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Cortright Akron Jan2010

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Joe Cortright's Speech to the University Park Alliance, Akron Ohio.

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Cortright Akron Jan2010

  1. 1. Attracting Talent Through the Development of Vibrant Urban Centers Joe Cortright January 2010
  2. 2. Synopsis <ul><li>Knowledge </li></ul><ul><li>Talent </li></ul><ul><li>Innovation </li></ul><ul><li>Connections </li></ul><ul><li>Distinctiveness </li></ul><ul><li>Urban Vitality </li></ul>
  3. 3. Knowledge
  4. 4. Shifting sources of wealth <ul><li>Resources </li></ul><ul><li>Costs </li></ul><ul><li>Proximity </li></ul><ul><li>Clusters </li></ul><ul><li>Knowledge </li></ul><ul><li>Talent </li></ul><ul><li>Quality of Life </li></ul>Current Traditional Inherited Assets Created Assets
  5. 5. Universities promote knowledge <ul><li>Teaching </li></ul><ul><li>Research </li></ul>
  6. 6. Cities promote knowledge, too “ Stadtluft macht frei”
  7. 7. Harnessing Knowledge
  8. 9. Talent
  9. 10. Returns to education have always been substantial Annual Earnings (Inflation-adjusted) 1975
  10. 11. But have increased sharply over the past 25 years Annual Earnings (Inflation-adjusted) 2003
  11. 12. This holds for cities, too
  12. 13. The Talent Dividend Akron Talent Dividend: $500 million annually
  13. 14. Middle of the Pack Attainment Adult four-year attainmetn rate, 2008
  14. 15. High enrollment 18 to 24 Year Olds in College Per 1000 Residents
  15. 16. Weakened by migration Net Domestic Migration, 2000 to 2008 Akron - 16,865 Cincinnati - 18,954 Cleveland -129,976 Columbus + 25,700 Indianapolis + 64,372 Pittsburgh - 57,928
  16. 17. Talent now seeks place <ul><li>Thinking about how you will look for and choose your next job, which of the following statements best reflects your opinion? (Asked of 1,000 25-34 year old college graduates)   </li></ul>Look for the best job I can find. The place where it located is pretty much a secondary consideration . Look for a job in a place that I would like to live
  17. 18. Innovation
  18. 19. Above Average in Patents Patents per 10,000 workers
  19. 20. Environment Matters <ul><ul><li>$300MM in Academic R&D yields: </li></ul></ul><ul><ul><ul><ul><li>112 Innovations in Tier 1 avg. pop. 3MM </li></ul></ul></ul></ul><ul><ul><ul><ul><li>16 Innovations in Tier 2 avg. pop. 1MM </li></ul></ul></ul></ul><ul><ul><ul><ul><li>5 Innovations in Tier 3 avg. pop. 400K </li></ul></ul></ul></ul><ul><ul><ul><ul><li>4 Innovations in Tier 4 avg. pop. 200K </li></ul></ul></ul></ul>Source: Varga, 2000 Yield varies based on metro areas size:
  20. 21. Critical Mass <ul><li>Pure university-based alone is not enough to produce local innovation. </li></ul><ul><li>A &quot;critical mass&quot; of agglomeration is required to achieve substantial local economic effects of academic research. </li></ul><ul><li>(McMahan, 2007) </li></ul>
  21. 22. Connections
  22. 23. Civic Engagement Percent of Adults Voting in 2008
  23. 24. Kinds of Connections <ul><li>Density </li></ul><ul><li>Social Capital </li></ul><ul><li>Buzz and Pipelines </li></ul><ul><li>Business/Academic </li></ul>
  24. 25. Distinctiveness
  25. 26. Differences Matter <ul><li>Michael Porter </li></ul><ul><li>“Competitive strategy is about being different.” </li></ul><ul><li>Jane Jacobs </li></ul><ul><li>&quot;The greatest asset that a city can have is something that's different from every other place.&quot; </li></ul>
