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Economic Scene Newsletter - June 14, 2021

WORKFORCE UPDATES

LEGISLATION CREATES NEW 401K PLAN OPTION FOR SMALL BUSINESS
In late 2019 Congress passed the SECURE Act, which included provisions for pension plan providers to “pool” small unrelated businesses into a single 401K plan to improve access and administrative costs. Adding a more affordable 401K plan to your benefits package may be what’s needed to attract talent in today’s competitive hiring market. Learn more about Pooled Employer 401K Plans in an upcoming GrowFL Zoom webinar at 9 a.m. June 24.

DAYTONA STATE COLLEGE OFFERS CNC MILLING PROGRAM

Daytona State College is offering a course in Computer Numerical Control (CNC) programming of CNC Milling Machines that will provide students with the knowledge and skills necessary to be employed in the manufacturing industry. The course provides hands-on training on how to set-up and operate a CNC Vertical Milling machine. Classes will be held from 4 to 9:50 p.m. Monday through Friday from June 21 through Aug. 2 at the Advanced Technology College. If you, or someone you know, have been negatively affected by the COVID-19 pandemic and, as a result, are either unemployed, furloughed, or underemployed, you may be eligible for this course at no cost. See if you qualify and reserve your seat.

WEBINARS, WORKSHOPS & FORUMS

SCORE WEBINAR: SMALL BUSINESS RECOVERY GUIDE

Many small business owners are experiencing times like never before. You’ll have to take another look at short-term fixes you’ve put in place and decide how to adjust them for the long term. And that all needs to happen quickly while you keep the doors open and the operations going. Your path to recovery will require creativity, flexibility and perseverance. To help you get started, this workshop will cover the Small Business Owner’s Guide to Navigating the Recovery. Hosted by SCORE Volusia/Flagler chapter, the live Zoom event will take place at noon June 22. Registration is required.

MAKEMORE MANUFACTURING SUMMIT: BUSINESS GROWTH SEGMENT

Manufacturing in Florida had over 21,000 establishments in the second quarter of 2020, and 384,000 jobs were reported by December of the same year. Manufacturing accounted for 4.5% of Florida’s GSP by January 2021. Understanding the existing business landscape manufacturers are dealing with will be essential for Florida to continue diversifying the economy to remain a global competitor. The Business Growth Segment of the MakeMore Manufacturing Summit will discuss what the current state of the manufacturing ecosystem looks like; the challenges, strategies and opportunities manufacturers are facing around workforce; growth capital; supply chains; and emerging markets. The segment will be held from 8 to 11 a.m. June 22 and 23. Register to attend.

STARTUP GRIND EVENT: THE INTERGENERATIONAL ECONOMY
The Ormond Beach chapter of Startup Grind will host an in-person event at 5 p.m. June 23 at the Ormond Beach Performing Arts Center with guest speaker Dillon Knight Kalkhurst. The Ormond Beach entrepreneur will share his experience as the founder of the Center for Intergenerational Engagement and VP Strategic Partnerships and Business Development for Memberhub.com, a first of its kind social impact marketplace benefiting K-12 nonprofits. He will distill two decades of helping Fortune 500 companies, school districts and national nonprofits engage multi-generational families to help bridge the generational communication divide. Registration is required.

HOUSING & REAL ESTATE

DELTONA-DAYTONA-ORMOND MARKET INDEXED IN REAL ESTATE TRENDS REPORT
The Emerging Trends in Real Estate® 2021 report, undertaken jointly by PwC and the Urban Land Institute, highlights the evolving trends shaping the real estate industry. The report explores how COVID-19 accelerated many existing trends like retail footprint reductions, while it spawned new ones such as an increased focus on social justice and health and wellness, and stopped others in their tracks like the appeal of big cities. Deltona-Daytona-Ormond MSA was indexed in both overall real estate as well as homebuilding prospects in the 80 U.S. markets to watch. Read the full report.

BUSINESS NEWS

FREE BUSINESS LEARNING RESOURCES WITH YOUR LIBRARY CARD
Whether you’re seeking ways to grow a business or start a new one, invaluable knowledge that can help you succeed is only a library card away. The Volusia County Public Library provides card holders free web access to valuable courses and programs that are produced by respected business thought leaders and institutions. Explore the catalog and start using these free programs to gain critical insights and skill when it fits your schedule. Request your library card today and check out the LinkedIn Learning courses for business and entrepreneurship.

INDUSTRY UPDATES

HOTEL INDUSTRY EMERGES FROM PANDEMIC WITH NEW BUSINESS MODEL
Since the COVID-19 pandemic, the hardest hit industries have been evaluating the best methods of survival to include adjusted business and operational models. The hotel and hospitality industry is making permanent changes that will increase productivity, customer experience and aid their economic rebound. The leadership of large hotel brands have increasingly touted savings and increased efficiency from reducing labor costs on services since the economy began to recover last year. Read how they are making that happen.

