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Networking in Fayetteville
Monday, December 13, 2004 Here's a common sense idea: a networking event for young professionals. Folks in Fayetteville, AR just pulled off an event that attracted 250 people. Read more. posted by Ed Morrison | Economy Watch Sunday, December 12, 2004 Here are the best articles from last week. Rubin: American Economy at Dangerous Crossroads Economic news can spin many ways Vital Signs for the Week of Dec. 13 Economic dangers loom with start of second term Inflation signals appear in economy E-Tailing Finally Hits Its Stride U.S. Productivity Growth Slows U.S. Economic Outlook Dims posted by Ed Morrison | Plant more seeds Here's some more sound advice. Patrick Barkey, director of economic and policy studies at Ball State University, writes a regular column for the local paper. In his latest column, he explores the question, "What can Indiana do to stem the loss of corporate headquarters?" His answer: Forget the incentive/recruitment game -- plant more seeds for new companies. Read more. posted by Ed Morrison | Ohio's new information highway Saturday, December 11, 2004 Earlier this month, Ohio launched a major new information infrastructure, the Third Frontier Network. Among other benefits, the high speed data network holds the promise of accerating commercial development of research and impriving the way health care is delivered. The high speed network will also connect primary and secondary schools. So, for example, a high school and a college can now partner in the development of improved science enducation. Read more. You can learn more about the network from this web site. posted by Ed Morrison | Branding Kansas Kansas will be launching a new branding campaign in January. Read more. You can get a preview from this site. posted by Ed Morrison | Improving the flexibility of higher education One sure way to improve a regional economy comes through investments in higher education. Unfortunately, many state legislatures, facing budget cuts, have reduced the relative priority of higher education. But that is only part of the problem. A more serious structural problem in most states comes in the systems of administrative control over different types of higher educational institutions. This administrative burden translates into less flexibility on the ground. Students have a harder time transferring credits among educational institutions. For the past number of years, innovations are seeping into some states to improve the responsiveness of higher education to its prime customers: the students. Here's an example. posted by Ed Morrison | Creative strategies This week Vermont issued a report on their creative industries strategy. You can read more about it here. You can also download the report. Also, in Michigan this week, the governor's Cool Cities initiative listened to Malcolm Gladwell, author of The Tipping Point. Over 1,000 people attended the conference. Read more about the conference. posted by Ed Morrison | The beginning of Florida Jacksonville's new branding campaign is based on the tag line, "Where Florida begins". The campaign, according to the mayor, is designed to differentiate along two dimensions: "First, how does Jacksonville compare with other Florida cities? And secondly, what characteristics differentiate us from other U.S. cities?" Read more. posted by Ed Morrison | A concise guide to strategy in a global era Each week, Chuck Lawton writes a column on economic development for the newspaper in Portland, ME. Here's his contribution from last week. It provides us a clear framework to think about the challenges of globalization. Read more. posted by Ed Morrison | Questioning incentives The competition for recruitment deals has never been more intense. But there's also a new skepticism about whether incentives make sense. It used to be that only economists and public policy professionals raised much question about incentives. Now we see the debate shifting more to the popular press. Some are questioning whether incentives are justified. Others argue that there are better long term returns if we increase investments in early child care. Here's another article from Memphis that raises questions about the value of incentives. Read more. A prediction: in the years ahead, economic development incentives will start to shift from companies to people. Here's a good article from San Antonio. posted by Ed Morrison | Higher education and economic development One of the clear lessons we face is this: A high school education is no longer enough for a middle class job. In Montana, a leadership group is grappling with how to increase the number of young people moving on to college. They have broken down the challenge into some workable components. Learn more. posted by Ed Morrison | The square root of nine is trouble We face a looming challenge to improve our deteriorating math skills. That;s the message of a new report that compares the U.S. to other developed countries. Our young people rank near the bottom. Learn more. We are already seeing the consequences of weak basic skills throughout the economy. Here is a good example from Louisiana. A recent study finds that weak basic skills translate into unfilled jobs and less competitive companies. Learn more. If you want to get up to speed on this issue, I recommend that you read Teaching the New Basic Skills. You can buy it