The New North: From Concept to Reality
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Transcript of The New North: From Concept to Reality
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The New North:From Conceptto Reality
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The New North Measuring Up Looking Ahead Moving Ahead
How it Got Started
Networking Welch & Winters
The Bay Area WDB joins in
The project evolves
The Fox Valley WDB – “What’s happening?”
The
The concept of a regional plan emerges
The
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The Plan is Launched!
October 2004
Key players/leaders emerge
The Governor speaks
The New North Measuring Up Looking Ahead Moving Ahead
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Private sector leadership
Money
A plan
A professional staff
Buy in
The New North Measuring Up Looking Ahead Moving Ahead
The Keys to the New North
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Is the New North plan a success?
• Basis for forming the New North Economic Partnership and all that followed
• Outside assessment – “We want a plan like the New North plan.”
• Stimulated economic development thinking within the New North region
• Led to other regional plans Centergy, Grow North, UP/Wisconsin Border Region
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MN
IA
WI
MI
UP/WI Border Region
Regional Organizationand Thinking
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Measuring Up:What has happened and where are we?
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Leverage the regional brandAttract, develop and retain
diverse talentAdvance educational attainmentTarget growth opportunitiesBuild entrepreneurial climate
and small businessesIncorporate sustainability
The New North Measuring Up Looking Ahead Moving Ahead
Key Strategies
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Formation of the New North Inc. A strategy to work the plan Hiring a first rate executive
director The economic summits The branding initiative Targeted initiatives
The New North Measuring Up Looking Ahead Moving Ahead
Key Events Since 2004
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Some Leading EdgeThinking and Action
The New North Measuring Up Looking Ahead Moving Ahead
The Wind Energy Cluster
Cellulosic Bio-Fuels Studies and Plans
Sustainability and Green Jobs
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Looking Ahead:The New Normal Economy
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Perspective &Attitude Adjustment
The New North Measuring Up Looking Ahead Moving Ahead
There is and will be bad economic news for at least six more months.
The most successful Wisconsin industries – paper and dairy- came out of economic crisis
Many Wisconsin industries were initial failures - paper
T
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Source: The National Bureau of Economic Research
The New North Measuring Up Looking Ahead Moving Ahead
The Last 11 Recessions
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What makes this recession different from the last five
major recessions?1. 28 years since last major downturn2. First recession experience for
1+ generation(s)3. The multiple sources of economic trouble &
risk4. The speed and depth of the economic
downturn5. The first major recession in
the age of the Internet
The New North Measuring Up Looking Ahead Moving Ahead
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2003 1.4 million 2004 1.85 million 2005 1.95 million 2006 2.07 million 2007 1.81 million 2008 .95 million
2009 .55 million
Housing = 4% GDPNormal Replace/Growth 1.3 million
The New North Measuring Up Looking Ahead Moving Ahead
U.S. Housing Starts
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2004 17.7 million 2005 16.9 million 2006 17.0 million 2007 16.1 million 2008 13.2 million 2009 (Est.) 9.9
millionDecline: 18% in 2008; 25% in 2009Autos = 3.5% of GDPPast declines: 21% in 1974;19.1% in 1980
The New North Measuring Up Looking Ahead Moving Ahead
U.S. Auto Sales
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The GlobalEconomy 2008
World Population (Market) 6.5 Billion
World Economy (GDP) $60.6 Trillion
U.S. Population 0.3 Billion
U.S. Economy $14.4 Trillion
EU Economy $18.4 Trillion
China’s Economy $4.3 Trillion
Source: 2006 Estimates IMF and World Bank
The New North Measuring Up Looking Ahead Moving Ahead
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Furloughs and wage freezes and give backs
Mercury Marine Milwaukee labor contracts State furloughs
Unemployment Housing glut/Housing cycle Consumer deleveraging Consumer savings rate> – to + New financial regulations Generational reality check
The New North Measuring Up Looking Ahead Moving Ahead
Economic Excess/Overhang
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The New North Measuring Up Looking Ahead Moving Ahead
The Budget Deficit:A Threat to the Dollar
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So what is the“New Normal”?
Savings Rate Spending Work Life Standard of Living
Consumer:
The New North Measuring Up Looking Ahead Moving Ahead
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Regulation Outsourcing Globalization Business Cycles
Business:
The New North Measuring Up Looking Ahead Moving Ahead
So what is the“New Normal”?
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Moving Ahead: Where do we gofrom here?
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The New North Measuring Up Looking Ahead Moving Ahead
In the New Normal economy, where is
the advantage?
A back to basics economy Huge global markets A versatile workforce Alignment with market
opportunities
A
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Energy Fiber Protein
The New North Measuring Up Looking Ahead Moving Ahead
Key Global Market Demand
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The New North Measuring Up Looking Ahead Moving Ahead
Some Economic Opportunities
Waste transformation & technology
Higher education & training International direct investment
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Why waste transformation?
• New North is full of waste producers – meat packing, paper, dairy farms and processors, etc
• Waste transformation is green • Academic and private sector research
assets• Some proven models & pilots e.g.
Encap• The world’s largest fresh water clean
up project.
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Higher Education and Workforce Training
• Large markets – global markets• UW, private colleges, proprietary,
and WTCS assets• Private sector training programs• Good paying jobs• Students as “educational tourists”
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Foreign Direct Investment
• The record of foreign direct investment in the New North
• A different investing perspective and timeline
• An interest in R&D – Fincantieri, Kikkoman, Roche
• UW Task Force on International Investment
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Focus on the plan: Most regions don’t have a strategic plan
Think globally: The markets increasingly are over there
Position for the next recovery: It will come and those with a good plan will prosper
The New North Measuring Up Looking Ahead Moving Ahead
Parting Thoughts
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David J. Ward, Ph.D., CEO
Phone: (608) 279-3393
Email: [email protected]
Fax: (608) 441-8064
Web: www.northstareconomics.com