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Context of Econ Dev Strategy

Context of Econ Dev Strategy. Blakely argues that any economic development strategy should be based upon three primary goals: 1) Build quality jobs for the current population 2) Achieve local economic stability 3) Build a diverse economic and employment base

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Context of Econ Dev Strategy

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  1. Context of Econ Dev Strategy • Blakely argues that any economic development strategy should be based upon three primary goals: 1) Build quality jobs for the current population 2) Achieve local economic stability 3) Build a diverse economic and employment base • Before a strategy is laid out to address these goals, certain groundwork must be laid (Chapter 5): --Socioeconomic analysis --Development capacity analysis • From these, a community can undertake a SWOT analysis: --Strengths --Weaknesses--Opportunities --Threats

  2. The Major Elements of a Strategy • Target Characteristics--Geography (entire city, downtown, hi tech office park)--Recipients of aid (firms, people, land, buildings) • Methods of Development--Choose methods of economic development that direct efforts to the chosen targets • Economic Development Institutions--Choose appropriate institutions to convey the economic development efforts • Time Frame--What are the time frames of the chosen elements of the strategy?

  3. Strategic Resources: The Five M‘s • Blakely argues that the “Five M’s” must be present for economic development to occur. 1) Materials Land, buildings, location 2) (Hu)Manpower/Labor Skilled laborers, Available workforce3) Markets Viable and sustainable market for products4) Management Organizations, Skilled managers5) Money Capital institutions, Debt/Borrowed funds

  4. Common Pitfalls in Strategy Selection 1) Letting the Tools Determine the Strategy (The Stadium/Convention Center/Festival Marketplace is our Economic Development Strategy) 2) Leading with Grants without a Strategic Program (But It’s Someone Else’s Money?) 3) Starting at the Wrong End of the Problem (We’re Bringing in High-Tech Jobs… But We’re Bringing in High-Tech Workers Too)4) Following the Fad (Hey… Baltimore’s Got an Aquarium, We Should Too!) 5) Overlooking Development Capacity (What Do You Mean No One Around Here Knows Anything About Tax Increment Financing?)

  5. Major Econ Dev Strategy Options • Locality Development (The Built Environment)Emphasize physical/locational assets and address limitations in the layout, form, and look of the community. • Business Development (The Demand Side)Emphasize measures to attract businesses and strengthen and expand existing businesses. • Human Resource Development (The Supply Side)Emphasize increasing opportunities for unemployed and underemployed through improving the skills of the workforce. • Community-Based Employment (The Neighborhood Dimension)Emphasize economic development at the neighborhood level through community empowerment and “alternative” employment.

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