Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Fund REDC Presentation 2.16.18


Published on

Bethia Burke, Vice President, Fund for Our Economic Future presented to Eastgate Regional Economic Development Committee

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

Fund REDC Presentation 2.16.18

  1. 1. Regional Economic Development Committee Meeting February 16, 2018
  2. 2. OUR FUND An alliance of funders dedicated to advancing economic growth and equitable access to opportunity for the people of Northeast Ohio
  3. 3. The George Gund Foundation Brad and Amy Whitehead Our Members John Huntington Fund for Education Mather Fund Katherine and Lee Chilcote Foundation Frances Shoolroy Charitable Fund Kent H. Smith Charitable Trust
  4. 4. 4 Our Region
  5. 5. Our Agenda: Growth and Opportunity
  6. 6. Today’s topic: How should we measure a successful economy?
  7. 7.  Employment  Per capital income  Gross product The old way: growth, growth, growth 24,400+ jobs $1.1B payroll $6.0B capital Traditional Measures What we’ve tracked
  8. 8. What’s wrong with that?
  9. 9. Is this success? Fund-supported Mahoning Valley Outcomes 2010-2016; aggregated to a census-tract level Warren Youngstown Youngstown Cluster 7.1 2.6 0.1 2.7 1.70.0 Trumbull & Mahoning Counties Trumbull & Mahoning Counties AllTransit transit performance score for that location • 0 is low accessibility and number of trips • 10 is high accessibility and trips
  10. 10. Is this success? 49,500 Youngstown MSA residents live in an area of economic distress One in fifteen Northeast Ohioans live in an area of economic distress
  11. 11. Is this success? In Northeast Ohio, the black unemployment rate is three times the white unemployment rate
  12. 12. What does success look like?
  13. 13. 1 2 A continuously regenerating economy... ...with good jobs and rising incomes... ...for everyone.3
  14. 14. A continuously regenerating economy... 1 Traded-Sector GMP Growth Young Firm Employment Growth Youngstown MSA NEO Region ...with good jobs and rising incomes... 2 Rising Prosperity Full Employment Economic Security ...for everyone.3 Employment Equity Income Equity Geographic Equity    -       -      
  15. 15. A continuously regenerating economy... ...with good jobs and rising incomes... ...for everyone. Metric: Goal: Current Target Gap 5-YearTrend Traded-Sector Growth Outperform peers in traded sector GMP growth rate 0.4% 3.3% (2.9pp) Growth in Young Firms Outperform peers in young firm employment growth rate 1.2% 2.5% (1.3pp) Rising Prosperity Outperform peers in Prosperity growth rate, per Brookings’ Prosperity index 0.8% 0.9% (0.1pp) Full Employment 75%+ of working age adults employed 65.1% 75% (9.9pp) Economic Security 75%+ of families earning a family-sustaining wage 65.2% 75% (9.8pp) Employment Equity Reduce and eliminate gap in unemployment rates by race 11.3% 0% (11.3pp) Income Equity Reduce and eliminate gap in average monthly income by race $1.0k $0 ($1.0k) Geographic Equity Reduce and bring to zero the number of people living in concentrated poverty 49.5k 0k (49.5k) Growth & Opportunity Scorecard Youngstown-Warren MSA 1 2 3 4 5 6 7 8 5-year trend arrows represent compound annual growth rates from 2011-2015 or 2012-2016 based on data availability. Current state figures for metrics 1-3 also represent 5-year compound annual growth rates; current state figures for metrics 4-8 represent data from most recent year of availability. Target for metrics 1-3 based on peer MSA performance during same time period. Target for metrics 4-8 based on reaching a target goal for the metric, independent of peer metro performance. Peer MSAs vary depending on data availability.