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Economic Impact of the Florida SBDC

Business Development Activities on the Florida Economy

2013

Impact of the Florida SBDC Network on the Florida Economy 2013 Analysis

2

Presented to:

THE FLORIDA SMALL BUSINESS DEVELOPMENT CENTER NETWORK

By:

HAAS CENTER Rod Lewis, PhD—Director

PROJECT TEAM Chris Powell, MA

Aaron Schmerbeck, MS Sarah Trenton, MA

Matt Schwalb, MA, MSA Angela Sanders, BS

Mitchell Overton

CONTACT Rod Lewis

Haas Center The University of West Florida

Emerald Coast 1170 Martin Luther King Jr. Boulevard

Building 2, Room 250 Fort Walton Beach, Florida 32547

(850) 510-0771 [email protected]

about us

Located on University of West

Florida’s Emerald Coast Campus

in Fort Walton Beach, Florida, the

Haas Center collects, analyzes

and distributes economic data for

clients seeking expert economic

advice. We exist to help entrepre-

neurs and industry leaders—from

traditional manufacturing to

emerging technologies—meet

their information needs in the

modern economy.

The Haas Center specializes in

data analysis for the purposes of

economic forecasting, marketing

research, business expansion,

tourism, and real estate develop-

ment, as well as industry and ac-

ademic studies. The Haas Cen-

ter’s staff combine academic cre-

dentials with varied experience,

ranging from economists to sur-

vey specialists. Each professional

combines innovation with atten-

tion to detail to produce high-

quality research products for

Center clients.

For further information, please

visit our website at haas.uwf.edu,

or contact Rod Lewis at

[email protected].

Impact of the Florida SBDC Network on the Florida Economy

TABLE OF CONTENTS

2013 Analysis

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TABLE OF CONTENTS

Executive Summary. .................................................................................... .4

Introduction and Methods .............................................................................. 5

Economic Impact…………………………………………………………...……...8

Summary…….……………………………………………………………...……..14

Fiscal Impact ............................................................................................... 15

Conclusion................................................................................................ ...17

List of Tables

Table E.1 - Economic Impact…………….…………………………..………….4

Table E.2 - Return on Investment….…………………………...………...…….5

Table 1 - Total Jobs Created/Retained...……….……………………………….7

Table 2 - Economic Impact………………………………………………...……..9

Table 3 - Impact of Microbusiness by SBDC Region…...………….…...…....11

Table 4 - Impact of Start-Up Firms by SBDC Region……………...…...…….12

Table 5 - Impact of SME Firms by SBDC Region………………...………......13

Table 6 - Impact of Pre-Venture Firms by SBDC Region…………………….14

Table 7 - Impact by Sector………………………………………………..……..15

Table 8 - Year-over-Year Comparison.………….……………………...……...15

Table 9 - Fiscal Impacts………………...………………………………………..16

Table 10 - Return on Investment…………………………………………….….16

List of Figures

Map 1 - SBDC Regions…………………………………………………………..10

Appendices

Appendix A - FSBDC Impact and Satisfaction Survey ................................. 18

Appendix B - SBDC Regional Identification ................................................. 43

Appendix C - Methodology for Determining IMPLAN Inputs ........................ 44


EXECUTIVE SUMMARY

2013 Analysis

E. 4

The United States Congress established the Small Business Develop-

ment Center (SBDC) program in 1980 as part of Chapter 21 of the

Small Business Act following the proven success of a three state pilot

effort, launched in 1976, in which Florida participated. The SBDC pro-

gram intent is to help strengthen existing and prospective small busi-

nesses by linking them with the knowledge and resources of the federal,

state and local governments and the academic community through ser-

vices delivered by a state-wide network of SBDCs. Congress envisioned

that, as a result of this assistance, more small businesses would start,

grow and prosper, have access to capital and other resources, improve

their market competitiveness, and contribute to the improvement of

state and local economies through new job creation. The accompanying

report is designed to provide an assessment measuring the economic

impact of the Florida SBDC Network’s consulting services.

The Florida SBDC Network serves all 67 counties, operating through 11

regional centers and 29 satellite centers. SBDCs provide consulting,

training, research and informational services to Florida’s emerging and

growing small and medium sized businesses. The data in this report are

focused specifically on the impacts associated with consulting service

activities offered by the three primary programs comprising the Florida

SBDC Network; Small Business Development Center (SBDC) core pro-

gram, Procurement and Technical Assistance Center (PTAC) program,

and Growth Acceleration Program (GAP). Previous reports have fo-

cused on only SBDC core program activities.

This report follows the methodology consistent with the “Small Busi-

ness Development Center Program in Florida: An Extended Analysis of

its Consulting to All Clients in 2010 – 2011” report written by Dr. James

Chrisman, Mississippi State University; an independent study of state

SBDCs commissioned by the Association of Small Business Develop-

ment Centers. The Florida SBDC Network requested that the Haas re-

search team prepare a comparative report using IMPLAN® modeling to

calculate economic impacts generated as a result of network services.

The two reports diverge with respect to the analysis tools utilized but

are inclusive of the same data sets collected by the same survey. We

have not independently verified the assumptions that lead to the out-

comes realized in Dr. Chrisman’s analysis and simply utilize the inputs

presented to us by the Florida SBDC to develop the IMPLAN® esti-

mates that we present here.

The data presented concludes that the Florida SBDC Network has a

significant impact on Florida’s economy. In Table E.1 we present data

on the overall impact of the Florida SBDC Network in terms of em-

ployment, sales and value added (analogous to Gross Domestic Prod-

EXECUTIVE SUMMARY

Type of Impact

Statewide Impact (US $)

Total Jobs 47,845

Sales / Output

$6.29 billion

Value Added

$3.9 billion

Table E.1 - Economic Impact


INTRODUCTION AND METHODOLOGY

2013 Analysis

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uct). As the data in the table indicates, the impacts of Florida SBDC

Network consulting activities are substantial. These activities generated,

saved or retained a total of 47,845 jobs across the state of Florida for

customers served in 2011 - 2012. This resulted in an overall increase in

sales output of nearly $6.3 billion and increased the overall size of the

Florida economy by $3.9 billion.

The Florida SBDC Network does not, however, function at “no cost.”

