The End is Near…

The end is near…the year end of course.

Like most of you we’ve been reflecting a little and recognizing what an exciting year it has been. We wanted to share some of our highlights:

With the Cloudburst group, kicked off the development of a Housing and Economic Development plan for Takoma Park, MD.
100 Resilient Cities partnership with the Rockefeller Foundation.
Fourth Economy partnered with Mongalo-Winston Consulting on a public engagement process for the Pittsburgh Land Bank’s Policies and Procedures.

January

We began the year talking about our newly announced partnership with the 100 Resilient Cities Initiative, powered by the Rockefeller Foundation. Our Region’s Business, a Southwestern Pennsylvania new program featured Chelsea and Rich discussing their role as a Platform Partner and what it means for our work and the Pittsburgh region. You can check them out HERE.

Fourth Economy completed a Pay for Success feasibility study for Enviro Social Capital to assess the potential for green infrastructure to be supported by this innovative financing model. The Fourth Economy team developed a financial model for a potential transaction, identified key stakeholders who would need to be engaged, and modeled three scenarios based on our analysis. This work is currently being used by the project team in continued conversations with stakeholders.

February

Completed the business district analysis and projections for the Homewood business district for Operation Better Block (Pittsburgh, PA).

March

Fourth Economy, as a sub-consultant to the Cloudburst Group, kicked off the development of a Housing and Economic Development plan for Takoma Park, MD.

Also in March, Fourth Economy partnered with Mongalo-Winston Consulting on a public engagement process for the Pittsburgh Land Bank’s Policies and Procedures, which must be completed before the Land Bank can be fully operational. You can read the full report on public feedback here.

Rebecca Bagley addresses Life Sciences Week attendees.
Pirates Opening Day
Fourth Economy staff enjoying Pirates opening day.
Kick off to our Agents of Change happy hour!
Fourth Economy kicked-off our engagement with the Indianapolis MPO.

April

Not to let a little weather get in the way of some team fun, we participated in our annual Pirates baseball Opening Day outing to PNC Park. The impressive snow squalls that kept rolling in did not deter us, but may have caused us to think that maybe Spring training would be a better outing next year.

May

This month we supported the University of Pittsburgh in the launch of the inaugural Life Sciences Week. Our team helped create the website and materials for a variety of presentations. During the week our sector analysis, Life Science Opportunity Analysis was published and provided a base for ongoing conversations in the community.

June

We hosted our first Agents of Change meetup event for community leaders from a variety of backgrounds to get together in a free form conversation about how we can achieve greater  impacts in the region. To join us – sign up here!

Our team was selected to serve as the inaugural One Stop Operator for the Pittsburgh/Allegheny County CareerLink. This new position was created following changes to the federal Workforce Innovation Opportunity Act. This is a big responsibility and an awesome way for us to help advance this critical community network. To date, we’ve worked with the seven partners who provide services through the CareerLink to create a common vision and mission, and to establish goals and related working groups to enhance collaboration and service delivery.

Fourth Economy kicked-off our engagement with the Indianapolis MPO. Since then we’ve engaged hundreds of stakeholders throughout the 9-county region to help the MPO determine how they can best support other regional planning needs, such as economic development, water quality and supply, land use, and housing.  

July

The team completed a strategic planning engagement with Interise. This engagement opened our eyes to the world of small business training programs and how important they are for growth and resilience in our urban centers. Interise licenses their Streetwise ‘MBA” to partners who deliver it through their own locally branded programs. This training provides small business owners with the knowledge know-how, and networks they need to achieve scale. We strongly encourage our economic and community development friends to look into Interise to see how you may partner.

The Indiana Regional Cities Initiative received a SIlver Award for Cross Border Collaboration by the International Economic Development Council. The Fourth Economy team supported the Indiana Economic Development Corporation in the development of this initiative.

We joined 500 practitioners in New York City for the 100 Resilient Cities – Urban Resilience Summit. Fourth Economy is the only domestic community and economic development platform partner for this the 100 Resilient Cities Initiative.

