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• developers in Northern Virginia still aggressively recruit new firms, even though traffic congestion is the worst in the nation, housing prices among the highest, and unemployment among the lowest. As a result, the new goal for economic development, particularly in fully developed areas, should be to raise average per capita incomes through higher-wage jobs, while working to reduce poverty and expand opportunity for economically disadvantaged residents, all the while boosting the region's quality of life. This does not mean that communities should oppose growth and erect regulations limiting it; it does mean that most areas should not continue to pursue job creation for its own sake. This is not to say that the strategy should remain fixed. If, unlikely as it is, productivity growth rates slow significantly in the next decade and unemployment increases, the appropriate goals and strategies might change. But for now and the foreseeable future, economic strategy should focus on • raising incomes rather than simply attracting jobs. Beliefs About Economic Development in the Old and New Economies rin the old economy, people believed that: In the new economy, people believe Being a cheap place to do business was the Being a place rich in ideas and talent is key. the key. Attracting companies was the key. Attracting educated people is a key. A high-quality physical environment was a Physical and cultural amenities are key in E luxury stood in the way of attracting cost- attracting knowledge workers. conscious businesses. Regions won because they held a fixed Regions prosper if organizations and competitive advantage in some resource or individuals have the ability to learn and skill. adapt. Economic development was government- Only bold partnerships among business, led. government, and nonprofit sector can bring about change. Strategic Plan for Economic Development Page 7 of 25 Final Draft— Ready for Release Subject to Council Approval and Adoption