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Econ Explore Project Jocque Warner & Shae Armstrong Ann Scharfenberg - Instructor.

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Presentation on theme: "Econ Explore Project Jocque Warner & Shae Armstrong Ann Scharfenberg - Instructor."— Presentation transcript:

1 Econ Explore Project Jocque Warner & Shae Armstrong Ann Scharfenberg - Instructor

2 New Richmond, Wisconsin Origins Settled in the 1850s, New Richmond's economy was based around the logging and timber industry. As timber resources depleted, economy evolved into an agriculture based market. New Richmond then served as a business center for the surrounding farmlands. At the turn of the 20th century, New Richmond was struck by a deadly tornado that left the town in ruins. To this day the New Richmond cyclone is the worst cyclone in Wisconsin history. A picture of the wreckage caused by the 1899 cyclone that destroyed New Richmond.

3 Facts and Figures New Richmond Population: 8,614 County: St. Croix Labor Force Size: 4,755 Unemployment Rate: 4.9% Bachelors Degree or Higher: 22.08% Median Income per Household: $55,414 Commuter Rate: 70% Job Growth Rate: 14.94% Population Density: 1,642.2/sq mi Demographics 95.5% Caucasian 2.1% Hispanic/Latino 1.6% Multiracial 1.3% African American 0.6% Native American 0.7% Asian Demographics 86.2% Caucasian 5.9% Hispanic/Latino 1.8% Multiracial 6.3% African American 1.0% Native American 2.3% Asian Wisconsin Population: 5.7 million Labor Force Size: 3.1 million Unemployment Rate: 7.7% Bachelors Degree or Higher: 25.6% Median Income per Household: $49,001 Population Density: 105/ sq mi

4 Interviews Paul Mayer President of the New Richmond Area Economics Development Corporation (NRAEDC) o Their goal is to stimulate job creation and capital investments Private business consultant working with company executives to assist struggling businesses, maintain healthy businesses, and expand business opportunities Serves on New Richmond Area Economic Development Commission dedicated to stimulate growth in New Richmond Area Interview - Jet's Coffee Bistro, New Richmond, WI Mr. Paul Mayer

5 Interviews Russ Korpela Executive Director of New Richmond Chamber of Commerce Director of New Richmond Visitor's Bureau Former Mayor of Ashland, WI Has worked as Director of Chamber of Commerce in Cable and Hayward, WI as well. Interview took place at Mr. Korpela's office on December 1, 2011 at the New Richmond Chamber of Commerce. Mr. Russ Korpela

6 Interviews Mrs. Jennifer Wander- High school counselor Career advisor o Specializing in post-secondary education preparation and placement. Works toward personal/social development, career development and academic development for the student body. Mrs. Jennifer Wander

7 Current Realities - Businesses Mentality Current Business Mindset- New Richmond's economic diversity makes for good business o Feel low impact of economic downturn Business outlook no longer to grow and expand o Businesses enter "survival mode" Downturn has indirectly and effectually led to increase in business efficiency

8 Current Realities - Businesses Success Available Business Tools/Networking Capabilities (New Richmond's key to success) Business Networking o New Richmond focused on creating a "tight-knit" business community o Bi-monthly business meetings o "It's who you know" business mentality - extending business network to essentially extend the business community o Dedication to business efficiency and business "growth"

9 Current Realities - Business Promotion Chamber of Commerce Business Advocacy o Chamber acts as official voice to represent businesses Business Promotion o Sponsors workshops and seminars aimed toward business development o Promotion of "buy local" campaign Networking o "Business after 5" initiative Community Promotion Chamber acknowledges the outward movement of businesses from downtown location to outlying business districts and industrial park settings, resulting in a decrease in business and economic activity in this location

10 Current Realities - Connecting Businesses with Education With the increase in business opportunities and the extension of business communities, the macro economy becomes smaller o Higher levels of specialized skills become a necessity o Increase in needed skills calls for an increase in the course rigor students choose at the secondary level This needed change in secondary education leads to the call for a shift in education and the lazy mentality many students have.

11 Current Realities - Student Education Educational Shifts Post-Secondary Education has become necessity Little Change in post-secondary education choices o Difficulty in eliminating technical school mindset Higher percentage of students taking more rigorous courses o AP Courses o Honors Courses  Shift correlated to increase in College admission competition Difficulty seen in instilling hard work ethic in many students - still "slide by" mentality

12 Current Realities - Student Education Post-Secondary/Vocational Education Shift seen with increase in vocational classes at New Richmond High School  Specialized Agriculture  Engineering  Auto-Mechanics  Construction  Metal works Students enter workforce being more highly qualified in work force than other students of similar academic status and accomplishment

13 Outlook - Business Standpoint New Richmond City Council creates strategic plan outlining the goal of growing the city by 1% per year Current business mentality will lead to increase in networking and extension of business network to create the segue for future growth. o Established business network sets up logical pathway for growth to happen more easily and with less resources spent on attempting to stimulate business growth The extension of business network leads to the shrinkage of macro economy o Skill sets needed to stay competitive and create successful business then are in higher demand  Directly translates to the need for higher education passed the secondary level  Students are faced with a more competitive job market and business world Disconnect now between current educational trends and the current business world needs for educational skill sets

14 Outlook - Chamber of Commerce Current business opportunities and upward slope in business cycle lead to increase development of tourism projects o "Birding" tourism possibilities being explored by Chamber of Commerce o Projects to rebuild downtown retail market taking shape

15 Conclusion As a group, we learned that New Richmond has a lot to offer as a city with the diverse range in businesses. We found it interesting the tools that businesses have access to like the NRAEDC and the Chamber of Commerce and going into this project we had no idea that organizations like that existed. It appears that there is a disconnect between the students and businesses in the community, but in the future we hope that this gap will be closed in order for our community to be prosperous.

16 Works Cited "2010 Census Interactive Population Search." 2010 Census. Web. 8 Dec. 2011.. "About the City of New Richmond." City of New Richmond. Web. 14 Dec. 2011.. Epley, Anna P., Ashland Daily Press, and Milwaukee Journal. "Term: New Richmond Tornado (1899)." Wisconsin Historical Society. Web. 14 Dec. 2011.. Korpela, Russ. Personal interview. 1 Dec. 2011. "Locate in Wisconsin." Locate in Wisconsin - Home. 9 Sept. 2011. Web. 14 Dec. 2011.. Mayer, Paul. Personal interview. 9 Nov. 2011. "New Richmond Area Economic Development Corporation." City of New Richmond. Web. 10 Dec. 2011..

17 Works Cited "Office of Economic Advisors." Department of Workforce Development. Web. 8 Dec. 2011.. Sather, Mary. "They Built Their City Twice." New Richmond Heritage Center. Web. 2 Dec. 2011.. "Stats All about Wisconsinite Education - StateMaster." StateMaster - US Statistics, State Comparisons. Web. 8 Dec. 2011.. Wander, Jennifer. Personal interview. 29 Nov. 2011. "Wisconsin QuickFacts from the US Census Bureau." State and County QuickFacts. 13 Oct. 2011. Web. 9 Dec. 2011.. "Wisconsin's Median Income Plummets, Census Figures Show - JSOnline." Milwaukee Journal Sentinel - Breaking News, Sports, Business, Watchdog Journalism, Multimedia in Wisconsin. 21 Sept. 2011. Web. 8 Dec. 2011..

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