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The Basics of Economic Development Maury Forman August 18, 2014

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Page 1: The Basics of Economic Development - Site Selectorschoosewashingtonstate.com/wp-content/uploads/2014/... · The Basics of Economic Development Maury Forman August 18, ... Ideation

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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