Post on 21-Jun-2015
description
The Changing Business of Dynamic Economic
Development
Mark Barbash Economic Development Practitioner
Emerging Trends in Economic Development
The new Ohio Economic Development Paradigm
Northeast Ohio Sustainable Communities Consortium
Emerging Trends in Economic Development
Globally competitive economy
Significant budget reductions
Jobless economic recovery
Workforce skills gap
Change being driven by….
Rethinking economic development organizations
More players in the game
Changing incentives to be more focused and performance based
What’s changing?
Economic gardening as an entrepreneurial approach
Manufacturing reshoring
Everyone is connected
STEM education
What’s changing?
Web –enabled site selection
Global competition - even for small communities
Competitive Economic Development Industry
The New Ohio Economic Development Paradigm
Ohio’s New Economic Development Approach
• Attraction • Site Selection • International Business • Incentives • Loans/Grants • Clean Ohio • Regional Partners
Ohio Department of Development
• Housing & Partnerships • Job Ready Sites (JRS) • Historic Pres Tax Credits • Ohio Third Frontier • Energy Office • Small & Minority Business • Loans/Grants
Creating a Long Term Competitive Northeast Ohio
Coming together to create a vibrant, sustainable and
competitive Northeast Ohio
Enable local communities to develop collaborative
solutions to the challenges they face.
Enable NEO universities and intermediaries to
provide better research & a deeper bench of young
professional talent.
Enable MPOs and other critical actors to make
more strategic decisions.
Enable NEO to become more globally
competitive, nationally attractive and socially
equitable.
NEOSCC Outcomes
Funded by a highly competitive $4.25M federal grant from the U.S. Department of Housing and Urban Development, plus matching funds of $500,000 from the Fund for our Economic Future
12 county region including Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Summit, Stark, Trumbull , Wayne
23 public and private entities joining together
Consortium members have pledged a total of $2.45 million in funds and in-kind match in the form of staff time and operating expense contributions.
LONG TERM STRATEGIC INVESTMENTS
10 – 20 Years Investments
Changing the Quality of the Assets
Improved quality of assets including people, place and knowledge
STRATEGIC ADVANTAGE:
Invest in interventions that improve the quality of the region's assets
Advocate to influence and innovate public policy
Source: CSU Center for Economic Development; Moody’s economy.com Source: CSU Center for Economic Development; Moody’s economy.com
% G
row
th G
RP
20
10
-20
19
2010 Location Quotient
Traditional Base – GRP Growth v. LQ
16
2006-2010 GRP Growth
>5%
<5%
Step One: Economic Analysis
Step Two: Identify Job Centers
Step Three: Strategic investment to support business growth
Step Three: Strategic investment in knowledge assets and quality of life
What does this all mean for Medina County?
Are we prepared for the new economic realities?
How do you see yourself?
Strategic Perspective
Tactical Opportunistic
Organized Delusion
Clueless Apathy
Hostile Waters
Questions, comments, criticisms, arguments,
good jokes?
Thank you.