It is therefore critical to understand the overall costs of the

network and the return on the investment for Florida. As

the data in the report shows, the Florida SBDC Network

costs approximately $11.5 million annually; $6.1 million in

federal funding and $5.36 million from local and regional

partner required match. It is important to note there is no

direct appropriation made by the state of Florida for the

SBDC program for the period covered by this report. All

$5.36 million in annual match is a result of investment pro-

vided by the Network’s local and regional public and private

partners. As the data in Table E.2 reflect, the consulting

activities of the Florida SBDC Network generated a return

of $214.6 million for the State’s treasury, or for every $1 of

Florida public and private sector investment in the pro-

gram, the Florida SBDC Network returns over $40 to

the State in some form of tax revenue. Moreover, when looking at

raw investment in the absence of a return figure, we see the same invest-

ment yields over 47,845 jobs annually, or an average annual cost of

$112 per job created, saved or retained as a direct result of Florida

SBDC Network activities. This demonstrates a return on investment

that far exceeds other comparable programs.

Naturally, these data are associated with a broad-brush perspective on

the impact of Florida SBDC Network consulting activities on the Flori-

da economy and the cost/benefits to Florida. The results are based on

several key assumptions necessary to the execution of the analysis. We

outline those assumptions in the accompanying report and appendices

and comment on the overall strengths and weaknesses of the approach

in the broader document.

In the accompanying report, we assess the economic impact of consult-

ing services that the Florida Small Business Development Center

(FSBDC) Network offered to emerging and growing Florida businesses

between 2011 and 2012. Data were collected from a survey provided by

the FSBDC, which assessed established firms—including microbusiness,

start-up and small and medium sized enterprise (SME) market seg-


Table E.2 - Return on Investment

Returns per Dollar of Florida Taxpayer

Investment (US $)

State Investment $5.36 million

State Tax Revenues Generated $214.6 million

Benefit/Cost Ratio $40.04

Taxpayer Cost Per Job (US $)


Jobs Created/Saved/Retained 47,845

Cost per Job $112.03



2013 Analysis

6

ments—and emerging pre-venture firms on several dimensions. A copy

of the survey is included in Appendix A.

The economic inputs utilized in this report were based upon a report

written by Dr. James Chrisman, Mississippi State University. Dr. Chris-

man was commissioned by the Association of Small Business Develop-

ment Centers (ASBDC) to assess the impact and return-on-investment

of state SBDC programs. This analysis accepts his findings regarding the

direct impacts and utilizes additional economic analysis tools to estimate

the direct, indirect and induced impacts. The methodology of this report

is consistent with the report written by Dr. Chrisman in that the impacts

of the SBDC program also include businesses that received assistance

from the Network’s three primary programs; Small Business Develop-

ment Center (SBDC) program, Procurement Technical Assistance Cen-

ter (PTAC) program and the Growth Acceleration Program (GAP).

Specifically, we analyze the sales and employment impacts that these

programs had on businesses that responded to the SBDC survey, indi-

cating that at least one program benefited their businesses. The survey

was administered to all customers served by the network during this pe-

riod, which included 21,930 emerging and growing businesses. Of these,

3,995 businesses responded—an 18.2% response rate, nearly 2% higher

than last year.

The survey asked customers to rate the performance of the SBDC on

numerous dimensions; however, they only reported three critical pieces

of data that are relevant to this analysis. First, they reported two years

(2011 and 2012) of employment data. Second, they reported how many

jobs were saved and/or retained by their business as a result of SBDC

consulting activities. And finally, they reported the total value of capital

or government contracts that they successfully raised or acquired as a

result of SBDC assistance. (The SBDC does not provide loans or con-

tracts to businesses directly; however, its consultants do assist business-

es in the preparation, application and acquisition process.) Although ac-

cess to capital and contract dollars have important impacts, we exclude

these from our overall estimates. In the absence of hard data on the di-

rect connection between the capital and/or contract and jobs, we omit

the impact from our calculations and present the more conservative esti-

mates. This eliminates the potential of double counting the creation or

retention of job growth that may have resulted from the capital or con-

tracts acquired.

This leaves us with the ability to estimate two data points—job growth

between 2011 and 2012 and the total number of jobs saved/retained.



2013 Analysis

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We benchmark the growth of these SBDC business customers against

their parent sectors in the Florida economy and attribute only the differ-

ential growth rates to SBDC activities. For example, if employment at

an architectural firm consulted by the SBDC grew at an annual rate of

10% between 2011 and 2012, while employment in architectural firms

across the state grew at only 5%, we attribute that differential 5%

growth rate to SBDC activities. On the other hand, if an SBDC consult-

ed firm grew at the rate of 5% while the statewide growth rate was 10%,

we attribute a negative 5% growth impact to SBDC activities. We also

utilize the self-reported jobs saved/retained numbers to calculate the

SBDC impact in terms of total jobs saved/retained across the Florida

economy.

We assume that the survey respondents who participated differ in no

substantively meaningful ways (a strong assumption) from those who

did not participate and leverage the data to estimate the total direct im-

pact of SBDC activities across the population of consulted businesses.

We present state-wide data in Table 1 by high-level industry sector. We

note that many of the businesses did not report a NAICS (North Amer-

ican Industrial Classification System) code, which made it difficult to

classify them. However, utilizing web searches, business names, and

brief descriptive paragraphs for the unclassified businesses in the sur-

vey—we classified all businesses into the high-level industry categories

displayed below.

In Table 1, we present totals for jobs created by established firms and

jobs created for pre-venture firms. For the purposes of presenting our

findings, we have combined jobs created with jobs saved and this data

contained in the jobs created column. This column represents the differ-

Table 1 - Total Jobs Created or

Retained

Industry SBDC Employment

Growth Florida Employment

Growth Difference

Jobs Created

Jobs Saved/ Retained

Total Jobs

Construction -9.40% -0.30% -9.00% -608 5,421 4,813

Manufacturing 9.20% 1.70% 7.40% 553 848 1,401

Retail 14.20% 1.90% 12.30% 711 2,102 2,814

Professional Serv. 21.10% 1.90% 19.20% 7224 9,763 16,986

Wholesale Trade 12.40% 1.30% 11.00% 301 825 1,127

Total 8182 18,959 27,141


ECONOMIC IMPACT

2013 Analysis

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ential impact of SBDC activities on job growth above and beyond the

state baseline. In Dr. Chrisman’s report, the employment growth rate

for the state of Florida was set at 1.1%. We report growth rates more

precisely at the industry level, hence the varying percentages shown in

Table 1. This accounts for slight differences between our results and

those included in Dr. Chrisman’s report.

