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10 Strategies to Help Your Community Stay Competitive

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Today's economic recovery is still uncertain, so communities still have to be active in community development. !0 Strategies to Help Your Community Stay Competitive talks about strategies that communities can use to grow jobs, small business and economic development.

Published in: Economy & Finance
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10 Strategies to Help Your Community Stay Competitive

  1. 1. Real World 21st Century Economic Development: Helping Your Community Stay on the Front Edge Wyandot County Economic Development 6th Annual Dinner Mark Barbash, EVP, Strategic Initiatives Finance Fund
  2. 2. FINANCE FUND: WHO WE ARE • Statewide nonprofit financial | 614.221.1114 T 614.221.7493 F | www.financefund.org intermediary • Established in 1987 • Founded to connect low-income communities with public and private sources of capital  State, Federal, Banks, Private Institutions .
  3. 3. FINANCE FUND: WHAT WE DO Simplify the complexities of the financing process to help good ideas come to life – ideas that change systems, create jobs, address community needs, turn things around and improve the quality of life. To date, Finance Fund and its affiliates have invested more than $296.4 million in housing, economic development, and community facility projects leveraging over $1.2 billion. | 614.221.1114 T 614.221.7493 F | www.financefund.org
  4. 4. FINANCE FUND: WHAT WE DO Bring financial resources to urban and rural low-income communities in a wide range of projects: • Economic Development (job creation and neighborhood revitalization) • Small Business Lending • Health care facilities and equipment • Commercial Real Estate Development | 614.221.1114 T 614.221.7493 F | www.financefund.org
  5. 5. FINANCE FUND: CURRENT PROGRAMS • PreDevelopment Grant • Economic Development Grant • Linked Deposit Fund • New Markets Tax Credit Loan Fund • Small Business Loan Fund • Community Health Loan Fund • Healthy Foods Financing Initiative | 614.221.1114 T 614.221.7493 F | www.financefund.org
  6. 6. Is our economy coming back? On the one hand…. On the other hand… Wyandot Staying Competitive in Economic Development Nov 10, 2014
  7. 7. On the One Hand: Jobs are Coming Back..56th Straight Month of Growth Wyandot Staying Competitive in Economic Development Nov 10, 2014
  8. 8. On the Other Hand: almost 40% of potential workers are NOT looking for work Wyandot Staying Competitive in Economic Development Nov 10, 2014
  9. 9. …Wages are not growing along with the jobs…and Wyandot Staying Competitive in Economic Development Nov 10, 2014
  10. 10. Trend: Business Lending could show a turnaround Wyandot Staying Competitive in Economic Development Nov 10, 2014 10 …family net worth has declined and is just starting to recover
  11. 11. On the One Hand: The number of long term unemployed continues to drop Wyandot Staying Competitive in Economic Development Nov 10, 2014
  12. 12. On the Other Hand: Many people have only been able to find part time work Wyandot Staying Competitive in Economic Development Nov 10, 2014
  13. 13. On the One Hand: Bank Lending Appears to be Coming Back Trend: Ohio’s economy is expected to continue recovery Wyandot Staying Competitive in Economic Development Nov 10, 2014
  14. 14. Trend: Business Lending could show a turnaround Wyandot Staying Competitive in Economic Development Nov 10, 2014 14 On the Other Hand: Lending Standards have Tightened, Esp for Small Banks
  15. 15. Trend: Business Lending could show a turnaround Wyandot Staying Competitive in Economic Development Nov 10, 2014 15 Ohio’s Economic Recovery
  16. 16. Trend: Business Lending could show a turnaround Wyandot Staying Competitive in Economic Development Nov 10, 2014 16 Ohio’s recovery has been somewhat faster than the nation’s…
  17. 17. …Ohio & the region are showing strong manufacturing growth… Trend: Ohio & the Midwest are leading manufacturing recovery Wyandot Staying Competitive in Economic Development Nov 10, 2014
  18. 18. …auto jobs are coming back in Ohio after the recession & bailout… Trend: Ohio & the Midwest are leading manufacturing recovery Wyandot Staying Competitive in Economic Development Nov 10, 2014
