What Are Creative Places?

Here is what Partners for Livable Communities has to say about creative communities:

The New Economy
Creative Places are preparing for the new economy by embracing technology, revaluating urban assets for the betterment of the community, and staying abreast of change that is taking place globally.

City Center
Creative Places have downtowns that have developed into a second living room and gathering place for all people from the region.

Housing
Creative Places attract and retain residents, workers, and businesses by offering an array of affordable housing options, valuable live/work opportunities, and successful community programs that encourage investment in certain areas of the city.

Regionalism
Creative Places are not divided into local jurisdictions, but instead cooperate with surrounding areas and suburbs to finance and support regional projects that benefit all residents.

Tourism
Creative Places are successful tourist destinations with amenities and attractions that appeal to visitors but also benefit the community’s residents, businesses, and infrastructure.

Leadership
Creative Places are cultivated and supported by community leaders who dedicate themselves to improving the quality of life for all residents through activities and programs born out of innovation, collaboration, and foresight.

Neighborhoods
Creative Places create neighborhoods with strong residential, retail and cultural components that appeal to every person young and old.

Environment
Creative Places maintain high environmental quality through effective land-use and transportation strategies that encourage sustainable development and help to “green” the city.

Human Development
Creative Places develop and sustain innovative assistance programs that benefit every resident while improving current institutions and adapting policy to create the “Good Life for All.”

Finance
Creative Places are successful as a result of creative financing that partners local government with private sector leaders or community organizations that are committed to investing in the creative economy.

Here for more.

World Business Council for Sustainable Development

Looking for some interesting ideas on how to develop more sustainably? Check this out.

The World Business Council for Sustainable Development (WBCSD) is a coalition of 170 international companies united by a shared commitment to sustainable development via the three pillars of economic growth, ecological balance and social progress.

Our members are drawn from more than 35 countries and 20 major industrial sectors. We also benefit from a global network of 45 national and regional business councils and partner organizations located in 40 countries, involving some 1,000 business leaders globally.

The WBCSD's activities reflect our belief that the pursuit of sustainable development is good for business and business is good for sustainable development.

The Council's mission is to provide business leadership as a catalyst for change toward sustainable development, and to promote the role of eco-efficiency, innovation and corporate social responsibility.

Here for more.

Regional Thinking in Pittsburgh

Several folks in the Pittsburgh area are hoping that more true regional thinking prevails in the city and across the region.Here for more

Innovation and Corporate Growth

Fortune Magazine has an excellent article on the role of innovation in transforming the American corporation in the last 50 years. It is a fascinating read for any economic developer working to create the companies of the future using innovation-based strategies. Click here and read all about it. This is a good one.

Oil Prices and the Economy

Turmoil in the Middle East is once again helping to unsettle the market for oil and testing nerves in central banks and economics ministries. The benchmark price of crude subsided a little from the high it touched on May 17th, but at around $40 a barrel on May 20th, oil is still dear enough to make economic policy much more complicated than anybody except OPEC would have wished during the next few months.

It is true that even at $40 a barrel, oil is still far cheaper in real terms than it was during the spikes of the 1970s. But don't relax too much: oil caused a worldwide slump back then, let's not forget. At the current price, oil may be incapable of causing mass unemployment, double-digit inflation, extraordinary political turmoil and losses of global economic welfare on a scale hitherto associated with total war—but just how reassuring is that? If oil is only $10 a barrel higher than it would otherwise have been, and stays there a while, prices in general will rise, output and incomes will be reduced, and unemployment, at least for a while, will be raised. That vicious combination of higher inflation and lower growth—stagflation, to recall a term from the 1970s—is about the worst scenario an economic policy-maker can contemplate. Economies may not be as exquisitely sensitive to oil as they were 30 years ago, but make no mistake, oil still matters (see article).

We should keep the oil issue in mind as we factor assumptions into our future economic growth plans.

Here for more.

Japanese Banks May Be Bouncing Back

In case you have not noticed, some of the Japanese banks are showing signs of recovery. This is good news for economic development. This may be a good time to renew your ties with these banks in working to attract Japanese businesses to your area. Here to read more.

Most Viewed Companies in Cleveland, Ohio

Hoover's provides various types of business and industry information to users worldwide. You may find it interesting to browse their lists of the most viewed companies and institutions in 25 major metro areas. Here is the top 25 list for Greater Cleveland.