Taking a look at the manufacturing industry, for example, job growth

among established firms that received consulting was 9.2%, while the

corresponding growth rate across the state was 1.7%. Utilizing the sur-

vey response rate and reported job growth among respondents, we cal-

culated that SBDC established firms added 553 manufacturing jobs to

the state economy above the average job rate of 1.7% for Florida’s man-

ufacturing sector. Moreover, established manufacturing firms reported

that they saved or retained approximately 848 jobs as a result of SBDC

activities. Summing the “jobs created” with the “jobs saved or retained”

figures yields a total “credit” of 1,401 manufacturing jobs as a direct re-

sult of Florida SBDC Network activities.

With respect to construction, the narrative is much the same as in previ-

ous years under study. The SBDC established firms actually lost jobs at

a considerably higher rate than the state average. This is not surprising

given the sluggish state of the economy making it difficult for smaller

firms to withstand economic pressures and leading to the significantly

higher rate of job losses. Even so, the construction sector reported that

the SBDC aided them in saving or retaining 5,421 jobs, yielding a posi-

tive overall SBDC impact on construction sector activities.

As the table totals reflect, SBDC activities resulted in the creation of

8,182 new jobs above and beyond the state’s overall growth rate. More-

over, SBDC activities resulted in 18,959 jobs saved or retained for Flori-

da over the survey period as well. Thus, the SBDC contributed 27,141

jobs to Florida’s employment totals over the survey period. Though im-

pressive, these employment totals count only the direct job impacts of

SBDC consulting activities. For a more comprehensive understanding

of the total impacts generated as a result of SBDC activities we utilize

IMPLAN® economic impact modeling.

State-Wide Impact. To calculate the total economic impact of SBDC

activities on the Florida economy, we utilized the IMPLAN® software

tool, which provides economic impact assessments in terms of direct,

indirect and induced economic impacts across a variety of categories,

ECONOMIC IMPACT


ECONOMIC IMPACT

2013 Analysis

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including employment, labor income, value added (Gross Domestic/

Regional Product) and total economic output (sales). In order to arrive

at these impacts, the inputs from Dr. Chrisman’s report were used as

benchmarks to parse the data into higher-level NAICS codes. Other

economic impact modelers, such as the PI+ Model from Regional Eco-

nomic Models, Incorporated (REMI), only require inputs at the two-

digit level. IMPLAN® requires inputs at the three or four-digit level,

allowing for a more detailed analysis. For example, the industry sector,

Manufacturing, is associated with a two-digit code. To analyze this sec-

tor in IMPLAN®, we had to proportion the sector into subsectors, such

as Aircraft Manufacturing and Food Manufacturing. It was important to

do so because Aircraft Manufacturing, for example, is considered a high

wage, high skill job, whereas the Food Manufacturing subsector is not.

As a result, they differ in terms of labor income. Thus, incorrectly

weighting the subsectors could produce very different results. After col-

lecting state-wide data at the four-digit level, we calculated the propor-

Table 2 - State Economic Impact

Impact Type

Employment Labor Income

(US $) Output (US $)

GRP / Value Added (US $)

Microbusiness

Direct Effect 7,388 $409,096,214 $1,028,467,175 $621,916,072

Indirect 2,301 $100,848,636 $274,811,767 $163,820,595

Induced 3,301 $134,553,879 $404,776,198 $243,659,584

Total 12,990 $644,498,729 $1,708,055,140 $1,029,396,252

Start-up Firms

Direct Effect 10,028 $555,202,005 $1,391,627,076 $849,243,765

Indirect 3,086 $136,866,006 $368,115,823 $219,758,643

Induced 4,481 $182,608,836 $550,219,446 $331,342,442

Total 17,595 $874,676,847 $2,309,962,343 $1,400,344,851

Small and Medium Sized Enterprise

Direct Effect 8,843 $496,759,688 $1,245,933,890 $751,315,724

Indirect 2,842 $122,459,058 $340,077,739 $202,472,600

Induced 4,044 $163,386,853 $496,221,606 $298,215,135

Total 15,729 $782,605,599 $2,082,233,234 $1,252,003,459

Pre-Venture Firms

Direct Effect 882 $49,525,741 $80,439,134 $113,769,559

Indirect 255 $10,814,654 $18,161,852 $29,983,892

Induced 394 $16,117,452 $29,264,030 $48,728,521

Total Effect 1,531 $76,457,847 $127,865,016 $192,481,972


ECONOMIC IMPACT

2013 Analysis

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tions of the total number of jobs for each subsector within the Manu-

facturing sector and then applied these proportions to the survey data

provided. These numbers were then used in the IMPLAN® analyses. By

doing so, it is possible to compare the two approaches (See Appendix C

for a more detailed accounting of our methodology).

The state-level economic impact report is presented in Table 2 (on the

preceding page) and is broken down by the FSBDC’s four target seg-

ments: microbusiness, individual start-ups, small and medium sized en-

terprises (SME) and pre-venture. The sum of direct effects (input) is

equal to the total number of jobs reported in Table 1. However, as one

might imagine, the creation of those direct jobs spurs other types of in-

direct and induced job creation activities. For example, growth in em-

ployment at a restaurant typically means that the establishment is selling

more food. This, across time, leads to indirect and induced employment

growth in the trucking industry (for example) as more goods are trans-

ported to the establishment. These types of impacts are reported as indi-

rect and induced effects in Table 2. As the data reflects, the 27,141 di-

rect jobs created or retained by FSBDC activities lead

to 8,484 indirect and 12,220 induced jobs for a total of

47,845 jobs credited to FSBDC activities.

Together, these employment numbers generate over

$2.3 billion in labor income and $6.29 billion in total

sales (output). These activities increase the “size” of

the Florida economy by nearly $3.9 billion dollars in

terms of value added/Gross Regional Product. (Gross

Regional Product represents the total value of all goods

and services produced in a region/state/nation and is

labeled, at the national level, Gross Domestic Product

or GDP).

