Presentation to Medina Econ Dev Corp
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The document discusses emerging trends in economic development that are driving changes in how economic development is approached. Budget reductions, a globally competitive economy, and a skills gap are prompting rethinking of economic development organizations to be more performance-based and involve multiple players. Approaches like economic gardening and manufacturing reshoring are emerging. The new Ohio economic development paradigm focuses on attraction, sites, incentives, and partnerships. The Northeast Ohio Sustainable Communities Consortium brings together groups to create a vibrant, sustainable, and competitive Northeast Ohio through long-term strategic investments in regional assets.
Presentation to Medina Econ Dev Corp
- 1. The Changing Business of Dynamic Economic Development Mark Barbash Economic Development Practitioner
- 2. Emerging Trends in Economic Development The new Ohio Economic Development Paradigm Northeast Ohio Sustainable Communities Consortium
- 3. Emerging Trends in Economic Development
- 4. Change being driven by…. Globally competitive economy Significant budget reductions Jobless economic recovery Workforce skills gap
- 5. What’s changing? Rethinking economic development organizations More players in the game Changing incentives to be more focused and performance based
- 6. What’s changing? Economic gardening as an entrepreneurial approach Manufacturing reshoring Everyone is connected STEM education
- 7. Competitive Economic Development Industry Web –enabled site selection Global competition - even for small communities
- 8. The New Ohio Economic Development Paradigm
- 9. Ohio’s New Economic Development Approach Ohio Department of Development • Attraction • Housing & Partnerships • Site Selection • Job Ready Sites (JRS) • International Business • Historic Pres Tax Credits • Incentives • Ohio Third Frontier • Loans/Grants • Energy Office • Clean Ohio • Small & Minority Business • Regional Partners • Loans/Grants
- 11. Creating a Long Term Competitive Northeast Ohio Coming together to create a vibrant, sustainable and competitive Northeast Ohio
- 13. NEOSCC Outcomes Enable NEO universities Enable local communities and intermediaries to to develop collaborative provide better research & solutions to the a deeper bench of young challenges they face. professional talent. Enable NEO to become Enable MPOs and other more globally critical actors to make competitive, nationally more strategic decisions. attractive and socially equitable.
- 14. Funded by a highly competitive $4.25M federal grant from the U.S. Department of Housing and Urban Development, plus matching funds of $500,000 from the Fund for our Economic Future 12 county region including Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Summit, Stark, Trumbull , Wayne 23 public and private entities joining together Consortium members have pledged a total of $2.45 million in funds and in-kind match in the form of staff time and operating expense contributions.
- 15. LONG TERM STRATEGIC INVESTMENTS 10 – 20 Years Investments Changing the Quality of the Assets Improved quality of assets including people, place and knowledge STRATEGIC ADVANTAGE: Invest in interventions that improve the quality of the region's assets Advocate to influence and innovate public policy
- 16. Step One: Economic Analysis Traditional Base – GRP Growth v. LQ % Growth GRP 2010-2019 2010 Location Quotient 2006-2010 GRP Growth >5% Source: CSU Center for Economic Development; Moody’s economy.com <5% 16
- 17. Step Two: Identify Job Centers
- 18. Step Three: Strategic investment to support business growth
- 19. Step Three: Strategic investment in knowledge assets and quality of life
- 20. What does this all mean for Medina County?
- 21. Are we prepared for the new economic realities?
- 22. How do you see yourself? Strategic Perspective Tactical Opportunistic Organized Delusion Clueless Apathy Hostile Waters
- 24. Questions, comments, criticisms, arguments, good jokes? Thank you.