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06-18-07 Item 2B, EDC Plan Presentation
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06-18-07 Item 2B, EDC Plan Presentation
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Item 2B, EDC Plan Presentation
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Agenda Item
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6/18/2007
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<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 />In the old economy people believed that: In the new economy, people believe <br />. that: <br /> <br />1 ---~~------,.- --~--cr----"-'----"-------~---------~----'-"-""'---"'- _.'''___.mn,,_..,,__._ <br />i Being a cheap place to do business was the 1 Being a place rich in ideas and talent is <br />: key. I the key. <br />~"""'.a.'__'__'M____'_;_"';""'M"_'__"~__"";"~;"",;~~-=--~~_"~"'"_''_'__;~''~~''_''__'''_M""M_'____''___''___'_''''' <br />: Attracting companies was the key. i Attracting educated people is a key. <br />i---------- ._-".. .,,--.-.---- -.... .. ._'.C' .c..c~~_~~"_,_,"".""";_;;_,,~;;.",. <br />: A high-quality physical environment was a <br />: luxury stood in the way of attracting cost- <br />i conscious businesses. <br /> <br />i Physical and cultural amenities are key in <br />- attracting knowledge workers. <br /> <br />- <br />_~~~_'__'''-'~"''_~______M <br />, <br /> <br />! Regions won because they held a fixed - Regions prosper if organizations and <br />! competitive advantage in some resource or i individuals have the ability to learn and <br />i skill. ; adapt. <br />~-~--_.._-----_..._--~~-~~~.~~-_._._---~--~~._---_. <br />i Economic development was government- : Only bold partnerships among business, <br />led. I government, and nonprofit sector can <br />i bring about change. <br /> <br />A New Means: Get Better, Not Cheaper <br /> <br />A new goal requires new means. In the old economy, places sought to get <br />big by "getting cheap." In the New Economy, the key to success is to "get <br />better." Policy makers used to believe that a low-cost environment was the <br />key to success and that making investments to create a high-quality physical <br /> <br />Strategic Plan for Economic Development Page 17 of 20 <br />\\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\AH Strategic Plan - Final 5-16--07.doc <br />
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