Regional Impacts. The FSBDC network is divided

into 11 regional areas, as shown in the map to the right

(for a county list, see Appendix B). The state-wide of-

fice is located in Region 1, as denoted by the star on

the map. Not all regions across Florida are equal in

size, business demographics or financial resources. Some regional areas

are comprised of multiple counties while others include only one. We

present direct, indirect, induced and total effects for jobs created within

the microbusiness, individual start-up, SME and pre-venture segments

across the 11 regions in Tables 3, 4, 5 and 6 on the following pages. The

Map 1 - FSBDC Regions


ECONOMIC IMPACT

2013 Analysis

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procedure for calculating these impacts at the regional level was identical

to the state procedure previously discussed.

As the data in the tables indicate, there are substantial degrees of varia-tion in impact across the various regions. In Table 3, for example, the microbusiness segment in Region 8 (Palm Beach County only) saw 745

Region Direct Effect Indirect Effect Induced Effect Total Effect % of State

Microbusiness

1 - Northwestern 754 220 260 1233 9.5%

2 - Northern Coast 122 26 34 183 1.4%

3 - North Central 128 26 46 200 1.5%

4 - Northeastern 1193 422 531 2146 16.5%

5 - Central 1392 528 669 2589 19.9%

6 - Western 1850 597 998 3445 26.5%

7 - South Central 75 20 20 115 0.9%

8 - Palm Beach 466 110 170 745 5.7%

9 - Southwestern 424 119 141 683 5.3%

10 - Broward 769 166 320 1256 9.7%

11 - Southern 213 67 112 392 3.0%

Economic Output/Sales (US $)

1 - Northwestern $106,110,499 $25,576,773 $30,353,538 $162,040,809 9.5%

2 - Northern Coast $14,272,882 $2,960,868 $3,863,088 $21,096,838 1.2%

3 - North Central $17,933,578 $3,311,641 $5,552,397 $26,797,616 1.6%

4 - Northeastern $172,388,803 $50,836,174 $63,669,214 $286,894,191 16.8%

5 - Central $200,039,664 $63,089,344 $81,305,663 $344,434,671 20.2%

6 - Western $272,992,295 $71,470,374 $126,138,591 $470,601,260 27.6%

7 - South Central $10,767,891 $2,279,464 $2,322,420 $15,369,775 0.9%

8 - Palm Beach $57,383,415 $13,259,462 $21,209,439 $91,852,315 5.4%

9 - Southwestern $58,934,017 $14,040,816 $17,033,994 $90,008,827 5.3%

10 - Broward $84,359,972 $19,395,261 $38,908,764 $142,663,997 8.4%

11 - Southern $33,284,160 $8,591,590 $14,419,090 $56,294,841 3.3%

Value Added/Gross Regional Product (US $)

1 - Northwestern $47,000,377 $14,614,966 $18,133,590 $79,748,933 7.7%

2 - Northern Coast $8,885,505 $1,638,688 $2,277,246 $12,801,438 1.2%

3 - North Central $12,425,782 $1,936,003 $3,299,694 $17,661,479 1.7%

4 - Northeastern $97,388,573 $29,535,350 $37,789,013 $164,712,936 16.0%

5 - Central $109,944,225 $37,520,537 $49,082,043 $196,546,804 19.1%

6 - Western $189,916,355 $43,188,282 $75,191,684 $308,296,322 29.9%

7 - South Central $5,687,232 $1,290,775 $1,397,612 $8,375,620 0.8%

8 - Palm Beach $37,337,176 $8,388,140 $13,326,560 $59,051,876 5.7%

9 - Southwestern $39,186,441 $8,466,197 $10,374,252 $58,026,890 5.6%

10 - Broward $50,682,889 $11,948,797 $23,905,605 $86,537,290 8.4%

11 - Southern $23,461,517 $5,292,861 $8,882,286 $37,636,665 3.7%

Table 3 - Impact of Microbusiness

by FSBDC Region


ECONOMIC IMPACT

2013 Analysis

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jobs created (directly, indirectly and induced) while Region 4 (18 coun-ties) saw 2,146 jobs created. No doubt, some of this is attributable to regional economies both in size and in type.