used on Amazon for less than a buck. But don't let the price fool you. It's written by economists from Harvard and MIT, and it provides the best outline of the challenges we face as EDPros. posted by Ed Morrison | Second tier markets in biotech Wednesday, December 08, 2004 Maine recently completed a site analysis for biomed facilities, and the report holds some promise for second tier cities. According to the report's author, John Boyd of the Boyd Company, Inc.: "There's a shift from large, (cost) prohibitive markets like Boston, Princeton and Atlanta to smaller markets with low cost-of-living indexes, low tax structures, low cost of doing business. Really, it's no secret. There's an exodus away from the large cities, especially with respect to California." Read more. Here's some additional background. posted by Ed Morrison | Silicon Valley continues to build its networks Silicon Valley is a region thick with networks and support for entrepreneurs. But this fact does not deter EDPros from continuing to build out their infrastructure of support networks for innovation and entrepreneurship. The latest project: a partnership between an established organization with a strong track record -- The Enterprise Network of Silicon Valley -- and a new organization -- the Institute for International Business Development. The partnership will provide new international business opportunities for Hispanic businesses. Learn more. posted by Ed Morrison | Promoting rural arts and entrepreneurship Here's an interesting idea out of Montana. The TRACE program, which stands for Transforming Rural Artisans into Creative Entrepreneurs, provides training to rural artists in the basics of business development. Learn more. posted by Ed Morrison | An anchor investment at a university Clusters typically form around anchor investments. These anchor investments most commonly take the form of large company facilities (the Toyota plant in San Antonio, for example) or university-based research centers. Here's an example of an anchor investment in a university: The Virginia Modeling, Analysis and Simulation Center at Old Dominion University. The center has spawned over 4,000 high paying jobs in the region. Learn more. posted by Ed Morrison | Economic development: its about balanced systems Economic development used to be about "things": developing an industrial park, recruiting a business, building a spec building. Increasingly, we are coming to understand that this "thing theory" of economic development is inadequate. Sustainable economic development requires balanced investment in a range of areas. EDPRos need a deeper, systems view of their economies. Here's a report that illustrates importance of understanding interdependencies. A report that will be released this week in albany notes that if EDPros are successful in recruiting high tech companies, there are not enough skilled people around to fill the jobs. Read more. posted by Ed Morrison | Toledo moves to consolidate After months of discussion and a major consulting report, Toledo and Lucas County has apparently agreed to merge their economic development efforts. This move reflects a deeper trend. Regions can no longer afford the multiplicity of efforts that leads to confusion and stalemate. Read more. posted by Ed Morrison | Resource: Development Report Card for the States The Corporation for Enterprise Development has released its 2004 Development Report Card for the States. You can download it from this page. The data are freely available for download in an Excel format, as well. posted by Ed Morrison | Winston Salem's Christmas present to Dell Winston-Salem is putting together a big package for Dell: $37 million. (That's three times the $12 million package proposed by Greensboro.) Read more. Meanwhile, transportation and people were two of the prime business reasons for choosing the Triad, according to Dell. Read more. posted by Ed Morrison | A strategy for the Mon Valley Tuesday, December 07, 2004 Competition has hit the Monongahela Valley of Pennsylvania hard. There are no simple answers, no easy path to prosperity. In the late 1970's and early 1980's, US Steel, Westinghouse Electric, Wheeling-Pittsburgh Steel and others closed major manufacturing plants in the Mon Valley. These facilities provided a major portion of the employment base of not just the Mon Valley, but of Western PA. Late last week, civic leaders in the Valley gathered to hear the key points of a new strategy. Learn more. You can visit the project web site and download the strategy documents from this page. posted by Ed Morrison | Economy Watch Saturday, December 04, 2004 Here are the latest articles on the economy. Looks like trends are wobbling and skidding again. Economists Say Employment Will Strengthen U.S. economy struggles to add jobs Jobs outlook worries economists Vital Signs for the Week of Dec. 6 U.S. factory orders up, jobless claims rise Antidote to Dollar Fall Will Take Time to Brew Survey: CEOs Less Bullish About Economy Fed Reports Continued US Economic Growth US consumer confidence fell in Nov 28 week-report posted by Ed Morrison | Anatomy of a Deal: Bass Pro in Buffalo Bass Pro has landed a $66 million deal in Buffalo. Here are the details. Meanwhile, a judge in Louisiana heard arguments in the case of a $50 million financing package for a Bass Pro Shop in Denham Springs. Read more. posted by Ed Morrison | Another report ties early