The Changing Business of Dynamic Economic

Development

Mark Barbash Economic Development Practitioner

Emerging Trends in Economic Development

The new Ohio Economic Development Paradigm

Northeast Ohio Sustainable Communities Consortium

Emerging Trends in Economic Development

Globally competitive economy

Significant budget reductions

Jobless economic recovery

Workforce skills gap

Change being driven by….

Rethinking economic development organizations

More players in the game

Changing incentives to be more focused and performance based

What’s changing?

Economic gardening as an entrepreneurial approach

Manufacturing reshoring

Everyone is connected

STEM education

What’s changing?

Web –enabled site selection

Global competition - even for small communities

Competitive Economic Development Industry

The New Ohio Economic Development Paradigm

Ohio’s New Economic Development Approach

• Attraction • Site Selection • International Business • Incentives • Loans/Grants • Clean Ohio • Regional Partners

Ohio Department of Development

• Housing & Partnerships • Job Ready Sites (JRS) • Historic Pres Tax Credits • Ohio Third Frontier • Energy Office • Small & Minority Business • Loans/Grants

Creating a Long Term Competitive Northeast Ohio

Coming together to create a vibrant, sustainable and

competitive Northeast Ohio

Enable local communities to develop collaborative

solutions to the challenges they face.

Enable NEO universities and intermediaries to

provide better research & a deeper bench of young

professional talent.

Enable MPOs and other critical actors to make

more strategic decisions.

Enable NEO to become more globally

competitive, nationally attractive and socially

equitable.

NEOSCC Outcomes

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.

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

Source: CSU Center for Economic Development; Moody’s economy.com Source: CSU Center for Economic Development; Moody’s economy.com

% G

row

th G

RP

20

10

-20

19

2010 Location Quotient

Traditional Base – GRP Growth v. LQ

16

2006-2010 GRP Growth

>5%

<5%

Step One: Economic Analysis

Step Two: Identify Job Centers

Step Three: Strategic investment to support business growth

Step Three: Strategic investment in knowledge assets and quality of life

What does this all mean for Medina County?

Are we prepared for the new economic realities?

How do you see yourself?

Strategic Perspective

Tactical Opportunistic

Organized Delusion

Clueless Apathy

Hostile Waters

Questions, comments, criticisms, arguments,

good jokes?

Thank you.