West bay parkway Economic Analysis and Development Forecast
Florida's Turnpike Enterprise (Ocoee, Florida)
Renaissance helped Florida’s Turnpike Enterprise conduct and independent economic analysis and update socio-economic data at the traffic analysis zone (TAZ) level for the West Bay Parkway Traffic and Revenue Study. The Parkway is a proposed east-west tollway that would bypass US 98 in the area of Panama City in Florida's Panhandle Region. Renaissance's work focused on the market-based and policy-driven factors that would result from implementing this new roadway project.
As a subconsultant under an existing General Planning Contract, we conducted a trends analysis to establish a basis for short-term forecast assumptions using historical population, employment and development trends data over past decades to identify areas of past and recent growth. The findings, along with research on approved development in the focus area, provided an indication of where change is most likely to occur in the near future. Renaissance also created attractiveness values and development suitability scores by TAZ to determine areas of long-term growth. Renaissance provided socioeconomic data inputs by TAZ for future analysis years.
We also developed a macroeconomic market assessment for the entire region to create growth rates by county. There was also a detailed assessment of potential change and projection of development activity for the area of the Parkway in portions of Bay, Walton and Washington Counties.