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Exploring Opportunities for a Stronger Regional Economy

Exploring Opportunities for a Stronger Regional Economy. Module Six. Overview. Explore economic (workforce and industry) data through web-based tools Conduct a preliminary analysis of clusters Examine strategies for building stronger regional economies .

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Exploring Opportunities for a Stronger Regional Economy

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  1. Exploring Opportunities for a Stronger Regional Economy Module Six

  2. Overview • Explore economic (workforce and industry) data through web-based tools • Conduct a preliminary analysis of clusters • Examine strategies for building stronger regional economies

  3. What Are the Keys toEconomic Growth? • People • Place • Businesses • Innovation • Clusters or branding

  4. Location – Cost of Living Composite Cost of Living (Scaled)2nd Quarter 2010 Source: Missouri Economic Research and Information Center

  5. Location – Natural Amenities Source: Economic Research Service, USDA

  6. Location – Basic Broadband Adoption, 2009 Source: Federal Communications Commission

  7. Place: Industrial Indicators • Current leading employers • New and expanding companies and industries • Research facilities, R & D • Available land and buildings • Existing infrastructure • Access to transportation networks • Tax structure

  8. Place: People & Quality of Life Indicators • Population and labor force • Education • Health care • Recreational opportunities • Shopping • Crime, weather, etc.

  9. Regional Workforce

  10. Your Labor Force Your People What else defines your labor force?

  11. Skills and Occupations: http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml More Data: http://www.bls.gov/data/ http://www.bea.gov/itable/ http://www.onetonline.org/find/industry?i=11&g=Go Regional Workforce

  12. Workforce Influences • Is your region retaining the skills it creates? • What type of skills does your region attract? • Does your region attract retirees?

  13. Regional Industry

  14. CWAM’s Largest Industry by Employment (BEA) • Farming • Retail Trade • Local Government

  15. Regional Industry • BEA • http://www.bea.gov/iTable/index_regional.cfm • Census • http://factfinder2.census.gov/ • http://www.census.gov/econ/cbp/drg • http://www.census.gov/econ/nonemployer/ • http://www.census.gov/econ/susb/ • Ag • http://www.agcensus.usda.gov/index.php • http://www.nass.usda.gov/Statistics_by_State/Texas/index.asp

  16. Regional Industry • The Regional Economic Impact Simulator (Sandy Dell’erba, University of Arizona) • http://webgis.arizona.edu/reis/

  17. CWAM’s Largest Industry by Employment (BEA) • Farming - 11.7% • Retail Trade – 12.0% • Local Government - 12.1% 2009 data from BEA Table CA25N.

  18. Identifying Entrepreneurs People with underutilized talent Social Entrepreneurs Small businesses Entrepreneurship Unemployed High growth businesses Youth Innovators Self- Employed

  19. Who Is an Innovator/Entrepreneur? Entrepreneur:one whose goal is to create or capitalize on new economic opportunities through innovation.

  20. Assessing Entrepreneurship Capacity Community surveys Existing programs (e.g., BR&E) Community readiness Leadership Networks One-on-one interviews with local entrepreneurs Assess ambitions and needs Identify local/regional constraints

  21. Assessing Entrepreneurship Capacity Inventory of Entrepreneurship: BEA-REIS data Census (non-employer statistics) County Business Patterns Panel Study on Entrepreneurial Dynamics Business owners survey Capacity for New Entrepreneurs: Educational attainment Immigration and diversity Financial resources Business resources

  22. Business Assistance in the Region What type of programs, assistance or incentives are offered to: • Support expanding businesses? • Recruit new businesses? • Foster the growth of entrepreneurs or small, locally-owned businesses?

  23. Fourth Key to Economic Growth: Innovation "Innovation . . . the successful introduction of a new thing or method . . . Innovation is the embodiment, combination or synthesis of knowledge in original, relevant, valued new products, processes or services.” Luecke and Katz, 2003

  24. How Nurturing is Your Region? Three Phases of Innovation Conception Implementation Marketing Business Process • Idea Generation • Project Planning • Development • Prototype Dev • Testing • Production • Launch Regional Capacity • Education • Technical • Assistance • R&D centers • Universities • Industrial Parks • Capital Availability • Community Support Source: Tawari, Buse and Herstatt, 2007

