Fort Myers Economical Development - Research Paper Example

? Fort Myers Economical Development The research is about economic development in Fort Myer. Fort Myer has many business opportunities and utilizes the macroeconomics. The economy of the region has been increasing form year to year. Tourism industry has promoted the economy of the region. In recommendation, maintenance and repair of historical building can ensure economic development in the future. People should take care and utilize the infrastructures. Introduction Fort Myers is the commercial centre of Lee County. The city has a lot of business opportunities. In conducting research about business opportunities, one should ask more question in order to come up with an appropriate data. One should ask about the business opportunities arising in the city, the demand of infrastructures available and whether the city encourages foreign investors. Being one of the major cities in Lee County, it has many infrastructures, which ensure business opportunities to both local and foreign investors. Many people from different regions of the world have invested in the area. The city is a centre of tourism attraction. The old historical building and museum attracts million of people yearly. It is estimated that over two million people visit the museum yearly. The river in the city ensures enough supply of water and also serves as a transport base. The city has many industries, which work to ensure the progress of Lee County. Tax collected from the industries assist in development of new business. Currently, the industries, which exist include tourism, transportation, security, information technology, communication and fishing among others. The industries are operated by both government and private individuals. The government takes care of the business opportunity and ensures consumer protection. Each industry operates in respect of government rules. Tourism industry in the region has promoted other industries. Transport and communication have been in high demand due to transportation of the tourist and other business investors visiting the region. Security industry also has been in demand because the investor requires security to prevent loss. The government protects the old buildings; because they serve has tourism attractors. Demolition of these buildings can lead to decrease of business opportunities because tourism has promoted many industries in business and destruction of tourism attractors means that many industries will collapse. Fort Myers contributed to about a third of the Lee Country economy through the collection of taxes from business in the region. Other industries in the regions include education and health. Those industries are operated by the government and private individuals. Education sector has good chances of business growth. Private universities and school in the region earn business owners good income. The health industry also favors private business people. The estimate shows that about five thousand people visit the hospital each day. Establishment of a private hospital can earn the owner good income (Turner, 2009). People should invest in the city in order to notice the opportunities because the business needs trial. This study is significant to many people. It will help investors in the city, people willing to invest, the government and tourism agents. It will also help private investors in other regions. The study is also significant to students in the business department. The study has a lot of benefits to certain groups of people. First, it will help business investors because they will be able to know which industry to start a new business (Smoot, 2007). It will also help the government to know the areas to improve, and the industries which they should take care for to avoid collapsing. The people visiting the city will have knowledge about the things involved in the city and it can serve as a tour guide. Finally, the study will serve as an academic source. Student in the department of business and others related department will use the study a source. Business and Economic Background of the Area 1. Geographic Factors Influencing Tourism Fort Myers has a totals area of 40.4 mile which comprise of 8.6 square mile of the place occupied by water and 31.8 square mile of the dry land. The area has a worm climate throughout the year. The climate and the size of the city promote business in the area increasing economic level. The city has a static economy with most of the people working in private and government organizations. Many people join the industries in the area after completion of college education. Tourism industry absorbs more than seven hundred people to work as official and casual workers. Other industries like education and health also employees a large number of people yearly. Telecommunication and electricity industries also employ over five hundred people yearly to provide office and casual services. 2. Economical Factors Influencing Tourism The city has been growing economically due to increase of business opportunity. Only few people are jobless in the region. Almost half of people from the Lee Country work in the city. Fort Myer acts as the economic base for the country. It has a large population which contributes to the growth of the economy. Employed people pay government taxes, which add government revenue. Yearly, the government collects about 7 billion dollars as tax from the employees in the city. Business people also contribute in the economy through payment of government taxes (Smoot, 2007). The chances of business growth in the city are high, and people investing in the city end up becoming millionaires. In 2009, it is estimated that, the number of millionaires in the city increased by half. The income from the housing industry in the city has increase over the years. A lot of people invest in housing. Many people own rental houses and contribute by paying taxes to the government. Renovation of houses takes place to ensure min-more dangers as a result of collapsing. The owners of private rental houses collect rents each month while other yearly or wait for few months. The houses provide accommodation to investor. The investors rent houses for retail stores and accommodation. The availability of houses