The document discusses the evolution of economic development from raw economic growth in the 1800s to a more integrated and data-driven approach in the new millennium. It describes how economic development has shifted from a real estate focus to prioritizing strategic growth, human capital, entrepreneurship, and improving economic resilience. The document argues that economic development requires considering workforce, business attraction, quality of place, and innovation to achieve goals like job creation, tax base stability and growth, and diversification in the face of rapid economic changes.

1. “So, How do you Define Economic Development?”

3. 1800 1900
Raw Economic Growth

4. Early 20th Century
Birth of the Corporate Real Estate Industry
 Mass-production manufacturing results in centering activity in resource rich areas
 Rise of central business districts, “modern” skyscrapers and large offices as symbols
of corporate strength
 Rise of Bell Telephone facilitating communications between centers

5. Mid 20th Century
Dawn of the Economic Development Profession
 From Rust to Sun Belt, from Cities to Suburbs: sprawling residential, office,
corporate and industrial parks result in decentralization of business activity
spurred by public sector industrial-development incentives
 Hollowing out of CBDs and dense neighborhoods, onslaught of public financing
programs to spur urban renewal

6. New Millennium
Integrated Economic Development: Data Driven Globalization,
and Networked Communities, Less Focus on Real Estate
 Globalization permitting work anywhere across time zones, less office need, more
integrated and collaborative space
 Shorter business life cycles with profit focus produce more near-term leases and
greater flexibility with real estate plays
 Aging, shrinking workforces, technology, and social changes in a knowledge-based
economy. Talent and energy advantages result in return of manufacturing (“on-
shoring”) and productivity improvements

7. Expectations of Economic Development
Today’s economic
developers are still largely
expected to deliver hard
asset projects measured by
new jobs and investment
Traditional + Integral Models
and
serve as leaders to
nurture talent, shape and
implement new
approaches to achieve
broad-based prosperity.

8. New Realities of Economic Development
Government Distributive
• “Open for Business”
• Political
• Incentive Toolbox
• Jobs, jobs, jobs
Investor Perspective
• Sustained Growth
• Data-driven
• Advice and Advocacy
• Competitiveness and Productivity
Project and Deal Centric
• Tactical and Transactional
• Prescriptive Bricks-and-Mortar
• One-offs
• Banker/Developer Expertise
Focus on Economic Growth
• Strategic, Integrated and Prioritized​
• Consultative and Collaborative​
• Human Capital​
• In-the-center-of-it-all Leadership
Swinging for the Bleachers
• Big-Game Hunting
• Next Big Thing (the Silver Bullet)
• “Build it and They will Come”
• Local Legacy
Improving the Economic Base
• Entrepreneurial Ecosystem
• Focus on Diversifying Base/ Resiliency
• Benchmark to Focus Resources
• Regional & Global Growth
Traditional Economic Development Integral Model

9. It’s a Complex and Integrated Process
Workforce Business
Attraction,
Retention &
Expansion
Local & Regional
Economic
Development
Quality of
Place
Innovation
Entrepreneurship
Incubation
Acceleration
Real Estate
Sites
Infrastructure
& Planning
Land and Site
Development
Redevelopment
Downtown
Corridor &
District
Development
Land Use
Regs
Zoning Planning Marketing
Place-
making
Elements a Municipality Can Affect

10. What are we trying to achieve?

11. Economic
Economic
Development
Growth
Economic Improvement
Prosperity
Economic Foundation
Focus since
new
Millennium

12. Foundation for Economic Prosperity
Infrastructure Innovation
Intellectual
Capital
International Intrigue Investment

13. Economic
Economic
Development
Growth
Economic Change
Prosperity
?
?

14. Economic
Economic
Development
Growth
Economic Change
Prosperity

15. Economic
Economic
Development
Growth
Economic Change
Prosperity

16. Simply put, Economic Development is more than
just deals and incentives. It’s about . . .
Job stability
and creation
Planning, Organizing, and Acting to Support the Economy
Common end goals:
Tax base
stability and
growth
Diversification
of economy
and tax base
Wealth creation
and equity

17. Automation
Loss & Creation of Jobs
Skills Gap
Fierce Competition
Incentives, Workforce, Taxes,
Transparency
Shifting Business
Culture
Adapt and Innovate
It requires us to keep up with rapid changes

18. Today’s Economic Development
What is it?
 A process that influences the growth and restructuring of local economies
How is it done?
 Understanding the dynamics of business change and taking early, proactive
business-friendly steps to help companies grow
Why—for what purpose?
 Largely to create jobs and draw new income into the regional economy that
can then be spent within the community and support non-basic employment
sectors
 Assure economic prosperity and contribute to a better quality of life

19. Dan Gundersen
Principal & Senior Vice President
Camoin 310 Associates
dan@camoinassociates.com