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though traffic congestion is the worst in the nation, housing prices among the <br /> highest, and unemployment among the lowest. <br /> As a result, the new goal for economic development, particularly in fully <br /> developed areas, should be to raise average per capita incomes through <br /> higher-wage jobs, while working to reduce poverty and expand opportunity <br /> for economically disadvantaged residents, all the while boosting the region's <br /> quality of life. This does not mean that communities should oppose growth <br /> and erect regulations limiting it; it does mean that most areas should not <br /> continue to pursue job creation for its own sake. <br /> This is not to say that the strategy should remain fixed. If, unlikely as it is, <br /> productivity growth rates slow significantly in the next decade and <br /> unemployment increases, the appropriate goals and strategies might change. <br /> But for now and the foreseeable future, economic strategy should focus on <br /> raising incomes rather than simply attracting jobs. <br /> Beliefs About Economic Development in the Old and New Economies <br /> new economy, people <br /> Being a cheap place to do business was the Being a place rich in ideas and talent is <br /> key. the key. <br /> Attracting companies was the key_ Attracting educated people is a key. <br /> A high-quality physical environment was a Physical and cultural amenities are key in <br /> luxury stood in the way of attracting cost- attracting knowledge workers. <br /> conscious businesses. <br /> Regions won because they held a fixed Regions prosper if organizations and <br /> competitive advantage in some resource or individuals have the ability to learn and <br /> skill. adapt. <br /> Economic development was government- Only bold partnerships among business, <br /> "! led. government, and nonprofit sector can <br /> 1 bring about change. <br /> Strategic Plan for Economic Development Page 7 of 23 <br /> Draft—Subject to Approval and Adoption <br />