AmericanGreetings.com, Inc.
The Sherwin-Williams Company
Parker Hannifin Corporation
American Greetings Corporation
Eaton Corporation
Rock and Roll Hall of Fame and Museum
National City Corporation
KeyCorp
Alcan Inc. (US Headquarters)
The Progressive Corporation
IMG
The Scott Fetzer Company
The Cleveland Clinic Foundation
Ohio Savings Bank, F.S.B.
Applied Industrial Technologies, Inc.
MTD Products Inc.
Charter One Financial, Inc.
University Hospitals of Cleveland
Moen Incorporated
Ferro Corporation
McDonald Investments, Inc.
The Lubrizol Corporation
Invacare Corporation
Noveon International, Inc.
Case Western Reserve University

Click here to learn more.

Ideas Underlie Successful Businesses

Five Ideas To Watch
From Inc.com

1. The Caffeine Patch
Too busy to make a Starbucks run? Not to worry. A new product from London-based Anatomicals delivers caffeine through the skin à la the familiar nicotine patch. The big difference: These adhesive strips are not meant to break any habit. A test at Inc.'s headquarters produced one really wired editor.

2. Virtual Haggling
Getting two sides in a lawsuit to settle is rarely easy. So can it be automated? A company called Cybersettle has created Web-based software that helps two parties bring their positions into sync. New York City recently signed a deal with the company to resolve lawsuits and claims using the software. Once the city's settlement proposal and a claimant's demand overlap, the system notifies them of the deal, which could be finalized within minutes. CEO Charles Brofman could branch beyond legal work eventually: "Any time a number settles an issue, this application works."

3. G'bye Sore Muscles
Ribose, a dietary ingredient used by heart patients, is increasingly popular among the makers of energy supplement drinks like SoBe Adrenaline Rush. A small Minnesota biotech called Bioenergy provides the sugar for drink products. By stimulating the production of the compound ATP, ribose gives muscle cells more energy. A study conducted at the University of Nebraska showed that bodybuilders who used it could perform more bench presses. SoBe parent PepsiCo has talked to Bioenergy about adding ribose to more of its drinks.

4. A Better Bag for Carting Your Clubs
The big hit at this year's PGA merchandise expo was a new golf bag called the "shling" from maker Ogio. Its molded plastic yoke, backed with thick foam padding, wraps around the shoulders and attaches to golf bags in one of two places. Distributing the weight evenly allows duffers to stand upright. The golf bag, which hits stores this month, costs $229. Nongolfers can also benefit from the patent-pending design: Ogio is producing a laptop case using the same shling technology. It retails for $149.

5. Taming Phone Rage
Tired of being left on hold? New software will gauge which callers are pissed off by listening to their mutterings and sighs. The system transfers the most pissed to an operator, by analyzing variables such as voice intonation and speech patterns. Its inventor, University of Southern California professor Shrikanth Narayanan, expects to bring it to market by 2006

Research Triangle Park History

Several areas have worked to emulate the success of the Research Triangle Park (RTP)in North Carolina.

You may find the history of the RTP to be some excellent background reading if your area hopes to replicate what has been accomplished there.

Go here.

Offshoring and Jobs

Here is an interesting read on offshoring and jobs.

"Once we acknowledge the problem of a slow, jobless recovery, we must assess its cause and, even more important, its solution.

That companies are offshoring work at a growing rate is certainly true. That offshore outsourcing, which began decades ago in manufacturing, is now expanding to include some of the most highly skilled jobs we have is also true. And that these jobs are gone and will never come back may be true, too.

However, that the causes are misguidedness, short-sightedness or even evil business leaders is not true. And that the solution is to stop the practice is even less true.

We are certainly in a period in which America's trust in its business leaders is at a real low. The simple truth is that offshoring is not the result of a few Benedict Arnolds.

It's hard to watch images of highly paid executives getting taken away in handcuffs and not feel betrayed. But to extrapolate from that and elevate offshoring to the level of treason is wrong.

Yes, offshoring does involve taking advantage of "cheap foreign labor." But let's be fair. Americans love cheap. Wal-Mart Stores, the largest U.S. company, is famous for its low prices. Customers love Wal-Mart. That Wal-Mart is, all on its own, one of China's top trading partners doesn't slow down the American appetite for what the mega-retailer does or how it does it. Does this make Wal-Mart bad? Of course not. In fact, Wal-Mart just topped Fortune's list of America's most-admired companies.

As consumers, we demand the lowest possible price and the highest possible quality. If an American company can't deliver it--sorry; we'll buy from whoever can, American or not."

More here.