The patterns in the jobs created data generally reflect the sales and value

added data further down the page. Given that the multipliers are differ-


Start-Ups

1 - Northwestern 866 252 298 1417 8.1%

2 - Northern Coast 180 39 50 268 1.5%

3 - North Central 186 38 67 291 1.7%

4 - Northeastern 1357 480 603 2440 13.9%

5 - Central 1747 662 840 3249 18.5%

6 - Western 2763 891 1491 5146 29.2%

7 - South Central 260 71 70 401 2.3%

8 - Palm Beach 668 157 243 1069 6.1%

9 - Southwestern 542 152 180 873 5.0%

10 - Broward 1181 256 492 1928 11.0%

11 - Southern 278 88 147 513 2.9%


1 - Northwestern $121,891,035 $29,380,498 $34,867,653 $186,139,186 8.1%

2 - Northern Coast $20,933,561 $4,342,606 $5,665,862 $30,942,029 1.3%

3 - North Central $26,021,270 $4,805,126 $8,056,420 $38,882,815 1.7%

4 - Northeastern $195,989,651 $57,795,889 $72,385,832 $326,171,372 14.1%

5 - Central $250,968,397 $79,151,461 $102,005,530 $432,125,387 18.7%

6 - Western $407,709,164 $106,739,739 $188,385,754 $702,834,657 30.4%

7 - South Central $37,488,213 $7,935,913 $8,085,463 $53,509,589 2.3%

8 - Palm Beach $82,307,524 $19,018,622 $30,421,619 $131,747,765 5.7%

9 - Southwestern $75,304,577 $17,941,043 $21,765,660 $115,011,279 5.0%

10 - Broward $129,522,381 $29,778,582 $59,738,709 $219,039,672 9.5%

11 - Southern $43,491,303 $11,226,344 $18,840,945 $73,558,592 3.2%


1 - Northwestern $53,990,177 $16,788,474 $20,830,380 $91,609,031 6.5%

2 - Northern Coast $13,032,073 $2,403,408 $3,339,961 $18,775,443 1.3%

3 - North Central $18,029,565 $2,809,103 $4,787,791 $25,626,459 1.8%

4 - Northeastern $110,721,533 $33,578,880 $42,962,509 $187,262,922 13.4%

5 - Central $137,935,274 $47,073,010 $61,577,996 $246,586,280 17.6%

6 - Western $283,636,717 $64,500,935 $112,297,450 $460,435,103 32.9%

7 - South Central $19,799,994 $4,493,809 $4,865,761 $29,159,565 2.1%

8 - Palm Beach $53,554,333 $12,031,473 $19,114,865 $84,700,670 6.0%

9 - Southwestern $50,071,564 $10,817,918 $13,255,988 $74,145,470 5.3%

10 - Broward $77,816,153 $18,345,627 $36,703,555 $132,865,335 9.5%

11 - Southern $30,656,383 $6,916,005 $11,606,187 $49,178,575 3.5%

Table 4 - Impact of Start-Up

Firms by FSBDC Region


ECONOMIC IMPACT

2013 Analysis

13

ent across the various regions—there are differences in the impact

figures as a percentage of the state total. For example, Region 5 of the

microbusiness segment accounts for 19.9%of all jobs created and 20.2%

of all sales generated. These patterns can be seen across all targeted seg-

ments of FSBDC activity. For example, the SME segment (Table 5) has

a similar regional distribution for sales as the microbusiness (Table 3),


Small and Medium Size Enterprise (SME)

1 - Northwestern 758 221 261 1240 7.9%

2 - Northern Coast 57 12 16 85 0.5%

3 - North Central 141 29 50 220 1.4%

4 - Northeastern 1619 573 720 2912 18.5%

5 - Central 2105 798 1012 3915 24.9%

6 - Western 2412 778 1301 4491 28.6%

7 - South Central 111 30 30 171 1.1%

8 - Palm Beach 395 93 144 632 4.0%

9 - Southwestern 353 99 117 569 3.6%

10 - Broward 683 148 285 1116 7.1%

11 - Southern 204 65 108 377 2.4%


1 - Northwestern $106,654,655 $25,707,936 $30,509,197 $162,871,788 7.8%

2 - Northern Coast $6,660,678 $1,381,738 $1,802,774 $9,845,191 0.5%

3 - North Central $19,691,772 $3,636,311 $6,096,750 $29,424,833 1.4%

4 - Northeastern $233,956,233 $68,991,951 $86,408,219 $389,356,402 18.7%

5 - Central $302,422,169 $95,379,166 $122,918,797 $520,720,132 25.0%

6 - Western $355,855,878 $93,164,361 $164,426,469 $613,446,708 29.5%

7 - South Central $15,952,431 $3,376,984 $3,440,622 $22,770,038 1.1%

8 - Palm Beach $48,688,958 $11,250,453 $17,995,887 $77,935,298 3.7%

9 - Southwestern $49,111,680 $11,700,680 $14,194,995 $75,007,356 3.6%

10 - Broward $74,986,642 $17,240,232 $34,585,568 $126,812,442 6.1%

11 - Southern $31,952,794 $8,247,927 $13,842,327 $54,043,047 2.6%


1 - Northwestern $47,241,405 $14,689,915 $18,226,582 $80,157,902 6.4%

2 - Northern Coast $4,146,569 $764,721 $1,062,715 $5,974,005 0.5%

3 - North Central $13,643,995 $2,125,807 $3,623,193 $19,392,996 1.5%

4 - Northeastern $132,170,207 $40,083,689 $51,285,089 $223,538,985 17.9%

5 - Central $166,214,891 $56,723,961 $74,202,773 $297,141,626 23.7%

6 - Western $247,563,219 $56,297,575 $98,015,231 $401,876,025 32.1%

7 - South Central $8,425,529 $1,912,259 $2,070,537 $12,408,325 1.0%

8 - Palm Beach $31,680,028 $7,117,209 $11,307,385 $50,104,622 4.0%

9 - Southwestern $32,655,368 $7,055,164 $8,645,210 $48,355,741 3.9%

10 - Broward $45,051,457 $10,621,153 $21,249,427 $76,922,036 6.1%

11 - Southern $22,523,057 $5,081,147 $8,526,995 $36,131,198 2.9%

Table 5 - Impact of SME



ECONOMIC IMPACT

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start-up (Table 4) and pre-venture (Table 6) market segments with be-

tween 60% and 70% of all economic impacts attributed to Regions 4, 5,

and 6.

The IMPLAN® model also allows us to consider the impacts across

critical economic sectors and assess the types of jobs that were created


Pre-Venture

1 - Northwestern 152 31 38 222 14.50%

2 - Northern Coast 12 3 4 18 1.20%

3 - North Central 35 8 15 57 3.70%

4 - Northeastern 74 19 28 121 7.90%

5 - Central 115 40 53 208 13.60%

6 - Western 339 107 182 627 40.90%

7 - South Central 22 7 9 39 2.50%

8 - Palm Beach 23 7 10 40 2.60%

9 - Southwestern 25 7 9 41 2.70%

10 - Broward 11 4 6 20 1.30%

11 - Southern 74 23 41 138 9.00% Economic Output/Sales (US $)

