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Economic Growth: Survey of Growth Communities
Discussion and Presentation on the Survey Results From Fifteen Moderate and High Growth Communities.
Connecting Companies With CommunitiesTM
Moran, Stahl & Boyer
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Moran, Stahl & Boyer Profile (Sample of Client Base)
Corporate Site Selection• American International Group (AIG)
• American Fuji Seal
• AT&T
• Colgate-Polmolive
• Columbia Energy Group
• Corning Incorporated
• Dow Chemical
• Federal Express
• Infineon Technologies
• John Hancock Insurance
• Johnson & Johnson
• Mac Dermid Corporation
• Merrill Lynch
•Prudential Financial Services
Economic Development Consulting• Alberta
• Arizona
• British Columbia
• Connecticut
• Delaware
• Florida
• Georgia
• Massachusetts
• Newfoundland/Labrador
• New Jersey
• New York
• Pennsylvania
•Texas
• Virginia
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Discussion Topics
• The fifteen (15) growth communities that participated in the survey
• Key drivers of population growth
• Target industries for future growth
• Techniques for reaching out to existing companies
• Product/company life cycles
• The new work ethic and its impact on workforce development
• Effective economic development marketing tools
• Two most important things to stimulate economic growth
• Reflections on economic growth
• Action Plan to support economic growth
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Fifteen Communities Surveyed
Community Selection Based on:• Level of growth
• Size of population
• Diversity of economic base
• Geography
• Personal experience
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Key Drivers of Growth
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Target Industries for Future Growth
0% 10% 20% 30% 40% 50% 60% 70% 80%
Clean/Renew able Energy
Aviation/Aerospace
Electronics/Optics
Healthcare Services
Logistics/Distribution
Information Technology
Region/Corporate Headquarters
Specialty/Advanced Mfg.
Life Science/Biotech
Back Office/Shared ServicesBack Office/Shared Services
Life Science/Biotech
Specialty/Advanced Mfg.
Region/Corporate HQ’s
Information Technology
Logistics/Distribution
Healthcare Services
Electronics/Optics
Aviation/Aerospace
Renewable Energy
Which industries have higher-paying jobs and will remain in the community into the future?
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Biotech and Life Sciences
Chemicals Pharmaceuticals Biomaterials Pesticides
BioinformaticsMedical DevicesMedical InstrumentsElectronic Equipment
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Techniques for Reaching Out to Existing Employers
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Survey of Needs/Business Climate
Topical Seminars/Workshops
Periodic Social Events
Newsletter
One-on-One MeetingsOne-on-One Meetings
Newsletters
Periodic Social Events
Seminars/Workshops
Annual Business Surveys
Critical Questions:
• Are they growing?
• Any new products/services (R&D)?
• How tough is the competition and where is it coming from?
• What are their challenges?
• How can the community support them?
• Where are they in their life cycle?
Employer interviews and plant tours are important ways to better understand your economic base.
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Phase IIIMaturation &Consolidation
Phase IIRapid Market Growth Through Internal
Expansion and Acquisition
Phase IBusiness Start-up & Product Rollout
Outp
ut
Time
Company/Product Life Cycle: Key to Understanding Opportunities
Start-up Capital > Labor/Facilities/Capital > Minimize Cost > Sustained Market
Phase IVSustained Niche or“Last One Standing”
A
B
C
D
Critical Decisions Made in Phase IIIA: Attempt to go back to Phase II (new market expansion/product improvements)B: Consolidate with competition to grow share in a shrinking marketC: Go/stay private with niche operation and proceed to Phase IVD: Continue to enhance productivity to sustain margins (production improvements/cost takeouts)
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
The New “Work Ethic” . . . The Bar Has Been Raised
• Punctuality . . . dependable
• Business etiquette . . . respect/discern
• Drive to succeed . . . focused/ethical
• Commitment . . . hard work/time management
• Attention to detail . . . pursuit of quality
• No drugs . . . testing is inevitable
• Work in teams but also independent thinker
• Demonstrate creativity and innovation
• Grasp critical thinking approach to problem solving
• Quick to learn new information and concepts
• Attitude that readily adapts to change
• Math…integral to many industries
• Computer…Microsoft Office platform
• Communication … written and verbal
• College degree . . . technical and entrepreneurial
• Industry specific. . . jargon and concepts
• Special certifications . . . by discipline
Core “Soft” CompetenciesCore “Soft” Competencies
Core “Technical” CompetenciesCore “Technical” Competencies
Advanced “Soft” Competencies
Advanced “Technical” Competencies
Higher skills required in order for companies to quickly adapt to rapidly-evolving markets.
