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— 1 — © 2013 ViTAL Economy, Inc. Community Economic Development Voices of the Region June 2013 Frank Knott – firstname.lastname@example.org Mark Madsen – email@example.com Jim Haguewood – firstname.lastname@example.org
— 2 — © 2013 ViTAL Economy, Inc. Community Report-back Agenda Meet and Greet Welcome & Introductions SeVEDS & Why a CEDS is important Report-back on what communities told us about their economy Report-back from online survey of Young Professionals VE Perspective from What we Heard Discussion SeVEDS Call for Projects Objectives: Report back what people have said regarding the SE Vermont Region Validate and/or correct what we heard Identify gaps – what should have been said that hasn’t yet Begin Connecting the Dots – Assets, Opportunities, People
— 3 — © 2013 ViTAL Economy, Inc. Community Report-back Agenda 8:30 AM - Meet and Greet 8:45 AM - Welcome & Introductions 9:00 AM - SeVEDS & Why a CEDS is important 9:30 AM - Report-back on what communities told us about their economy 10:00 AM - Break 10:15 AM - Report-back from online survey of Young Professionals 10:35 AM - VE Perspective from What we Heard 10:55 AM - Discussion 11:15 AM - SeVEDS Call for Projects Objectives: Report back what people have said regarding the SE Vermont Region Validate and/or correct what we heard Identify gaps – what should have been said that hasn’t yet Begin Connecting the Dots – Assets, Opportunities, People
— 4 — © 2013 ViTAL Economy, Inc. SeVEDS Vision Southeastern Vermont will have an economy that generates long-term growth and prosperity and that improves our quality of life and sustains our quality of place.
— 5 — © 2013 ViTAL Economy, Inc. Low wages, a rising cost of living and limited job opportunities create a disconnect between the skills needed by employers and the skills held by the workforce. This leads to a widely shared sense of economic insecurity resulting in many Vermonters looking for economic opportunity elsewhere, and few choosing Vermont as a place to live and conduct business. SeVEDS Sense of Urgency
— 6 — © 2013 ViTAL Economy, Inc. SeVEDS Mission Statement SeVEDS exists to reverse the economic decline of this region Allowing the stagnant economic and demographic trends that have persisted over the last decade to continue in southeastern Vermont threatens the Vermont Brand and post card perfect perception of our quality of place. It is time to stick a stake in the ground and say “enough is enough” and develop strategies and actions based on our assets to reverse those trends.
— 7 — © 2013 ViTAL Economy, Inc. Why Does SeVEDS Want To Create a CEDS ? Provides more clarity for the initial SeVEDS strategies Educates community to be more engaged and take ownership of CEDS Proven process for building and galvanizing public support Develops a valid implementation plan for the SeVEDS strategy Increases public & private sector networking to achieve more opportunity Creates a common and consistent economic development message Enables strategy integration with Windham Regional Plan & beyond Connects public works projects to priority economic development projects Facilitate discussion of need for an organized system of redevelopment Provides planning mechanism for a post VY economy
— 8 — © 2013 ViTAL Economy, Inc. Engaging the Southeast Vermont Region in Creating a CEDS Engaging and listening to the voices of the region – Kickoff community session in February Community sessions in April Londonderry Bellows Falls Wilmington Brattleboro Focus group interviews in April Survey of Young Professionals Focus group interviews being held in June Report-back community sessions in June Over 250 people in SE Vermont directly engaged via community sessions, focus groups and an online survey of young professions. Reviewed the Economic Profile of the SE Vermont region. The majority of participants readily agreed that the information presented accurately paints a picture of the region that is stagnant (at best) and slowly declining (at worst).
— 9 — © 2013 ViTAL Economy, Inc. No Smoking Gun or Compelling Story (Proverbial frog in hot water) While three-quarters of participants agree with the data, we also heard loud voices from those who distrust the fundamental regional data and are suspicious of longstanding economic principles which define and explain the rational behavior of people making life and business decisions. As we listened to participants we found several common themes across the region, which we will highlight today. However, there does not seem to be any commonly shared Sense of Urgency to change the stagnant path of the regional economy.
