5. What’s changing?
Rethinking economic
development organizations
More players in the game
Changing incentives to be
more focused and
performance based
6. What’s changing?
Economic gardening as an
entrepreneurial approach
Manufacturing reshoring
Everyone is connected
STEM education
7. Competitive Economic
Development Industry
Web –enabled site selection
Global competition - even
for small communities
9. Ohio’s New
Economic Development Approach
Ohio Department
of Development
• Attraction • Housing & Partnerships
• Site Selection • Job Ready Sites (JRS)
• International Business • Historic Pres Tax Credits
• Incentives • Ohio Third Frontier
• Loans/Grants • Energy Office
• Clean Ohio • Small & Minority Business
• Regional Partners • Loans/Grants
10.
11. Creating a Long Term
Competitive Northeast Ohio
Coming together to create a
vibrant, sustainable and
competitive Northeast Ohio
12.
13. NEOSCC Outcomes
Enable NEO universities
Enable local communities
and intermediaries to
to develop collaborative
provide better research &
solutions to the
a deeper bench of young
challenges they face.
professional talent.
Enable NEO to become
Enable MPOs and other more globally
critical actors to make competitive, nationally
more strategic decisions. attractive and socially
equitable.
14. Funded by a highly competitive $4.25M federal grant from
the U.S. Department of Housing and Urban Development,
plus matching funds of $500,000 from the Fund for our
Economic Future
12 county region including Ashtabula, Cuyahoga, Geauga,
Lake, Lorain, Mahoning, Medina, Portage, Summit, Stark,
Trumbull , Wayne
23 public and private entities joining together
Consortium members have pledged a total of $2.45
million in funds and in-kind match in the form of staff
time and operating expense contributions.
15. LONG TERM STRATEGIC INVESTMENTS
10 – 20 Years Investments
Changing the Quality of the Assets
Improved quality of assets including
people, place and knowledge
STRATEGIC ADVANTAGE:
Invest in interventions that improve
the quality of the region's assets
Advocate to influence and innovate
public policy
16. Step One: Economic Analysis
Traditional Base – GRP Growth v. LQ
% Growth GRP 2010-2019
2010 Location Quotient
2006-2010
GRP Growth
>5%
Source: CSU Center for Economic Development; Moody’s economy.com <5% 16