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Fund REDC Presentation 2.16.18
- 1. Regional Economic Development Committee Meeting February 16, 2018
- 2. OUR FUND An alliance of funders dedicated to advancing economic growth and equitable access to opportunity for the people of Northeast Ohio
- 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 Our Region
- 6. Today’s topic: How should we measure a successful economy?
- 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. What’s wrong with that?
- 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. 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. Is this success? In Northeast Ohio, the black unemployment rate is three times the white unemployment rate
- 13. What does success look like?
- 14. 1 2 A continuously regenerating economy... ...with good jobs and rising incomes... ...for everyone.3
- 15. 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 - -
- 16. 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.
Editor's Notes
- our members consist of a variety of organizations with diverse missions. Yet, we all agree that a healthy regional economy where all people benefit is essential to the accomplishment of our individual and collective goals. We best fulfill our shared commitment to economic growth and equitable access to opportunity when we lead together and collectively support efforts that increase job creation, job preparation and job access.
- Northeast Ohio is a region encompassing four distinct yet interconnected metropolitan areas--Akron, Canton, Cleveland, and Youngstown—and surrounding counties (18 in total) and four million people. Our region is responsible for roughly $200 billion in Gross Regional Product – the same size as the economies of the Czech Republic, New Zealand and Peru.
- What does success look like?
- There are some benefits to this – it’s helpful to benchmark against others, for example.
- So what’s the problem? In this model “opportunity” measures are additive, not integrated.
- We’re suggesting this isn’t success - and attention to growth alone won’t solve it. Don’t just take our word for it – inclusive growth is a topic of national discussion.
- At an even more fundamental economic level, economic disparity affects our ability to sustain our recovery. Economists around the globe have observed the negative correlation between economic disparity and sustained economic growth and the Fund for Our Economic Future has confirmed this in our own “What Matters to Metros” research. Healthy economies are ones that provide access to opportunity for all of their citizens. In her recent call to remake economic development and achieve a prosperity that is robust and enduring, Amy Liu of Brookings called upon civic and business leaders to embrace inclusion in their economic strategies. She points to a recent survey of Harvard Business School alumni that found that 71 percent of respondents felt their business had been harmed by rising inequality, growing poverty or limited economic mobility, and more than two-thirds of respondents believed addressing these issues mattered more than promoting economic growth. Now, that need must be translated into action.
- So what’s the problem? In this model “opportunity” measures are additive, not integrated.