in the city has effected business growth in the regions. The stores and accommodation rooms are always available. The government also owns some buildings which are used as government offices. It also rents offices to private individuals willing to invest in the region. The housing sector has led to economic growth because it provides a base for business and pays taxes to the government (Turner, 2009). Security in the region has been of high demand. People investing in the region require security for their business in order to prevent loss. The risk management companies also provide services to the government and private companies in the region. Many people have started operating private security companies in the region. They provide guarding services, body guard services, and escort and patrol services. They work together with government security officers. The police patrol the area to ensure decrease in crime rate (Michael, 2011). The increase of crime rate in 2007 led to increased demand for security by business investors. People demanded private security because the police can not provide guarding services to each building in the city. The private security company’s services reduced crime rate in the city. Security industry increases government revenue. The owners of the companies’ pay value added taxes to the government. The employees of the security firms also pay tax to the government. Private security companies provide employment to almost one million people a year. Studies show that security companies provide more than a thousand jobs each month in the city. Security in the city also promotes growth of other industries like tourism. Enough security encourages tourists to visits the city. Business people work with huge profit because they do not suffer loss as a result of theft or burglary. Security industry has promoted economic growth in the region through prevention of loss and payment of government taxes (Reaves, 2008). Education in the city also promotes business growth. More than three quarters of Fort Myer's people have attained college education. Very few people in the city have not gained high school education. The availability of educated people ensures business growth because they do not need to hire professionals from other regions. Universities in the city provide many courses ranging from theoretical to technical. They offer engineering, physical, technical and social subjects. Many people from different countries of the world have joined the universities in the city due to the quality of education. The city has five institutions providing higher education (Solomon, 2009). The institution includes Hodges University, Southwest Florida University, Rasmussen College, Keisa University and Nova Southeastern University. The universities accommodate over ten million students. They offer different courses, which provided the students with enough knowledge. 3. Social Cultural Factor Influencing Tourism Most the people in Fort Myer practices western culture. The European American culture is widely practiced in the area. People like the Black American, Latin American and Asian American corporate their cultural practices. Western culture helps in the growth of the economy and promotes tourism. Most of the people in the world practices western culture and up on visiting the city they feel comfortable. The culture permits intermarriage between different communities. Women from the city have been married by men from other parts of the world. This promotes tourism, because they usually pay visit to their native homes. Men in the city also have married women from other countries and states in America. People visit their relatives in the city, and they visit the historical building. The cultural practice helps in the tourism promotion (Taylor, 2006). Entertainment enacted and practiced by western culture encourages many people seeking pleasure to visit the city and have fun. Many people spend their holidays in city. During the holidays, the city receives a lot of income. People visit the historical buildings and pay money up on entrance. Western culture accepts interaction of people from different races and wearing modern cloths. The cultural practices favors business operation and many people enjoy touring in the city. The ability to interact with members of each ethnic group makes the city people to act as tour guide. They guide people and show them the hotels to spend their nights. The acceptance of modern cloths makes people from different countries to feel comfortable in the city. They wear any kind of cloth they fell comfortable in without limitation (Turner, 2005). 4. Political Factors Influencing Tourism The political structures help in the development of tourism industry in the city. The city is headed by a governor. Tourism industry is recognized and supported by the government of America. The government contributes some fund to support activities in tourism industry. For example, the government participated in the restoration of historical buildings in 2000. The political structures ensure there is enough security during political campaign, which helps in tourism growth. Security ensured by the government promises continuity of the industries in all times. There some political organizations which helps in facilitation of the industry. They ensure people visiting the city are treated with respect. Respect ensures progress, because when an individual receives a worm welcome he/she has a likelihood of visiting the city again. In general, political organization and systems work to ensure tourism industry progress and grows (Taylor, 2006). Current trends in Microeconomic Perspective As far as microeconomics is concerned, Fort Myer has many sources of income which includes private business, government contribution and nongovernment aid funds. The tourism industry in Fort Myer has a large income attained as a result of tourist visitation in historical buildings. The industry also has promoted hospitality industry in which hotels and beaches receive many customers yearly. The tourism industry has led to development and success of other industries in Fort Myer. Industries like security have been paid by tourism industry to provide security services to the historical buildings and museum (Smoot, 2007). 