  25. Your Region’s Capacity for Innovation • Research & Development (R&D) assets • Regional universities or community colleges • Other resources that foster innovation

  26. The Creative Class • Should be attracted and retained • Develop, design or create new applications, ideas, relationships, systems or products • Considered “footloose” • Attracted to amenities Florida, 2002

  27. Why the Creative Class? • The density of creative class has a positive effect on job growth both in the ‘creative’ and ‘non-creative’ sectors. • Creative capital and entrepreneurship work in synergy with one another to increase employment opportunities in both sectors. Based on the Work of Richard Florida

  28. Where is the Creative Class in the US? How "creatively-driven" is your economy compared to the national average? Dark-blue is the least creative and dark-red the most creative areas.

  29. Fifth Key to Economic Growth:Clusters or Branding • Cluster –making the whole greater than the sum of the parts • Branding–consolidating the essential characteristics of the individual identity into a brand core

  30. How many competitors? What is the threat of new entry? Local customer base? What do people want? What value chains or clusters exist in our region? How does place influence the quantity, quality and cost of input factors? Based on work by Michael Porter, Harvard Business School

  31. Industry Cluster Analysis • Views firms and industries, as interdependent, not isolated • Identifies value chains • Discovers collections of businesses producing similar outputs

  32. What Can Regional Cluster Analysis Tell Us? Where we have . . . • Gaps • Growing industries/clusters • Declining industries/clusters

  33. What Can Regional Cluster Analysis Tell Us? Just for example… • http://clustermapping.us/index.html

  34. Data Needs Industry sector data: number of establishments (over time), number of employees, payroll, earnings • http://www.census.gov/econ/susb/ • http://www.census.gov/econ/cbp/drg • http://www.census.gov/econ/nonemployer/ • http://factfinder2.census.gov/ • http://www.bea.gov/iTable/index_regional.cfm • EMSI

  35. Data Needs Potential linkages to determine value chains • IMPLAN • REMI • Input-Output or Computable General Equilibrium

  36. You Think There Is a Regional Cluster, So Now What? • Map the cluster • Determine if growing or declining • Evaluate regional capacity • Identify potential leakages & opportunities • Determine potential strengthening strategies

  37. MAPPING THE CLUSTER

  38. Value Chain Cluster Example Wine Winemaking equipment Grape stock State government agencies Fertilizers, Pesticides, Herbicides Barrels Bottles Growers/ Vineyards Wineries/ Processing facilities Caps & Corks Grape harvesting equipment Labels Public Relations & Advertising Irrigation technology Educational, Research & Trade organizations Specialized publications California Agricultural Cluster Food Cluster Tourism Cluster Source: California Department of Food and Agriculture

  39. Cluster Illustration: KY Bubble Chart Source: EMSI.com

  40. Identify Potential Leakages and Business Opportunities For the cluster, determine the: • Current regional capacity • Industry potential • Future growth of industry • Types of skills needed

  41. Identify Potential Leakages and Opportunities for New Businesses Grapes Labels Advertising Research Wine Fertilizer I Zero inputs available regionally Irrigation System Small % of inputs available regionally Large % of inputs available regionally 100% of inputs available regionally

  42. Industry overview

  43. Business and Industry

  44. Examining Clusters in Your Region

  45. Cluster Choices • Advanced Materials • Agribusiness, Food Processing & Technology • Apparel & Textiles • Arts, Entertainment, Recreation & Visitor Industries • Biomedical/Biotechnical (Life Sciences) • Business & Financial Services • Chemicals & Chemical Based Products • Communications • Computer & Electronic Product Manufacturing • Computers & Software • Construction Materials • Defense & Security • Education & Knowledge Creation • Electrical Equipment, Appliance & Component Manufacturing • Energy • Energy (Fossil & Renewable) • Fabricated Metal Product Manufacturing • Food Products & Services • Forest & Wood Products • Glass & Ceramics • Health • Information • Information Technology & Telecommunications • Machinery Manufacturing • Manufacturing Super Cluster (6 sub-clusters) • Metals & Machining • Mining • Primary Metal Manufacturing • Printing & Publishing • Transportation & Logistics • Transportation Equipment Manufacturing

  46. Example: Health Cluster Health Cluster

  47. Health Cluster

  48. Health Cluster

  49. Looking Deeper into the Health Cluster

  50. Distribution of Jobs

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