— 10 — © 2013 ViTAL Economy, Inc. Why should I care? Should SeVEDS bother with a CEDS? Conundrum: noun (con-nun’-drum) 1.an intricate and difficult problem which evades resolution 2.a question or problem having only a conjectural answer 3.a riddle whose answer is or involves a pun
— 11 — © 2013 ViTAL Economy, Inc. Sources: US Census, Woods & Poole, Vital Economy Windham County is currently a net importer of labor (approximately 2,220 persons). Given current demographic and economic trends labor demand is projected to increase while the available labor pool (age 18-64) is stagnant or declining over the next 20 years. This will result in a significant labor shortfall. VE estimates that this would translate into approximately 6,610 lost job opportunities, $249 million in lost earnings, and missed opportunity for $525 million in regional Gross Product. Future Implications of the Stagnant SE Vermont Economy
— 12 — © 2013 ViTAL Economy, Inc. Your thoughts –
— 13 — © 2013 ViTAL Economy, Inc. April Community Engagement Sessions Bellows Falls Londonderry Wilmington Brattleboro
— 14 — © 2013 ViTAL Economy, Inc. Bellows Falls Community Session 27 Participants Local Value-Added Agriculture Farmer’s Markets Promote ‘Tech Ed’ in schools SIT/World Learning could be link to attract people from around the world to SE Vermont Forest Resources Renewable Energy Industry Cluster ‘Green’ Building Materials Industry Cluster Perceptions about Quality of K-12 Ed Retail struggles to compete against Tax-Free NH Weak entrepreneur support system Broadband Access Childcare Attracting & Retaining Young People Community Character & Amenities Lack of local ‘gathering places’ Limited use of historic buildings Lack of Job & Career Opportunities for youth and Young Professionals ChallengesOpportunities
— 15 — © 2013 ViTAL Economy, Inc. Your thoughts – Have we capture what you said? What was missed?
— 16 — © 2013 ViTAL Economy, Inc. Londonderry Community Session 19 Participants Local Value-Added Agriculture Farmer’s Markets Vermont Country Store Four-Season Recreation Opportunities Skiing Trails Fall Colors National Forest Events Renewable Energy Industry Cluster ‘Green’ Building Materials Industry Cluster Negative Perceptions of ‘Economic Development’ Lack of Collaboration Weak entrepreneur support system Lack of Capital Public Transportation not Connected to Trains Negative State Business Climate Attracting & Retaining Young People Limited Infrastructure Development Sewer & Water Lack of Cross-Community Collaboration ChallengesOpportunities Weston Playhouse Kinhaven Music School Sense of Place Limited Leadership Bias against Wealth Creation in VT Lack of Job & Career Opportunities for youth and Young Professionals
— 17 — © 2013 ViTAL Economy, Inc. Your thoughts – Have we capture what you said? What was missed?
— 18 — © 2013 ViTAL Economy, Inc. Wilmington Community Session 41 Participants Local Value-Added Agriculture Farmer’s Markets People come here for the lifestyle ‘Interdependence’ is a strength Forest Resources 90% of our market is from outside the region – this brings addition money back into SE Vermont ‘Green’ Building Materials Industry Cluster Perceptions about Quality of K-12 Ed Many little disconnected efforts but no cooperation and collaboration Weak entrepreneur support system Lack of Capital And what exists is too far away Broadband Access Need to look at transportation issues collectively on a broad regional basis Attracting & Retaining Young People Lack of Job & Career Opportunities for youth and Young Professionals ChallengesOpportunities ‘Fierce Independence’ is a weakness Focus of Higher Ed is Brattleboro Tourism Economy is Seasonal
— 19 — © 2013 ViTAL Economy, Inc. Your thoughts – Have we capture what you said? What was missed?
— 20 — © 2013 ViTAL Economy, Inc. Brattleboro Community Session 50 Participants Farmer’s Markets Proximity to East Coast Markets SIT/World Learning could be link to attract people from around the world to SE Vermont Cohort of highly trained professionals at VY Renewable Energy Industry Cluster ‘Green’ Building Materials Industry Cluster Perceptions about Quality of K-12 Ed Retail struggles to compete against Tax-Free NH Weak entrepreneur support system # of Non-Profits in Brattleboro has negative tax impacts Workforce Skills disconnect with Industry Needs Attracting & Retaining Young People Community Character & Amenities Lack of local ‘gathering places’ Limited use of historic buildings Too much low income housing Lack of Job & Career Opportunities for youth and Young Professionals ChallengesOpportunities Real Estate values in Downward Spiral
— 21 — © 2013 ViTAL Economy, Inc. Your thoughts – Have we capture what you said? What was missed?