1 - Northwestern $12,048,783 $3,653,296 $4,452,209 $20,154,289 10.50%

2 - Northern Coast $1,467,013 $294,999 $407,089 $2,169,100 1.10%

3 - North Central $5,500,016 $958,250 $1,766,498 $8,224,765 4.30%

4 - Northeastern $7,847,021 $2,209,014 $3,400,671 $13,456,705 7.00%

5 - Central $13,884,386 $4,505,953 $6,424,084 $24,814,423 12.90%

6 - Western $48,698,016 $12,564,249 $22,936,402 $84,198,667 43.70%

7 - South Central $3,754,701 $734,060 $1,087,385 $5,576,145 2.90%

8 - Palm Beach $3,511,677 $899,711 $1,193,776 $5,605,164 2.90%

9 - Southwestern $3,535,246 $852,755 $1,056,021 $5,444,023 2.80%

10 - Broward $1,466,310 $439,872 $679,073 $2,585,255 1.30%

11 - Southern $12,056,390 $2,871,733 $5,325,313 $20,253,437 10.50%


1 - Northwestern $7,610,540 $2,145,699 $2,659,877 $12,416,116 9.70%

2 - Northern Coast $964,683 $164,299 $239,975 $1,368,958 1.10%

3 - North Central $4,058,837 $576,093 $1,049,773 $5,684,703 4.40%

4 - Northeastern $5,382,993 $1,323,251 $2,018,382 $8,724,627 6.80%

5 - Central $9,081,778 $2,736,124 $3,878,005 $15,695,907 12.30%

6 - Western $35,400,545 $7,649,404 $13,672,588 $56,722,537 44.40%

7 - South Central $2,730,986 $419,245 $654,521 $3,804,752 3.00%

8 - Palm Beach $2,568,835 $576,162 $750,110 $3,895,106 3.00%

9 - Southwestern $2,517,569 $516,222 $643,075 $3,676,866 2.90%

10 - Broward $1,025,269 $272,734 $417,303 $1,715,306 1.30%

11 - Southern $9,097,099 $1,782,620 $3,280,419 $14,160,138 11.10%

Table 6 - Impact of Pre-Venture



ECONOMIC IMPACT

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(directly, indirectly and induced) as a result of FSBDC activities. The

data in Table 7, shown on the following page, represent the top 10 oc-

cupations affected by FSBDC activities. We note that the general titles

are indicative of the types of jobs that will be created. What these data

indicate is that the FSBDC Network is involved in creating high-wage,

high-skill jobs among budding entrepreneurs and established small busi-

nesses looking to grow. Indeed, three out of the five largest categories

of job-types created are high-wage, high-skill occupations.

Summary. Florida SBDC Network consulting activities resulted in

the creation of 8,182 jobs for established firms between 2011 and

2012 over and above average growth rates for the represented in-

dustries. Moreover, businesses working with the FSBDC were able

to save or retained an additional 18,959 jobs for a total of 27,141

jobs. These growth/retention activities, in turn, resulted in adding,

retaining or saving an additional 20,709 jobs for a total jobs impact

of 47,845 as a result of the Florida SBDC Network. These activi-

ties added $3.8 billion dollars to the overall size of Florida’s econo-

my. It is important to note that the economic impacts associated with

FSBDC activity have increased relative to our 2012 study.

The Haas Center conducted a similar study in 2012 using an identical

methodology for determining the economic impacts of FSBDC activity.

Table 7 presents a comparison of our 2012 findings with our findings in

Rank Occupation Description Jobs

1 Management, scientific and technical consulting services 6,434

2 Maintenance and repair construction of nonresidential structures 5,568

3 All other miscellaneous professional, scientific and technical services 5,189

4 Legal services 3,009

5 Retail Stores - food and beverage 2,474

6 Architectural, engineering and related services 2,056

7 Food services and drinking places 2,027

8 Wholesale trade businesses 1,623

9 Custom computer programming services 1,303

10 Employment services 1,290

Table 7 - Impact by Sector

Type of Impact

State-Wide Impact (US $)

2012 2013

Total Jobs 43,856 47,845

Sales/Output $5.95 billion $6.29 billion

$3.3 billion $3.8 billion Value Added/

GRP

Table 8 - Year-over-Year

Comparison


ECONOMIC IMPACT

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this report. As the table illustrates, total jobs increased by 9% while total

sales/output and value added grew by 5.4% and 15% respectively.

Although the network produces a substantial number of jobs and adds

to the economy, we must examine FSBDC fiscal impacts in order to

determine the return on invest-

ment (ROI) for Florida. The

FSBDC Network receives its

funding from two sources; federal

appropriations and local and re-

gional match investment provided

by host partner institutions of

higher education and public and

private sector organizations.

(Match funding is necessary to lev-

erage federal FSBDC program funding—otherwise the federal dollars

would not come to the state of Florida, at least in the form of small

business development activities.) The FSBDC program does not receive

any direct appropriation funding from the state of Florida for program

activities. The annual cost of the FSBDC operation for the period under

study was $11.4 million. Of this, the FSBDC leveraged $5.36 million in

host partner investment to access $6.1 million in federal

funding for its activities. Thus, it is assumed that the total

cost of operating the network to Florida was $5.36 million

(we did not include the small share of federal dollars that

were paid by Floridians).

Utilizing IMPLAN® fiscal impact module, we calculated

the tax impacts displayed in Table 8 by summing the tax

impacts for each of the 11 regions. These impacts are bro-

ken out into four different types—collections associated

with employee compensation, indirect business tax, house-

hold taxes and corporate taxes. Across the various catego-

ries, the data indicate that the SBDC was responsible for

generating approximately $214.6 million in tax revenue for

the State of Florida as a result of its consulting activities for

the $5.36 million invested (as indicated in Table 10). This yields a bene-

fit to cost ratio of $40.04 indicating that the FSBDC returns just over

$40.04 in tax revenue to the State for every dollar invested. Moreover,

the average cost for each job created or saved/retained is approximately

FISCAL IMPACT

Type of Taxation Jobs Created (US $) Jobs Saved (US $)

Employee Compensation $517,264 $1,109,546

Indirect Business Tax $64,770,805 $136,147,700

Households $2,552,276 $5,375,035

Corporations $1,585,966 $2,560,548

Total $69,426,311 $145,192,829

Table 9 - Fiscal Impacts

Table 10 - Return on Investment

Returns per Dollar of Florida Taxpayer

Investment (US $)


State Tax Revenues Generated $214.6 million

Benefit/Cost Ratio $40.04

Taxpayer Cost Per Job (US $)


Jobs Created/Saved/Retained 47,845

Cost per Job $112.03


CONCLUSION

2013 Analysis

17

$112.03, which is, compared to the broader economic development are-

na, highly favorable.

There are, of course, many ways to benchmark job creation mechanisms

against investment, against each other and against other opportunities

that would generate a greater return for each dollar invested. That is be-

yond the scope of this study. However, the overarching conclusion that

the SBDC yields a positive return on the investment of taxpayer dollars

is supported by the data that are presented in this section.

