Remaking Economic Development

Posted by Content Coordinator on Friday, March 4th, 2016

BROOKINGS INSTITUTION
METROPOLITAN POLICY PROGRAM

The Markets and Civics of Continued Growth and Prosperity

The idea in brief

Brookings Institution - Connect PlaceThe lackluster U.S. economy is delivering a humbling lesson about economic development: Top-line growth doesn’t ensure bottom-line prosperity. The potential of economic development is to do what markets alone cannot do: influence growth through action and investments.

Leaders in cities and metro areas have an opportunity to remake economic development—to adopt a broader vision of economic development that can deliver continuous growth, prosperity, and inclusion in cities and metro areas. While some creative and committed leaders and organizations are embracing this version of economic development, it needs to be further scaled up.

This requires understanding the purpose of economic development and getting both the markets and civics right:

The goal: To put a regional economy on a trajectory of higher growth (growth) that increases the productivity of firms and workers (prosperity) and raises standards of living for all (inclusion), thus achieving deep prosperity—growth that is robust, shared, and enduring.

The markets: Industry clusters form the foundation of regional economies. Different industries concentrate in certain metro areas to access specialized local assets— innovation and entrepreneurship, other firms in traded sectors, skilled labor, infrastructure, and governance— that enable them to be productive and generate income from the sale of their products and services. Economic development should prioritize building strong business ecosystems for core industries, improving the productivity of firms and people, and facilitating trade— the market foundations from which growth, prosperity, and inclusion emerge.

The civics: To get the markets right requires good civics: the work to organize and implement strategies and initiatives that engage stakeholders and partners to achieve long-term goals. A data-driven economic narrative and sense of urgency, networked leadership with high capacity organizations for implementation, and engagement of diverse stakeholders and perspectives to ensure strategies are inclusive are all essential.

The idea in practice: Five action principles

  • Set the right goals—expand the scope and metrics of economic development to reflect a more foundational and holistic understanding of how to expand the economy and opportunity
  • Grow from within—prioritize established and emerging firms and industries, invest in the ecosystems of innovation, trade, talent, infrastructure, and governance to support globally competitive firms and enable small businesses to start and grow in the market
  • Boost trade—facilitate export growth and trade with other markets in the United States and abroad in ways that deepen regional industry specializations and bring in new income and investment
  • Invest in people and skills— incorporate skills development of workers as a priority for economic development and employers so that improving human capacities results in meaningful work and income gains
  • Connect place—catalyze economic place making and work at multiple geographic levels to connect local communities to regional jobs, housing, and opportunity

Download full version (PDF): Remaking Economic Development

About the Brookings Metropolitan Policy Program
www.brookings.edu/about/programs/metro
The Metropolitan Policy Program at Brookings is redefining the challenges facing metropolitan America and identifying assets and promoting innovative solutions to help communities grow in more productive, inclusive, and sustainable ways.

Tags: , ,

Comments are closed.

Follow InfraUSA on Twitter Facebook YouTube Flickr

CATEGORIES


Show us your infra! Show us your infra!

Video, stills and tales. Share images of the Infra in your community that demands attention. Post your ideas about national Infra issues. Go ahead. Show Us Your Infra!  Upload and instantly share your message.

Polls Polls

Is the administration moving fast enough on Infra issues? Are Americans prepared to pay more taxes for repairs? Should job creation be the guiding determination? Vote now!

Views

What do the experts think? This is where the nation's public policy organizations, trade associations and think tanks weigh in with analysis on Infra issues. Tell them what you think.  Ask questions.  Share a different view.

Blog

The Infra Blog offers cutting edge perspective on a broad spectrum of Infra topics. Frequent updates and provocative posts highlight hot button topics -- essential ingredients of a national Infra dialogue.


Dear Friends,

 

It is encouraging to finally see clear signs of federal action to support a comprehensive US infrastructure investment plan.

 

Now more than ever, our advocacy is needed to keep stakeholders informed and connected, and to hold politicians to their promises to finally fix our nation’s ailing infrastructure.

 

We have already engaged nearly 280,000 users, and hoping to add many more as interest continues to grow.

 

We require your support in order to rise to this occasion, to make the most of this opportunity. Please consider making a tax-deductible donation to InfrastructureUSA.org.

 

Steve Anderson

Managing Director

 

SteveAnderson@InfrastructureUSA.org

917-940-7125

InfrastructureUSA: Citizen Dialogue About Civil Infrastructure