IN CASE YOU MISSED IT

VIDEO PLAYBACK:  EMPLOYEE MENTAL WELLNESS PANEL DISCUSSION
Volusia County local business leaders and agency representatives discussed employee mental wellness and the challenges employers and employees face in a post-COVID workplace. In case you missed it, watch the event on demand.

TAKE 2 TO ANSWER 1 QUICK QUESTION

Behavorial health (BH) awareness has become more prevalent in the workplace due to the COVID-19 pandemic.

What steps or actions has your business taken or will take to address BH concerns?

Answer here

HURRICANE PREPAREDNESS FOR BUSINESS

PLAN AND PREPARE YOUR BUSINESS

Protect and prepare your business with a Business Disaster Continuity Plan

  • Review property insurance to determine if you have adequate hazard, flood, wind and business interruption insurance
  • Video and photo document your property, vehicles and inventory before and after the disaster to assist with verifying insurance and tax credit claims
  • Determine what emergency equipment and supplies are needed to protect and repair your business
  • Protect computers and backup your files. Store backup files in an alternate location
  • Assemble insurance policies, financial records, inventories, and other important documents. Make duplicates and store in alternate safe places
  • Move files and equipment to higher elevations
  • Shutter windows, sandbag doors, and cover sensitive equipment
  • Have a generator ready as a backup until power is restored
  • Encourage your employees to create a family emergency plan - the sooner they take care of their personal preparations, the quicker they can help prepare your business
  • Create a Crisis Communication plan to communicate with customers, suppliers and employees
  • Develop an employee alert roster to notify employees during nonworking hours the status of business operations
  • Protect employees and only schedule essential personnel during the storm
  • Arrange alternate payroll methods for your employees with your banking institution after the disaster
  • Retain a list of emergency support phone numbers for various needs and distribute to your employees
  • Know the community’s evacuation plan and evacuation routes
  • Update your plan quarterly and be sure all existing employees and new hires understand the plan

BOOKMARK, DOWNLOAD, REGISTER, FOLLOW, CONTACT

BOOKMARK

DOWNLOAD

REGISTER

  • CodeRED – register to be notified by your local emergency response team in the event of emergency situations or critical community alerts.

FOLLOW

CONTACT

  • Citizens Information Center (activated only during disasters) – Retain this phone number, 1-866-345-0345, for shelter information, sand bag locations, and other disaster updates; Telecommunication Device for the Deaf 386-248-1792

County, Sparton team up to help the economy and the environment

Operating out of its vast manufacturing facility in DeLeon Springs, Sparton has been a good neighbor, a good corporate citizen and one of Volusia County’s largest private-industry employers for more than 50 years. For Sparton and the local community, being socially responsible takes on added significance given the company’s close proximity to a delicate watershed that includes the natural spring at DeLeon Springs State Park about a mile away. And that’s why Sparton’s recent overhaul of its onsite wastewater disposal system to a more environmentally-friendly treatment plant was cause for celebration. And it all happened with the help of a grant from the county – an investment in Sparton, the local economy and the protection of precious water resources.

INFORMATION AND GUIDANCE FOR BUSINESSES AND EMPLOYERS

VOLUSIA BUSINESS RESOURCES  – The COVID-19 pandemic has caused major NEW disruptions to the business community. But at the same time, this global health crisis has resulted in countywide collaboration among economic development and emergency response teams to harness countless economic resources and present it all in one virtual location. Volusia County’s Economic Development division is leading the effort, serving as the coordinator between cities and agencies, as the clearinghouse of information, and by creating a new website -- VolusiaBusinessResources.com -- to serve as a countywide source of assistance and incentive program information for businesses. The website includes all federal, state, regional, county and private-sector resources, webinars and provides direct links to Volusia County’s cities’ resources pages. Read the complete release here.

VOLUSIA COUNTY COVID-19 UPDATES – Stay up to date with COVID-19 related news and emergency information via Volusia County’s public information network.

VOLUSIA COUNTY BUSINESS ASSISTANCE

For business assistance from the Volusia County Division of Economic Development, call 386-248-8048 or e-mail vced@volusia.org.

What We Do

The Volusia County Division of Economic Development assists business owners and works collaboratively with local stakeholders. We provide assistance at no cost to businesses with the desire and potential for growth within Volusia County.

The Division can help start-ups, second-stage, or maturing businesses directly or refer owners to other qualified organizations. Our economic development ‘ecosystem’ is focused on creating higher value, higher wage jobs.

While other community partners focus on recruiting new businesses to our county, the Economic Development Division assists existing Volusia County firms and entrepreneurs who are positioning themselves for new growth.  Incrementally growing the 14,000 plus established businesses already in our county offers the potential for significant economic growth and long term economic health.

In 2019, Gross Domestic Product (GDP) of Volusia County, was $17 billion. Our rapidly growing economy, now in the top 40% of all MSA's nationally, is driven by thousands of local enterprises that produce a variety of goods and services, creating jobs and stimulating even greater investment. Area companies not only support local commerce but also transact business throughout the world generating up to $295 million in exports, annually.