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Career: Vision > Motivation > Preparation > Outcome
Vision: defining realistic opportunities and knowing how to achieve them.
Motivation: personalizing options and having the ongoing support for success.
Preparation: having the focus and discipline to meet requirements.
Outcome: securing the best jobs and careers in the local marketplace.
Student interest in participating in various career-related activities . . .
• College and industry tours
• Job shadowing
• One-to-one contact with someone in career area
• Internships
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Workforce Development Strategy
Elementary > Secondary > College > WorkforceStudents, Parents, Educators, Prospective Employees, etc.
On-Going Interface With Local IndustryLabor Force Planning, Career Awareness/Trends, Internships, etc.
Evolving Developmental Needs . . . Part of Life-Long Learning: Career Awareness, Technical Skills and “Soft” Skills
Facilitators• Econ. Dev. Staff• WIB’s• Local Industry
Leaders• Local Education
Leaders
Ultimate Goal: Having a Labor Force at the Right Size, with the Right Skills, and the Desire to Remain in the Region.
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Techniques for Stimulating Entrepreneurial Activity
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Low Cost Space andIncubators for Start-Ups
Courses on PreparingBusiness Plan
Business Plan Competitionto Win Start-Up Funds
Access to Low InterestLoans and Grants
Entrepreneurship Aw arenessEntrepreneurship Awareness
Access to Low Interest Loans/Grants
Business Plan Competition to Win Start-Up Funds
Courses on Preparing Business Plans
Low Cost Space and Incubators for Start-Ups
Business mentorship, access to angel/venture capital, and awareness of local university patent commercialization opportunities are also important.
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Entrepreneurial Index
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Allentow n-Bethlehem, PA
Knoxville, TN
Sarasota-Bradenton, FL
Albuquerque, NM
San Antonio, TX
Richmond, VA
Indianapolis, IN
Nashville, TN
Jacksonville, FL
Medford, OR
Austin, TX
Raleigh, NC
Charlotte, NC
Bend, OR
Developed by Advanced Research Technologies, LLC based on new company startups per 1,0000 workforce participants, change in the number of new business start-ups over a 10-year period, and percent of smaller firms experiencing high growth.
Allentown-Bethlehem, PA
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Effective Economic Development Marketing Tools
Web site
Direct letters to consultants and prospects
Road trips to visit consultants, brokers and prospects
Industry-specific trade shows
Use of PDF attachments on web site
Familiarization trips for consultants, brokers, etc.
Real estate-related trade conferences/trade shows
E-mail updates and newsletters
Hard copy mailed updates, newsletters, magazines
Advertising in site selection publications
Advertising in industry-specific publications
Web Site-Related Tools
Direct Communications
Face-to-Face Activities
Print Advertising
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Advertsing in industry-specif ic publications
Advertising in site selection publications
Hard copy mailed updates, new sletters and magazines
E-mail updates and new sletters
Real estate-related trade show s
Familiarization trips for consultants, brokers and prospects
Use of PDF attachments on w eb site for easy dow nloading
Industry-specif ic trade show s
Road trips to visit consultants, brokers amd prospects
Direct letters to consultants and prospects
Web site
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Web Site-Related Tools – Key information to include:
> Contact information for the economic development staff
> Community profile in PDF format that includes area resources and a list of employers with 100+ employees by industry; a discussion on target industries and
resource profiles for each industry; available incentives as well as a list of updated sites and buildings with basic details noted.
