Presentation to Medina Econ Dev Corp

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Presentation to Medina County Econ Dev Council on trends in economic development

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Presentation to Medina Econ Dev Corp

  1. 1. The Changing Business of Dynamic Economic Development Mark BarbashEconomic Development Practitioner
  2. 2.  Emerging Trends in Economic Development The new Ohio Economic Development Paradigm Northeast Ohio Sustainable Communities Consortium
  3. 3. Emerging Trends in Economic Development
  4. 4. Change being driven by…. Globally competitive economy Significant budget reductions Jobless economic recovery Workforce skills gap
  5. 5. What’s changing? Rethinking economic development organizations More players in the game Changing incentives to be more focused and performance based
  6. 6. What’s changing? Economic gardening as an entrepreneurial approach Manufacturing reshoring Everyone is connected STEM education
  7. 7. Competitive Economic Development Industry Web –enabled site selection Global competition - even for small communities
  8. 8. The New Ohio EconomicDevelopment Paradigm
  9. 9. Ohio’s NewEconomic Development Approach Ohio Department of Development• Attraction • Housing & Partnerships• Site Selection • Job Ready Sites (JRS)• International Business • Historic Pres Tax Credits• Incentives • Ohio Third Frontier• Loans/Grants • Energy Office• Clean Ohio • Small & Minority Business• Regional Partners • Loans/Grants
  10. 10. Creating a Long TermCompetitive Northeast Ohio Coming together to create a vibrant, sustainable and competitive Northeast Ohio
  11. 11. NEOSCC Outcomes Enable NEO universitiesEnable local communities and intermediaries toto develop collaborative provide better research & solutions to the a deeper bench of young challenges they face. professional talent. Enable NEO to become Enable MPOs and other more globally critical actors to make competitive, nationallymore strategic decisions. attractive and socially equitable.
  12. 12.  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.
  13. 13.  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 regions assets  Advocate to influence and innovate public policy
  14. 14. Step One: Economic Analysis Traditional Base – GRP Growth v. LQ % Growth GRP 2010-2019 2010 Location Quotient 2006-2010 GRP Growth >5%Source: CSU Center for Economic Development; Moody’s economy.com <5% 16
  15. 15. Step Two: Identify Job Centers
  16. 16. Step Three: Strategic investment to support business growth
  17. 17. Step Three: Strategic investment inknowledge assets and quality of life
  18. 18. What does this all mean for Medina County?
  19. 19. Are we prepared for the new economic realities?
  20. 20. How do you see yourself?Strategic Perspective Tactical Opportunistic Organized Delusion Clueless Apathy Hostile Waters
  21. 21. Questions, comments,criticisms, arguments, good jokes? Thank you.

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