1. Government participation in tourism industry The government has been involved in provision of developed services in order to promote tourism industry. The government spends income acquired through taxation in restoration and repair of industrial buildings. In the year 2000, the government spent a lot of money in rehabilitation and restoration of the historical buildings. In that time, more than 123,000 job opportunities arose in Florida. People were employed to work on the projects of preservation of those buildings. From 2000, to date historical building rehabilitation took $ 350 million. The amount was spent in the provision of repair services and other services like security and transportation. The jobs created from those sights include 2.666 construction jobs, 2,707 service jobs and 1,700 retail industries jobs. The rehabilitation of this building took $ 350 million and resulted to an increase of $ 317 million in income, $ 111 million, and $ 446 million income in state wealth and $ 496 in the total gross state products. 2. Outcome of government involvement The historical building has promoted the income of the city. The government revenue increased and many people secured jobs in the buildings. The salary gained from the project made many employees start up new private business. More than $ 4 million have been used to fund services from other industries like security, electricity and communication. The employees from those industries also get more money and pay taxes. The government invested $ 350 million to the projects (Solomon, 2009). The funds were collected from taxes and other government incomes like loans from world banks and charity organizations. In 2000, after rehabilitation of this historical building, tourism and hospitality industry increased in income. There were more than seven million visitors in Florida, and they spend over 3 billion dollars. The seven million visitors included 89 % from United States, 8 % from overseas and 3 % from Canada. They visited places like historical sights, old homes, museums and historical villages. Tourism in the city generates more than $ 5 billion yearly. In 2000, tourism industry generated an expenditure of about 3 billion dollars. This expenditure occurred as a result of creation of 107,607 jobs. The expenditure resulted to an increase in income. The income was 2.3 billion incomes, $ 1.09 in taxes, and $ 4.55 in gross products and $ 4.04 billion dollars in state wealth. This income was generated from the money collected from visitors and tourist visiting the city. The city has generated a lot of money through tourism. The tourism industry generated about 80 % of the city's income. The income generated was as a result of tax collection from employees in the industry and other contracted industries like communication, security and power generation industry (Turner, 2009). From 2000 to 2008, the amount of expenditure which was used to rehabilitate the historical buildings in Florida decreased. The decrease in expenditure led to an increase in income. The income rose to $ 152.2 million gross states products rose to $ 197.2 million; taxes gained $ 58.8 million and state wealth $ 176.7 million (Reaves, 2012). The state saved money, which was used to develop other industries like communication and transportation. 3. Imports and Exports The government exports products from other states and countries. Some raw materials are not available in the city, and they are imported from other states. Technological products are imported form California since California is the base for electronics. The state spent about $ 320 million in imports which generates $ 120 million as income. The exports from the city generate income of $ 245 millions yearly. The importation and exportation of the products ensures continuity of business because materials are always available (Michael, 2011). 4. Taxation Private business contributed to $ 400 billion in the economy through payment of taxes and payment of services after using government services. They pay electricity and water bills which add states income. Private investors in the regions pay taxes and ensure availability of services to consumers. The profit generated by private investors ensures establishment of more business hence high state income. The government has ensured that consumers are protected, and the sellers provide service and products at normal prices. The state government regulates prices for products ensuring that consumers do not pay extra taxes. The income generated in the states is used to establish new industries and rehabilitation of the existing. Transport sector is rehabilitated each year (Myers, 2007). The state provides $ 120 million dollars to repair and build new roads in the state. It also provides $ 60 million in the security industry to ensure safety of business people and continuity of state programs. Fort Myers microeconomics helps in the growth of the entire Florida States. The city has an economic profit growth. It manages to support the whole of Florida. The income gained from tourism industry supports other cities. Tourism industry works hand in hand with other industries in the city. It has acted as the base for development of other industries. The government ensures that the historical buildings and other tourism attractors are repaired and maintained in order to promote tourism industry. The government invests a lot of income gained through taxation to improve the business operation in the city (Antony, 2009). Data and methodology In collecting data for this reach, the researcher used a descriptive research. This involved gathering information about the economic issues in Fort Myer. It helped in obtaining information about business industries existing in the region. The target population was business people in the region, historical building managers and government official in the ministry of finance and locals in the areas nears beaches. The data was picked from the historical building highlighting the number of people visiting historical buildings. The primary data was collected using questioners and interview. 1. The number of tourist visiting the city in differed years The table below shows the number of people who visited the city from the year 2007 to 2010. Year Visitors 2007 5,120 2008 6,394 2009 7,475 2010 16,017 Total 35,006 The pie chart below represents the percentage number of visitors. 