The analysis of the Florida SBDC Network included in this document

benchmarks the network utilizing methodologies that produce results

that are comparable to others in the industry. The data indicate that

Florida’s $5.36 million investment leverages roughly that same amount

in federal funding (approximately $6.1 million) for the network. Moreo-

ver, for a total state investment of $5.36 million, the Florida SBDC Net-

work helped to create or retain more than 47,845 Florida jobs (direct,

indirect and induced) while generating nearly $6.3 billion in economic

activity and contributing $3.8 billion to Florida’s economy.

The return for Florida investment is substantial as well. For every $1 of

Florida investment in the program the Florida SBDC Network returns

over $40 to the state in revenue, and for each job created or retained it

“costs” Florida $112 in investment. Naturally the results are dependent,

in some degree, on the assumptions utilized in the modeling strategy

developed by Chrisman. We discussed some of those assumptions in the

methodological overview. We continue that discussion in Appendix C

where we outline (and detail) our inputs and associated assumptions.

CONCLUSION


APPENDIX A

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APPENDIX A


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APPENDIX B

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APPENDIX B: SBDC Regional Identification

Table B: FSBDC Regional Identification

Region SBDC Office Location Counties Included in Region

Region 1 FSBDC at UWF Escambia, Okaloosa, Santa Rosa and Walton

Region 2 FSBDC at GCSU Bay, Calhoun, Gulf, Holmes, Jackson and Washington

Region 3 FSBDC at FAMU Franklin, Gadsden, Jefferson, Leon, Liberty, Madison, Taylor and Wakulla

Region 4 FSBDC at UNF Alachua, Baker, Bradford, Citrus, Clay, Columbia, Dixie, Duval, Gilchrist, Hamilton, Lafayette, Levy, Marion, Nassau, Putman, St. Johns, Suwannee and Union

Region 5 FSBDC at UCF Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter and Volusia

Region 6 FSBDC at USF Desoto, Hardee, Hernando, Highlands, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota

Region 7 FSBDC at IRSC Indian River, Martin, Okeechobee and St. Lucie

Region 8 FSBDC at PBSC Palm Beach

Region 9 FSBDC at FGCU Charlotte, Collier, Glades, Hendry and Lee

Region 10 FSBDC at Broward Broward

Region 11 FSBDC at MDM Dade and Monroe


44

APPENDIX C

The opening section of the document contained an overview of the meth-

odological approach that we established for estimating the economic im-

pact of FSBDC Network services on the Florida economy. The ap-

proach, however, was fundamentally dependent on the model inputs and

the types of input categories chosen. As we noted, it was sometimes diffi-

cult to determine what types of businesses/employment were generated

by the models that we utilized. We therefore relied on the local structure

of the economy to estimate the most likely categories in which the growth

would be occurring for a given sector and inputted the jobs figures there.

We were also careful to choose IMPLAN categories that had wage/sales

structures that were comparable to our expectations about the types of

jobs being generated. This often forced us to utilize categories that were

not exactly correct on the descriptive side of the equation but were cor-

rect on expected values of sales. This, in turn, means that our economic

impact figures are much more accurate than the overall descriptive titles

of the types of jobs generated. We therefore prioritized correct dollar

estimates over job description.

We divided the inputs into two categories for established firms: jobs cre-

ated and jobs saved. Pre-venture firms encompassed only the jobs created

category (by definition pre-venture firms do not have an impact on jobs

saved because they are new businesses). Again, although some of the cat-

egories may not appear intuitive in relation to FSBDC activities, the

wage estimates match best with reported FSBDC survey data for the cate-

gories included.

The FSBDC classifies all surveyed firms as falling into five industries: re-

tail, service, wholesale, manufacturing and construction. In order to find

the distribution of SBDC assisted job creation at the sector level, the Cen-

ter utilized industry job reports for 2012 provided by Economic Modeling

Specialists, Inc. (EMSI) to determine total sector-specific job creation.

These reports utilize North American Industry Classification System

(NAICS) codes which provide detailed employment figures for each sec-

tor within the five industries used by the FSBDC. Each code represents a

subset of the FSBDC industry classification. Please note, these figures

represent total job creation and not just those associated with FSBDC

assisted firms.

Haas Center researchers then grouped these employment figures into re-

gions corresponding with the 11 regions found throughout the FSBDC

Network; by doing so, we were able to determine total job creation at the

sector level for each region. We then calculated the employment distribu-

tion across the top three NAICS sectors in relation to the larger FSBDC

APPENDIX C: Methodology for Determining IMPLAN Inputs


45

APPENDIX C

industry classification for each region.

In order to determine total FSBDC assisted job creation across the en-

tire population of FSBDC assisted firms for each region, we multiplied

FSBDC assisted job creation totals from the surveyed established firms

by four and job creation totals from pre-ventured firms by seven.

These multipliers were based on the percentage of firms surveyed in

relation to the entire population of FSBDC assisted firms—both estab-

lished and pre-ventured. We were then able to apply each region’s sec-

torial employment distribution to the total regional FSBDC assisted

job creation figures thus providing us with precise FSBDC assisted job

creation figures at the sector level.

These figures were used as inputs for modeling the direct, indirect and

induced impacts (jobs, total output/sales and value added/GRP) at the

regional level. Our determinations for the economic impacts at the

state level were derived by summing each region’s employment, total

output/sales and value added/GRP effects. Table C on the following

pages presents this information for each region.


