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U.S. Department of Commerce ECONOMIC DEVELOPMENT ADMINISTRATION

U.S. Department of Commerce ECONOMIC DEVELOPMENT ADMINISTRATION. The New Realities Ben Erulkar Deputy Assistant Secretary of Commerce for Economic Development June 2006. 5 million + new jobs since October 2003. 4.6% unemployment rate. 3.5% GDP growth in 2005.

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U.S. Department of Commerce ECONOMIC DEVELOPMENT ADMINISTRATION

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  1. U.S. Department of CommerceECONOMIC DEVELOPMENT ADMINISTRATION The New Realities Ben Erulkar Deputy Assistant Secretary of Commerce for Economic Development June 2006

  2. 5 million + new jobs since October 2003. 4.6% unemployment rate. 3.5% GDP growth in 2005. 5.3% GDP growth last quarter. 18 straight quarters of solid economic growth. Record levels of home ownership. Positive Economic Outlook

  3. 5 million + new jobs since October 2003. 4.6% unemployment rate. 3.5% GDP growth in 2005. 5.3% GDP growth last quarter. 18 straight quarters of solid economic growth. Record levels of home ownership. Positive Economic Outlook

  4. 5 million + new jobs since October 2003. 4.6% unemployment rate. 3.5% GDP growth in 2005. 5.3% GDP growth last quarter. 18 straight quarters of solid economic growth. Record levels of home ownership. Positive Economic Outlook

  5. 5 million + new jobs since October 2003. 4.6% unemployment rate. 3.5% GDP growth in 2005. 5.3% GDP growth last quarter. 18 straight quarters of solid economic growth. Record levels of home ownership. Positive Economic Outlook

  6. We are in a truly global economy New Reality #1 The World is Flat - Thomas Friedman

  7. New Reality #1Globalization Pop Quiz or

  8. The pace of change will continue to accelerate New Reality #2

  9. New Reality #2Pace of Change to Accelerate Time to Reach 25% of Americans • Automobile – 55 years • Telephone – 35 years • Personal computer – 16 years • Cell phone – 13 years • Internet – 7 years • I Pod – ???

  10. New Reality #3 Components of competitiveness can no longer be pursued separately.

  11. Collaboration with the private sector is more critical than ever. New Reality #4

  12. America WINS in the 21st Century. New Reality #5

  13. Double Federal funding for basic R&D. Permanent private sector R&D tax credit. Improve math and science skills (K-12). Triple the number of workers getting job training. Attract and retain the world’s best and brightest people. President Bush’sAmerican Competitiveness Initiative

  14. We are in a global economy. Pace of change will increase. Components of competitiveness cannot be pursued separately. Collaboration with private sector critical. America is positioned to win in the 21st Century. The “New Realities”

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