— 22 — © 2013 ViTAL Economy, Inc. Common Themes of Opportunity we Heard Around the Region People support local working farms & local food systems SIT/World Learning could be link to attract people from around the world to SE Vermont We have underutilized forest resources There are unrealized opportunities to create a Renewable Energy Industry Cluster VT is ideally positioned to capture a ‘Green’ Building Materials Market in the Eastern US We highly value the Character of our communities People come here for the lifestyle Health-focused population
— 23 — © 2013 ViTAL Economy, Inc. Common Themes of Challenges we Heard Around the Region We need improved broadband and wireless telecom services We can do a better job of attracting & retaining young people There is a persistent lack of Job & Career Opportunities for youth and young professionals There are mixed perceptions about the quality of K-12 Education There are very negative perceptions of ‘Economic Development’ Many people have a strong bias against Wealth Creation in VT Weak Entrepreneur Support System
— 24 — © 2013 ViTAL Economy, Inc. Your thoughts – Have we capture what you said? What was missed?
— 25 — © 2013 ViTAL Economy, Inc. Young Professionals Online Survey Average respondent age: 36.5 years 70% married 50% of respondents work in Brattleboro 24% of respondents work in Dover/Wilmington Notable lack of responses from Londonderry, and Bellows Falls/Rockingham 44% of respondents have bachelor’s degree, 39% masters Cited as “Strength of Region” 37% cited politics (a common word was progressive) 25% cited outdoor recreation opportunities 24% cited scenic beauty 22% cited arts schools, cultural diversity and locavore/working lands each were cited by 18% of respondents Note: Total greater than 100% as more than one response allowed on this question 66% plan to be here in 5 years 31% don’t know if they will be here in 5 years 65% of respondents replied that loss of their job, or their spouse/partner’s job, as a primary reason they would leave the region
— 26 — © 2013 ViTAL Economy, Inc. Young Professionals Online Survey – Regional Weaknesses “There is no high tech culture at all. It is a challenge to even communicate with community meetings or groups with Skype.” “High cost of living (food, rent, gas), low wages, lack of robust job market, poor telecommunications infrastructure, lack of convenient public transportation locally and to nearby metropolitan areas (esp. Boston).” "There is a real split among the young folks who are here. There is no cohesion among young professionals.” “Lack of a large university.” “Lack of ethnic/race diversity.” “Limited nightlife opportunities.” “Lack of county-wide government structure to drive regional policy.” “Reliance upon tourism rather than self-sustaining economy.” “The few networks that do exist (business, economic development, arts/culture, nonprofit, etc.) are not collaborating across sectors.” “Jobs in the region do not pay comparable salaries to other regions and high taxes make homeownership challenging, even with two incomes.” “We do not operate on a regional level - Vermonters and southeastern Vermonters in particular, are very vested in being "different and special" from other areas of the state and region.”
— 27 — © 2013 ViTAL Economy, Inc. Young Professionals – Perceptions versus Reality Perceptions of amenities and lack of social interaction opportunities for young adults varied by age of respondents Education also elicited very mixed comments Higher education opportunities were considered to be “limited” and “not relevant” to the local job market Elementary education in many areas of the region is viewed highly favorably with small class sizes, individual student attention, and generally high quality. Secondary education was not viewed as a positive attraction for the region. Most people who leave Vermont do so for career opportunities for themselves and/or their partners and spouses. This indicates that the lack – or the perception of lack – of jobs is a clear and consistent barrier to long-term economic well being in Vermont.