childhood education to economic development Friday, December 03, 2004 For over a year, the Committee for Economic Development, a Washington-based business group has been promoting the connection between early childhood education and economic development. Today, they released the latest in a series of reports. Co-authored by a Nobel prize-winning economist, the paper notes that, "Over 20 percent of US workers are functionally illiterate and innumerate, a much higher percentage than in leading European countries. This is a major drag on U.S. competitiveness and a source of social problems," including the huge cost of crime. They project that if current trends continue the annual rate of productivity growth attributable to education will decline by half or more in the next two decades. Read a summary of the report. Or, download the report. For more background on this issue, read the CED's report, Preschool for All. posted by Ed Morrison | Innovative training in advanced manufacturing With support from the state government, Spencer County, Indiana has launched an innovative initiative in advanced manufacturing. As one of the key promoters noted: "Spencer County faces three key challenges that are common in rural counties. To be successful we must address the issues of poverty, illiteracy and an aging workforce that confront our community," Project Excellence will expose young people and adults to the skills needed for career sin manufacturing. The training is designed to provide participants with advanced manufacturing Certificates of Technical Achievement. Learn more: Article 1 and Article 2. posted by Ed Morrison | Massachusetts releases innovation index Thursday, December 02, 2004 Massachusetts has released its latest Innovation Index. The report concludes that the state is facing a growing gap between innovation and job creation. Despite the fact that the state's technology infrastructure is stronger than it has ever been, the state is facing increasing global competition. Read more. You can also download the report. posted by Ed Morrison | Generating revenues to cover the costs of sprawl Here's one of the big challenges of sprawl: Quickly, the costs of residential development outstrip the revenues generated by the residential development. In short: residential development does not pay for itself. In Georgia, one expert estimates that property taxes on homes pay only about 70 percent of their costs in services. Read more. posted by Ed Morrison | Knoxville launches a branding campaign The region around Knoxville is ready to roll-out a new marketing campaign: Knoxville-Oak Ridge/Innovation Valley. The campaign has clearly defined target markets. Within the manufacturing category: automotive, machinery and medical devices industries. In the technology category: instruments, nanotechnology and homeland security. In the corporate office category: headquarters, shared services and media operations. Read more. There's a growing sense in the region of the importance of regional collaboration. Read more. posted by Ed Morrison | Pennsylvania tax reform commission releases report A commission appointed by the governor has recommended that Pennsylvania cut its corproate taxes by a third. The proposal is based on lowering the rate and broadening the base of the corporate tax. Read more. You can download the commission's final report from this page. This approach makes the most sense from an economic dev elopmen viewpoint. Rather than promoting selective tax incentives -- which narrow the overall tax base and place upward pressure on rates -- we should be supporting a simpler and fairer approach to corporate taxation. The criteria used by the commission provides a good guide to reform. Download the commission's reform criteria. posted by Ed Morrison | Wisconsin's new entrepreneurial network Wisconsin has launched the Wisconsin Entrepreneurship Network (WEN). based on the campuses of the Univerisity of Wisconsin and the Wisconsin Technical College System, the network will link resources throughout the state. Learn more. posted by Ed Morrison | Charleston lands Boeing supplier Charleston has landed a big fish with the announcement this week that Vought, a key supplier to Boeing, will build a facility near the airport. Learn more. posted by Ed Morrison | The emerging race in stem cells California stepped out with financial support for embryonic stem cells, and now other states are worried about being left behind. Here's a good overview. An innovative official in Illinois proposes that the state finance a $1 billion program in stem cell research by imposing a 6% sales tax on cosmetic surgery: a "nip and tuck" tax. (There's a joke in there somewhere, but I'm not smart enough to find it.) Read more. Meanwhile, a week ago, Wisconsin's governor proposed investing $750 million to accelerate stem cell research. Read more. At the same time, Milwaukee's mayor believes that the governor's propsoal does not reflect the right balance within the state. Read more Not surpisingly, the proposal has also touched off opposition from conservative groups. posted by Ed Morrison | Repositioning Saginaw The counties around Saginaw, MI are repositioning themselves for "What's Next?" In part, they see their region's future in the manufacturing of medical instruments. In the midst of the buzz, a local business dean has some wise words of caution: Some economic development officials go a bit