A core principle at Fourth Economy is that economic development works best when it works at the intersection of environmental, social, and economic issues—a concept referred to as sustainable or triple bottom line economic development. A recent article published in Economic Development Quarterly by one of our Fourth Economy Pioneers gives some background into this concept.
Janet Hammer of The Collaboratory, the lead author of this research, notes that while traditional economic development delivers programs, policies, or activities designed to create or retain jobs and wealth, sustainable economic development does so in ways that also contribute to environmental, social, and economic well-being over time. This triple bottom line approach recognizes that economic development both influences and is influenced by a spectrum of factors like quality of life, fiscal health, resource stewardship, and resilience. Continue reading “Pioneering a New Approach to Economic Development”
While research and data can often predict trends in our economy, large, disruptive changes can have signifiant impacts on how we live our lives. The economy is changing rapidly, growing more interconnected and dynamic. Now more than every past trends do not indicate future performance. Unfortunately, the tools of economic analysis are much better at predicting stable patterns than at predicting significant inflection points and transitions. The data and methods of economics tells us about the past, so even when we do it well, it helps us to predict the stable patterns – it does not predict big disruptions like the housing collapse of 2008. In a recent webinar for the University Economic Development Association (UEDA), I discussed three areas of disruption that will have a major impact on most of our communities. 1) System Disruption, 2) Environmental Disruption, and 3) Cultural Disruption.
You can view the webinar here. This blog post is the first in a series that will explore how a specific community is preparing for one of these disruptions. Milwaukee has taken the issue of water head on. In 2009, a group of Milwaukee-area businesses, education and government leaders formed The Water Council as a 501(c)(3) organization with a mission of aligning the regional freshwater research community with water-related industries. The Water Council links global water technology companies, innovative water entrepreneurs, government, nonprofits, and researchers with a shared commitment to finding innovative solutions to critical global water issues.
Continue reading “Big Disruptions – Water”
On Tuesday, the Indiana Economic Development Corporation (IEDC) announced $126 million in state matching funds to support three regions in pursuing their visions for growth. The Regional Cities Initiative was developed based on a study of regions that have experienced transformational growth, performed last year by Fourth Economy, and is being funded by a tax amnesty program. Tuesday’s announcement was the culmination of months of planning on the part of Indiana’s regions, and Fourth Economy was fortunate enough to facilitate and advise on the strategy for two of the winning regions in those efforts – Northeast Indiana (home to Fort Wayne) and Michiana (home to South Bend). Here are a few lessons learned from our work helping multi-county, cross-sector partnerships identify and prioritize quality-of-life investments meant to attract and retain population.
Continue reading “Big Visions Get Big Dollars in Indiana”
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”
We are asking corporate real estate managers, location consultants and economic developers to identify how air quality affects location decisions.
As an incentive, all respondents completing this short survey will have an opportunity to win a $200 prepaid Visa card. All respondents will also have access to the final results.
We appreciate you taking 10-15 minutes to complete the survey by Monday, October 17, 2015. Results will be used in summary form only in order to protect confidentiality. Continue reading “Survey: Environmental Factors and Site Selection”
Many state governments have devoted a great deal of resources over the past decade to mitigating and responding to climate change through energy and urban planning related efforts. Planners and energy experts are fluent in the language of sustainability, adaptation, resiliency, and mitigation. But ask an economic development official what climate change means to them and it’s possible that they can barely utter the word. Many in the business community have feared that climate change will simply mean more costly equipment upgrades to reduce greenhouse gas emissions. In too many communities, time is still spent debating the veracity of climate science instead of recognizing the impacts already occurring. Economic development officials have a responsibility to help businesses understand the greater implications of climate change – how they can protect themselves from the effects of climate change; how they could develop new products or services in response to climate change; and how they should prepare themselves to recover from climate-related events. Continue reading “Preparing your Local Economy for Climate Change”
I received my Master’s in Urban Planning with a focus on Community Development. I learned a lot about how to design “great places” as the American Planning Association calls them. Characteristics of a Great Neighborhood include… Continue reading “Economic Development: What I Didn’t Learn in Planning School”
As I’m getting settled in at my new position at Fourth Economy, I have been thinking about how I can blend my experiences into the team’s current projects and approaches. I have known some of the Fourth Economy team for many years, and I’m certainly someone who has promoted and supported their brand of progressive innovative growth strategies / economic development, and regional development. At the same time, I’m someone who has worked for many years promoting the strategic value that sustainability principles (triple bottom line) bring to companies, organizations and collaborative initiatives. So, I’ve been thinking about the sustainability side of the fourth economy and the organizations we’ll find there. Continue reading “Fourth Economy Organizations”
For 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”