  19. 19. …Ohio’s is expected to continue to grow in the next few years…and… 2009 Trend: Ohio’s economy is expected to continue recovery 1994 2013 2015 2001 National GDP Ohio GDP Wyandot Staying Competitive in Economic Development Nov 10, 2014
  20. 20. …Ohio ranks higher in the eyes of Site Selectors Trend: Ohio’s economy is expected to continue recovery Site Selection Magazine 2014 Top Business Climate Rankings Survey of Key CEOs 9 Economic Competitiveness 9 New Facilities 2 Mature Company Tax Climate 5 New Company Tax Climate 5 Overall Ranking 5th Wyandot Staying Competitive in Economic Development Nov 10, 2014
  21. 21. Wyandot Staying Competitive in Economic Development Nov 10, 2014
  22. 22. Strategy 1: Analyze and understand what drives your local and regional economy • Who are the major employers • Which industries are growing • How does your economy support the community Wyandot Staying Competitive in Economic Development Nov 10, 2014
  23. 23. Trend: Economies are defined by their Regions Strategy 2: Think, plan and act regionally Economic growth is not based on boundary lines. The Solar Supply Chain in Ohio Wyandot Staying Competitive in Economic Development Nov 10, 2014
  24. 24. Trend: Economies are defined by their Regions Strategy 2: Think, plan and act regionally 4,123 people work in Wyandot County and live outside the county 5,354 people live in the county and work outside the county 3,973 people work and live in Wyandot County Wyandot Staying Competitive in Economic Development Nov 10, 2014
  25. 25. Strategy 3: Think collaboration, not competition • Companies are looking for your ability to bring a wide variety of resources to the table: – Infrastructure – Incentives and Finance – Education and Workforce – Permitting • Political jurisdictions are almost irrelevant • You need to be ready way before the prospect enters the door Wyandot Staying Competitive in Economic Development Nov 10, 2014
  26. 26. Strategy #2: Collaboration is the New Competition Strategy 3: Think collaboration, not competition • Form creative new partnerships that will promote economic development • Include partners like education and training, health care, major employers, lenders, utilities. • Establish a leadership group that meets frequently, measures results and celebrates success. • Understand which partner is best suited for which service • Network with regional, state and national partners Wyandot Staying Competitive in Economic Development Nov 10, 2014
  27. 27. Strategy #3: Double Down on Retention & Expansion Strategy 4: Double Down on Retention and Expansion • Meeting the needs of existing businesses should be priority number 1! • Most job growth comes from expansion of existing businesses in the community • Many businesses leave a home-town location because of a lack of expansion space or financing • New businesses look for customers, suppliers, strategic partners, and a quality workforce. Wyandot Staying Competitive in Economic Development Nov 10, 2014
  28. 28. Strategy #3: Double Down on Retention & Expansion Strategy 5: The best attraction strategy is a good retention & expansion strategy • 89% of companies looking for new site locations consider whether there are businesses performing similar activities in the area of search. • 60% of corporate execs get their most important information from industry peers • 75% of site selectors don’t contact a community until after a “short list” is established Site Selectors Survey, Area Development Magazine Wyandot Staying Competitive in Economic Development Nov 10, 2014
  29. 29. Strategy 5: The best attraction strategy is a good retention & expansion strategy • Total Projects: – 93 (47 Expansion, 46 New) –Projects connected with existing businesses: 78 –Average Jobs: 181 –High Jobs Number: 900 –Average Square Feet: 157,000 –Average New Jobs: 256 –Average New Square Feet: 203,000 • Big Deals: – 1 Project; 1,500 jobs, Mfg. 1M Sq. Ft. Don’t get hung up on the big score. Big deals in site selection are few and far between. Wyandot Staying Competitive in Economic Development Nov 10, 2014
  30. 30. StSrtartaetgegyy # 65:: PPllaaccee M Maatttteerrss: Enhance what Makes your Community Livable • Companies are looking for a good quality of life for their executives and employees – Arts and Culture – Education – Diversity of Housing Opportunities – Varied Transportation Options – Recreational Opportunities – Support For A Safety Net Wyandot Staying Competitive in Economic Development Nov 10, 2014
