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Economic Yearbook 2007
NORTHWEST: Playing off its Strengths
Northwest Florida is playing up its military strength.
Panama City / Bay County
DOWNTOWN: Pier Park, Simon Property's retail and entertainment complex opening in stages beginning this spring, will be the new downtown for Panama City Beach, says Marta Rose, senior vice president of marketing and public relations at the Panama City Beach Chamber of Commerce. "There has been no downtown; now we're getting one with park benches, street lamps, underground utilities, sidewalks and palm trees.'' Tourism and the economy will benefit, says Mayor Gayle Oberst.
BY SEA: Port business is predicted to prosper this year, gaining from ongoing container traffic from Mexico, significant imports of copper from South America and the programmed late-year launch of wood-pellet shipments by Green Circle Bio Energy that alone will produce $20 million during the port's 10-year contract.
"There has been no downtown; now we're getting one with park benches, street lamps, underground utilities, sidewalks and palm trees."
-- Marta Rose, Panama City Beach Chamber of Commerce
PROJECT TO WATCH
? Construction of the $331-million Panama City Bay County International Airport at a West Bay site, possibly beginning this year, will pave the way for development of thousands of acres. Of needed approvals, only the Army Corps of Engineers permit remains to be issued.
Fort Walton Beach / Okaloosa County
? Per Capita Income
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DECIDING FACTORS: Tourism growth and military stability could be principal up-and-down factors this year for Okaloosa County's economy.
MILITARY: The fate of the Air Force's 46th Test Wing is expected to be decided this year after an aborted attempt last year to move the weapons research and development unit to California; the outcome could significantly impact the military- dominated economy. Jim Breitenfeld, task force manager of the Economic Development Council's Defense Support Initiative, says based on indications he's receiving as two groups probe the issue under congressional mandate, "We're cautiously optimistic that the 46th Test Wing will remain intact and actually be strengthened.''
REDEVELOPMENT: In Destin, two towering condominiums, Emerald Grande and The Palms, both opening this year, will create jobs and provide tax dollars for more tourism development and city improvements, says Shane Moody, president of the Destin Area Chamber of Commerce. ... Destin and Okaloosa County last year reached agreement on revenue sharing to enable $80 million to $120 million in multiyear improvements to proceed at the 400-acre Harbor Community Redevelopment Area.
STEPPING UP: Segers Aero last year moved its headquarters to Crestview, and this year, following completion of construction, it will also relocate its main overhaul operation and state-of-the-art research unit, adding 110 jobs within two years.
Innovators
? ActiGraph in Fort Walton Beach develops applications for energy-monitoring devices used in sports, medical research and home fitness -- and for customer adaptations, including for research on elephant and rhino obesity at two zoos. Entrepreneur Paul Hsu founded the company in 2004.
? Destin developer Peter Bos' 13-story, $125-million condominium Emerald Grande is the centerpiece of his 15-acre HarborWalk development along the Destin harbor.
? Destin aviation company Dimensional Research is working on a patentpending electronic anti-collision system for airborne vehicles including unmanned aircraft.
? The Emerald Coast Technology and Research Campus will target defense contractors, academic projects and private technology-research companies. Lease fees fund Eglin Air Force Base improvements.