overboard in assessing mid-Michigan's potential as a life sciences powerhouse. The dea's comments underscore an important point. EDPros cannot predict the future, and we need to careful not to raise unrealistic expectations. Read more. posted by Ed Morrison | Finding new uses for an old GM plant GM is closing down an assembly plant in Baltimore. Maryland EDPros are trying to convince GM to either donate the site to the state or to convert it into an R&D facility. Both proposals are long shots. The GM officals provides some insight into how they deal with excess corporate real estate. Read more. posted by Ed Morrison | The research campus at the University of South Carolina Earlier this week, officials in Columbia, South Carolina provided details of their plans for a research campus at the University of South carolina. Read more. The developer of the project says that up to five compmaies with serious interest in locating tothe campus, but he obviously has an interest in building a fire under officals to get moving. Read more. posted by Ed Morrison | Michigan pulls one incentive package, puts another on the table Michigan has pulled the $45 million incentive package for Kmart. At the same time, the state has put a $28 million package on the table to encourage Ford to expand investments in Flint. Read more. posted by Ed Morrison | Coopetition in the Triad In the midst of an intense campaign to lure Dell, chambers of commerce in the Triad celebrated one year of cooperation. Read more. As Delaware Governor Minner commented yesterday: "Businesses recognize the value of when to collaborate, when to cooperate and when to compete. States need to utilize a similar strategy." posted by Ed Morrison | Shopping locally in Phoenix In Phoenix, EDPros have launched a "shop local" campaign during the holiday season. (We'll take a pass on the bad grammar.) This strategy is a good approach for reducing the leakage in your economy, strengthening local networks, and building good will with local retailers. Read more. posted by Ed Morrison | Madison, WI: Practical steps to improve the business climate An economic development commission in Madison, WI has come up with some practical recomendations about how to improve the business climate in the city. Read more. You can download a copy of the report. posted by Ed Morrison | Still trying to find a location for Scripps in Florida Dell in North Carolina may not the only big deal where intrastate competition becomes intense. The Scripps deal in Palm Beach County is mired in the ditch. If you recall, Florida has invested $310 to $369 million (depends on who is counting) in an effort to become a major biotech player. The keystone: a new research facility operated by Scripps Research Insititute. The delays are prompting other counties in Florida to consider luring Scripps to their back yard. Read more. The folks in Tampa are getting ready just in case. Read more. posted by Ed Morrison | More on muniwireless Recently enacted legislation in Pennsylvania raises the visibility of municipal wireless systems. On one side: proponents of municipal wireless who are driven by the vision to spread wireless access as widely as possible. On the other side, communications companies worried about subsidized competition undercutting billion dollar investments in existing networks. Article 1 Article 2. posted by Ed Morrison | Supply chain dynamics Changes in supply chain economics are driving changes in our manufacturing base. Learn more in an article from Phoenix. posted by Ed Morrison | Governors encourage collaboration The governors of Delaware, Pennsylvania and New Jersey have come together to support a regional approach to business development. Read more. Governor Rendell wants to move beyond simple declarations. He is advaocating that the states sign a formal agreement on economic competition and that the states institute a scheme of revenue sharing to ensure that the incentives promote regional growth. Read more posted by Ed Morrison | Economy Watch Sunday, November 28, 2004 Here are the best articles I came across last week. Not much here, due to the holiday. Fears over recovery as Wal-Mart sales stall Vital Signs for the Week of Nov. 29 Global forex volatility underscores China's growing economic muscle Raft of data offer mixed reading on U.S. economy posted by Ed Morrison | Stealing bases (military, that is) Saturday, November 27, 2004 Here's a good article from Los Angeles on what states are doing to protect their military bases during the latest round of military base closures. Read more. posted by Ed Morrison | Shifting direction in economic development In the past, most communities followed the traditional path in economic development. This approach focuses on marketing industrial land and buildings to outside investors. In recent years, more and more communities are moving toward a newer model of economic development based on supporting knowledge intensive businesses. These are businesses that thrive on brainpower and creativity. This new approach to economic development represents a marked departure from older thinking. In traditional economic development, civic leaders focused extensively on commercial and industrial real estate. Strategic planning consisted of identifying the major investments within a community that could be jointly supported by the public and private sectors. These investments typically included infrastructure, land