What Is Not Being Addressed that Will Kill Your Economic Development Strategy

BooksforBlogAt 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”

Big Visions Get Big Dollars in Indiana

IndianaBlogImageOn 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.
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Three Ingredients to Support Market Opportunities – Moving Beyond Industry Clusters

ProvidenceBlogImageFourth 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.
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Inspire Yes, But Act As Well

Coffee-Shop-1099Tis 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”

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…”

Trends in Town-Gown Collaboration

Trending-Town-GownToday’s economy elevates the value of higher education institutions to the highest degree of public awareness ever demonstrated. Higher education institutions impact their community in a host of very obvious ways, such as:

  • Supporting the development of 21st century talent armed with skills to drive modern business;
  • Employing a range of professionals in a sector often recognized as the largest in many small communities;
  • and Initiating research and development initiatives supporting the advancement of technology and improved economic performance.

These examples speak to the common ways nearly every institution engages. Yet, what does it mean for a campus to be truly connected to its community? Continue reading “Trends in Town-Gown Collaboration”

National Fourth Economy Community Index Lists Top Ten Large-Sized Counties

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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 edition of the Fourth Economy Community Index was announced today, recognizing the top ten large-sized Fourth Economy Communities. These communities—with populations between 150,000 and 499,999—were selected because they represent regions that are poised to achieve sustainable economic growth while attracting people and investment.


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Working as a Freelancer

Freelance-Worker-DeskMore Americans are becoming freelancers, and enjoying the freedom of working independently and making their own decisions. Various studies predict that over 40 percent of the American workforce will be freelancing by 2020. Freelancing is what the “American Dream” is all about for many people. Basically, anything you might consider doing in your own business, you can do on a freelance basis under your own name.  Freelancers can be asked to do just about any kind of work you could imagine with no expectation of a permanent or long-term relationship with a single employer. Continue reading “Working as a Freelancer”

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”

9 Themes Identified in Transformed Regional Cities

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After hundreds of hours speaking with the leaders of America’s transformed cities, analyzing data until our eyes crossed and summarizing all of our findings in an action oriented report, I am ready to provide you with the cliff notes. To summarize,  we found that there are nine key themes to consider if you are looking to transform your community.

But first… Continue reading “9 Themes Identified in Transformed Regional Cities”