Knowledge is not an excludable good.
I have been thinking a lot lately about what drives economic growth and who shares in it. There are a lot of explanations out there, and I expect that we will hear a lot more theories about uneven growth in the months and years to come.
Thinking about what powers our economic growth, education exerts an increasing influence on the distribution of benefits (Figure 1). Earnings are higher and unemployment is lower as the level of individual educational attainment increases. Continue reading “Education and Growth”
At this point I think we are all familiar with the struggles facing Detroit Public Schools, at least on the surface: mushrooms growing in schools, teacher strikes, financial crisis. However, as detailed by this incredibly thorough and thoughtful report by LOVELAND Technologies, 200 years worth of poor decision-making led Detroit to where it is today. This speaks to the need for a new approach to public accountability in our education system. Recognizing the critical role of public education to economic development, in Nashville, it has been the Chamber that has been stepping up to provide that platform for accountability by conducting annual holistic assessments and concrete recommendations for improvement. Continue reading “What Is Not Being Addressed that Will Kill Your Economic Development Strategy”
Fourth Economy recently concluded a Cluster Development Strategy project for the City Council of Providence, RI. The analysis, conversations and excitement that was demonstrated during the process underscores the need to think beyond traditional Industry Clusters and be open to identifying emerging sectors that may still require definition.
The City of Providence is an example of many communities throughout the country, especially in the Midwest, Northeast and New England, where economies that once were led by industrial dominance are still searching for the right mix of legacy and emerging businesses and organizations to regain strength. While finding an easy strategy to replicate in these communities remains elusive if not impossible, I offer 3 ingredients that must exist in order to advance an approach that embraces Market Opportunities.
Continue reading “Three Ingredients to Support Market Opportunities – Moving Beyond Industry Clusters”
I think that few among our readers would argue that fostering an innovative K-12 education ecosystem plays a critical role in economic development. Employers and economic development officials from any industry will tell you that the critical skills for a modern workforce begin at the K-12 level. They will also tell you that attracting and retaining their current workforce means creating a community in which employees want to live, and education is a major factor in creating livable communities. However, influencing K-12 education to ensure that it’s creating an intelligent and creative next generation workforce often feels like an overwhelming challenge given the systemic barriers. Continue reading “Education Innovation”
Comeback City. Best Place to Live. Best to Visit…It’s a good feeling when your hometown receives so much attention. Living in Pittsburgh inspires a sense of pride and as I travel around the country, I am always happy to tell people about the highlights of our region’s transformation. That travel though has also opened my eyes to the fact that we are not doing enough to retain those titles. There are issues in our community, our economy and our civic and social infrastructure that must be addressed if we want to wear the badge of pride into the next decade. Continue reading “Pittsburgh’s Next Opportunity”
Colleges and universities are a critical driver for regional and national development. They are critical to the well being of our nation and the communities that they serve, as much as these institutions depend on vibrant communities and a strong nation for their own success. Deregulation of banks and utilities have weakened the traditional economic development partnership, leaving colleges and universities as the one viable partner that shares and shapes community goals. Colleges and universities have been strong job creators, adding more than 341,000 jobs in the last ten years. Continue reading “The University Economic Engine”
Last week, college students- freshmen through PhDs- embarked on yet another semester of working toward graduation. But to what end? How will they benefit from a college degree? Simultaneously, how will our economy benefit from having college graduates in the workforce? Economically, the question of why individuals choose specific skill sets is important to ask when considering workforce development and economic growth in a region. Employers demand certain skill sets for the jobs they are trying to fill and college graduates need jobs to pay for their mounting student loans. Despite the lower unemployment rates among college graduates, there remains a mismatch between what job skills employers need and what students “want” to select as majors. Employers remain desperate and scrambling for individuals with the skill sets needed to fill job openings and allow employers to grow their businesses. Continue reading “This is What I Have Always Wanted To Do: On The Economy, Jobs, and Student College Majors”
Fourth Economy has been providing management and development services to the University Economic Development Association (UEDA) for more than a year now. Last month more than thirty UEDA members and Board convened in Washington D.C. to discuss the Association’s operational plan and provide updates on each of the committees’ action items. “A special thanks to all of those who were able to attend the UEDA Spring meeting,” said UEDA President Chuck Shoopman. “We learned from our presenters and each other while making good progress with face-to-face committee meetings. The energy in the room was positive and productive,” Shoopman added.
Continue reading “Connecting Town and Gown through the University Economic Development Association (UEDA)”
Many traditional approaches and methods for economic development are failing to keep up with the changing nature of job creation and investment in our communities. We submit that even those traditional measures, jobs and investment totals, that have been sacrosanct for the last 50 years, are losing relevancy. Why? Here are four key observations that are creating the urgency to rethink traditional economic models, tools and measures. Continue reading “Rethinking the Same Old: 4 Trends Shaping New Economic Development Models”
Living Buildings as Regional Hubs for Sustainable Redevelopment
Imagine buildings that are able to produce all of the energy they need using renewable sources such as wind or solar, that capture and treat all of the water needed for building occupants and systems, eliminating the need for water or sewage treatment infrastructure. Mounting evidence suggests that buildings of the future must look like this to secure a sustainable future. The Living Building Challenge (LBC) is leading the charge by requiring these attributes of projects that are seeking its prominent certification. And as cities and towns transition to green building and sustainable living, we look to Living Buildings for inspiration. Continue reading “Cities Coming to Life”