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This I Believe About Economic Development

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This I Believe About Economic Development

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Presentation by Troy Mix, Associate Director of the University of Delaware's Institute for Public Administration, to the Greater Georgetown Chamber of Commerce Economic Development Lunch on 2/1/2023. Topics covered include an overview of key economic development needs and approaches and the economic development services provided by the Institute for Public Administration.

Presentation by Troy Mix, Associate Director of the University of Delaware's Institute for Public Administration, to the Greater Georgetown Chamber of Commerce Economic Development Lunch on 2/1/2023. Topics covered include an overview of key economic development needs and approaches and the economic development services provided by the Institute for Public Administration.

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This I Believe About Economic Development

  1. 1. This I Believe About Economic Development Economic Development Lunch - Greater Georgetown Chamber of Commerce February 1, 2023 Troy Mix Associate Director, Institute for Public Administration 0
  2. 2. 1 Institute for Public Administration www.ipa.udel.edu Agenda • Who am I? • What do I believe about economic development? • How does the Institute for Public Administration (IPA) serve Delaware? • How can you engage with me and IPA? • Discussion: Economic development trends + opportunities • Discussion: How could IPA serve your community’s needs?
  3. 3. Institute for Public Administration www.ipa.udel.edu What I do and think about Lead Regional Development @ IPA ● Transportation Policy + Planning ● Economic Development ● Capacity Building ● Grant Assistance Program Teach “Innovation in the Public Sector” Host First State Insights podcast How should Delaware engage? • Freight/logistics • Remote work • Industrial policy • Infrastructure opportunities Seeking to help places engage the future 2
  4. 4. Institute for Public Administration www.ipa.udel.edu Why Me? Oh, The Places I’ve Lived 3 Witness to Global Forces Playing Out Locally, Over Time
  5. 5. Institute for Public Administration www.ipa.udel.edu What do I believe about economic development? 4
  6. 6. 5 Institute for Public Administration www.ipa.udel.edu Definitions and goals matter Economic Growth Quantitative increase More jobs; Higher incomes; More people; More office space Economic development Qualitative improvement Enhanced workforce capabilities Higher educational attainment Happier, healthier, more prosperous residents
  7. 7. 6 Institute for Public Administration www.ipa.udel.edu My preferred definition of economic development “intersection of public policy and private commerce for job and wealth creation.” Jesse White, former federal co-chair, Appalachian Regional Commission and former director, Office of Economic and Business Development. University of North Carolina at Chapel Hill
  8. 8. Institute for Public Administration www.ipa.udel.edu Growth Income Change Population Change New Businesses Tax Revenue Prosperity Low poverty rate Low unemployment rate High HS completion rate Low problem housing rate 7
  9. 9. Institute for Public Administration www.ipa.udel.edu 8 Is prosperity synonymous with growth?
  10. 10. Institute for Public Administration www.ipa.udel.edu Individuals learn, work, enterprise, and innovate. People + Place Matter But: “Intergenerational mobility varies substantially across areas. For example, the probability that a child reaches the top quintile of the national income distribution starting from a family in the bottom quintile is 4.4% in Charlotte but 12.9% in San Jose. The spatial variation in intergenerational mobility is strongly correlated with five factors: residential segregation, income inequality, school quality, social capital, and family structure.” 9 Chetty, Raj, et al. "Where is the land of opportunity? The geography of intergenerational mobility in the United States." The Quarterly Journal of Economics 129.4 (2014): 1553-1623.
  11. 11. Institute for Public Administration www.ipa.udel.edu Economic Development Is a Tool to Address Real Material Needs Our Choice: Play Gotcha Politics, or Get Serious About Grievances? 10
  12. 12. 11 Institute for Public Administration www.ipa.udel.edu I believe… Regions are all a little captured by what made them successful… – Now, recently, or some time long ago The history of the most captured places suggests… – Conscious investment is necessary during good times – Otherwise, you could be trapped
  13. 13. 12 Institute for Public Administration www.ipa.udel.edu
  14. 14. 13 Institute for Public Administration www.ipa.udel.edu What does your community’s investment portfolio look like? In the past? Now? In the future?
  15. 15. Institute for Public Administration www.ipa.udel.edu How does IPA serve Delaware? 14
  16. 16. Institute for Public Administration www.ipa.udel.edu IPA Convenes, Analyzes, and Implements 15
  17. 17. Institute for Public Administration www.ipa.udel.edu Serving the Public Good, Shaping Tomorrow’s Leaders The Institute for Public Administration (IPA) is a public service, education, and research center within the Biden School focused on linking the resource capacities of the University of Delaware to the complex needs of governments, nonprofits, and the business community. 16 Focus areas include: • Regional Development + Planning • Transportation • Education • Organizational Development • Water • Health Celebrating 50 years of service in 2023!
  18. 18. 17 Institute for Public Administration www.ipa.udel.edu Regional Development @ IPA Helping governments, regional organizations, and community groups to shape their futures by supporting efforts to plan for changing economic, demographic, and development forces – Planning Services – Economic Development Research and Policy Analysis – Capacity Development
  19. 19. 18 Institute for Public Administration www.ipa.udel.edu Convening for Regional Development
  20. 20. 19 Institute for Public Administration www.ipa.udel.edu Analyzing for Regional Development
  21. 21. 20 Institute for Public Administration www.ipa.udel.edu Implementing for Regional Development
  22. 22. 21 Institute for Public Administration www.ipa.udel.edu Implementing for Regional Development The Grant Assistance Program (GAP) is a state-funded initiative that provides free technical grant assistance to local governments for infrastructure initiatives and other competitive and formula grant opportunities. While we work with all local governments in Delaware, outreach and support are especially focused on local governments that typically lack the resources and capacity to compete for large-scale infrastructure funding opportunities including rural or underserved communities. Know a local government who may benefit from GAP’s services? Encourage them to email ipa-grants@udel.edu
  23. 23. Institute for Public Administration www.ipa.udel.edu Engaging with IPA and Me 22
  24. 24. 23 Institute for Public Administration www.ipa.udel.edu Listen to, Subscribe to + Suggest Content for First State Insights Tune to First State Insights for information, perspectives, and analysis on public policy, management, and community and economic development in Delaware. Find all (85+) episodes at soundcloud.com/first-state-insights or search for “First State Insights” wherever you get podcasts
  25. 25. 24 Institute for Public Administration www.ipa.udel.edu Subscribe to First State Economic Development News + Notes A weekly digest of news, events, and resources for Delaware's economic development community. firststateecondev.substack.com
  26. 26. 25 Institute for Public Administration www.ipa.udel.edu Help us Launch the Next 50 years of IPA Imagine if IPA made economic prosperity in southern Delaware a focus of its second 50 years–what would that look like, and what would have to happen?
  27. 27. 26 Institute for Public Administration www.ipa.udel.edu Economic Development Trends + Opportunities: In Brief Reshoring + Nearshoring “The pro-free-trade consensus is dead.” Infrastructure Investments Bipartisan Infrastructure Law + Inflation Reduction Act Continued Digitization AI, E-Commerce, Virtual + Augmented Reality Place-Based Development “The CHIPS and Science Act offers funding for place-based policies unparalleled in U.S. history” Remote Work Since 2020, about 5 million have already moved because of remote work
  28. 28. 27 Institute for Public Administration www.ipa.udel.edu Troy Mix Associate Director, Institute for Public Administration Biden School of Public Policy & Administration mix@udel.edu www.ipa.udel.edu

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