Created by the Creative Class Group for Dayton CREATE (www.daytoncreate.org), this presentation shows the regions strengths and weaknesses according to the economic development theories of Richard Florida.
2. A thriving community starts… with a diverse high-performing economy: Service Working Creative
3. U.S. Workforce: A Growing Creative Economy Source: U.S. Bureau of Labor Statistics, 2006. Creative Class Group, 2008. Workers Workforce % Wages % Creative 40 million 30.3% 48.9% Service 48.6 million 46.1% 31.1% Working 24.6 million 23.3% 19.9%
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6. What drives a prosperous economy? People are the MAIN driver of economic development !
8. To attract talent a region needs, Tolerance : A supportive environment for diverse self-expression Technology : Accessible mechanisms for people to turn their talent into market or public goods. Territorial Assets : Quality of place
9. Regional Growth & Prosperity creativeclass SM A 4T Economic Strategy Talent Technology Territory Assets Tolerance
10. What’s an LQ? Location Quotient - Compares the concentration of a community’s asset to the national average. For example:
11. creativeclass SM How to read an LQ: 1.25 < SIGNIFICANTLY ABOVE the National Average 1.00 < Above the National Average 1.00 = EQUALS the NATIONAL AVERE 1.00 > Below the National Average 0.75 < SIGNIFICANTLY BELOW the National Average Location Quotient - Compares the concentration of a community’s asset to the national average.
13. creativeclass SM Our list of Overall Indicators is provided to furnish a traditional barometer of a community’s economic performance. Benchmark communities were selected from The Rise of the Creative Class, Creativity Index and suggested communities from the Dayton Dvelopment Coalition. Overall Measures
30. Technology Your technology assets are a critical component of your community’s ability to thrive in the creative economy. Remember, technological assets include infrastructure that helps residents express themselves. How can and does your community facilitate the transfer of ideas into marketable products? Does your community have a Technology Council or an Angel Investor network?
31. Tech Index Source: Creative Class Group, 2008. Note: Dayton MSA was used.
32. Firm Growth % (2003-2005) Source: U.S. Census, County Business Patterns, 2003-2005. CCG, 2008
33. Professional and Tech Firm Growth % (2003-2005) Source: U.S. Census, County Business Patterns, 2003-2005. CCG, 2008
34. Milken Tech Index Source: Milken Institute, 2007. Note: Dayton MSA was used.
36. All of our work indicates that talent and a community’s ability to attract and retain talent is the defining issue of the creative economy. If your community is performing well on the talent indicators, what are the reasons for this success and what are the talent assets that you can continue to grow further? If your community is performing less than robustly on the talent indicators what innovative strategies and initiatives are you working on to address this significant challenge? Talent Indicators
55. All of our work indicates that community’s with a tolerant environment, and environment that values the contributions of the greatest and most diverse portions of it’s population, are the communities best poised to thrive and achieve sustainability in the creative economy. Our work also clearly indicates that there is a direct correlation between a community’s tolerance and it’s ability to foster innovations in business, science and culture. Tolerance