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Know Your Region: Regional Economic Development Strategies for the 21st Century Webinar | April 29, 2010

Know Your Region: Regional Economic Development Strategies for the 21st Century Webinar | April 29, 2010. http://www.knowyourregion.org. Source: Know Your Region. KYR : Survey Findings. Clusters not widely embraced – need practical guidance

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Know Your Region: Regional Economic Development Strategies for the 21st Century Webinar | April 29, 2010

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  1. Know Your Region:Regional Economic Development Strategiesfor the 21st CenturyWebinar | April 29, 2010

  2. http://www.knowyourregion.org

  3. Source: Know Your Region

  4. KYR: Survey Findings • Clusters not widely embraced – need practical guidance • Regionalism suffers from lack of concrete tools • Training has an impact Source: Know Your Region

  5. KYR: Curriculum Modules • Collaborative RED* framework • Leading the planning effort • Detecting regional advantage • Formulate strategies • Linking WorkDev and EconDev • Executing your plan * RED is regional economic development http://www.knowyourregion.org/training-content

  6. KYR: Webinar Series • Regional ED strategies for the 21st Century • Taking your CEDS to the next level • Pursuing regional innovation and competitiveness

  7. http://www.knowyourregion.org/training-content

  8. KYR: Regional Strategies • What trends are shaping how we should approach RED? • How can we move effectively from planning to doing RED? • What is the role of Economic Development Districts?

  9. Shaping RED: Macro Trends • Shift toward services • “Free agent” workforce • Demographic changes • “The Great Reset”

  10. Shift toward services Between May 1999 and May 2009, the U.S. private sector added 6.6 million service jobs and lost 5.4 million production jobs. Services now make up 83% of all private sector jobs. Source: Bureau of Labor Statistics, TIP Strategies.

  11. Technology Transition Source: Texas Workforce Commission, CAPCOG. Data is for March of each year. Not seasonally adjusted.

  12. “Free agent” workforce Source: Bureau of Economic Analysis. “Free agent” is used by Daniel Pink in his book Free Agent Nation.

  13. Demographic changes Aging Workforce In 2017, for the first time, there will be more people age 65+ in the U.S. than kids age 5 and under.* Retiring Boomers Has the talent shortage been postponed? What changes will result from Boomers staying in the workforce longer? Source: U.S. Census Bureau, TIP Strategies. Figure found in Wired65 report. Figure shows working age population between age 20 and 64. * Kauffman Foundation

  14. Growth driving growth 2001-2007 Construction makes up 5%-6% of total nonfarm employment in U.S. but accounted for 14% of all new jobs created during 2001-2007. Source: U.S. Census Bureau, ESRI.

  15. “The Great Reset” 2008-2009(?) U.S. nonfarm employment lost 8.4 million jobs between December 2007 and December 2009. Source: Brookings, MetroMonitor. “The Great Reset” is a phrase used by Richard Florida to describe the latest U.S. recession.

  16. We know all this already… economies are regional anyway.

  17. Austin: A Tale of Two Regions • 47,096 population growth (12th) • 7.1% Real GDP growth (29th) • 29,357 job growth (15th) Source: Bureau of Economic Analysis. Data are annual averages for 2001-2008. Rank among all U.S. metro areas shown in parentheses.

  18. Austin: A Tale of Two Regions • 10.3% avg earn growth (360th) • 103% US PCI to 93% US PCI • 2.3% PCI growth (355th) Source: Bureau of Economic Analysis. Data are annual averages for 2001-2008. Rank among all U.S. metro areas shown in parentheses. PCI is per capita income.

  19. Austin: The Human Capital? Hispanics have accounted for about 50 percent of Austin-Round Rock MSA’s population growth during the last ten years. Source: U.S. Census Bureau, CAPCOG.

  20. What is economic development? How do we measure success? Why should it be regional?

  21. RED/EDD Challenges • Slow transition to ED 2.0 in a fast changing world • Buy-in on regional approach with no clear carrot or stick • Messy metrics

  22. Measures: Jobs/Investment • Absolutely, but incomplete • Innovation is a long-term bet without immediate ROI • Job creation is not the goal for most entrepreneurs • Jobs/investment alone say little about prosperity

  23. http://pecanstreetproject.org

  24. Source: New York Times

  25. EDD Regional Strategies • Partnerships—bridging federal, state, and local ED efforts • Information—becoming an indispensable resource • Capacity—building regional innovation clusters

  26. Partnerships • EDDs are uniquely suited to lead silo-breaking initiatives like sustainable communities, regional innovation clusters • EDDs must encourage change in traditional ED models, but stay relevant by adding value

  27. http://www.maine.gov/spo/specialprojects/qualityofplace/documents/MobilizeMaine%204%2010%2009_one%20page%20handout.pdfhttp://www.maine.gov/spo/specialprojects/qualityofplace/documents/MobilizeMaine%204%2010%2009_one%20page%20handout.pdf

  28. http://www.paldd.org

  29. Staying Relevant: ED1.0 to ED2.0 • Disseminating prospect leads from state to communities • Providing assistance to EDCs with responses to RFIs • Identifying the “new” primary export industries • Making the connection to education/workforce

  30. Information • Pool money to achieve cost savings on data products • Take advantage of free data tools available online • Consider becoming a Census Information Center or State Data Center affiliate

  31. http://www.capcog.org/information-clearinghouse/geomap

  32. http://lehdmap3.did.census.gov

  33. Rome, GA (NWGRC) Employers in Rome draw 77% of their workers from outside Rome city limits and 45% from outside Floyd County.

  34. http://www.zoomprospector.com

  35. Cumberland County, KY (LCADD)

  36. Capacity • Identify your region’s unique competitive advantages • Target innovation clusters and high-impact companies • Do pilot projects

  37. Asset Mapping http://www.compete.org

  38. http://www.isc.hbs.edu

  39. South Central OK (ASCOG)

  40. http://www.youreconomy.org

  41. http://www.growfl.com

  42. Communication

  43. Why not move the CEDS online? http://www.floridasgreatnorthwest.com/DataAssetMaps/AssetMaps.html

  44. http://www.tccompass.org

  45. CEDS: Presentation Matters “Good information, presented in a neutral manner, can move policy.” http://www.jointventure.org/publicatons/siliconvalleyindex.html http://www.longislandindex.org

  46. CEDS Examples Which would you be more likely to read?

  47. Summary • ED is becoming more regional but old habits die hard • Definitions, success measures must adapt and align • EDDs have an opportunity to provide leadership

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