— 28 — © 2013 ViTAL Economy, Inc. Why do people come to or remain in SE Vermont 1.Family 2.Enjoy small town living 3.Recreational activities they enjoy 4.Progressive culture 5.Natural environment To attract and keep a next generation workforce in SE Vermont, the region must offer those things that young professional value. (See next slide)
— 29 — © 2013 ViTAL Economy, Inc. Why is this so important Research consistently demonstrates that people choose where to live based on 7 fundamental regional characteristics: Community Vitality – People value a vibrant community where they see people are “out and about” using public parks trails and recreation areas, attending farmer’s markets and living in a healthy community. Cost of Lifestyle – People want a community where they can afford to live, work and play. Education and Learning Opportunities – People want to plug into strong schools, a smart community, life-long or traditional learning (i.e. yoga or cooking classes; book clubs; college classes etc.) Earning Potential – People need a broad choice of places to work and an environment that is friendly to innovators and entrepreneurs. After Hours Amenities – People like authentic local places to have dinner, meet for coffee, hear live music, or just hang out. Social Capital – Most people value living in a diverse community where people are engaged and involved in community life, where taking risks to be an innovator and entrepreneur are highly valued Around Town – People like living in a community that’s easy to navigate, don’t want long commute times and like to be close to large urban centers.
— 30 — © 2013 ViTAL Economy, Inc. Vital Economy Observations Business Climate in SE Vermont Workforce & Education Higher Education Opportunities Tourism Agriculture and Ag-Tourism Manufacturing Strategic Location Leveraging the Green Vermont Brand
— 31 — © 2013 ViTAL Economy, Inc. Business Environment in SE Vermont Four primary reasons companies locate and/or remain in Southern Vermont: 1.The founder has roots in Vermont 2.There are location based assets central to their business (dairies, timber, ski resorts) 3.There are public perception and/or marketing advantages to the “Vermont Brand”. 4.Proximity to New England and East Coast Markets. Reasons cited for NOT locating or remaining in SE Vermont: A.State tax structure B.Local property taxes C.State regulation D.High energy costs E.Lack of adequate telecommunications/broadband infrastructure F.Small workforce pool G.Perceived lack of ROI opportunities on investments (particularly R.E. investments) H.Access to supply chain
— 32 — © 2013 ViTAL Economy, Inc. Workforce & Education A true workforce development system is almost non- existent outside of individual business employee training Notwithstanding a few individual companies, overall job growth is so stagnant that new graduates (whether from local institutions or from outside the region) see not opportunities in Southern Vermont. There is a very obvious disconnect between workforce development, education systems, and the needs of business in the region. There is no connected, collaborative system between High Schools-Community College- Universities Four-year liberal arts universities in the region and the community college are not focused on preparing future employees with skills needed in local economy.
— 33 — © 2013 ViTAL Economy, Inc. Quality of Place Recommendations SeVEDS needs to tackle the Vermont Brand Quality of life myth issue. This is a regional issue that covers a whole spectrum of social, community development, and economic issues. 1.Engage College Students & Young Professionals in SeVEDS to get broader perspectives and involvement in Community Economic Development efforts 2.Develop Quality of Place factor goals in those areas where the region ranks low or had mixed perceptions Balance Economic Opportunities Vitality Education Creativity and Innovation
— 34 — © 2013 ViTAL Economy, Inc. Industry Sectors and Niche Markets Higher education Tourism Small scale, high value, technology driven manufacturing Transportation, Distribution & Logistics (TDL) Precision Technology Driven Manufacturing Healthcare Green/wholesome branded products or services –Vermont natural/fresh branded food products –Expected rapid expansion for demand of Green building products. SE Vermont Economic Sectors Technology Driven Precision Manufacturing Business & Technology Services High Quality Post-Secondary Education Logistics & Distribution Hospitality, Retail & Tourism Healthcare Niche Markets Opportunities
— 35 — © 2013 ViTAL Economy, Inc. Higher Education Niche Market Opportunity Higher Education entities in SE Vermont are rich in programs. Location and facilities are not as important as programs, and are becoming less so as advances in technology continue to transform the delivery of education. A standout opportunity to leverage the strengths of these high education assets was identified via “Chautauqua Institution” type learning opportunities – perhaps in collaboration with the resorts which have underutilized lodging facilities during summer months.