acquisition, and building construction. Building prosperity in a knowledge economy requires us to think of economic development in a different way. Commercial and industrial real estate continues to play an important part in the economic development equation. Yet, real estate development, standing alone, does not capture the full range of investments that a community or region must make to be competitive. In a knowledge-based economy, collaboration and social networks play the central role in building prosperity. The Internet has become the metaphor for how this knowledge economy works. In traditional economic development, we saw a regional economy as a collection of physical assets or "things". In a knowledge economy, we see a regional economy as a set of networks embedded in other networks. Evidence of this shift is happening across the country. And it's not simply limited to large metro areas. Here's an example of one rural community that is making this shift in the middle of Virginia's coalfields. Read more. posted by Ed Morrison | Dancing with Dell: an update Counties in the Triad are putting on their party best for Dell. The issue now: How can we provide free land? Here's the latest. Read more. posted by Ed Morrison | Getting students involved Engaging students directly in economic development is one way to make a place "sticky". Here are two stories, one from New York, one from Pennsylvania, that explore a new dimension of economic development. posted by Ed Morrison | The skills gap will continue to grow Friday, November 26, 2004 In many regional economies we face a paradox. People complain that they can't find jobs, and employers complain that they cannot find workers. The reason: a skills gap. For a number of years, we have been producing too many young adults with weak skills and no career plans. About half of the young people who enter high school enter adulthood with skills that do not qualify them for jobs over $10 or $12 per hour. At the same time, older workers are losing good jobs, but their skills are so weak that they cannot qualify for new jobs at a similar pay. So, for example, manufacturing workers lose jobs at $15 per hour, but they do not have the skills to qualify for the new jobs coming on line. So, we have shortages of many occupations that require some post secondary education: pharmacists, nurses, teachers, medical techs, flight traffic controllers, skilled trades, even long haul truckers. Here's an article that explores the skills gap. Read more. Get used to it. The gap will grow as the Baby Boom generation reaches retirement. posted by Ed Morrison | Resource: Beacon Hill Institute report on metros and states The Beacon Hill Institute has issued its Metro Area and State Competitiveness Report 2004. You can download is here. This year, the Institute has also developed an online forum to promote discussion on the study. posted by Ed Morrison | The emerging world of muni wireless Add Dayton to the list of cities that are considering a wireless network. Read more. At the same time, Philadelphia's city administration, which announced similar ambitions a few months ago, might be derailed by new legislation at the state level. The bill, which is on its way to the governor for his signature, would prohibit a government or any entity it creates from offering broadband for a fee. Read more. Meanwhile, the U.S. continues to fall behind in broadband deployment. Read more. You can download the report, A Nation Online: Entering the Broadband Age. posted by Ed Morrison | NASCAR track blows an engine The NASCAR project in Snohomish County, Washington has stalled. Read more. Critics suggest that it doesn't make much sense for the taxpayers to pick up $200 million of the $250 million track. The 75,000 seats would be filled only a few times a year. (That's worse than NFL stadiums which are used only 8 or 9 times a year.) Read more. posted by Ed Morrison | Web sites and economic development South Dakota has launched a new web site to market arts and crafts made in the state. Read more and visit the site. I'm not sure how much it cost, but it was probably a good deal less than the $685,000 that some bonehead bureaucrats paid for a web site in Wisconsin. Amazingly, the arrangement was a no-bid contract. Read more. It sure is a swell web site, though. Read more. While on the subject of web sites, you might be interested in this article out of Texas. Mark James, a colleague of mine on the faculty of the Economic Development Institute, explains some of the key components of an effective economic development web site. Read more. The theme is picked up in this article from Toledo: Here's an article from the latest issue of Governing magazine. It explores how GIS has become an integral component to economic development web sites. Read more. posted by Ed Morrison | Shifting the recruiting game from companies to people In the years ahead, we'll start seeing more stories like this one. Economic development recruiters will be shifting their focus from recruiting companies to recruiting people. The reason: companies can come and go, but people -- especially people who grew up in your economy and later left -- can provide an important base from which to build for the future. Here's the case of the Nebraska Department of Economic Development that hosted a Nebraska Alumni Celebration in Denver. The goal: bring native Nebraskans back to the