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Prosperity Partnership & the Regional Economic Strategy

Prosperity Partnership & the Regional Economic Strategy. WEDA 2011 Winter Conference February 15, 2011. The Prosperity Partnership & Regional Economic Development. 2. PSRC and the Central Puget Sound. PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY

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Prosperity Partnership & the Regional Economic Strategy

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  1. Prosperity Partnership & the Regional Economic Strategy WEDA 2011 Winter Conference February 15, 2011

  2. The Prosperity Partnership & Regional Economic Development 2 PSRC and the Central Puget Sound PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS Economic Development PSRC Transportation Planning Growth Management

  3. Prosperity Partnership & the Regional Economic Strategy 3 Over 350 Partners Organizations PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  4. Prosperity Partnership & the Regional Economic Strategy 4 Partnership Co-Chairs PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS Phyllis WisePresident, University of Washington Rick BenderPresident (retired) Washington State Labor CouncilAFL-CIO Jim AlbaughPresident and CEO, Boeing Commercial Airplanes Elson FloydPresident, Washington State University Brad SmithSenior Vice-President, Microsoft Ray StephansonMayor, City of Everett Tomio MoriguchiChairman, Uwajimaya Dr. Jill WakefieldChancellor, Seattle Community Colleges Rita RyderPresident, Strategic Initiatives YWCA

  5. Prosperity Partnership & the Regional Economic Strategy 5 5 A Cluster-Based Strategy PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  6. Prosperity Partnership & the Regional Economic Strategy 6 6 A Two-Pronged Approach PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  7. Metropolitan Business Plan Prosperity Partnership & the Regional Economic Strategy 7 7 Launched New Initiatives PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS Washington Defense Partnership

  8. Fill existing capacity for degrees in high demand fields at Washington’s higher education institutions. Prosperity Partnership & the Regional Economic Strategy 8 8 Developed Policy Initiatives PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS Residential Infrastructure Fund

  9. Prosperity Partnership & the Regional Economic Strategy 9 9 Measured Competitiveness PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  10. Prosperity Partnership & the Regional Economic Strategy 10 10 The Next Regional Economic Strategy PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS • What are the clusters that will lead job growth in our region? • What are the foundations that need rebuilding? • What do we do differently this time based on what we learned last time?

  11. 11 Four Parts of the New Regional Economic Strategy • Part II: What Needs to Change • Shared Vision for Prosperity and the Future • What are the Drivers of Growth and Positive Change • Measures of Success • Part III: What Prosperity Partnership Is Going to Do About It • Continued support of existing clusters • Development of new strategies for additional regional and sub-regional clusters as well as cluster components • Cross-Cluster Strategies (like regional export promotion and talent attraction strategies) • Continued support of foundational issues through cross-cluster strategies • Part I: What the Economy Looks Like • What Are Our Regional Clusters And Subregional Clusters • How Do We Measure Up • LQs & Benchmarking • Standard Measures (Education, Business Climate) • New Measures (Innovation, Exports) • Growth Projections • Part IV: What Partners Are Going To Do • Commitments of EDCs • Commitments of Cluster Associations • Commitments of Other Stakeholders • Application of Regional Economic Strategy to Local Jurisdictions

  12. Prosperity Partnership & the Regional Economic Strategy 12 12 What’s Going to Be Different - Data Sub-regional Analysis: more county and city level data, with comparison to peer jurisdictions nationally Both Industry and Occupational Cluster Analysis: looking at employment levels not only within specific industries but also by job type (i.e. – machinists or engineers) to determine where our workforce strengths can be leveraged cross-industry Industry Cluster Component Analysis: to determine where our comparative economic advantages lie within larger industry clusters (i.e. – analyzing the components of the life sciences cluster such as biotech, medical devices and global health), so that we can more specifically target the emphasis of our shared activities New and Different Data Points: including new measures of innovation, export & FDI comparisons, key workforce trends and quality of life statistics. PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  13. Prosperity Partnership & the Regional Economic Strategy 13 13 What’s Different: Breaking Down Silos and Increasing Connections PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  14. 14 What’s Different: Clusters & Cross-Cluster Strategies Cluster Strategies Cross-Cluster Strategies Export promotion Regional Clusters and Subclusters Manufacturing Talent Attraction and Production OccupationalClusters Investment (VC & FDI) Attraction Regional Marketing & Recruitment Subregional Clusters Supply Chain Development • Foundational Issues Incorporated into Cross-Cluster Strategies • Transportation & Physical Infrastructure • Quality of Life

  15. Prosperity Partnership & the Regional Economic Strategy 15 15 Timeline • April – June 2011: Economic Analysis • Targeted analysis of demographic and economic factors of greatest concern to economic decision makers. • Stakeholder Input: Leadership Roundtables, Focus Groups, and Employer Interviews. • Benchmarking • SWOT Analysis • July – October 2011: Strategy Development • Visioning • Trends Forecasting • Target Industry & Occupational Analysis • Opportunities Analysis • November – December 2011: Strategy Creation • Strategies • Network Mapping • Implementation Matrix: Actions, Priorities, Measurement • Marketing Considerations PROSPERITY PARTNERSHIP ACCOMPLISHMENTS NEW REGIONAL ECONOMIC STRATEGY FEEDBACK AND SUGGESTIONS

  16. www.ProsperityPartnership.org ProsperityBlog.wordpress.com

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