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Is Your Community Prepared for Economic Development?

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How to assess your community\'s programs for economic development

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Is Your Community Prepared for Economic Development?

  1. 1. Starting (or retooling) Your Economic Development Program Staying competitive in community development while the world is changing around us!December 7, 2012 Presentation by Mark Barbash 1
  2. 2. Starting (or retooling) Your EconomicDevelopment Program • Trends that are changing the way we do economic development • Economic Development Strategies to stay competitive • Where to startDecember 7, 2012 Presentation by Mark Barbash 2
  3. 3. Let’s start Let’s a few economic realities with Start with a few economic realities:that are impacting economic development• We are going through a major economic transition.• The nature of business is changing.• The practice of Economic Development is changing as well.December 7, 2012 Presentation by Mark Barbash 3
  4. 4. We are not replacing our retiring workerswith our new workers Over the next twenty years there will be 76 million Baby Boomers old enough to retire… ….but only 48 million new workers will be available in the talent pipeline to fill their positions.December 7, 2012 Presentation by Mark Barbash 4
  5. 5. Regional Interdependency: 244,881 Franklin Regional Interdependency: Franklin CountyCounty workers live outside the County Regional Interdependency: 116,144 Franklin County residents work outside the CountyDecember 7, 2012 Presentation by Mark Barbash 5
  6. 6. State & Local budgets are lagging therecoveryDecember 7, 2012 Presentation by Mark Barbash 6
  7. 7. Public sector employment has declinedthrough the recession after years of growthDecember 7, 2012 Presentation by Mark Barbash 7
  8. 8. Major programs at the federal and statelevels have experienced major cuts. Annual appropriations for federal 12 CDBG and HOME Funding: 10 1975 - 2012 8 6 4 2 0December 7, 2012 Presentation by Mark Barbash 8
  9. 9. Manufacturing is becoming moresophisticated…and jobs more skilledDecember 7, 2012 Presentation by Mark Barbash 9
  10. 10. Entrepreneurship: More smallbusinesses…working for big businessIn 2010, there were about 28 million small businesses inthis country, responsible for 49.2 percent of privatesector employment.But there were also 18,500 firms with 500 employees ormore, defined as big business, and they employed theother 50 percent or so.December 7, 2012 Presentation by Mark Barbash 10
  11. 11. The 1099 Economy is becoming a moreimportant part of your community About half – 52 percent – of all small businesses arehome based and 78.5 percent are non-employers in thesense that they employ only the sole proprietor. Of the remaining 21.5 percent that do employanyone, only 10.7 percent of that group will employmore than 20 people. There are 331,000 self-employed workers inOhio, making up 6.00% of the total workforce, up by5.00% from 2001. The Average Wage of a self-employed worker in Ohio is $25,331.December 7, 2012 Presentation by Mark Barbash 11
  12. 12. The Internet is changing the wayEVERYONE works!December 7, 2012 Presentation by Mark Barbash 12
  13. 13. Ten Strategies for Communities to Stay CompetitiveDecember 7, 2012 Presentation by Mark Barbash 13
  14. 14. First, what’s NOT changing?• The need to develop a plan is NOT changing• The need to develop strong partnerships is NOT changing• The need to provide quality services is NOT changing• The need to tailor your ED tools to the needs of your community is NOT changingDecember 7, 2012 Presentation by Mark Barbash 14
  15. 15. 1. Think “Strategic Doing” vs. “StrategicPlanning”• Network of Networks• Plan; Then Do, Then Plan Again• Go from planning to implementation• Know your goals and focus your efforts• Engage the Community and the Networks• Ed Morrison, Purdue University• What’s happening at EDA with their CEDSDecember 7, 2012 Presentation by Mark Barbash 15
  16. 16. 2. Understand the ROI of your EconomicDevelopment Program• Cost / Benefit analysis for community investment of time and resources• Economic Development E > P• Fiscal Impact Analysis• EDA Triple Bottom Line: Equity, Environment, Economy• Political justification• Understand…and take…informed riskDecember 7, 2012 Presentation by Mark Barbash 16
  17. 17. 3. Collaboration is the New Competition• Companies are looking for your ability to bring a wide variety of resources to the table• Regional collaboration: What is your community’s role in the region?• Expand your partnership to include workforce, land use, transportation, philanthropic, hospitals, p ermitting• Understand who does what best?December 7, 2012 Presentation by Mark Barbash 17
  18. 18. 4. Enhance what makes your communitylivable and Know your product• Identify and leverage your strongest assets• What makes your community special?• Asset mapping on a local AND regional basis• Richard Florida: The Creative Class ?• Tactical urbanism• What is your available product? Large sites, smaller sites, redevelopment sites, Main StreetDecember 7, 2012 Presentation by Mark Barbash 18
  19. 19. 5. Death of the Big Deal….• Total Projects: 93 (47 Expansion, 46 New) – 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 SF Source: Site Selection Magazine, May 2012December 7, 2012 Presentation by Mark Barbash 19
  20. 20. 6. Double Down on Retention andExpansion• Sometimes the best R & E does not involve incentives but simply helps solve problems• Understand your business community and what helps it grow• Cluster Strategy & Supply Chain• Organized R & E program to track activity and performance• Don’t promise what you can’t deliverDecember 7, 2012 Presentation by Mark Barbash 20
  21. 21. 7. Retention & Expansion is the BestAttraction Strategy• Companies locate where there are other like- minded businesses• Few companies locate only because of incentives• Follow the trail to customers, suppliers, key partnersDecember 7, 2012 Presentation by Mark Barbash 21
  22. 22. 8. Emphasize the Entrepreneurial Strategythat fits your community• Main Street revitalization• Small Business assistance• Economic Gardening• 1099 Economy• Incubation vs. AccelerationDecember 7, 2012 Presentation by Mark Barbash 22
  23. 23. 9. Fine tune your financing and incentivetoolkit• Use state incentives strategically• Create local incentives that make sense for your community• Provide for transparency and accountability• The fewer the programs, the easier the deal• Stronger reliance on local financing and federal programsDecember 7, 2012 Presentation by Mark Barbash 23
  24. 24. 10. Fine Tune your marketing, webpresence and social networking• Have a user friendly website• Link your site with your regional economic development partner• Easily accessible public services• 90% of the research by a site selection company is done BEFORE you are contacted• Keep your inventory of sites up to dateDecember 7, 2012 Presentation by Mark Barbash 24
  25. 25. So, where do westart?December 7, 2012 Presentation by Mark Barbash 25
  26. 26. Key Next Steps: Key Questions• How well do you know your community ?• Have you established priorities, goals, tasks, with assigned leads ? – Where are you, where do you want to be, how do you get there ?• Do you have a toolbox that is appropriate to your community and priorities ?• Do you have a way of measuring performance?December 7, 2012 Presentation by Mark Barbash 26
  27. 27. Key Questions and Next Steps Key Questions • How active and wide is your community’s regional network? • Network of Partners: Do you try to be a lone gun? Do you build partnerships? • Do you understand the daily needs of existing businesses, not just the needs for new investment? • Is your web site accurate, current and useful?December 7, 2012 Presentation by Mark Barbash 27
  28. 28. December 7, 2012 Presentation by Mark Barbash 28

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