state. Read more. (Here's some background on what is going on in Nebraska.) Philadelphia has got a variant on the strategy. The Greater Philadelphia Chamber of Commerce has launched a new Web site, http://www.GreaterPhillyLife.com. The site The purpose is designed to buid connections with young professionals who wish to remain in, or relocate to, the Greater Philadelphia region. Read more. posted by Ed Morrison | Too eager to hand out incentives Often, states move too quickly with incentives. Take the cases of Georgia nad Texas. In the case of Georgia, the state moved ahead quickly with a $60 million investment in site acquisition and preparation for a Chrysler truck plant that may never get built. Read more. And in Texas, the governor appears to have played fast and loose with the Texas Enterprise Fund. According to a recent newspaper analysis, the State paid out millions of dollars without securing firm commitments from companies receiving the cash. Read more. posted by Ed Morrison | Insights on inner city economies According to a new report from the Institute for a Competitive Inner City, 77% of inner city jobs are held by people who do not live in the inner city. This finding dispels the notion that inner city economies are destitute. According to the report, the average annual salary for jobs located in inner cities is $38,000, about the same as an average of $39,000 for the surrounding metropolitan areas. Read more posted by Ed Morrison | Michigan: Trying to get everone on the same page Wednesday, November 24, 2004 In 2002, Michigan embarked on what appears to be a good strategy for its endangered tool and die companies: encourage collaboration and provide incentives to do it. Unfortunately, local governments are now balking at playing along. They are unwilling to extend tax abatements that the state has made a condition for its incentives. Read more. posted by Ed Morrison | Changes in Louisiana: Whither clusters? There are more changes underway in Louisiana. Nobody's quite sure how it will all end up, though. Read more. Louisiana seems to be moving away from a strategic focus on clusters, even as Texas is moving toward this approach. Read more. (When he first got the job to head Louisiana's economic development program, Mike Olivier gave an interview and outlined his attitude toward clusters: The department's vaunted, sometimes-criticized "cluster" approach, in which specific industries are targeted, may undergo some revisions, Olivier indicated. "I'm not using the word "cluster," he said. "I want to get away from that," Olivier said, suggesting that he would substitute the word "targeting," but adding: "there is no difference.") Mike's not really right about that, but it does indicate that Louisiana's cluster approach is probably headed for the trash can.. posted by Ed Morrison | Congress sponsors outsourcing study Congress has agreed to fund a major study into the impacts of outsourcing. The National Academy of Public Administration, an independent, nonpartisan organization, will complete the report. Read more. posted by Ed Morrison | Connecting Colorado State and Fort Collins Monday, November 22, 2004 The headline caught my eye: City, CSU seeing need to partner. The article goes on to explain how Fort Collins and Colorado State University want to develop a closer relationship to accelerate technology transfer. The really interesting dimension of this story, though, is the role that a citizen's group has played in defining the City's strategy. The Economic Vitality and Sustainability Action Group issued a report recently that outlines recommended economic development activities for Fort Collins. The report represents a good example of an understandable strategy. You can download a copy from this page. posted by Ed Morrison | The tax debate in Kentucky Every so often, a research report touches off a significant public policy debate. That's what happened in Kentucky with the so-called Coomes report. Drafted by University of Louisville economist Paul Coomes, the report makes the case that Kentucky's tax system is out of date with current competitive realities. That finding, standing alone, is not surprising. Many state tax systems are in deep need of reform. The Coomes report, however, goes on to raise significant questions about the geographic distributions of burdens and benefits through the tax code. Specifically, the report notes that urban areas in the state tend to contribute far more in revenue than what they get back. In the case of Louisville, for example, the city gets 59 cents back on every dollar of state taxes it sends to Frankfort. Tax policy always involves resolving the tension between efficiency and equtiy. Finding the right balance point -- one that promotes economic growth but also promotes fairness -- involves tough tradeoffs. Unfortunately, state tax reform rarely moves forward with a stable policy framework. Instead, state (and federal) tax laws represent the accumulation of hundreds of small decisions, driven (too often in my view) by narrow political considerations. That's how we get tax laws that are complex, inequitable, and inefficient. Read more about the debate going on in Kentucky. A map for Kentucky The imperative for reform Tax study likely to be a tough sell Changes Needed to Make Kentucky More Competitive Northern Kentucky's fair share Download the Coomes report posted by Ed Morrison | Smart growth in Montana