Dr. Martin Romitti. What a re you up against? Governor’s Economic Development Conference Sioux Falls, SD April 17, 2013. Diversification. Industrial diversity, 2012. Source: Feser , Hewings & Mix, University of Illinois - Regional Economics Applications Laboratory. Trends.
Whatare you up against?
Governor’s Economic Development Conference
Sioux Falls, SD
April 17, 2013
Industrial diversity, 2012
Source: Feser, Hewings & Mix, University of Illinois - Regional Economics Applications Laboratory
Number of State Economic Development Incentive Programs
Source: C2ER State Incentives Database
Source: State Economic Development Program Administrators Survey 2012 (CREC)
They both tried to make it rain!
Source: State Economic Development Program Expenditures Database (CREC)
Industries that produce goods and services that are consumed locally.
Industries that produce goods and services sold to consumers outside the region.
jobs “crowded out”
Manufacturing: 2.0 to 3.0
Service/Retail: 0 to 1.2
Source: US Census Bureau Local Employment Dynamics
Survial Ratesof New Businesses (+)
The stronger the cluster , the higher the survial rate of new businesses
New Industries (+)
New Business Formation (+)
The stronger the cluster, the more dynamic is the process of new business formation
The stronger the cluster, the more likely new industries within the cluster are to emerge
In New Businesses (+)
The stronger the cluster, the higher the job growth in new businesses
Sources: Porter, The Economic Performance of Regions, Regional Studies, 2003; Delgado/Porter/Stern, Clusters and Entrepreneurship, Journal of Economic Geography, 2010; Delgado/Porter/Stern, Clusters, Convergence, and Economic Performance, mimeo., 2010.
State of award for federally funded regional cluster initiatives since 2006 - including Jobs Accelerator Collaboration Clusters (20), Advanced Manufacturing Jobs Accelerator Collaboration Clusters (10), Rural Jobs Accelerator Collaboration Clusters (13), SBA’s Pilot Contract Based Clusters (10), Initial Clusters (3), Workforce Innovation Fund (26), Regional Innovation Grants (41), Workforce Innovation in Regional Economic Development (39). Mapping by CREC.
Sources: State Economic Development Incentives Database and State Program Administrators Survey (CREC)
3. Measure well