— 36 — © 2013 ViTAL Economy, Inc. Tourism SE Vermont is not considered a destination venue, but is a drive market for fall- color tourism and winter skiing. Market is based on proximity to East Coast urban centers. This does suggest that there should be more four-season opportunities developed for that drive market. Recommend that a working group be established to research top markets –Demographics and background of frequent visitors/2nd home owners –Identify business ownership/executives –Leverage interest in moving to SE Vermont and commuting to work, versus living in City and commuting to recreate.
— 37 — © 2013 ViTAL Economy, Inc. Agriculture and Ag-Tourism By whatever label you what to refer to this sector – Localvore, Local Ag, Farm-to-Plate, Certified Organic, Safe Foods, etc. – there is a vibrant local small-farm agricultural industry in SE Vermont. A recent NPR feature on Vermont suggests that the state ranks #1 in the U.S. for citizen commitment to buy locally produced food. http://www.npr.org/blogs/thesalt/2013/04/09/176693947/vermon t-bests-the-nation-in-local-chow SE Vermont has also done a good job of linking small farm agriculture with tourism. While not a major economic engine, this sector of the economy is important to citizens and for maintaining the rural character and landscape of the region with working farms.
— 38 — © 2013 ViTAL Economy, Inc. Manufacturing SE Vermont is home to national and international leading firms in the manufacture of high-precision components and sub-assemblies for the aircraft engine, aerospace, medical, optical, automotive, specialty bearing, and other commercial industries. Regional history and skills in precision manufacturing dating back to mid-1700s Small scale, high value, technology driven manufacturing Smaller workforce pool as opposed to large, heavy industry Scale consistent with demographics and political tendency to embrace small- medium size and/or employee owned business How can the market connection and manufacturing experience of this industry sector be leverage to grow the regional economy? Sector has unfilled workforce needs for engineers and mid- & high-skilled shop floor employees.
— 39 — © 2013 ViTAL Economy, Inc. SE Vermont Strategic Location SeVEDS is at the center of major NNE and Canadian Population Centers and thus has significant Transportation, Distribution & Logistics Opportunities Proximity to major New England and East Coast markets Easy interstate access Expectation of increased speed and weight capacity on improved rail line to NYC.
— 40 — © 2013 ViTAL Economy, Inc. Sustainability and the Green Vermont Brand Vermont natural/fresh branded food products have met niche market success We are right now at the cusp of rapid expansion in demand for Green Building Materials BuildingGreen, Inc. a nationally recognized publishing company on green buildings, is based in Brattleboro Two manufacturers of Structurally Insulated Panels (SIPS) in Windham County Two businesses within 30 miles of Brattleboro have installed major solar arrays either on their roofs or in adjacent fields. Market Opportunities: Natural and Value-added food products Green Building Materials Manufacturing and or Marketing/Distribution under a Green/Vermont brand Green building consulting services There is an increasing awareness and demand for Green, Sustainable & Naturally Wholesome products and services. Across the U.S., the Vermont Brand is synonymous with those characteristics.
— 41 — © 2013 ViTAL Economy, Inc. Your thoughts –
— 42 — © 2013 ViTAL Economy, Inc. Call for Projects to be listed in the CEDS What role do Community & Regional Projects play in the CEDS? The CEDS is a regional plan for growth of the economy created using a regional public approach with broad-based and diverse public and private sector participation, and should include a section listing all suggested projects and the projected numbers of jobs created. It is helpful for the rest of the region as well as potential new businesses to understand what we as a region are trying to accomplish. Inclusion of projects in the CEDS indicates that they are aligned with regional goals for growth. Projects submitted for inclusion in the CEDS will be prioritized based on a set of objective criteria highlighting projects, programs, and activities which address the region’s greatest needs or which will best enhance the region’s competitiveness.