  31. 31. Strategy 7: Emphasize the Small Business Strategy that Fits your Community • Main Street Revitalization • Small Business Assistance • Economic Gardening • 1099 Economy • Incubation vs. Acceleration • Small Business Development Center Wyandot Staying Competitive in Economic Development Nov 10, 2014
  32. 32. Strategy 8: Develop a Workforce Strategy that recognizes changes in the economy The pipeline of younger workers is significantly less than the number of retirement age workers. Wyandot Staying Competitive in Economic Development Nov 10, 2014
  33. 33. Strategy 8: Develop a Workforce Strategy that improves skills needed by business There is a significant mismatch between business needs and workforce skills. Wyandot Staying Competitive in Economic Development Nov 10, 2014
  34. 34. Trend: The Impact of Advanced Manufacturing Technology Strategy 8: Develop a Workforce Strategy that recognizes the change in technology Wyandot Staying Competitive in Economic Development Nov 10, 2014
  35. 35. Trend: The internet is changing the way that everyone does business Strategy 8: Develop a Workforce Strategy that recognizes the change in technology Wyandot Staying Competitive in Economic Development Nov 10, 2014
  36. 36. Strategy 9: Fine Tune your Marketing, Web Presence and Social Networking • Have a user-friendly website • Link your site with your regional economic development partner • Easily accessible public services • 75% of the research by a site selection company is done BEFORE you are contacted • Keep your inventory of sites up to date Wyandot Staying Competitive in Economic Development Nov 10, 2014
  37. 37. Strategy 9: Fine Tune your Marketing, Web Presence and Social Networking Wyandot Staying Competitive in Economic Development Nov 10, 2014
  38. 38. Strategy 10: Fine tune your Investment Toolkit and know your community ROI • Successful economic development should help make fiscally stable local government • Understand both the short and long term costs/benefits of your investments – Short term: Cost of building a new road – Long term: Cost of maintaining that road • Neglecting basic government services can hurt a community’s economic future • It’s all about fiscal impact! Wyandot Staying Competitive in Economic Development Nov 10, 2014
  39. 39. Strategy 10: Fine tune your Investment Toolkit and know your community ROI Property Taxes based upon Valuation Income Taxes based upon Wages Sales Taxes based upon Sales Revenue Fees and Transfer Payments from other govt sources Wyandot Staying Competitive in Economic Development Nov 10, 2014
  40. 40. Strategy 10: Fine tune your Investment Toolkit and know your community ROI • Successful economic development should help make fiscally stable local government • Understand both the short and long term costs/benefits of your investments – Short term: Cost of building a new road – Long term: Cost of maintaining that road • Neglecting basic government services can hurt a community’s economic future • It’s all about fiscal impact! Wyandot Staying Competitive in Economic Development Nov 10, 2014
  41. 41. Strategy #2: Collaboration is the New Competition What Matters Most to Site Selectors: Strategy 10: Make your Economic Development more than just incentives 1. Transportation Infrastructure 2. Ease of Permitting and Regulatory Process 3. Existing Workforce Skills 4. Land/Building Prices & Supply 5. Utility Infrastructure 6. State and Local Tax Structure 7. Flexibility & Availability of Incentives 8. Access to Higher Education 9. Legal Climate Wyandot Staying Competitive in Economic Development Nov 10, 2014
  42. 42. Final Words…. Economic Development is like baseball. It’s hard work. To quote Tom Hanks in “A League of their Own” “It's supposed to be hard. If it wasn't hard, everyone would do it. The hard... is what makes it great.” Wyandot Staying Competitive in Economic Development Nov 10, 2014
  43. 43. | 614.221.1114 T 614.221.7493 F | www.financefund.org QUESTIONS? THANK YOU! Mark Barbash, EVP, Strategic Initiatives markbarbash@financefund.org (614) 774-7599 Finance Fund www.financefund.org (800) 959-2333 - (614) 221-1114

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