Direct Communications
> Both e-mail and hard copy materials receive only casual review by the reader unless the reader has some previous relationship with the community.
> Communities send out hundreds of items a month and a consultant or commercial broker is typically deluged with information in this format.
Effective Economic Development Marketing Tools
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Face-to-Face Activities
> Trade shows/conferences provide an opportunity for brief encounter
> The road trips may provide 30 to 60 minutes of face time
> Special conferences allow several days of potential encounters
> Familiarization tours provide first-hand experience in community and multiple-days for discussions (precise planning and execution is critical to success)
Print Advertising
> Opportunity to reinforce a brand image or communicate a focused thought to a broad readership.
> Keep in mind that most readers may give an ad one second or less to process unless there is a compelling reason to reflect longer or act on the message.
Effective Economic Development Marketing Tools
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Two Most Important Things to Stimulate Economic Growth
• Stimulating Business Growth- Grow your own – both expansion of existing companies and new start-ups
- Focus recruitment on targeted industries with emerging high quality jobs
- Align recruiting efforts to capitalize on the unique assets of a community.
• Development of Resources to Support Economic Growth- Build the product capacity (buildings/sites, workforce, infrastructure) to facilitate growth
- Train the region’s workforce for the businesses (industries) that will be growing
- Maintain a “speed of business” model that addresses the needs and opportunities of the region’s businesses
- Incentives are a strategic aspect of available resources (e.g., tax abatement/rebates, training support, other offerings)
- Facilitate internal discussions (among stakeholders) to garner support for the development of a competitive product (community resource development).
Strategy
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Two Most Important Things to Stimulate Economic Growth• Other Considerations- Have a focused strategy and the resources (people and finances) necessary to carry
out the strategy
- The regional marketing approach is a valuable asset for leveraging resources and building market awareness
- Conduct a comprehensive marketing and business development campaign
- Produce solid (accurate/timely) facts (statistics, available real estate, etc.) for prospects to make location decisions.
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Two Most Important Things to Stimulate Economic Growth
• Build strong relationships (partnerships) with existing local companies- Understand their needs and provide them and support their growth- Seek financial support from larger employers for economic development initiatives
and access to HR functions for prospect/consultant interviews.
• Sustain effective working relationships with local government agencies and assure they understand their role in the overall economic development process.
• Educate the community (at large) on the need for economic development, the value businesses provide the local economy, and the need to stimulate and maintain a competitive business climate.
• Host familiarization tours of the community for company prospects, consultants, brokers and other influencers as a valuable relationship-building tool.
• Facilitate an on-going relationship between all local services and government agencies to present an effective and seamless team of resources to existing and prospective companies.
• Develop a true regional economic development partnership and obtain buy-in from all stakeholders.
Relationships
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Reflections on Economic Growth
• Every community faces a crossroads at some time – in fact multiple times. Those communities that are successful have a group of stakeholders that pull together and help the community recast a new economic strategy.
• High growth and no growth have their own unique but separate challenges.
• Manufacturing is still a strong underpinning to many local economies but every industry and company must deal with their evolving life cycle issues.
• It’s OK to go “elephant” hunting for big projects but remember that many jobs are provided through smaller entrepreneurial companies.
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Reflections on Economic Growth
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
- Benjamin Franklin
Economic Growth: Economic Growth: Survey of Growth CommunitiesSurvey of Growth Communities
Moran, Stahl & Boyer
Action Plan to Support Economic Growth
• Develop an objective evaluation of local resources that support economic development.
• Determine an achievable target industry portfolio and types of operations that provide the jobs and tax base desired.
• Complete a labor force gap analysis that positions labor resources to anticipate employer needs.
• Develop real estate resources at the level of readiness required to support each type of operation.
• Prepare /implement a marketing and business development strategy that targets each life stage opportunity.
John M. Rhodes, Senior Principal
941.755.0041
Moran, Stahl & BoyerSite selection and community economic development consultants.
MS B&