— 43 — © 2013 ViTAL Economy, Inc. Background
— 44 — © 2013 ViTAL Economy, Inc. SeVEDS 2017 Objectives (Goals) 1.Create Operational and Fiscal Sustainability Plan for SeVEDS by December 2011 2.Improve Wage Parity with Surrounding Labor-shed 3.Increase the Size and Quality of the Workforce 4.Increase population proportion of 25-44 year olds from 23% to 28% of total population by 2017 5.Create an Entrepreneurial Environment
— 45 — © 2013 ViTAL Economy, Inc. Base SeVEDS Region MetricsBaseline*2017 Goal%ChangeTotal Change Population42,605 0%- Employable Population (16 and older)35,520*36,171+1.8%+651 Labor Participation Rate65%*68.8%+5.8%- Total Employed23,089*24,894+7.8%+1,805 Average Wage$38,820$39,848+2.6%+$1,028/yr Total Region Wages$896M$992M+10.7%$96M Regional GDP$2.37B$2.8B+18.1%$430M Regional Strategic MetricsBaseline2017 GoalChange Ratio Net Earned Income/Total Income.566.650+14.1%- Increase Median Annual Income for Associates/Some College workforce $26,855$32,000+19.1% +$5.145/yr ($2.47/hr) Increase Median Annual Income for Bachelors Degree workforce $32,518$39,000+19.9% +$6,482/yr ($3.12/hr) Increase 20-44 employment by 20% in five years (2009 data) 10,69112,82920%+2,138 Increase Associates Degrees/Some College and Technical Certificates among 18-24 age bracket 38% (1,495) 47% (1,884) +23.6%+389 Increase the 25-44 age population by 20% in five years 9,53311,43920%+1,906 Projected SeVEDS Region 2017 Goals and Outcomes * Base Line data is as of Spring 2010 Note: Baseline and Goals based on 2009 U.S. BEA Data & Estimates
— 46 — © 2013 ViTAL Economy, Inc. Balanced S.M.A.R.T. CEDS Approach Inform Goals Strategy Action CEDS Planning Business Retention & Expansion Business Recruitment Business Incubation Leadership Training CEDS Planning Business Retention & Expansion Business Recruitment Business Incubation Leadership Training Strategic Components Industry Sectors Logistics & Distribution Healthcare Hospitality, Retail & Tourism Business & IT Services Technology Driven Precision Manufacturing High Quality Post Secondary Education SeVEDS Five Year Regional Goals SeVEDS Five Year Regional Goals Ratio of Net Earned income To Total Income ↑.566 to.65 Increase Median Annual Income AS/some College to $32,000/yr. Increase Median Annual Income Bachelors Degree to $39,000/yr. Increase 20-44 age Employment 20% Increase AS/Tech Certs. For 18-24 age From 38% to 47% Increase Pop of 25-44 age by 20% Ratio of Net Earned income To Total Income ↑.566 to.65 Increase Median Annual Income AS/some College to $32,000/yr. Increase Median Annual Income Bachelors Degree to $39,000/yr. Increase 20-44 age Employment 20% Increase AS/Tech Certs. For 18-24 age From 38% to 47% Increase Pop of 25-44 age by 20%
— 47 — © 2013 ViTAL Economy, Inc. Opportunities and Challenges Defined by SeVEDS in 2010 OPPORTUNITIES: 1. Vermont Brand 2.Location 3.Imminent Technology infrastructure 4.Manufacturing base 5.Educational institutions 6.Recreation 7.Cultural and Arts 8. Tourists, second home owners bringing dollars into region 9.Key tourism infrastructure 10.Access to government 11.Healthcare Infrastructure CHALLENGES: 1.Lack of Cell Service and Broadband 2.Weak local market/economy 3.Declining workforce population 4.Taxes 5.Declining earned income 6.Finding employment – not enough jobs 7.Lack of investment capital 8.Disconnect between education and jobs 9.Capacity -- Lack of critical mass 10.Declining student enrollment 11.Qualified Workforce recruitment
— 48 — © 2013 ViTAL Economy, Inc. Additional Opportunities and Challenges identified in 2013 OPPORTUNITIES: 1. Vermont Brand 2.Location 3.Imminent Technology infrastructure 4.Manufacturing base 5.Educational institutions 6.Recreation 7.Cultural and Arts 8. Tourists, second home owners bringing dollars into region 9.Key tourism infrastructure 10.Access to government 11.Healthcare Infrastructure 12.Healthy and health-focused population CHALLENGES: 1.Lack of Cell Service and Broadband 2.Weak local market/economy 3.Declining workforce population 4.Taxes 5.Declining earned income 6.Finding employment – not enough jobs 7.Lack of investment capital 8.Disconnect between education and jobs 9.Capacity -- Lack of critical mass 10.Declining student enrollment 11.Qualified Workforce recruitment 12.Redevelopment capability and capacity 13.Stagnant Real Estate Market 14.Lack of Innovation and true Entrepreneurship 15.Drug Culture 16.Families with Children in Poverty
