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<br /> . developers in Northern Virginia still aggressively recruit new firms, even <br /> though traffic congestion is the worst in the nationr housing prices among the <br /> highest, and unemployment among the lowest. <br /> As a result, the new goal for economic developmentr 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 residentsr 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 /> T!'lis is not to say that the strategy should remain fixed. If, unlikely as it iSr <br /> productivity growth rates slow significantly in the next decade and <br /> l,memployment increases, the appropriate goals and strategies might change. <br /> But for now and the foreseeable futurer 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 /> In the old economy, people believed that: In the new economy, people believe <br /> that: <br /> ........ .- .. ..~._.. <br /> Being a cheap place to do business was the ,Being a place rich in ideas and talent is <br /> key. ' the key. <br /> ...y.... <br /> Attracting companies was the key. Attracting educated people is a key. <br /> ..... ......=. . ....................".y, <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 /> : bring about change, <br /> ............ .. ...Y."Y. . --..- - <br /> . <br /> Strategic Plan for Economic Development Page 7 of 25 <br /> Final Draft - Ready for Release Subject to Council Approval and Adoption <br />