We see the Fourth Economy Community Index as a starting point for communities, providing a baseline to help understand where they are doing well and see where there is room for improvement.
We envision using the information:
- When developing an RFP to create specific strategies to improve your community
- To lead community discussions about areas of relative strength and weakness
- To inform presentations to stakeholders about the state of your community
- To compare your community to top ten communities of the same size
The Index model incorporates twenty different indicators in the areas of Investment, Talent, Sustainability, Place, and Diversity. While we know there is no single recipe for economic success, we also know that these five areas are critical ingredients in vibrant communities everywhere.
What do we mean by each of these?
- Investment: active businesses, access to capital, and investment in physical infrastructure
- Talent: a growing workforce with education and job skills, equipped to excel in high-wage opportunities
- Sustainability: transportation, land use, and environmental conditions that promote healthier lifestyles and a healthier planet
- Place: affordable housing and transportation options that provide access to recreational and cultural amenities
- Diversity: personal and professional interaction across lines of race/ethnicity, age, and wealth
Top 10 Mid-Sized Counties in the US (50K – 150K)
- Minnehaha County, SD (Sioux Falls)
Minnehaha County, South Dakota, has strengths in Place, Investment, and Talent, and has experienced a whopping 8% growth in population over the past five years. Along with the increase in the population of Minnehaha and the Sioux Falls area, the county also has a robust business community and has seen increasing development to meet demand, as illustrated by the blossoming communities around Sioux Falls.
- Platte County, MO
Home to Kansas City International Airport, Platte County, MO specializes in Management of Companies & Enterprises; Transportation & Warehousing; and Information industries. The county scores above average across all measures and in the top ten percent for place and talent. With top educational systems, significant investment in recreational amenities, and a strong workforce, the small communities found in Platte County appeal to those seeking a small town feel.
- Tompkins County, NY (Ithaca)
Tompkins County, NY, (home to Ithaca’s Cornell University) offers a supportive environment for entrepreneurship and business development. The county offers revolving loan funds to projects that cannot be financed by conventional sources and tourism capital grants to support capital projects at tourism destinations in the county. These focus areas, matched by top ten percent scores in sustainability and place, give Tompkins County a spot on our top ten list.
- Albemarle County, VA
Albemarle County surrounds Charlottesville and scores highly across all categories, with an especially high score in talent. The score in talent is aided by the quality public school system as well as post-secondary opportunities that include the University of Virginia and Piedmont Virginia Community College. An abundance of cultural, historical, and leisure opportunities make Albemarle County a place that people want to live, work, and play.
- Orange County, NC (Chapel Hill)
Part of the Research Triangle, Chapel Hill is home to the University of North Carolina. With above average scores across all categories, Chapel Hill scores highest in talent. Recent economic development targets include output of Medical School, Pharmacy School (and research), Applied Sciences and Technology. A main component of the area’s economic strategy is strengthening the connection “between town and gown.”
- Kauai County, HI
Located in a beautiful island setting, Kauai County, Hawaii, ranks in the top 10 percent in diversity and investment. The mission of the county’s office of economic development is, in partnership with the community, to create economic opportunities towards the development of a healthy, stable and balanced economy for the residents. Above average scores in talent, place, and sustainability round out Kauai County’s overall success in the Index model.
- Burleigh County, ND (Bismarck)
Bismarck—the capital of North Dakota—ranks highly in investment, talent, and place. Bismarck has become one of the fastest-growing small cities in the United States. The city is the economic hub of North Dakota, with high levels of employment in state government, healthcare, and professional service industries.
- La Plata County, CO (Durango)
Tucked away in the San Juan Mountains, Durango and La Plata County rank top ten percent in place. Main Avenue in Downtown is a Nationally Registered Historic District that cuts through downtown Durango and is home to galleries, boutiques, restaurants, bars, and other businesses. The Animas river runs through downtown and provides residents and visitors with recreation opportunities. The area has a reputation as a small-business incubator and prides itself on economic growth through attracting entrepreneurs and small businesses.