Since 1998, smart growth advocates in Montana have been holding the Big Sky or Big Sprawl Conference. They held their latest meeting last week, and speakers made the connection between smart growth and economic development. Read more. You can learn more about the Montana Smart Growth Coalition from their web site. Ben Alexander represented the Sonoran Institute, based in Bozeman. On the Institute web site, you can find some interesting presentations on rural development. Go. posted by Ed Morrison | Tracing the ED funds flows in New Orleans A good report out of New Orleans may make some changes possible in how economic development funds are invested. The report outlines the sources and uses of $1.1 billion in economic development funds over the past five years. The report finds that, unfortunately, these investments took place without clear planning or accountability. Read more. You can download the report from this page. The report does a good job in clarifying the economic development funds flows in the city. Its methodology provides a model for tracing these flows. posted by Ed Morrison | Economy Watch Saturday, November 20, 2004 Here's the latest on the economy. U.S. is urged to cut deficit Greenspan says US deficits could burden economy Vital Signs for the Week of Nov. 22 Inflation surge: Is it here to stay? The heartland votes for its economic interest Joseph Stiglitz and Pete Peterson: What's Wrong With the U.S. Economy and How to Fix It New Reports Show IT Reflects, Not Leads, Economy The Freelance Economy posted by Ed Morrison | Did NC pay too much for Dell? Friday, November 19, 2004 Although they are quick not to criticize their colleagues to the south, EDPros in Virginia can't figure how North Carolina justified paying a quarter of a billion for Dell. Read more. That may not be all. Local governments are turning to local corporations to add to the Dell incentive package. Read more. In an earlier post, I outlined how NC would be better off in the long term (20 years) if they invested these incentives in early childhood development. For background, see this article from the Federal Reserve Board in Minneapolis. posted by Ed Morrison | Thinking outside the big box Thursday, November 18, 2004 Across the country, Wal-Mart's move to Super Centers has left about 150 older Wal-Mart stores empty. Filling these stores is a problem that requires some ingenuity. Read more. The most common response: Subdivide. posted by Ed Morrison | What we are up against Here's a good summary of what Korea is doing to build new industrial clusters. Read more. The article illustrates the aggressive ambitions of countries to compete on a global scale in the next generation of knowledge-based businesses. posted by Ed Morrison | Studying the Cambridge Phenomenon Arizona and Connecticut are closely examining the development of technology-based businesses around the University of Cambridge in the U.K. Read more. Silicon Fen (as some journalists call the region) or the Cambridge Phenomenon (as an early report labeled the region) has grown with quite a different dynamic from Silicon Valley. While Silicon Valley has its roots in the 1930's, the Cambridge Phenomenon did not begin to appear until the 1960's. Unlike early firms in California, the early firms around Cambridge did not have driving commercial ambitions. The point is that each region is different. Innovation is a process of recombination. The process relies deeply on local factors that cannot be replicated. At the same time, at the level of the system, innovation thrives in economies that embrace open networks, close ties to post secondary institutions (both research universities and other colleges), and selective anchor investments (public goods that cannot be easily produced by markets alone). posted by Ed Morrison | Pennsylvania launches new innovation zones Pennsylvania has launched its latest series of innovation zones. Keystone Innovation Zones are state-designated areas where schools, entrepreneurs, lenders, economic development groups and foundations work together to create new, innovative companies with the aid of state tax credits and grants. Learn more about the five new zones. Go. posted by Ed Morrison | The coming shifts in global textiles and apparel trade The Washington Post recently ran a good series of articles on the shifting trends in the global textile trade. On January 1, the world trade rules on the global textile trade will undergo the most significant revision in thirty years. New pattern is cut for global textile trade provides a good overview of the issue. Apparel Apocalypse? argues that global trade patterns are determined as much by supply chain dynamics as by wage rates. Ready to Take On All Competitors and Markets focuses on how China is prepared to dominate the textile and apparel trade. Banking on Openness and Proximity to U.S. explores how the textile and apparel industry in Honduras is hoping to survive in this new world order. Pinning Hope On Fair Labor Standards explores the situation of producers in Cambodia. This interactive web graphic provides a fascinating overview of the global trade dynamics. posted by Ed Morrison | Harnessing the power of immigrant entrepreneurs Immigration policy is going to become an increasingly contentious issue. Often, public policy gets confused. We are not clear about the economic value that some entrepreneurs can generate. Immigrant entrepreneurs