Date post: | 17-Jan-2017 |
Category: |
Economy & Finance |
Upload: | jim-damicis |
View: | 5,172 times |
Download: | 5 times |
Recent Trends in Economic Development
Prepared for Economic Development AcademyAugust 22 2016
Presentation By:
Jim DamicisSenior Vice President
Jim Damicis, Senior Vice President – Principal - Camoin Associates• Immediate Past President, Northeastern Economic
Developers Association• IEDC, Economic Development Research Program,
International Economic Development Council & Course Instructor
• Collaborator – Communities of the Future• 25+ Years Experience in Economic and Community
Development
[email protected]: @jdamicisLinkedin: www.linkedin.com/in/jdamicisBlog: www.camoinassociates.com/blog/
• Economic Development Strategies• Workforce Development• Market & Feasibility Analysis• Impact Analysis• Evaluation & Benchmarking Indicators• ED Communication & Marketing
What is Economic Development?
Planning, Organizing, and Acting to Support the Economy
Some commonly used end goals: Job stability and creation
Tax base stability and growth
Diversification of economic and tax base
Wealth creation and diversification
Economic Development Operates within a System
•People•Organizations•Networks
Key functions: Interactions, relationships, communications, collaboration
common barriers
focus on personalities & positions
o focus on shared interests & goals instead
lack of motivation for working together for change
being in the “comfort zone”
Economic Developer as a “Point GuardPrimary role is assessing the environment around them and making decisions to create scoring opportunities for others
Key Factors Driving Local & Regional Economic Development
•Workforce, workforce, workforce!• Quality of place – amenities, infrastructure, housing,
recreation and culture, etc.• Regional collaboration and holistic approach to economic
development• Customer service driven – permitting and approval
processes, transparency, accountability• Networks• Complex Systems requiring adaptability rather than
predictability
Economic Development Tools & Techniques Business Retention and Expansion Business Attraction Global Trade and foreign investment Workforce development Business technical assistance Innovation and entrepreneurial support Quality of place/place-based development
As well as supporting the economic development effort through:
Planning Organizing Implementation Resource Development
Ingredients for a successful economic development project/program:
Also:• Organizational• Technical• Leadership
Factors for Economic Development Implementation Success
Trust – internally and externally
Process and procedures – help build trust
Leadership qualities – within the organization as well as among the board and stakeholders; including adaptability and leading in periods of chaos or uncertainty
Communications and Engagement – among the board, committees, and among the many stakeholders and networks; open and active communications amongst the partners
Factors for Economic Development Implementation Success – Con’t
Building capacity - for functioning within a system composed of many networks, partnerships, alliances, and initiatives
Adaptability - Ability and respond and adapt to changes in the external environment
Building capacity and resources for business intelligence, working smarter – data, research, digital technologies and information resources
Incorporating new funding models – reducing reliance on government entities
On-going assessment and evaluation - for continual improvement and effective/efficient use of funding
Economic Trends
•Changing nature of manufacturing – advanced and artisan• Intersection/blending of sectors - NAICS codes no
longer make sense making traditional “targeting” difficult•Health, personal and businesses services continue
on the rise•Amazon effect – changing retail and logistics•Globalization - Global supply chains
Technology Trends•Gigabit demand –delivering a gig of speed is the
new goal. Demand being driven by: • Mobile consumerism, governance, etc…• Cloud based services• Big data• 3-D printing and related manufacturing technologies• User content provision – uploading data, videos, audio, etc…• Tele-health• Entrepreneurs and small businesses
•Demand for redundancy, reliability, and choice/competition• Internet of things, artificial intelligence
Workforce Trends
•Growth of the independent workers•Workforce is regional/not local•Diversity – immigration – movement from problem
to be dealt with to economic opportunity•No one answer - all of these are important:
• Service jobs • Middle skills jobs• High tech• Technical and soft skills
• Lifelong blended learning – traditional as well as non-tradition higher education – task economy
Placed Based Economic Development
•Geography still maters: access to workers/talent, access to market, housing, transportation and logistics, and digital infrastructure & culture•High quality, diverse amenities - attract and retain
workforce•Buy local, regional sourcing, local and regional
branding•Sustainability and resiliency
Financing Trends•Continued pressure on state and local budgets
means less public funds to support economic development•Growing public skepticism of tax credits and
incentives•Greater demand for transparency and on-demand
information/communications•Growth of crowdfunding (also tied to
crowdsourcing)•Growth in private funding and continuation of
public/private partnerships
Lessons from the Field
Don’t bite off more than you can chew! Break large projects into smaller digestible components based on your organization’s and partners’ capacity to implement
Get comfortable making collective decisions without perfect information and predictable outcomes
Give collaboration and engagement within region, diverse stakeholders, and the public more than lip service – design and implement together
Market externally AND Internally Understand what you can have impact over – i.e. at local level
you can impact land-use, zoning, permitting, customer service
Questions/Comments/Discussion?
Northeastern Economic Developers Association - NEDA
NEDA’s vision:• Advocacy• Networking• Professional Development• Thought Leadership
Annual Conference: Transportation At The Crossroads - The Economic Developer's Road MapNew Haven, CT | September 11-13
www.nedaonline.org