Fourth Economy completed the market analysis and business plan for University of Pittsburgh’s GRID Institute.

Building on five years of modeling, Fourth Economy released the 2017 Fourth Economy Community Index. The Fourth Economy Community Index highlights counties that are poised to achieve sustainable growth in a 21st-century economy. We examine five areas: Investment, Talent, Sustainability, Place, and Diversity because we know they cultivate better communities and stronger economies. We believe the right metrics identify responsible and resilient growth, and you can read more about the great economic development stories that the data unearthed here.

August

Chris Ellis contributed to Robert Wood Johnson Foundation’s inaugural volume of a publication series intended to catalyze discussion, engage new partners, and inspire action to build a Culture of Health in America. The book is titled Knowledge to Action: Accelerating Progress in Health, Well-Being, and Equity. The chapter focuses on public, private, and nonprofit partnerships and examines the impact of these partnerships by highlighting Utah’s Pay for Success transaction that expanded access to high-quality preschool services for low-income children.

We joined 500 practitioners in New York City for the 100 Resilient Cities – Urban Resilience Summit.

September

The Indiana Regional Cities Initiative received a Silver Award for Cross Border Collaboration by the International Economic Development Council. The Fourth Economy team supported the Indiana Economic Development Corporation in the development of this initiative. “Fourth Economy supported our vision with a creative and engaged planning process that allowed us to launch the Regional Cities Initiative on solid footing and achieve quick success.” –Eric Doden former CEO for the Indiana Economic Development Corporation.

Also in September, we recognized a few of our Fourth Economy Community Index Top 10 Communities while we were all participating at the IEDC conference.

Rich Overmoyer, presented at the Talent Infrastructure Summit in Evansville, Indiana. Rich presented a response to the question “Does place matter and why should we invest in it”. The Summit led by the Economic Development Coalition of Southwest Indiana was a rallying point for community leaders to think differently about their community, the recruitment of talent and the risks and opportunities ahead.

And finally, Emily was one of two presenters at a two-day IEDC training course in Frostburg, Maryland entitled, “Economic Development for Local Leaders,” covering strategic thinking, revitalization, and workforce development for a group of about 35 leaders in the western Maryland region.

Rich and Chris authored an article that was published in Green Building Alliance’s annual publication, Viride.
Fourth Economy hosted a Lunch and Learn with Majestic Lane, Deputy Chief of Neighborhood Empowerment for the City of Pittsburgh.

October

Completed a market analysis report for Ascender, a hub for Pittsburgh’s starters and builders that provides programming, insight and connectivity. This coworking space is part of a growing movement that we are seeing around the country. For more information on the way that coworking is being discussed see here.

This month we traveled to Gary, IN to kick-off their comprehensive plan. We are super fans of the team in Gary and the innovative approach that they are taking to this process. Read more about it here.

Fourth Economy has been working with Rhode Island’s Polaris Manufacturing Extension Partnership for several years to design and launch the Innovation Center for Design and Manufacturing. As part of that, we helped to develop a Design Readiness Assessment to help manufacturer’s assess their capacity to use design to enhance innovation in their company. This month marked the 50th company who participated in the Design Readiness Assessment process.

Rich and Chris authored an article that was published in Green Building Alliance’s annual publication, Viride. The article is titled Social Change: Refinanced and discussed the potential of impact investing.

Rich spoke at the Inspire Speaker Series event focused on Social Impact and Investing. Fourth Economy is a multi-year sponsor of the Inspire Speaker Series, as it aligns well with our mission to bring together different groups to collaborate on community transformation. You can learn more and sign up HERE.

Fourth Economy hosted a Lunch and Learn with Majestic Lane, Deputy Chief of Neighborhood Empowerment for the City of Pittsburgh to learn about his involvement with PlaceLab and how that will influence “Ethical Redevelopment” in Pittsburgh.

The Franklin County Energy Study was released for public comment. The study provides a data-driven assessment of energy use and production across key sectors of the economy in order to establish a baseline and identify issues and opportunities.