are a vital force in many regional economies. (For example, here's a good article from AnnaLee Saxenian some years ago on the role of immigrant entrepreneurs in Silicon Valley.) How do you harness immigrant entrepreneurs? Here's an approach from Dallas. The East Dallas office of the Asian American Chamber of Commerce has become a hub for immigrant entrepreneurs. Read more. posted by Ed Morrison | Resource: Milken report on best performing cities The Milken Institute has released its latest report on the best performing cities. You can download the report from this page. posted by Ed Morrison | Duke Power lowers rates in SC Wednesday, November 17, 2004 Some weeks ago, Duke Power announced that it would lower rates in South Carolina as a strategy to boost manufacturing in the state. Earlier this week, Duke announced that it would invest up to $40 million in the next four years on economic development to slow the loss of manufacturing jobs. Read more. posted by Ed Morrison | More evidence of Louisiana moving in the right direction Governor Blanco in Louisiana continues to push her state ahead in economic development. She's established a commission to develop a strategy to accelerate broadband deployment. The commission chair, David Young, is an innovative and thoughtful economic development professional. I've worked with David in Ascension Parish. The governor will get a good plan. Read more. posted by Ed Morrison | AdvantageWest opens food processing center Tuesday, November 16, 2004 AdvantageWest, the innovative economic development organization in western North Carolina, has established a food processing center on the campus of a local community college. The center operates as a separate limited liability company (LLC). Read more. Learn more about AdvantageWest. Go. In the years ahead, more regions will be moving toward developing regional food systems. This strategy has two major economic development impacts. By developing strong regional brands and capturing the value added from food processing, regional food strategies will boost local incomes. The extent that these strategies displace food imports to a region, they also reduce the leakage of income from a region. posted by Ed Morrison | Resource: Angel capital report If you are curious about the angel capital market, cruise through this report from New Zealand. It does a good job of segmenting the market of angel investors. Read more. Download the report from this page. posted by Ed Morrison | Innovative Texas deal breaks ground The most significant economic development deal last year was not the Boeing 7E7 project. It was the unique partnership among Texas Instruments, the University of Texas, and the State of Texas. The innovative partnership triggered the decision by TI to build its latest semiconductor facility in Texas. In exchange, the Texas partners agreed to invest more than $300 million in the School of Engineering and Computer Science at the University of Texas at Dallas. Earlier this week, the parties launched the project. Read more. posted by Ed Morrison | Providence incubators Here's a good article on how two incubators are gaining traction in Providence, RI. Read more. posted by Ed Morrison | Georgia aims for Toyota's 7th plant Monday, November 15, 2004 The ink on the Dell deal is barely dry, and now more buzz is starting about Toyota's new plant. The company announced two weeks ago that it would build a 7th plant in the U.S. Arkansas is moving forward with its bid, but so is Georgia. Read more. posted by Ed Morrison | Building a region around Philadelphia Greater Philadelphia is taking steps to pull itself together as a region. But the folks in Wilmington, DE are not so sure they are part of it. Nevertheless, a series of business breakfasts and further consultation throughout the region is gradually shifting the mirrors. In December, the governors of Pennsylvania, New Jersey and Delaware are scheduled to participate in a "State of the Region" meeting. Read more. Read another article on their efforts. Go. posted by Ed Morrison | Slowing Iowa's brain drain Here's a good analysis of the brain drain in Iowa. In particular, the article outlines the downward spiral that comes from a short-sighted economic development strategy focused only on jobs: "Upmarket companies choose not to move to a state because of a shortage of "skilled" (usually college-educated) employees. Desperate for jobs, the state turns its attention to lower-wage employers. Wages decline, further driving away college graduates. The population stops growing and the economy slows down. "The state begins to have budget shortfalls. Spending on higher education drops, as taxpayers balk at educating workers who will soon move to another state. Finally, the state gets a reputation as a low-wage, unskilled state." Read more. posted by Ed Morrison | New strategy for Northeast Wisconsin A new strategy for Northeast Wisconsin may ignite new collaborations to transform the regional economy. The report provides an extensive list of action steps under five major strategies. The authors, NorthStar Economics Inc. of Madison, rank high in my book among economic development consulting firms. Cruise through the action steps in this report, and you'll likely find some ideas you can use. Read more about the report. You can download the report from this page. posted by Ed Morrison | |
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