Arizona Latino Workforce Study Underway

Latinos comprise an ever-increasing proportion of Arizona's population. The expanding Latino population represents a great asset as do the African-American and American Indian populations, but concerns have been raised about the implications of today's comparatively low levels of academic achievement and high drop out rates among these Arizonans. Many state leaders have called for new education initiatives for school-age Latinos. However, little has been done to see how workforce and adult education programs, which are intended to increase adults' job-related and language skills, are affecting Arizona's Latino workforce and other minority group workers.

On behalf of the Governor's Arizona Council on Workforce Policy, the Phoenix-based Morrison Institute is:

-Describing the adult Latino and other minority workforces in Arizona today, their labor force status, and issues specific to them as workers.

-Investigating the extent to which workforce development programs are, or are not, helping these workers to acquire and upgrade their skills.

-Researching English Speakers of Other Languages programs and whether there is a gap between supply and demand for instruction in "vocational" English.

-Profiling effective upgrading programs for similar workers in comparable locales across the country.

More here.

Maricopa County Art Report

The Maricopa Regional Arts and Culture Task Force (Phoenix, AZ) released the report Vibrant Culture – Thriving Economy.

Vibrant Culture illustrates the benefits other regions accrue from strong investments in arts and culture and identifies how the Valley must take dramatic steps forward to succeed in the competitive new economy environment.

A link to the summary of the report is available on The Flinn Foundation's website. The full report will be available after June 1.

This is a good one!

Journal of Business Venturing: A Good One to Watch

The Journal of Business Venturing provides a forum for the dissemination of superior empirical, and rigorously developed theoretical findings that advance our knowledge in four key areas: entrepreneurship, new business development, industry evolution, and technology management.

In addition to manuscripts submitted by leading scholars and practitioners to a double-blind referee process, the journal also publishes in its Executive Forum column invited papers by selected authors with a topic of special concern. In the interest of forwarding international research in the field, the journal also features and annual international issue devoted solely to non-U.S. authors or topics.

Herefor more.

Impact of a Chinese Economic Slowdown

A fascinating drama is about to be played out in the world's biggest country. China's economy is growing too fast for comfort, and the country's leaders know it. In recent weeks they have promised forceful measures to cool things down, but it is not clear what they will or can do. Rumours are rife that China's central bank may raise interest rates for the first time in nine years.

The authorities have tried to restrain investment, prices and lending through administrative fiat. The challenge facing them would be difficult for policymakers anywhere: to slow the economy enough to ensure sustainable growth, but not so much as to cause a damaging crash, the much-feared hard landing. But the task of China's policymakers is doubly difficult because they have far fewer tools at their disposal than their counterparts in developed countries (see article). Thousands of state-owned firms, as well as the banking system, do not respond much to pricing signals or interest rates. It is not only 1.2 billion Chinese who should hope that their leaders succeed despite these handicaps. The rest of the world also now has a huge stake in China's continued economic health.

During the past three years China has accounted for one-third of global economic growth (measured at purchasing-power parity), twice as much as America. In the past year, China's official GDP growth rate has surged to 9.7%. Even this may underestimate the true rate, which some economists reckon was as high as 13%.

China's scorching growth has helped to prop up other economies by sucking in imports, which surged by 40% last year alone. While America's industrial output has shrunk over the past three years, China's has increased by almost 50%. As a result, its demand for commodities has skyrocketed, driving up prices. Last year it consumed 40% of the world's output of cement. It also accounted for one-third of the growth in global oil consumption, 90% of the growth in world steel demand, and more than the whole of the increase in copper demand. If China's economy slows sharply, commodity prices will fall everywhere, especially hurting producers in countries such as Russia, Brazil and Australia, which have gained so handsomely from China's boom.

For good reason, everyone should worry about a Chinese economic slowdown. Stay tuned. Here for more.

Will Inflation Kill the Job Pick-Up? Probably Not

From the beginning, this economic recovery has felt different. Officially, it began back in November, 2001. But it has only been in the past few months that growth has been strong enough for Corporate America to hang out the "For Hire" signs and take on more workers. And now, just as the job market has turned up, fears are mounting in financial markets that an inflationary brew of rising interest rates and surging oil prices will prematurely cut short the growth and the upswing in hiring.

It doesn't have to be that way. Indeed, such fears are probably misplaced. That's because the elongated start of the recovery means that the economy probably has a lot more room to run before it encounters a dangerous spurt in inflation. The key is productivity growth. It has been running at a remarkable 4.6% annual rate since the end of the recession and is the main reason the recovery has been so unusual.

To be sure, productivity growth is likely to slow somewhat as new hires adjust to their jobs. That process may have already begun in the first quarter, when productivity growth ebbed slightly to a 3.5% annual rate. But that's still well above the 1.5% pace that prevailed in the two decades before the mid-'90s boom. Indeed, productivity's recent performance has prompted experts to bump up their estimates of its long-term trend rate, to 2.5% to 3%. Factoring in labor-force growth of about 1% per year, U.S. annual gross domestic product can grow by 3.5% or better over the long run without worrying about overheating.