November

The Lancaster Economic Development Company began its efforts to increase informed decision making in the region with two new reports from the Center for Regional Analysis prepared by Fourth Economy.  More than 400 regional leaders were on hand at the annual meeting to test their knowledge of the region and the role played by agriculture and manufacturing.

Fourth Economy and Palo Alto Partners worked together to support Just Harvest and Economic Development South in planning for a fresh foods market in Clairton, a community outside of Pittsburgh. Providing a need and opportunity assessment, market analysis, site and market feasibility study, and business planning, the team identified what it would take to transform the community’s vision for fresh foods into a reality. The report is being used by the community to make strategic decisions as the market comes closer to fruition.

We began working with Lawrenceville Corporation, a local community development organization, on their Community Land Trust (CLT). A CLT is a powerful tool that Lawrenceville Corporation is using to help preserve housing affordability in their neighborhood, and Fourth Economy is helping the CLT assess long-term financial planning options.

December

Jerry served as a member of the technical assistance team and the National League of Cities Equitable Economic Development Fellows on the Nashville site visit.

Jerry worked with a 14-member technical assistance for the National League of Cities Equitable Economic Development Fellowship to advise Nashville on strategies for affordable housing, economic inclusion and promoting urban manufacturing. Recommendations were delivered to Mayor Megan Barry and city staff on December 8.

 

Ready, Set, Survey…

Survey-Tailgate

As summer BBQs turn to fall tailgates, how often do you find that neighborly backyard burger flipping leads to discussions on how great your town is or how much better it could be.  Sure there is always room for improvement, but ever wonder how those opinions and impressions sync-up with the facts.  Sometimes we are too hard on our own community when it may really be doing quite well, while other times it is heading for a cliff that nobody seems to notice or care.  In either case, gaining a better understanding of how impressions align with the facts is a good starting point for long-term strategic planning. Continue reading “Ready, Set, Survey…”

Cultural diversity in the “fourth economy”

Diversity-Fourth-Economy

Building the “fourth economy” is all about combining traditional economic development tools with creative solutions to ever-evolving challenges.   The Fourth Economy Index is our framework for thinking about what sets communities and regions up for success: investment, talent, sustainability, place, and diversity.

Elements of these indicators came up again and again throughout three “21st Century Cities and Global Leadership” discussions at the recent Thrival Festival, focusing on questions like what might attract and retain talent in Pittsburgh and how to ensure that economic growth is sustainable.  And while diversity can mean many different things (and does as a metric in the Fourth Economy Index), one element of diversity that had an undeniable presence throughout the discussion was cultural diversity. Continue reading “Cultural diversity in the “fourth economy””

Fourth Economy Releases 2015 County-by-County Competitiveness Analysis for Pennsylvania

PA-County-Competitiveness-Analysis-FEC-IndexNew analysis highlights the economic competitiveness of counties across the Commonwealth.

HARRISBURG, PA – Fourth Economy Consulting today announced the release of the 2015 Pennsylvania County Competitive Analysis, an assessment of how counties across the Commonwealth are performing economically. At the core, the analysis is based on the company’s Fourth Economy Community Index, which examines both statistical and qualitative factors at the county-level across the U.S. within the economic factors of investment, talent, sustainability, place, and diversity. Continue reading “Fourth Economy Releases 2015 County-by-County Competitiveness Analysis for Pennsylvania”

National Fourth Economy Community Index Lists Top 10 Mega-Sized Counties for 2015

141204-FECIndexFourth Economy Consulting announces the latest release of its national community index, listing top counties from across the nation. The Fourth Economy Index highlights those communities ideally positioned to attract modern investment and managed economic growth within the fourth economy.

