The Basics of Economic Development - Site...
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The Basics of Economic Development
Maury FormanAugust 18, 2014
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Why do economic development?
• Create Jobs• Raise Incomes• Increase Tax Base• Help Local Industries• Stabilize the Economy• Avoid Obsolescence• Develop Resources• Revitalize Community
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20th Century Stool Theory
Economic Development
Economic Development
CommunityDevelopment
Business Retention & Expansion
BusinessAttraction
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21st Century Stool Theory
Economic Development
Economic Development
Asset Development
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Definition
•Broadband is the means by which individual
•terminals, computers, mobile devices and local area
•networks are connected to the global internet.
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Broadband…
• Helps business expand and increase their sales
• Transforms health care, enabling better outcomes and lowering costs
• Assists in the retention of youth
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The Nonprofit Arts are a $135 Billion Industry
Total Expenditures $135.2 billion
Full-Time Equivalent Jobs 4.10 million
Local Government Revenue $6.0 billion
State Government Revenue $6.6 billion
Federal Income Tax Revenue $9.5 billion
Total Economic Impact of the Nonprofit Art Industry(Includes both organization and audience expenditures)
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Adding more foot tapping, smile inducing moments to our lives is sound public policy.
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21st Century Stool Theory
Economic Development
Economic Development
Innovation/ Entrepreneurial
Development
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Build a Stand, Spark a Dream
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From Innovation to Entrepreneur
•Youth•Entrepreneurial camps•National Lemonade Day
•Middle School •Ideation programs•Mentoring
•High School•Intern programs•Business plan competitions
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21st Century Stool Theory
Economic Development
Economic Development
Technical Assistance
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Its Not Just About Surveys…
• Peer to peer mentoring
• Staff Assessments
• Market Intelligence
• Export assistance
• Social media opportunities
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What you are thinking at this very moment
• I am learning some new things in this presentation
• I can’t believe I am here for almost a whole week
• I’d like to buy this guy a drink later on
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Definition
•Smokestack chasing is the act by state and
local governments of using tax and other incentives
to lure blue collar jobs to their districts
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Definition
•Targeting is about prospectively spotting
where the best opportunities exist to accomplish
your area’s particular economic development
objective.
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Economic Development Targets
• Businesses
• Industries
• Entrepreneurs
• Tourists
• Conventions
• High School and College Graduates• Artists
• Doctors
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Definition
•Economic Impact Analysis is the
projection of direct current public costs and
revenue associated with potential growth taking
place in a community.
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Workforce Consists of…
• Boomer angers
• Lifers
• Transplants
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Definition
•Workforce Development is a statewide
system of education and training that prepares
people for high skill jobs and assures employers of a
skilled flexible workforce in the future.
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Community Sustainability Includes
•Good Educational facilities
•State of the Art Tools
•Opportunities to upgrade skills
•Business and Education Partnerships
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•Education is not just about scholarship but also about successful adulthood.
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Economic Leakage
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• Good for the environment
• More money stays in the community
• Creates a relationship economy
• Makes community unique
Think Local First Because…
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Definition
Asset mapping is the development of policies
and activities based on an understanding, or ‘map,’
of the community’s resources with the potential
for promoting community development.
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Front Porch Economic Development
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