Framework for A Successful Local Economic Strategy

Part One
Prepared by
Dr. Stanley El, D.Div. LETS ACT! Local Economic and Technology Strategies to Advance Our Communities Together!
Copyright 2012 Dr. Stanley El, D.Div.

Whats needed to succeed?

A shared-vision Grass roots participation Diversity Effective community outreach A full understanding of the human capital An assessment of assets Strong Local Self Government An economic development infrastructure A Champion: preferably the local govt leader A comprehensive and strategic process

Local Economic Development Strategies should:

Create sustainable economic growth opportunities for residents, especially those experiencing distress Foster effective way-finding and transportation systems Advance beautification initiatives while protecting the environment Balance resources through sound management Leverage existing assets and human capital Use advanced technology to foster creativity and efficiency

A strategic initiative is a continuous process, developed with broad and diverse community participation, and contain:

An analysis of economic impact factors Economic development background and history Community participation A Vision, goals, objectives, action plan and evaluation and reporting systems Innovation and development processes

The Analysis: Where are we?

Issues covered in the analysis should address: State of the regional economy External trends and forces Partners for economic development Resource for economic development From the analysis, local leaders should be able to determine if the identified problems can be address locally. Attention must be given to areas of economic distress.

Analysis information should include:

Demographic and socioeconomic data including labor force characteristics Geographic, climatic, environmental and natural resource profile Infrastructure of area: water, sewer, communications, energy distribution systems, and transportation modes Major sectors of the economy: past, present and future contributions to employment, income and revenue Areas relationship to larger region and advantages and disadvantages

Analysis factors directly affecting the economy

Public knowledge and participation Employment and income levels State and local laws Financial resources Transportation systems Real estate and energy costs Business, personal, and property taxes Bonding capacity Land use patterns

Analysis factors indirectly affecting the economy

Community development and housing Health services and public safety Schools, educational, cultural and recreational facilities Environmental issues relating to flood plains, air quality, wetlands, historic preservation, hazardous waste, smart growth initiatives, Brownfields reuse Existing plans, studies, reports

Elements for a successful analysis I

Comprehensive financial analysis including: Cost to run municipality Cost to improve municipality services Financial plan analysis Fund development plan analysis Cost of distress

Elements for a successful analysis II

Comprehensive tax revenue analysis including: Quality of ratables Potential of ratables Ratables by source and industry

Elements for a successful analysis III

Comprehensive real estate analysis including: Residential properties analysis Commercial properties analysis Land use analysis

Elements for a successful analysis IV

Assessment of human capital Labor market study including current workforce statistics on future job opportunities Accurate demographic information Assessment of City resources and assets Organization performance analysis Examination of government/business/resident cooperatives Capital investment plan analysis

Elements for a successful analysis V

Comprehensive business and industry analysis: Local business and core industry affiliations Trends, issues, markets Short-term and long-term workforce needs Complimentary or supporting programs and services Top industries and employer contributions

Elements for a successful analysis VI

Contributions and Feedback from those representing the community: Interviews Questionnaires and surveys Active participation in data collection process Participation in group meetings and discussions Distribution of results through hand-outs, presentations, published articles, and media

A Successful Strategic Plan leads to actions that:

Unite Business, Government, and Communities Addresses distressed conditions Creates higher paying jobs Raises income levels Generates Government revenue Diversifies the economy Improves quality of life Protects the environment Builds on community assets Cultivates a prosperity consciousness

Additional Developments

Business, Community, Government Consortiums Technology, Transportation, Business Development, Innovations, Youth Development, Community, Cultural Arts and Entertainment, Financial / Investment Initiatives Integrated information and communications systems