Economic Development Strategies Using Applied Research to Identify Opportunities for Creating...
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Economic Development Strategies
Using Applied Research to Identify
Opportunities for Creating Local
Jobs and Income
Mike D. WoodsOklahoma State University
James R. NelsonUniversity of Idaho
May 2004
Identify opportunities for developing your local economy with C.A.R.E.
Creation
Attraction
Retention
Expansion
Targeted Economic
Development
Households
Basic Industry
LocalStores
Labo
rGoods & Services
Goods & Services
$
$
$
$ $
$
Your Community
’sEconomy
Export Enhancement
Households
Basic Industry
LocalStores
Labo
r
Goods & Services
Goods & Services
$
$
$
ProductsProducts
$
Your Community
$ $Retail Goods Retail Goods & Services& Services
Export Enhancement is expanding the volume of goods and services
your region sells to the rest of the world.
Import Substitution
Import Substitution is replacing items
purchased outside the
region with local production
Households
Basic Industry
LocalStores
Labo
r
Goods & Services
Goods & Services
$
$
$ Your Community
$ Supplies forSupplies forLocal BusinessesLocal Businesses
InputsInputs
$$
Family GoodsFamily Goods& Services& Services
Targeted Economic Development
Know your community!• What’s important?
•Total employment•Total employee compensation•Direct compensation per employee•Employment growth
Southern Rural Development Center
Targeted Economic Development
Know your community!
http://quickfacts.census.gov/
Southern Rural Development Center
Targeted Economic Development
Know your community assets!•Citizen support for development•Local media support for development•Access to financial resources•Availability of energy resources•Infrastructure and community services•Labor force•Transportation systems•Housing, health services, schools …
Targeted Economic Development
Know your economy!•Players (private and public)?
•Movers and shakers?
•Strengths and weaknesses that are discussed?
•Strengths and weaknesses that are not discussed?
•Grudges, feuds, other “minefields”?
Support for Local Employers
Know your economy! (http://quickfacts.census.gov/)
• What do local firms need to be more successful?•Labor force•Dependable sources of inputs•Marketing help•Infrastructure and community services•???
Export EnhancementKnow your economy!
(http://quickfacts.census.gov/)•Major employers (firms, non-profits, agencies and industry sectors)?
•What are the products they market? •Are their products further processed after leaving the local area?•Could some of the value-added be done locally?•Do other firms (out-of-area) market the products
of local employers?•Could local firms do some of the marketing being done by out-of-area firms?
Import Substitution
Know your economy! (http://quickfacts.census.gov/)
•Major employers (firms, non-profits, agencies and industry sectors)?
•What are inputs?•Where do they get their inputs? •Could some inputs be produced locally?
Roles for Extension relative to Identifying local economic
development opportunities –•Source of information
•Access point for information
•Group facilitation for decision making and planning
•Develop community communication linkages
__________________________________________________________
* Lists should be for a functioning economy (county or multicounty region??)** “Ground-truth” lists with brainstorming and local
legwork.
Roles for Extension (cont.)Generate lists* for import substitution and export enhancement opportunities
•Build lists with
•brainstorming and local legwork
•IMPLAN tables of exporting and importing sectors**
Remember to use C.A.R.E. Creation Attraction Retention Expansion
Targeted Economic Development
OSU Extension Fact Sheet # F-918http://osuextra.okstate.edu/pdfs/F-918web.pdf
Or
Then, at bottom of page, Google search “OSUExtra” for F-918.
Targeted Economic Development
http://osuextra.okstate.edu/