Stairparts, Bank of America, FPL, Indian River State College, Council of Chambers, Economic Council, key industry leaders and regional organizations. The BDBMC helps business owners, entrepreneurs and executives to start, grow, stay, invest and create in Martin County, Florida. To learn more, visit www.bdbmc.org or call 772.221.1380.