Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis
The Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis report was prepared for the University of Pittsburgh with financial support from the Richard King Mellon Foundation and Hillman Family Foundation.
Fourth Economy Consulting conducted the analysis and report development in partnership with Warner Advisors during the summer of 2016. This report is meant to inform key Pittsburgh regional stakeholders about the assets and opportunities that exist in the life sciences industry sector and highlight areas of future focus. Read more from the Pittsburgh Post-Gazette here. The complete report is available here.
The answer is Higher Eds use economic and social impact studies for a lot of different reasons. Underlying is the desire to showcase their good work and demonstrate the value their work creates. And they want to communicate that value in terms that will resonate with internal and external audiences. Audiences may include: public officials, policy makers, community residents, investors, and Higher Ed faculty, staff, students and alumni. Economic and social impact studies help Higher Eds compete for state funding, maintain their tax-exempt status, help defend against criticism and help increase fund-raising. Continue reading “Higher Eds use Economic Impact Studies for what?!”
6 Key Priorities Shape the Economic Development Agenda
Regional industry, especially homegrown industry, must be an integral stakeholder in the development of strong and effective regional economic development partnerships. It cannot be said enough. This was emphasized once again in Fourth Economy’s recent engagement with our friends from the Red River Valley in North Dakota and Minnesota.
By far the Valley Prosperity Partnership (VPP) is one of the strongest industry-led efforts we have seen, both in terms of time and money. In addition to industry, it included two of the region’s regional economic development organizations and, oh yeah, two states. For those who have worked in regional efforts like this, you know it is no small task. Continue reading “Fourth Economy Helps Launch North Dakota-Minnesota Regional Action Plan”
As chairperson of the Workforce Development, Jobs, and Human Capital Subcommittee of the Economic Development Transition Team assembled by our new Mayor, Bill Peduto, I had the opportunity to meet with some of the high-level leaders driving workforce development in Pittsburgh and Allegheny County. While our short time frame prevented me from interviewing all the persons of interest, executives at UPMC, the Allegheny Conference, TechShop, the Urban League of Greater Pittsburgh, the Coro Center for Civic Leadership, the Workforce Investment Board, the Youth Policy Council, the Small Business Development Center at Pitt, the New App for Making it in America, and others were able to make time to meet with members of our sub-committee on extremely short notice. Beyond the executive level input we received from the community, our subcommittee was highly qualified to make recommendations to the administration on the merit of our own qualifications. We were made up of small business owners, consultants, labor union executives, student researchers, and native Pittsburghers. From my experiences interacting with this collection of experts, three segments of workforce development opportunities emerged that are dominating the market today and into Pittsburgh’s future. Continue reading “Makers, Starters, and Youngsters – The Evolution of Pittsburgh’s Workforce Development”
Universities make huge contributions to the US economy annually. However, understanding and communicating those contributions is not always realized nor easily demonstrated. Over the years, I’ve conducted multiple economic impact studies and helped many universities understand and communicate their economic impact results. However, not all universities have completed an external economic impact study or been afforded the opportunity to learn about avenues to communicate their economic impact. And as an impact analyst I’m always interested in learning about new ways to help universities more effectively assess, utilize and communicate their economic impact. Continue reading “Trends in Economic Impact”
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”
It seems to be college and university season in the Fourth Economy Consulting offices. We have recently welcomed two new staffers to our team with strong roots in working with higher education. In the past few weeks Ali Mabel joined our team as Director of Innovation Strategies. Ali comes to us by way of the University of Illinois where she was Program Coordinator at the Research Park. Prior to that she managed client engagements for Ernst and Young supporting finance and supply chain processes. This mix of private and university experience is a terrific fit with the rest of the team’s skill sets.
Shortly before that Susan Fisher joined us as a Research Analyst and brings to our team her expertise in linear cash flow analysis and her extensive experience conducting complex quantitative and qualitative research, analysis and reporting to health care and higher education projects. Susan adds a depth to our research capabilities that we were looking for and now makes our research capabilities unrivaled in our market. Continue reading “School Days in the Fourth Economy”
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”
Effectively engaging higher education resources for community is economic development is critical to success in the fourth economy. Earlier this year, the Fourth Economy team was hired by the University Economic Development Association (UEDA) to help the organization advance its strategic mission – a mission to leverage higher education and enhance our national competitiveness.
UEDA announced its 2012 Awards of Excellence winners during its Annual Summit held this October in Chattanooga, Tennessee. The Awards of Excellence Program recognizes UEDA members who are transforming their campuses into engines of economic prosperity through leading edge initiatives in five categories: 1) Community Connected Campus: initiatives that promote the physical development of quality connected campuses and their surrounding communities; 2) Research and Analysis: initiatives that enhance the capacity of colleges and universities to provide new forms of research and tools for community, economic and workforce development practitioners; 3) Leadership and Collaboration: initiatives that support the development of collaborative economic development strategies and the leaders required to implement them; 4) Innovation and Entrepreneurship: initiatives designed to support startups, high-growth companies and clusters within a region; and 5) Talent Development: initiatives that promote the development of 21st-century skills. Continue reading “Best Practices for the Fourth Economy – University Economic Development Association (UEDA) Announces 2012 Awards of Excellence Winners”
By now we all know that talent, innovation and quality place-based strategies are at the heart of the fourth economy. Earlier this year, the Fourth Economy team was hired by the University Economic Development Association (UEDA) to help the organization advance its strategic mission – a mission to leverage higher education and enhance our national competitiveness.
Our first year efforts culminated in one of the largest Annual Summit’s since the organization’s founding. More than 175 delegates convened in Chattanooga, Tennessee in October for the three-day conference.
“There has never been a more important time for this delegation to convene than now,” said William Michalerya, UEDA President. “In the next few weeks, there will be a national election and regardless of the outcome, there will be a renewed discussion and interest in how best our Country should leverage its innovation assets and make key investments in those resources,” Michalerya added. Continue reading “Fourth Economy Helps Advance University Economic Development Association (UEDA) Mission and Impact”