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A New Blueprint for Economic Development

A New Blueprint for Economic Development. Strategic Priorities for Job Growth in NC Tony Almeida Senior Advisor to the Governor for Jobs & the Economy. The Challenge at Hand. 9.4% Unemployment Rate 17% Underemployment rate (15% for the U.S.) Ranked 37th in per capita income

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A New Blueprint for Economic Development

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  1. A New Blueprint for Economic Development Strategic Priorities for Job Growth in NC Tony Almeida Senior Advisor to the Governor for Jobs & the Economy

  2. The Challenge at Hand • 9.4% Unemployment Rate • 17% Underemployment rate (15% for the U.S.) • Ranked 37th in per capita income • Ranked in the bottom 20 states for personal income growth

  3. The Challenge at Hand Real Per Capita Income Growth by Decade

  4. Strong State Leadership Governor Pat McCrory Secretary Sharon Decker

  5. Input From Across the State • 12 Transition Advisory Teams • 8 Department-level Advisory Teams • 4 Issue-based Advisory Teams • Comprised of private sector leaders, community stakeholders, and former legislators • Deliverable: Series of recommendations and priority areas to address on Day 1

  6. Key Priorities Identified • Tax reform • Regulatory reform • Strengthen K-16 education • Strengthen workforce development • Support small business • Promote agribusiness and exports • Increase access to venture capital • Develop a strategic energy policy • Grow the military and defense sector • Create a comprehensive, state-wide strategic plan for economic development

  7. Tax Reform • Top priority for the Governor and the General Assembly • Multiple proposals on the table • We need to improve our competitiveness against other states in our region (SC, VA, TN, GA, TX) while also improving the business climate for our existing industries and our citizens

  8. Tax Reform A Comparison of Taxes Among our Top Competitor States Source: NC Department of Commerce

  9. Regulatory Reform • Another top priority for the Governor and the General Assembly • NC tied for 12th worst regulatory burden on small business • We need to ensure that current and new regulations do not stifle growth of our small businesses

  10. Strengthen K-16 Education • Continuous message on the campaign trail: “We can’t find qualified workers to fill the positions we need to fill.” • We must ensure our high school, community college and university graduates are equipped with the training and skills they need to secure employment. • We must provide multiple pathways to high school graduation, including career technical education and training.

  11. Strengthen Workforce Development • NC was a pioneer in workforce development • Our community college system is one of our greatest assets • Job-skills gap remains • We need to better align our workforce development resources

  12. Support Small Business • 65-70% of job creation in the state comes from small businesses • The process for starting and growing a small business in the state is too complex • We need a one-stop web portal to serve as a central access point for all forms, permits, licenses, and other interactions with state agencies

  13. Promote Agribusiness & Exports • NC agriculture industry contributes almost $75 billion to the state’s economy • NC is 16th in the U.S. in terms of exports; our agricultural exports exceeded $3.7 billion last year • Our ports play a key role in supporting agribusiness and exports • We recognize the need to upgrade some of our ports’ infrastructure

  14. Increase Access to Venture Capital • NC has the potential to become the “Silicon Valley of the East” • How do we attract more venture capital dollars to the state? • How do we best leverage the strong, existing venture capital community? • We need to improve access to capital for early-stage companies • We need to promote more collaboration and commercialization across our research universities

  15. Develop a Strategic Energy Policy • NC has immense and diverse energy resources • Energy programs are currently spread across multiple agencies • Primary energy focus at the state level has been on weatherization and energy efficiency of state buildings • We need a comprehensive, strategic plan for energy resources in NC

  16. Grow Military & Defense Sector • Concentration of military forces in NC affords the state significant opportunities to attract defense-related firms • Significant research, strategic planning, and initiatives have already been undertaken by various groups across the state • We need to align the current initiatives, ramp up recruitment, and provide leadership at the state level to support the good work already underway

  17. Create a State-wide Strategic Plan • NC is rich with economic development resources, including our local and regional organizations • The Economic Development Board is required to develop or update a multi-year strategic plan for economic development each year • We need a more comprehensive, state-wide economic development strategic plan to align resources and integrate strategic priorities across state agencies and institutions

  18. Our Scope of Work • Workforce development consultant • Venture capital working group • Manufacturing working group • One-stop business web portal working group • Energy strategy working group • Military/Defense industry growth working group • State-wide strategic planning group

  19. Questions?

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