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<br />. <br /> <br />. <br /> <br />. <br /> <br />developers in Northern Virginia still aggressively recruit new firms, even <br />though traffic congestion is the worst in the nation, housing prices among the <br />highest, and unemployment among the lowest, <br /> <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 /> <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 /> <br />Beliefs About Economic Development in the Old and New Economies <br /> <br />I <br />, In the old economy, people believed that: <br /> <br />In the new economy, people believe <br />that: <br /> <br />Being a cheap place to do business was the <br />key, <br /> <br />Being a place rich in ideas and talent is <br />, the key, <br /> <br />Attracting companies was the key, <br /> <br />A high-quality physical environment was a <br />luxury stood in the way of attracting cost- <br />conscious businesses. <br /> <br />, Attracting educated people is a key, <br /> <br />Physical and cultural amenities are key in <br />attracting knowledge workers. <br /> <br />Regions won because they held a fixed <br />competitive advantage in some resource or <br />skill, <br /> <br />Regions prosper if organizations and <br />. individuals have the ability to learn and <br />adapt. <br /> <br />Only bold partnerships among business. <br />government, and nonprofit sector can <br />, bring about change, <br /> <br />Economic development was government- <br />led, <br /> <br />Strategic Plan for Economic Development Page 7 of 25 <br />Final Draft - Readv for Release Subject to Council Approval and Adoption <br />