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Economic Goals for Vermont’s Comprehensive Economic Development Strategy. Ken Jones, Economic Research Analyst Vermont Agency of C0mmerce and Community Development January 27, 2014. CEDS – A Strategy for Vermont. Labor. Productivity (GDP and GPI). Consumption. Capital.

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economic goals for vermont s comprehensive economic development strategy

Economic Goals for Vermont’s Comprehensive Economic Development Strategy

Ken Jones, Economic Research Analyst

Vermont Agency of C0mmerce and Community Development

January 27, 2014

ceds a strategy for vermont
CEDS – A Strategy for Vermont

Labor

Productivity (GDP and GPI)

Consumption

Capital

broad goal increase gdp
Broad Goal – Increase GDP

Millions of Chained 2006 dollars – real growth

slide4

~ 6% decrease in 15 years

~ 4% increase in 15 years

factors that influence gpi
Factors that influence GPI
  • Starts with consumer purchases, like GDP
  • Non renewable energy depletion (-$3.6 billion)
  • Value of housework (+$3.5 billion)
  • Income inequality (-$3.2 billion)
  • Value of higher education (+$2.3 billion)
  • Loss of farmland (-$1.4 billion)
  • Climate change and ozone depletion (-$1.8 bill.)
  • Commuting cost and car crashes (-$.65 billion)
  • Cost of underemployment (-$.5 billion)
draft goal statement
Draft Goal Statement
  • Increase ratio of Vermont GPI to US GPI by 1% in the next five years (about $300 million annual)
  • To translate – increase GDP and…
    • Reduce factors that reduce GPI (income inequality, climate change emissions)
    • Increase factors that increase GPI (beyond GDP – increase level of higher income, volunteer labor)
ceds a strategy for vermont1
CEDS – A Strategy for Vermont

Workforce Development and Education

Business

Environment

Labor

+

Capital

Magic

Production (GPI)

Public Infrastructure

Capital Finance

Innovation

Working Lands and Tourism

labor
Labor
  • Number of employed and self –employed
  • Wages and salaries of employed and self employed
  • GDP output per employee (labor efficiency)
draft goal statement labor
Draft Goal Statement - Labor
  • Increase worker output 1% in the next five years above national increases
    • (Via workforce development and education)
capital
Capital
  • Direct Foreign Investment (EB-5)
  • Venture Capital
  • Vermont in traditional equity markets
  • New capital sources
draft goal statement private capital
Draft Goal Statement – Private Capital
  • Increase capital investment by $1 billion in next five years
draft goal statement public infrastructure
Draft Goal Statement – Public Infrastructure
  • Increase number of communities with adequate water and wastewater for growth by z
  • Transportation
  • Broadband
  • Energy (incorporate the 90% by 2050 goals of the Comprehensive Energy Plan)
ceds a strategy for vermont2
CEDS – A Strategy for Vermont

Workforce Development and Education

Business

Environment

Labor

+

Capital

Productivity

Public Infrastructure

Capital Finance

Working Lands and Tourism

Innovation

draft goal statement business environment
Draft Goal Statement – Business Environment
  • Increase business survival rate x% in the next five years
  • Increase business growth y% in the next five years
draft goal statement other bucket groups
Draft Goal Statement – Other bucket groups
  • Innovation
  • Working Lands and Tourism
timeline
Timeline

Today – Add flesh to the initiatives

  • Who can take responsibility for specific actions?
  • What data and analysis will support the initiative?

February - March –

  • Draft action plan matrix including intiatives
  • Finalize data documents
  • Draft CEDS document for review
  • Targeted review workshops

April –

  • Get administration approval, add final details
  • Public review period

May – Preparation and delivery of final CEDS document

June 1 – Report completed

Fall, 2014 – Economic Development Summit

  • Review baseline information
  • Report progress in workplan implementation
ceds report outline
CEDS Report outline

Characterize Vermont economy

Production, Labor, Capital

For each Bucket Area

Goals

Initiatives (as work plans)

Topics (not incorporated in bucket areas)

Poverty

Resilience

Community Development and Housing

Sectors of particular interest

slide25

In your work groups:

Read through the initiatives.

Make private notes.

Indicate to the facilitator/recorder which initiatives you would like to contribute to.

Prioritize – start work on those with the most contributors/or which people regard as the most important.

Focus on completing fewer initiatives rather adding minor improvements to them all.