PITTSBURGH, PA – The latest release of the Fourth Economy Community Index (FEC Index, #FECIndex) was announced today listing the nation’s top ten mega-sized Fourth Economy Communities. These communities are recognized as the regions ideally positioned to attract modern investment and managed economic growth among all regions with a population greater than 500,000 people.
Continue reading “National Fourth Economy Community Index Lists Top 10 Mega-Sized Counties for 2015”

Three Lessons Learned in the Past Three Years

130909-Turning-ThreeWe are celebrating our 3rd corporate birthday this week and it provides an opportunity to reflect on what we’ve learned. First, the pace of economic and community development continues to quicken as major global shifts drive business and social planning. Three years ago we were all worrying about the long-term impacts of the great recession, as unemployment was 9.6% with little sign of an end. Today, in many sectors we are working on strategies to not just keep the domestic jobs growing but also to bring them back by ‘making it in America’. As we have been saying for the past three years, the economic and community development toolbox must expand to include new models of planning for place, new types of infrastructure, and most importantly the people in our communities. Continue reading “Three Lessons Learned in the Past Three Years”

The Best of the Top of the Greatest

Photo-Rustiq-TemplateFor economic and community developers, a new “best of” and “top places” ranking season is underway.  While it may not be as popular as basketball’s March Madness, there is no doubt that economic and community performance rankings attract a lot of attention. They are of great interest to the media, elected officials, the business community and residents at-large.

But rankings are only one part of a very complex economic performance story. Compounding their use and reliability is the fact that not all adopt the most rigorous, relevant or transparent methods.  And positive or negative scores do not impact all business investment decision-making in the same way.
Continue reading “The Best of the Top of the Greatest”

Fourth Economy Releases Economic Development Data Analysis & Assessment for Rhode Island

Economy-RI-cover

Today, Fourth Economy will be meeting with Rhode Island’s Governor Chafee, members of the legislature, and other stakeholders to discuss the findings of our Economic Development Data Analysis and Assessment. The report comes after two months working closely with the Rhode Island Economic Development Corporation, the Statewide Planning Program, and the Office of Regulatory Reform as part of a larger Sustainable Communities Regional Planning Grant. The report analyzes Rhode Island’s business climate, industry clusters, regulatory environment, financial resources, and marketing efforts. Continue reading “Fourth Economy Releases Economic Development Data Analysis & Assessment for Rhode Island”

National Fourth Economy Community Index Lists Top 10 Large-Sized Counties for 2013

Fourth Economy Consulting announces the latest release of its national community index, listing top counties from across the nation. The Fourth Economy Index highlights those communities ideally positioned to attract modern investment and managed economic growth within the fourth economy.

PITTSBURGH, PA – The latest release of the “Fourth Economy Community (FEC) Index” was announced today listing the nation’s top 10 large-sized Fourth Economy Communities. These communities are those ideally positioned to attract modern investment and managed economic growth.

The “fourth economy” characterizes the most recent phase of our nation’s economy, reflecting a combination of the previous three to include agrarian, industrial, and technological. This new index is intended to serve as a dashboard for community stakeholders to gauge their capacity to attract and retain modern investment.

“There has never been a more important time for economic and community developers to rethink how we measure economic success,” said Rich Overmoyer, CEO of Fourth Economy Consulting, the economic development firm that created the index in 2011.  “Recent articles in the New York Times and The Atlantic on the use of state incentives to lure big companies reinforces that an outdated model of economic development needs to be evolved to one that considers a broader set of community investment opportunities. The Fourth Economy Index is an attempt to highlight what makes stronger, economically viable communities,” Overmoyer added. Continue reading “National Fourth Economy Community Index Lists Top 10 Large-Sized Counties for 2013”

Fourth Economy’s Universe

Hello friends and colleagues,

We’ve been so busy that we skipped a month on our e-newsletter, I am sure you filled your time with other pursuits – I’ve seen many of you playing Words with Friends.

We wanted to take a bit of space in this newsletter to provide an update on Fourth Economy Consulting. We are on a steady growth pace since our launch in September 2010 and interest in working with us continues to reinforce that we have struck a chord. We are honored and at times humbled by the reception but please keep it going.

Continue reading “Fourth Economy’s Universe”