- Gallatin County, MT (Bozeman)
Bozeman and surrounding Gallatin County rank second among mid-sized counties by scoring in the top ten percent of investment, talent, and place. Adjacent to Yellowstone National Park, Bozeman is a favorite of travelers and locals for its quality of life, scenery, and nearby recreation.
- Dallas County, IA
Outside of Des Moines, IA, Dallas County makes the top mid-sized spot for its excellent scores in place, investment, and talent. The county is the fastest growing in Iowa. The Greater Dallas County Development Alliance is a strong organization that advances the positive impact on economic, social, and environmental aspects of the region. Finance, education, sustainability, membership, and marketing committees take a holistic approach to protecting and enhancing economic, social, and environmental resources.
It’s All About the Distance. Or is It?
Sure, power contributes to your ability to hit a home run, but it’s also the mechanics of how you swing that can take the ball farther. Many community and economic development initiatives throw a lot of money (power) at an issue without an understanding of the underlying issues and opportunities. A better approach is to use community input combined with real-time data to better understand the current local mechanics and what forms of investment (money and time) it will take to support change. Continue reading “5 Lessons From the MLB All-Star Game for Economic Opportunity Pursuits”
City governments have experienced increasing financial strain over the past several decades – pension payments are coming due, infrastructure needs replacing, and the cost of providing social services is increasing. This leaves little room for local governments to get on the social finance innovation train that has been sweeping the private sector for the past few decades, where bright minds have been exploring social enterprise, low-profit limited liability companies, impact investment, and more. However, many have recognized the importance of bridging the gap between private sector innovation and government, leading to organizations across the sectors investing time and money devising ideas that may fill this void. Continue reading “How the Private Sector is Paying for Public Innovation”
To many Americans, Canada is our friendly neighbor to the north, known for an affable attitude, a passion for pucks and a penchant for strong beer. What is perhaps less known is how critical trade with Canada is to the economy of the United States. Consider:
- Nearly 9 million U.S. jobs depend on trade and investment with Canada
- Canada is the top export destination for 35 states
- Canada is the number one supplier of crude oil, refined petroleum products, natural gas,
and electricity to the U.S. as well as a
leading supplier of uranium
- 400,000 people cross the Canada–U.S. border daily
Tis the season for annual conferences – that chance each year for trade groups to tout their accomplishments and relevancy. The Fourth Economy team attended our fair share. What we find scary is that while the workshops and keynotes are conveying the seismic changes occurring in our economy, change on the street, in our communities and programs, appear to keep on keeping on as if it were, oh say, 1999. Many of the metrics for growth we heard remain focused on absolute land development, job creation (regardless of type and cost) and more office space. Continue reading “Inspire Yes, But Act As Well”
The Pennsylvania Chapter of the American Planning Association recognized Fourth Economy Consulting with a “Planning Excellence” award for its contributions in developing a Targeted Development Strategy for the Pittsburgh neighborhood of Upper Lawrenceville. The consulting team helped the community craft a neighborhood identity and a series of principles guiding future development to achieve the community’s long-term livability goals. Continue reading “APA Pennsylvania Chapter Recognizes Fourth Economy Team”
Fourth Economy Consulting has turned five and has topped over 200 client engagements in that short period. And by engagements, I mean that we have had the great fortune to partner with community leaders all over the country as they work to strengthen their organizations and communities. This experience has provided me with yes you guessed it, five notable trends that I wanted to share with you. Continue reading “Which Trend is Your Community Experiencing?”
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…”
By Joanna Nadeau, Director of Community Programs
For better or worse, many towns and cities are experiencing new economic realities. Around the country, communities that historically depended on manufacturing or farming for jobs are suffering, as those sectors continue a long term decline. Fourth Economy and Audubon International have a shared interest in assisting cities and local governments in addressing the challenges they face through sustainable solutions.
To be sustainable, a local economy must be two things: 1) diverse—that is, based on a wide range of profitable sectors—and 2) making the most of natural assets while protecting them for the future. Continue reading “New Economic Realities for Communities Mean New (and More Sustainable) Approaches”
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””