what is economic development?
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What is Economic Development?. Lee Lewellen – CEO, Indiana Economic Development Association. The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity. - PowerPoint PPT PresentationTRANSCRIPT
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What is Economic Development?
Lee Lewellen – CEO, Indiana Economic Development Association
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The most commonly identified goal of economic development:
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The most commonly identified goal of economic development:
Jobs
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The most commonly identified goal of economic development:
JobsTax Base
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Not all jobs and tax base are created equal….
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Ed Morrison – Purdue Center for Regional DevelopmentThree kinds of money in the local economy:
Bad money
Neutral money
Good Money
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Ed Morrison – Purdue Center for Regional DevelopmentThree kinds of money in the local economy:
Bad money
Money that ‘leaks’ out of the local economy
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Ed Morrison – Purdue Center for Regional DevelopmentThree kinds of money in the local economy:
Neutral money
Money within the economy that only circulates locally
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Ed Morrison – Purdue Center for Regional DevelopmentThree kinds of money in the local economy:
Good Money
New money that is imported into the community that generates new spending and additional jobs
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Ed Morrison – Purdue Center for Regional DevelopmentThree kinds of money in the local economy:
Good Money
New money that is imported into the community that generates new spending and additional jobs
Multiplier effect
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Traditional, ‘industrial’ development
Cheap land
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Traditional, ‘industrial’ development
Cheap land
Available and cheap infrastructure (water, sewer, electric, roads, railroad, etc.)
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Traditional, ‘industrial’ development
Cheap land
Available and cheap infrastructure (water, sewer, electric, roads, railroad, etc.)
Cheap and ignorant workforce
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Richard Florida
Rise of the Creative Class, 2002
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‘Creatives’ choose where they want to live first, then secure a job….
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21st Century Economic Development versus 20th Century ‘Industrial’ Development
Workforce – Talent – is often the number 1 consideration for relocating companies
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21st Century Economic Development versus 20th Century ‘Industrial’ Development
Workforce – Talent – is often the number 1 consideration for relocating companies
‘Place’ matters
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21st Century Economic Development versus 20th Century ‘Industrial’ Development
Workforce – Talent – is often the number 1 consideration for relocating companies
‘Place’ matters
Relocation and expansion decisions are part of a web of considerations that include community and regional assets
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21st Century Economic Development versus 20th Century ‘Industrial’ Development
Communities are exploring locally-based entrepreneurship as part of a larger economic development strategy
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21st Century Economic Development versus 20th Century ‘Industrial’ Development
Some communities are exploring locally-based entrepreneurship as part of a larger economic development strategy
Expansion and retention of existing industry are an increasingly important part of the economic development strategy
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Asset Based Economic Development
Identifying and cataloging a community’s unique assets to attract new investment that is consistent with or complementary to those assets
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Asset Based Economic Development
Existing industry – + suppliers, customers
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Asset Based Economic Development
Existing industry – + suppliers, customers
Workforce – Talent
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Asset Based Economic Development
Existing industry – + suppliers, customers
Workforce – Talent
Educational assets – Universities, K – 12 education, career centers
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Asset Based Economic Development
Existing industry – + suppliers, customers
Workforce – Talent
Educational assets – Universities, K – 12 education, career centers
Infrastructure – Roads/interstate, water, sewer, electric, broadband
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Asset Based Economic Development
Existing industry – + suppliers, customers
Workforce – Talent
Educational assets – Universities, K – 12 education, career centers
Infrastructure – Roads/interstate, water, sewer, electric, broadband
Quality of life
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Asset Based Economic Development
Brown County/Nashville
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Asset Based Economic Development
Brown County/Nashville
Steuben County – Northeast Indiana
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Asset Based Economic Development
Brown County/Nashville
Steuben County – Northeast Indiana
Central Indiana – Life sciences, advanced manufacturing, logistics
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Asset Based Economic Development
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Glossary of terms & acronymsIEDC – Indiana Economic Development Corporation
LEDO – Local Economic Development Organization
REDO – Regional Economic Development Organization
TIF – Tax Increment Financing
Tax Abatement
EDGE Credits – Economic Development for a Growing Economy
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Glossary of terms & acronymsEDGE Credits – Economic Development for a Growing Economy
EDGE may be awarded for up to 100% of the projected payroll withholdings for the company’s Indiana project. These may be awarded up to 10 years.
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Glossary of terms & acronymsBrownfields – Environmentally distressed land/property
Greenfields – Previously undeveloped land and/or ag land
SEF – Skills Enhancement Funds
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Glossary of terms & acronymsSEF – Skills Enhancement Funds
Reimbursement of a company’s cost to train its Indiana workers. SEF is disbursed over a two-year period and is limited to 50% of a company’s eligible training expenses.