46

Table C: Regional IMPLAN Inputs

Region Sector NAICS Industry Sector Sectorial

Distribution IMPLAN

Jobs Created

Saved Jobs

Region 1 UWF

Retail

4529 General Merchandise 50% 329 54 10

4451 Grocery Stores 25% 324 27 5

4481 Clothing Stores 25% 327 27 5

Service

5413 Arch., Eng., and Related Srvs. 40% 369 222 237

5415

Comp. Systems Design and Related Srvs. 30% 371 166 178

5416

Mngt., Sci., and Tech. Consulting Services 30% 374 166 178

Wholesale

4244

Grocery and Related Product Mer-chant Wholesalers 40% 319 6 78

4251

Wholesale Electronic Markets and Agents and Brokers 30% 319 5 58

4238

Machinery, Equipment, and Sup-plies Merchant Wholesalers 30% 319 5 58

Manufacturing

3364

Aerospace Product and Parts Man-ufacturing 60% 284 44 22

3252

Resin, Syn. Rubber, and Artificial Syn. Fibers and Filaments Mfg. 30% 127 22 11

3391

Medical Equipment and Supplies Manufacturing 10% 305 7 4

Construction

2382 Building Equipment Contractors 50% 39 -49 517

2383 Building Finishing Contractors 30% 39 -29 310

2361 Residential Building Construction 20% 39 -19 207

Region 2 GCSU

Retail 4529 Other General Merchandise Stores 40% 324 3 22


4521 Department Stores 20% 329 2 11

Service


5412

Acc., Tax Preparation, Bookkeep-ing, and Payroll Services 25% 368 23 49

5419

Other Professional, Scientific, and Technical Services 25% 380 23 49

Manufacturing

3366 Ship and Boat Building 50% 290 1 8

3141 Textile Furnishings Mills 25% 82 0 4

3221 Pulp, Paper, and Paperboard Mills 25% 104 0 4

Construction


2389 Other Specialty Trade Contractors 35% 39 -2 3



47

Region 5 UCF

Retail

4451 Grocery Stores 40% 324 49 254

4529 Other General Merchandise Stores 35% 324 43 222


Service

5416 Mngt., Sci., and Tech. Consulting Services 40% 374 732 842


5419 Other Professional, Scientific, and Technical Services 30% 380 549 631

Wholesale

4244 Grocery and Related Product Mer-chant Wholesalers 40% 319 18 40

4234 Profess. and Comm. Equipment and Supplies Merchant Whl. 30% 319 13 30

4251 Wholesale Electronic Markets and Agents and Brokers 30% 319 13 30

Manufacturing

3344 Semiconductor and Other Elec-tronic Component Mfg. 50% 241 60 133

3364 Aerospace Product and Parts Man-ufacturing 30% 284 36 80

3345 Nav., Measuring, Electromedical, and Control Instruments Mfg. 20% 248 24 53

Construction




Region 6 USF

Retail

4451 Grocery Stores 50% 324 72 280



Service



5411 Legal Services 30% 367 803 955

Wholesale




Manufacturing

3231 Printing and Related Support Ac-tivities 35% 113 52 72

3391 Medical Equipment and Supplies Manufacturing 35% 305 52 72

3399 Other Miscellaneous Mfg. 30% 310 44 62

Construction




Table C: Regional IMPLAN Inputs (Continued)


Distribution IMPLAN

Jobs Created

Saved Jobs


48

Region 3 FAMU

Retail




Service

5411 Legal Services 35% 367 44 84



Wholesale


4234 Profess. and Comm. Equipment and Supplies Merchant Whl 30% 319 0 0

4231 Moto Vehicle & Moto Vehicle Parts and Supplies Merchant Whl 20% 319 0 0

Manufacturing

3221 Pulp, Paper, and Paperboard Mills 40% 104 0 4

3231 Printing and Related Support Activ-ities 30% 113 0 3

3259 Other Chemical Product and Prepa-ration Manufacturing 30% 140 0 3

Construction

2382 Building Equipment Contractors 30% 39 0 2

2383 Building Finishing Contractors 30% 39 0 2

2389 Other Specialty Trade Contractors 30% 39 0 2

Region 4 UNF

Retail

4451 Grocery Stores 50% 324 96 260


4411 Automobile Dealers 20% 320 38 104

Service



5415 Computer Systems Design and Re-lated Services 30% 371 315 475

Wholesale




Manufacturing


3222 Converted Paper Product Manufac-turing 25% 107 28 61

3364 Aerospace Product and Parts Man-ufacturing 25% 284 28 61

Construction






Distribution IMPLAN

Jobs Created

Saved Jobs


49

Region 7 IRSC

Retail



4441 Building Material and Supplies Dealers 20% 323 1 0

Service


5416 Mngt., Sci., and Tech. Consulting Ser-vices 30% 374 14 78

5412 Accounting, Tax Preparation, Bookkeeping, and Payroll Services 30% 368 14 78

Wholesale


4239 Miscellaneous Durable Goods Mer-chant Wholesalers 15% 319 3 1


Manufacturing

3364 Aerospace Product and Parts Manufac-turing 60% 284 19 2

3114 Fruit and Vegetable Preserving and Specialty Food Mft 20% 53 6 1

3366 Ship and Boat Building 20% 290 6 1

Construction




Region 8 PBSC

Retail




Service



5411 Legal Services 30% 367 54 103

Wholesale

4244 Grocery and Related Product Merchant Wholesalers 40% 319 5 15



Manufacturing

3391 Medical Equipment and Supplies Man-ufacturing 40% 305 7 0

3273 Cement and Concrete Product Manu-facturing 30% 160 5 0

3231 Printing and Related Support Activities 30% 113 5 0

Construction



2381 Foundation, Structure, and Building Exterior Contractors 30% 39 -4 285



Distribution IMPLAN

Jobs Created

Saved Jobs


50

Region 9 FGCU

Retail

4451 Grocery Stores 50% 324 47 73



Service


5411 Legal Services 35% 367 117 221


Wholesale




Manufacturing

3364 Aerospace Product and Parts Manu-facturing 60% 284 19 5

3113 Sugar and Confectionery Product Manufacturing 20% 48 6 2


Construction




Region 10 BRC

Retail


4461 Health and Personal Care Stores 25% 325 5 2


Service

5411 Legal Services 40% 367 57 108

5415 Computer Systems Design and Related Services 30% 371 42 81


Wholesale




Manufacturing


3342 Communications Equipment Manu-facturing 30% 237 3 5

3391 Medical Equipment and Supplies Man-ufacturing 30% 305 3 5

Construction



2381 Foundation, Structure, and Building Exterior Contractors 20% 39 -2 436



Distribution IMPLAN

Jobs Created

Saved Jobs


51

APPENDIX C



Distribution IMPLAN

Jobs Created

Saved Jobs

Region 11 MDM

Retail




Service

5411 Legal Services 40% 367 76 144



Wholesale




Manufactur-ing

3231 Printing and Related Support Activi-ties 40% 113 2 17


3118 Bakeries and Tortilla Manufacturing 30% 62 2 12

Construction




Total All Regions 8182 18959

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