2. The total income and expenditure The table below shows the income and expenditure rates as in 2010. Industry Income(Millions $) Expenditure (Million $) Tourism 600 650 Security 370 320 Transport 250 210 Communication 300 205 Total 1,520 1,385 The table represents the business and economic status of the in the city. 3. Employment The number of people employed increases yearly in the city. This graph the number of people employed from the year 2008 to 2010. Analysis/results/evidence The results in the tables show that economic grows yearly. The economy of the state has not decreased as from 2007 to 2010. The number of people employed also increased from the year 2007 to 2010. Every activity has been growing from 2000 to date due to rehabilitation of the historical buildings. The first tables show the number of people who visited the city from 2007 to 2010. The number increased each year with 512 people in 2007, 6,394 in 2008, 7,474 in 2009 and16,017 in 2010. The total number of the people was 35,006. The increase of visitors marked increase of the income. The second table represents the income and expenditure of each industry in the year 2010. Tourism industry was leading with an income of 600 million dollars and 650 as expenditure, security industry had an income of 370 and expenditure of 320, transport had 250 million dollars income and expenditure 210 and communication industry had income of 300 million and expenditure of 205. That year the state had an income of 135 million. The government did not operate in loss. As per the employment records, the number of employment level increased from 2007 to 2010. In 2007, one million people were employed with the same number in 2008. In 2009, the number increased to 6 million people and in 2010 ten million people. The total number of people employed in the period of four years was 18 million. Conclusion Fort Myer has been acting as the base of Lee County business. A lot of businesses are contacted in the city. The city generated income which takes care of about a third of the states projects. The city has many infrastructures which enable business people to invest without difficulties. Availability of resources helps the investors to create new business. The city can help business people to develop financially due to the opportunities. Many industries exist and individuals can invest in the industry they perform better. For example, security professional can open a private security company or a security consultant firm. The city has favorable climate and this favors private investors. Good transport and communication system and availability of enough security enable people to operate without trouble. Tourism has enabled success in many industries because the visitors receive services from other industries. Those interested in establishing business they can consider Fort Myer, because it has many visitors and they can serve as customers. Recommendation The old building in the city promoted tourism. State governments action of rehabilitation of those state building contributed to increase of the people visiting the region. The building should be maintained and repaired yearly to ensure long life. The state should invest in the historical building, because they ensure an increase of income. People in the city should take care of the historical buildings. The workers, who provide services in the historical building, should ensure that things work appropriately. They should work to protect the building from damage. The government should also employ more professional to provide repair services in case of damage. The works should ensure that the buildings are free from risks like electric fires, lightening and floods among others. Another feature which has helped in economic growth of the city is the river. The river should be treated and maintained. The government should take measure to ensure that the river is clean and people do not dumb waste materials in the river. People dwelling along the river should also ensure that the river is clean. They should avoid activities like dumping garbage, disposal of dangerous chemicals and growth of plants in the river, which can lead to water pollution. Other industries like security, transport and communication among others should be financed and maintained to ensure economic growth. Those industries ensure growth of the state's economy, because they contribute in tax payment. The government should ensure roads and communication network do not fail. The government should also deploy more security officers to minimize crime rate. High rate of crime can lead to low income, because private investors can not invest in a place without enough security. Finally, people in the region should work to ensure economic growth. They should seek employment to the industries. This will lead to economic growth because after getting salary they will be able to start a new business and pay taxes. People should also go to school and complete their studies. After school, they will provide services in the state. This wills save the state from contracting professionals from other states. The industries in the state should also utilize their resources. They should invest in many businesses, and this will ensure economic growth. Reference Ben Antony, (2009). Florida Community Data. Boston: Routledge. Danny Myers, (2007). Construction Economics. Oxford: Oxford University Press. David Savageau, (2007). Retirement Places Rated. New Work: Academic Press. John Michael, (2011). Fort Myer. California: California University Press. Gerri Reaves, (2008). Fort Myers. Boston: Routledge. Gerri Reaves, (2012). Legendary Locals of Fort Myers. Boston: Routledge. Gregg Turner, (2009). Fort Myers. New York: McGraw-Hill Press. Gregg Turner, (2005). Fort Myers in Vintage Postcards. New York: McGraw-Hill Irvin D. Solomon, (2009). Thomas Edison: Fort Myers Connection. California: California University Press. Tom Smoot, (2007). The Edison’s of Fort Myers. Oxford: Oxford University Press. Prudy Taylor, (2006). Remembering Fort Myers: Palms City. New York: McGraw-Hill Press. Prudy Taylor, (2006). Remembering Lee County. New York: McGraw-Hill Press. Read More