By Chris Ellis and Sara Blumenstein
At Fourth Economy, we are interested in—and experts in—a new generation of funding mechanisms that are enabling the expansion of interventions with proven results. (See these posts from last year introducing Social Impact Bonds and Three Questions to ask to demonstrate impact.)
The key stakeholders involved in a Pay for Success transaction
A great American poet once said, “For the times they are a-changing.” That is especially true today in our economy. Underneath the radar of the rhetoric and public spotlight, the changes in the economy are generating a ripple effect for how industries and people use land. Land use is not a topic that is top of mind for most people, but a few local governments are waking up to the reality that a number of forces are beginning to change the need for land, and ultimately its value. Local governments care deeply about land use, or they should, because the value of land translates into the property tax revenues they need to maintain the community. Continue reading “New Economics of Land Use”
As part of our work in our hometown of Pittsburgh, we have been digging into all of the plans that have been created over the past five years or so. So far, we’ve found around two-dozen plans, reports, or studies on all manner of community, workforce, and economic development topics. Of those, about five have well-articulated goals, actions, responsible parties, though the form and detail of those components varies from plan to plan. And even with detailed actions, the degree to which those plans are being implemented varies a great deal. Our experience in Pittsburgh is not unique – we see the same trend in the other places that we work. So why is it, that despite our best wishes and intentions, it is so hard to create actionable plans? Continue reading “The Challenge of Creating Actionable Plans”
Defense Department budgets are in flux. Factors such as the Budget Control Act, reductions or shifts in spending related to the drawdowns in Iraq and Afghanistan and responses to future threats could all create significant economic disruptions for Pennsylvania’s defense industry sectors and the regions they call home. The state’s defense industry leaders and the communities that support them cannot afford to risk being caught unprepared by waiting for news of budget changes and then reacting to them. Instead, it is imperative that the sector understands potential risks and prepares for them proactively. Continue reading “PA Standing at the Ready: Creating Proactive Strategies for Potential Changes in Defense Spending”
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…”
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””
Across the country, communities are beginning to understand the economic value of developing trails. Though trail advocates and economic development organizations still often speak different languages, they are beginning to speak a shared language of talent attraction, tourism, and business development.
Different types of trails offer different economic opportunities. Continue reading “Increasing the Economic Impact of Trails”