Presentation to Medina County Econ Dev Council on trends in economic development

1. The Changing Business of
Dynamic Economic
Development
Mark Barbash
Economic Development Practitioner

2.  Emerging Trends in
Economic Development
 The new Ohio Economic
Development Paradigm
 Northeast Ohio
Sustainable Communities
Consortium

3. Emerging Trends in Economic
Development

4. Change being driven by….
 Globally competitive
economy
 Significant budget
reductions
 Jobless economic recovery
 Workforce skills gap

5. What’s changing?
 Rethinking economic
development organizations
 More players in the game
 Changing incentives to be
more focused and
performance based

6. What’s changing?
 Economic gardening as an
entrepreneurial approach
 Manufacturing reshoring
 Everyone is connected
 STEM education

7. Competitive Economic
Development Industry
 Web –enabled site selection
 Global competition - even
for small communities

8. The New Ohio Economic
Development Paradigm

9. Ohio’s New
Economic Development Approach
Ohio Department
of Development
• Attraction • Housing & Partnerships
• Site Selection • Job Ready Sites (JRS)
• International Business • Historic Pres Tax Credits
• Incentives • Ohio Third Frontier
• Loans/Grants • Energy Office
• Clean Ohio • Small & Minority Business
• Regional Partners • Loans/Grants

11. Creating a Long Term
Competitive Northeast Ohio
Coming together to create a
vibrant, sustainable and
competitive Northeast Ohio

13. NEOSCC Outcomes
Enable NEO universities
Enable local communities
and intermediaries to
to develop collaborative
provide better research &
solutions to the
a deeper bench of young
challenges they face.
professional talent.
Enable NEO to become
Enable MPOs and other more globally
critical actors to make competitive, nationally
more strategic decisions. attractive and socially
equitable.

14.  Funded by a highly competitive $4.25M federal grant from
the U.S. Department of Housing and Urban Development,
plus matching funds of $500,000 from the Fund for our
Economic Future
 12 county region including Ashtabula, Cuyahoga, Geauga,
Lake, Lorain, Mahoning, Medina, Portage, Summit, Stark,
Trumbull , Wayne
 23 public and private entities joining together
 Consortium members have pledged a total of $2.45
million in funds and in-kind match in the form of staff
time and operating expense contributions.

15.  LONG TERM STRATEGIC INVESTMENTS
 10 – 20 Years Investments
 Changing the Quality of the Assets
 Improved quality of assets including
people, place and knowledge
 STRATEGIC ADVANTAGE:
 Invest in interventions that improve
the quality of the region's assets
 Advocate to influence and innovate
public policy

16. Step One: Economic Analysis
Traditional Base – GRP Growth v. LQ
% Growth GRP 2010-2019
2010 Location Quotient
2006-2010
GRP Growth
>5%
Source: CSU Center for Economic Development; Moody’s economy.com <5% 16

17. Step Two: Identify Job Centers

18. Step Three: Strategic investment to
support business growth

19. Step Three: Strategic investment in
knowledge assets and quality of life

20. What does this all mean for
Medina County?

21. Are we prepared for the new
economic realities?

22. How do you see yourself?
Strategic Perspective
Tactical Opportunistic
Organized Delusion
Clueless Apathy
Hostile Waters

24. Questions, comments,
criticisms, arguments,
good jokes?
Thank you.