— 49 — © 2013 ViTAL Economy, Inc. P→C Builds ROI Rationale for Regional Collaboration Move Up the Value Chain, Capture Greater Share of Value Chain Margins, Increase Economic Prosperity P C C P P=Producer & C=Customer Friction is the cost of getting from P to C
— 50 — © 2013 ViTAL Economy, Inc. Investment Attraction Keeps Filling The Pool (Economy) with More Water (Capital) $$$ IMPORT ACTIVITIES bring in goods and services to serve the needs and desires of the community; but capital flows out EXPORT ACTIVITIES* bring money into the region by selling goods and/or services of value and importance to national or international markets CONSUMER SERVICES SECTOR activities that directly and indirectly address the consumption demands of the local residents SE Vermont Economy *the only source of new capital that the region can use to pay for goods and services to meet its needs and desires $$$ Regional Economic Swimming Pool
— 51 — © 2013 ViTAL Economy, Inc. 3 Keys to Economic Transformation Collaboration Builds Sufficient Critical Mass to Compete Globally, while Emerging Cluster Strategies Assure Regional growth + Connectivity Links Geographically Remote Resources to Increase Access, while Creating Opportunity, Building Diversification, Enabling Collaboration + Changed Spending Increases Productivity and Revenues Opens New Markets, Expands Opportunity, Establishes Measurable Benchmarks and Goals
— 52 — © 2013 ViTAL Economy, Inc. 1. Create a Sense of Shared Need & Urgency 2. Create the Vision & Build the Guiding Team 3. Define the Change Impacts 4. Communicate for Buy-in 5. Empower Others to Act 6. Create Short-term Wins 7. Sustain the Change 8. Make it Stick Based on Kotter, John P. Leading Change. Boston: Harvard Business School Press Engaging & Enabling the Whole Community Implementing & Sustaining Transformation Creating a Climate for Change Eight Steps for Leading Change
— 53 — © 2013 ViTAL Economy, Inc. Significant changes in economic structure Increased government intervention and control in private sector (Banking, Insurance, Auto industries) Banking failures, & auto industry restructuring Instability and volatility in financial markets world-wide Awareness and focus on local and global environmental issues Natural resources and environment formerly regarded as exploitable resources and receptors of production stream waste residue respectively. Now the same resources are recognized as important resources to be wisely used and held in stewardship for future generations. Increased consciousness of transportation costs and environmental impacts shipping goods long distances. There is significant interest and investment in “Clean Technologies. Prevailing high unemployment “Jobless Recovery” is prevailing outlook for 2010-2012 Consumer confidence and spending is still Flat Cautious business spending patterns Key Issues Facing U.S. Economy
— 54 — © 2013 ViTAL Economy, Inc. Vision → Objectives → Goals → Assets → Strategies → Actions Objectives & Goal Metrics: Increase the Average Wage and proportion of personal income from earned income ↑ Ratio Net Earned Income / Total Income from.566 to.65 Improve Wage Parity with surrounding counties (the labor shed) ↑ Increase Median Annual Income for Associates/Some College to $32,000 ↑ Increase Median Annual Income for Bachelors Degree to $39,000 Increase the size and quality of the workforce ↑ Increase 20-44 employment by 20% in five years ↑ Increase Associate Degrees/Some College and Technical Certificates among 18-24 year old age bracket from 38% to 47% Increase population proportion of 25-44 year olds ↑ Increase the absolute number of people in 25-44 age bracket by 20% in five years Create an entrepreneurial environment Define and implement an Innovation Ecosystem within 3 years
Opportunities and Challenges OPPORTUNITIES: 1. Vermont Brand 2.Location 3.Imminent Technology infrastructure 4.Manufacturing base 5.Educational institutions.
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ANN ARBOR REGION SUCCESS STRATEGY Board of County Commissioners Working Session Nov 6, 2008 Present vision and strategy Discuss BOC’s continued leadership.
Understanding Local Economies Goals To present export base theory as a model of the way a local economy works. To relate general export base theory to.
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