Building A Sustainable Local Economy: Fact & Fiction about Economic Development.

Building A Sustainable Local Economy:Fact & Fiction about

Economic Development



Follow the Data: FACT



Follow the Data: FACT

Follow the Money: FICTION



The Economic Environment FACTS




1. It’s a global economy.





2. The pace is accelerating.





2. The pace is accelerating.

3. It’s driven by technology.



The Economic Environment FICTION




1. There’s no global impact.





2. No noticeable change in pace.





2. No noticeable change in pace.

3. “We’re labor intensive.”



Know Your Local Economy FACTS




1. Retail: local, destination.





2. Industry: diversified, single-source.





2. Industry: diversified, single-source.

3. Government: local, regional, state, federal.



Know Your Local Economy FICTION




1. “We’re a tourist economy.”





2. “We’re an agricultural economy.”





2. “We’re an agricultural economy.”

3. “We’re a government economy.”



Follow the Data FACTS




1. National may not apply locally.





2. County/university forecasts too abstract for local use.





2. County/university forecasts too abstract for local use.

3. Independent studies too focused for broad application.



Follow the Data FICTION




1. Gut forecasts make you sick.





2. Assumptions come from many personal experiences.





2. Assumptions come from many personal experiences.

3. Published studies are old when they hit the shelf.



Best Data FACTS



Best Data FACTS

1. Empirical beats anecdotal.



Best Data FACTS


2. Localized: precise solutions.



Best Data FACTS


2. Localized: precise solutions.

3. Ongoing research.



Common Sources/Best Data FICTION




1. Public policy groups: research, self-interpreted.





2. W.A.C.E. surveys: members only.





2. W.A.C.E. surveys: members only.

3. Local sampling: constant data flow.



“How-to” Create It




1. Use others’ data for your analysis.





2. Collaborate to build a local R&D infrastructure.





2. Collaborate to build a local R&D infrastructure.

3. Build your own R&D infrasturcture.



The Desired Outcome



The Desired Outcome

1. Clarify the chamber’s role, identity.



The Desired Outcome


2. Use the power of best data to become a broker of solutions.



The Desired Outcome


2. Use the power of best data to become a broker of solutions.

3. Syndicate: control & sell.

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