Economic Development: Know it When You See It

1. Economic Development: Know it When You See It Maury Forman EDA Annual Conference April 9, 2014

2. Alberta Economic Development Successes • Population growth • International trade and investment offices • Diverse Industries • Highest employment rate among provinces • Second lowest unemployment rate • Steady growth in the ICT industry sector • Tourism is a significant economic driver

3. Why do economic development? • Create jobs • Raise incomes • Increase tax base • Help local industries • Stabilize the economy • Avoid obsolescence • Develop resources • Revitalize community

4. Definition • Smokestack chasing isthe act by state and local governments of using tax and other incentives to lure blue collar jobs to their districts

5. Definition • Targetingis about prospectively spotting where the best opportunities exist to accomplish your area’s particular economic development objective.

7. Definition • Economic Impact Analysis is the projection of direct current public costs and revenue associated with potential growth taking place in a community.

8. Workforce Consists of… • Boomerangers • Lifers • Transplants

9. Definition • Workforce Development is a statewide system of education and training that prepares people for high skill jobs and assures employers of a skilled flexible workforce in the future.

10. Economic Leakage

12. Think Local First Because… • Good for the environment • More money stays in the community • Creates a relationship economy • Makes community unique

15. Definition Asset mapping is the development of policies and activities based on an understanding, or ‘map,’ of the community’s resources with the potential for promoting community development.

16. Corner Gas Luncheonette

17. What you are thinking at this very moment? • I am learning some new things in this presentation • How much longer is this American going to keep talking, eh? • I’d like to buy this guy a drink later on

18. 20th Century Stool Theory Economic Development Community Development Business Retention & Expansion Business Attraction

19. 21st Century Stool Theory Economic Development Asset Development

20. The Nonprofit Arts are a $135 Billion Industry Total Economic Impact of the Nonprofit Art Industry(Includes both organization and audience expenditures)

21. The Alberta Arts and Culture Industry Spend more per capita than any other Canadians • Companies provide the highest level of per capita • 1,046 events and activities in 93 communities • 44 professional performing arts companies • 155 community performing arts organizations • 330 public and institutional art galleries

22. Adding more foot tapping, smile inducing moments to our lives is sound public policy.

25. 21st Century Stool Theory Economic Development Innovation/ Entrepreneurial Development

26. Build a Stand, Spark a Dream

27. Lemonade Day Objectives • • Empower youth • • Take ownership of their lives • • Become productive members of society • • Promote skill development • • Develop forward-thinking citizens of tomorrow

28. 21st Century Stool Theory Economic Development Technical Assistance

29. Monk Assistance