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Changing Thought in Local Economic Development

Changing Thought in Local Economic Development. Della G. Rucker, AICP, CEcD The Wise Economy Workshop Jim Kinnett , CEcD, FM, EDFP The Kinnett Consulting Group Mark Barbash , FM Economic Development Consultng. Our Agenda. Changing Thoughts How is your community doing?

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Changing Thought in Local Economic Development

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  1. Changing Thought in Local Economic Development Della G. Rucker, AICP, CEcD The Wise Economy Workshop Jim Kinnett, CEcD, FM, EDFP The Kinnett Consulting Group Mark Barbash, FM Economic Development Consultng

  2. Our Agenda Changing Thoughts How is your community doing? What you can do to help your community improve?

  3. Your Speakers • Della Rucker • Jim Kinnett • Mark Barbash

  4. Who does economic development? Public-private organizations Chambers Local, regional & state organizations Local and state government Foundations Neighborhood, downtown, community development organizations Increasingly, you.

  5. The new economic realities: Are you prepared?

  6. Partnerships are being redefined • Who is at the table? (hint: more than ever) • Non-partner partners • Loss of local businesses = loss of decision makers • Medium sized business reluctant to participate in economic development

  7. Talent is everything • Community college lifeline • Reshoring? • Research and Development • Educating entrepreneurs • Public schools

  8. The Big Deal is being replaced by the focused approach • Entrepreneurs!! • Grow your own: Economic Gardening • Incubators and accelerators • 1099 economy

  9. Communities are focusing on The Big “S” • Quality Places get most investment • Build on assets • It’s all connected • Cost v. benefits in a new way

  10. The Online world is the real world Where people get information Site selection changing Reputation management No filters, no delays People will have their say.

  11. What does all this mean? • Change or Die • Be Strategic & Deliberate • Redefine incentives • Understand how a business makes decisions • Find new partners – but understand their (and your) limitations • Do the math & know your numbers

  12. Are you prepared for the new economic realities?

  13. What is Local Economic Development? Economic development is acting to ensure that the economy of your community or region (your income or savings) grows faster than your population (your expenses) so you have the extra resources in the future to finance improvement.

  14. E > P • Is your economygrowing faster than your population? • Economy: Income, savings, wages, • Population: Count, demographic, and the costs of serving the population • Income greater than your expenses?

  15. How do you know if your economy is growing faster than your population?

  16. Community Litmus Test A-list Do you have adequate fiscal resources to meet short-term needs and long-term? Is the community maintaining the number & quality of jobs? Is the community dependent on a limited number of businesses? Do you have a balance of land uses? To what extent is your local economy based on regional assets?

  17. Community Litmus Test B-list Is your environment improving? Is your crime activity increasing? Do you have housing that your residents can afford, and a range of housing choices available? Is the educational attainment of your school systems improving?

  18. Community Litmus Test C-list • Is leadership strong in your community? • Is tolerance and diversity strong in your community? • Do your have strong infrastructure systems? • Are people involved in community activities? • Do you have a strong healthcare delivery system?

  19. Community Litmus Test in Action: Assessment

  20. Community Litmus Test in Action: Strategy

  21. Where is yourcommunity? • Strategic Perspective • Tactical Opportunistic • Organized Delusion • Clueless Apathy • Hostile Waters

  22. What are your first steps?

  23. First Steps: Ask some difficult questions • Do you know how your community is doing? • Who are your partners (if any)? • Do you know where you want to go? • Are you brave enough to start on that path?

  24. Thank you! James Kinnett, CEcD, FM, EDFP The Kinnett Consulting Group www.kinnett.biz Jim@kinnett.biz 812.290.5663 www.linkedin.com/in/jameskinnett Mark Barbash, FM Economic Development Consulting www.markbarbashconsulting.com Mark.barbash@gmail.com 614.774.7599 www.linkedin.com/in/markbarbash Della Rucker, AICP, CEcD The Wise Economy Workshop www.wiseeconomy.com Della.rucker@wiseeconomy.com 513.288.6613 @dellarucker Della Rucker AICP CEcD Also on LinkedIn and Google+

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