Here to read more.

Florida Economic Update

Spending some time here in Florida has me looking around at what's happening with the Florida economy. Click here for the latest BLS update, which includes a useful metro area trends picture.

Here is what the latest Enterprise Florida strategic plan has listed as top-line priorities:

o Establishing Florida as a leading state for entrepreneurship, innovation and venture capital, with a continued commitment to university-based Centers of Excellence and strategies for seed and venture capital;

o Facilitating excellence in education and workforce preparation;

o Maintaining the competitiveness of Florida's business climate with low taxes, non-burdensome regulations and targeted incentives;

o Designing and implementing a market-driven stimulus strategy for regions the governor designates "rural areas of critical economic concern;"

o Retaining and strengthening business sectors threatened by external trends and decision-making, including Florida's manufacturing base and defense industry sector;

o Transitioning growth management to a more flexible and comprehensive planning mindset for "smart growth;" and

o Competitively investing in economic development and emerging industries/technologies with innovative strategies.

The state said the plan will now enter an implementation phase, with progress reports periodically posted on the Enterprise Florida Web site.

To view the plan, go to www.eflorida.com/strategicplan.

Information Technology Association Offshoring Conference

Hear From Leading Analysts, Investors, Industry Executives & Top Government Officials concerning one of the hottest issue today. Participate in a half-day dialogue with the experts that will provide the answers to these kinds of questions:

-What opportunities exist for IT Services firms in the offshore marketplace?
-What are the trends associated today with offshore work?
-What impact will pending state and federal policies have on the ability of firms to provide offshore services?
-How will offshoring affect IT Services firms valuations?
-How do analysts and investors view the IT Services market?

When: Wednesday, June 23, 2004
Time: 8:00 am - 1:30 pm ET
Where: The Intrepid Sea, Air & Space Museum - Pier 86 12th Ave. & 46th Street - New York, N.Y.


Agenda:

8:00 - 9:00am - Registration

9:00 - 9:15am - Welcome Remarks

Harris Miller, President, ITAA
9:15 - 9:45am - Keynote: Outlook on U.S. & Global Economic Trends

Joseph Quinlan, Chief Market Strategist, Banc of America Capital Management
9:45 - 10:45am - Government Interest & Potential Action

Facilitated by Peter Engardio, Senior News Editor, Business Week
Phil Bond, Under Secretary for Technology, U.S. Department of Commerce
Rock Regan, Chief Information Officer, State Of Connecticut
11:00 - 12:00pm - The Vendor & Client Perspectives of Offshore Outsourcing

Facilitated by Peter Engardio, Senior News Editor, Business Week
Stephanie Moore, Vice President, Forrester Research
12:00 - 1:00pm - The Investor and Analyst Perspectives of Offshore Outsourcing

Facilitated by Peter Engardio, Senior News Editor, Business Week
Gregory Gould, Managing Director, Goldman, Sachs & Co.
Yogi Modak, Vice President, The Galleon Group
1:00 - 1:15pm - Closing Remarks

Here for more.

Manufacturing Shows Some Gains

"The broad-based gains in industrial production reported today by the Federal Reserve for April show the economy is now running on all cylinders after an uneven start," said Jerry Jasinowski, president of the National Association of Manufacturers.

According to the Fed report, overall industrial production surged 0.8 percent in April following a temporarily drop in March. Manufacturing production fueled the overall gain as production rose 0.7 percent for the month. "That's a strong gain and it is clearly broad-based," Jasinowski said. "Production of consumer goods and business equipment, as well as construction and business supplies, all posted very health gains last month."

Here for more.

Measuring Knowledge Assets

Want to learn more about how to measure the value of knowledge assets? Here is a great place to start. Why bother to go there? Because knowledge assets underlie your ability to grow technology and knowledge-based industries, businesses, and jobs. It all starts with your knowledge assets.

World Bank Data Resources

Click here for free access to some of the World Bank's extensive database covering over 200 countries. You will find some useful comparative data here.

Some Interesting Tech Companies

You may want to explore the list of companies that Fortune just picked as interesting tech companies.

How do you recognize cool? You know it when you see it—that's what we've maintained since launching the first list of Cool Companies in 1993. In the early 1990s, cool tech companies were those generating buzz; in the late '90s, we, like everyone, focused on youth. And this year? It's back to basics.

Here for more. (Subscription required)