The Basics of Economic Development

Transcription

1 The Basics of Economic Development Maury Forman August 19, 2013

2 Economic Development Activities which promote increased revenues or retain and/or create permanent jobs in the private or public sector within a specific geographic boundary that diversifies the local economy, improves the quality of life and lead to producing positive cash flow, terminating in the area.

3 Economic Development is... A process of promoting the investment of capital to encourage maintaining or gaining the beneficial use of property and equipment, and which results Text in new and/or retained jobs within the community. This usually results in increased buying and selling of goods and services within the community.

4 Why do economic development? Create Jobs Raise Incomes Increase Tax Base Help Local Industries Stabilize the Economy Avoid Obsolescence Develop Resources Revitalize Community

5 Definition Smokestack chasing is the act by state and local governments of using tax and other incentives to lure blue collar jobs to their districts

6 Definition Targeting is about prospectively spotting where the best opportunities exist to accomplish your area s particular economic development objective.

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9 Definition Economic Impact Analysis is the projection of direct current public costs and revenue associated with potential growth taking place in a community.

10 Definition Workforce Development is a statewide system of education and training that prepares people for high skill jobs and assures employers of a skilled flexible workforce in the future.

11 Workforce Consists of Boomer angers Lifers Transplants

12 Community Sustainability Includes Good Educational facilities State of the Art Tools Opportunities to upgrade skills Business and Education Partnerships

13 Economic Leakage

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15 Think Local First Because Good for the environment More money stays in the community Know the people who make what you eat Makes community unique

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17 Definition Asset mapping is the development of policies and activities based on an understanding, or map, of the community s resources with the potential for promoting community development.

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19 Front Porch Economic Development

20 What you are thinking at this very moment I am learning some new things in this presentation I can t believe I am here for a whole week I d like to buy this guy a drink later on

21 20 th Century Stool Theory Economic Development Community Development Business Attraction Business Retention & Expansion

22 21 st Century Stool Theory Economic Development Asset Development

23 Infrastructure Report Card Aviation Bridges Dams Drinking Water Energy Hazardous Waste Levees Public Parks & Recreation Rail Roads Schools Solid Waste Transit

24 Definition Broadband is the means by which individual terminals, computers, mobile devices and local area networks are connected to the global internet.

25 Broadband Helps business expand and increase their sales Transforms health care, enabling better outcomes and lowering costs Assists in the retention of youth

26 The Nonprofit Arts are a $135 Billion Industry Total Economic Impact of the Nonprofit Art Industry (Includes both organization and audience expenditures) Total Expenditures Full-Time Equivalent Jobs Local Government Revenue State Government Revenue Federal Income Tax Revenue $135.2 billion 4.10 million $6.0 billion $6.6 billion $9.5 billion

27 Adding more foot tapping, smile inducing moments to our lives is sound public policy.

28 21 st Century Stool Theory Economic Development Innovation/ Entrepreneurial Development

29 Build a Stand, Spark a Dream

30 Education is not just about scholarship but also about successful adulthood.

31 21 st Century Stool Theory Economic Development Technical Assistance

32 Business Climate Quality of Life Business Development Coalition Building Workforce Development EDCs, Business Community, SBDC Chambers, Electeds, Arts and Culture High Schools Community Colleges Vocational Schools Infrastructure Support Development Utilities Broadband Port Districts Property Development Recruiting Revolving/ Micro-Loan Funds, Banks, Angels, VC s Government (Federal, State, Cities, and Tribal) Access to Capital Technical Assistance Funding Business Climate Tourism Conv & Visitor Bureaus, Downtowns Housing, Health Care, Non-profits/ Community Action Program Community Development Economic Development Districts Business Development Coalition Building

33 You see, Timmie