  26. 27. Weirdness Index Difference from US Average (Composite Score)
  27. 28. Portland as an Example <ul><li>Sustainability - First </li></ul><ul><li>Vegan – First </li></ul><ul><li>Farmer’s Market - First </li></ul><ul><li>Cyclocross – First </li></ul><ul><li>Microbrew – First </li></ul><ul><li>Dragonboats – First </li></ul><ul><li>Espresso - Second </li></ul><ul><li>Fixie – Fourth </li></ul>Portland’s Rank Among 50 Largest US Metro Areas in Relative Google Searches Source: Google Trends, 2009
  28. 29. Physical Activity <ul><li>Compared to the average for the US, Portlanders are: </li></ul><ul><ul><li>Twice as likely to go camping </li></ul></ul><ul><ul><li>60% more likely to go hiking or backpacking </li></ul></ul><ul><ul><li>40% more likely to golf or hunt </li></ul></ul><ul><ul><li>Region ranks last in theme park attendance </li></ul></ul><ul><li>Oregonians rank lowest in sedentary life styles and 2nd highest of vigorous physical activity </li></ul>
  29. 30. Recreationally-Minded In the late 60s the jogging craze takes off in many towns led by Eugene Oregon A guy starts selling Japanese running shoes out of the back of his station wagon
  30. 31. Urban Vitality
  31. 32. Gaining young talent Rank Metropolitan Area Change, 1990-2000 2 Charlotte, NC MSA 56.6% 3 Austin--San Marcos, TX MSA 56.2% 4 Portland—Vancouver--Salem, OR--WA CMSA 50.0% 5 Atlanta, GA MSA 46.2% 6 Denver--Boulder--Greeley, CO CMSA 40.1% 42 St. Louis, MO, MSA -0.7% 45 New Orleans, LA MSA -4.3% 49 Providence, RI MSA -7.0% Change in College Educated 25-34s
  32. 33. Close-in Neighborhoods Key Concentration of College-educated 25-34 year-olds 3 miles from CBD Growth of 25 to 34 year-olds 1990 to 2000 +30 Percent Share of 25 to 34 year-olds with a 4-year degree 54 Percent
  33. 34. Close-In Neighborhoods Matter <ul><li>Young adult preference for close-in living relative to other Americans </li></ul><ul><ul><li>1980: +10% Greater </li></ul></ul><ul><ul><li>1990: +12% Greater </li></ul></ul><ul><ul><li>2000: +30% Greater </li></ul></ul><ul><li>Young adult close-in preference increased in all 50 large metro areas between 1990-2000 </li></ul>
  34. 35. Green Dividend How urban form and transit enable people to drive less, saving money that gets spent locally, helping foster urban economic growth
  35. 36. Cycling to Work Percent of Journeys to Work by Bicycle, 2008
  36. 38. Improving Walkability Adds $10,000 to $30,000 to Home Values
  37. 39. Implications of City Vitals
  38. 40. Talent <ul><li>Bolster the region’s education system </li></ul><ul><li>Retain and attract talent </li></ul>
  39. 41. Innovation <ul><li>Link research to local cluster strengths </li></ul>
  40. 42. Connections <ul><li>Buzz: Connect the city to the university </li></ul><ul><li>Pipelines: Connect the city to the world </li></ul>
  41. 43. Distinctiveness <ul><li>Capitalize on the region’s unique character </li></ul>
  42. 44. Urban Vitality <ul><li>Build a vibrant urban core that attracts talent and let’s people create “the new good life” </li></ul>
  43. 47. DUMMY 18 to 24 Year Olds in College Per 1000 Residents
  44. 48. Patents
  45. 49. Start-ups, spinoffs in high tech © Heike Mayer. 2002 -- used by permission 2002
  46. 50. The universe is expanding © Heike Mayer. 2008 -- used by permission 2008

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