Colorado Springs Loses a Good One

For 16 years, Rocky Scott led the charge to bring tens of thousands of jobs to the Pikes Peak region. Now, Scott is taking a new job, one that will lure him from Colorado Springs. S

Scott, who has been president of the Greater Colorado Springs Economic Development Corp. since 1989 and whose expertise on the economy, education, tax policies and other issues earned him a reputation as a farsighted community leader and savvy economic development expert, announced this week that he’s resigning effective June 10.

Scott will leave to head the office and industrial properties division of McWhinney Enterprises, a Loveland real estate investment and development firm.

Best of luck, Rocky. Rocky is one of the best. He will be missed in Colorado Springs.

More here.

Southwest Michigan Gets a Good One

Southwest Michigan First, Southwest Michigan's lead economic development agency, has announced the selection of Corpus Christi President and CEO Ronald Kitchens as the organization's new CEO.

"Ron has tremendous passion for economic development and has a demonstrated track record for bringing jobs to Corpus Christi," said William D. Johnston, SMF's board chair and the president of Greenleaf Companies. "Our entire board is very excited to have him join our organization."

Among his many successes during a five-year tenure in Corpus Christi, Kitchens attracted 99 companies to the region, generated 34,000 new jobs and drew $4.7 billion in new commercial development to that community. In 2004, Site Selection Magazine ranked Corpus Christi fourth in the nation for highest level of new investment, behind New York City, Chicago and Detroit.

I saw Ron recently in Phoenix. Best of luck with the new job. SW Michigan has landed a very able replacement for Barry Broome, who recently took over the CEO job at the Greater Phoenix Economic Council.

More here.

Toledo Looks to St. Louis for Development Ideas

Dick Fleming, CEO of the St. Louis Regional Chamber and Growth Association, spoke to Toledo area officials this week about how the St. Louis region has approached economic development in recent years, and how that approach might work in the Toledo area. More here.

Tennessee Audit Says Better ED Tracking Needed

A new audit says Tennessee is not tracking the results of its economic development efforts.
A state audit of the Department of Economic and Community Development found the department can't determine if its programs are improving economic conditions. More here.

Top 100 High-Educated but Low-Earning Cities (Pop. 5000+)

From www.city-data.com

Stanford, California ($41,106, 94.6%)
State College, Pennsylvania ($21,186, 69.2%)
Durham, New Hampshire ($30,040, 73.3%)
West Lafayette, Indiana ($24,869, 69.7%)
East Lansing, Michigan ($28,217, 70.4%)
Athens, Ohio ($17,122, 63.8%)
Pullman, Washington ($20,652, 65.3%)
Storrs, Connecticut ($26,371, 68.1%)
Amherst Center, Massachusetts ($35,754, 72.3%)
Chapel Hill, North Carolina ($39,140, 73.7%)
North Amherst, Massachusetts ($28,062, 67.5%)
Blacksburg, Virginia ($22,513, 64.2%)
Amherst, Massachusetts ($40,017, 68.7%)
Ithaca, New York ($45,281, 71.2%)
Durham, New Hampshire ($51,697, 73.4%)
College Station, Texas ($21,180, 58.1%)
Auburn, Alabama ($17,206, 56.0%)
Davis, California ($42,454, 68.6%)
Druid Hills, Georgia ($62,953, 78.8%)
Ithaca, New York ($21,441, 57.9%)
Ann Arbor, Michigan ($46,299, 69.3%)
Hanover, New Hampshire ($62,143, 77.0%)
Clemson, South Carolina ($26,892, 58.2%)
Falcon Heights, Minnesota ($51,382, 70.3%)
Boulder, Colorado ($44,748, 66.9%)
Carrboro, North Carolina ($33,527, 60.9%)
Brookline, Massachusetts ($66,711, 76.9%)
Brookline, Massachusetts ($66,711, 76.9%)
New Paltz, New York ($21,747, 54.3%)
Park Forest Village, Pennsylvania ($47,589, 66.0%)
Alfred, New York ($32,067, 58.2%)
Allen, New York ($32,067, 58.2%)
Bloomington, Indiana ($25,377, 54.8%)
Berkeley, California ($44,485, 64.3%)
Hanover, New Hampshire ($72,470, 77.7%)
Cambridge, Massachusetts ($47,979, 65.1%)
Edinboro, Pennsylvania ($26,652, 54.4%)
Oxford, Ohio ($25,164, 53.6%)
North Druid Hills, Georgia ($48,530, 65.1%)
Ames, Iowa ($36,042, 58.6%)
Vinings, Georgia ($58,876, 69.9%)
Moscow, Idaho ($26,884, 53.9%)
Carbondale, Illinois ($15,882, 47.8%)
Urbana, Illinois ($27,819, 53.5%)
Shorewood, Wisconsin ($47,224, 62.9%)
Iowa City, Iowa ($34,977, 55.9%)
Clayton, Missouri ($64,184, 69.7%)
Morgantown, West Virginia ($20,649, 47.8%)
Lake Purdy, Alabama ($54,349, 64.1%)
Albany, California ($54,919, 64.0%)
Boone, North Carolina ($20,541, 46.5%)
South Amherst, Massachusetts ($44,628, 58.2%)
Wilmore, Kentucky ($31,500, 51.6%)
Oxford, Mississippi ($20,526, 46.1%)
Swarthmore, Pennsylvania ($82,653, 77.1%)
Corvallis, Oregon ($35,236, 53.1%)
Okemos, Michigan ($62,810, 66.8%)
Stillwater, Oklahoma ($25,432, 48.0%)
Orono, Maine ($30,262, 50.4%)
Princeton Meadows, New Jersey ($66,415, 68.2%)
Princeton North, New Jersey ($66,415, 68.2%)
Houghton, Michigan ($21,186, 45.5%)
Alamo Heights, Texas ($64,688, 66.9%)
Starkville, Mississippi ($22,590, 45.8%)
Ashland, Oregon ($32,670, 50.6%)
Evanston, Illinois ($56,335, 62.4%)
University Park, Texas ($92,778, 80.5%)
West Point, New York ($56,516, 62.3%)
Aspen, Colorado ($53,750, 60.6%)
Columbia, Missouri ($33,729, 50.5%)
Bozeman, Montana ($32,156, 49.5%)
Vermillion, South Dakota ($24,095, 45.4%)
Orono, Maine ($30,619, 48.4%)
Laramie, Wyoming ($27,319, 46.7%)
Manhattan, Kansas ($30,463, 48.2%)
Highland Park, New Jersey ($53,250, 59.5%)
North Decatur, Georgia ($50,047, 57.8%)
Coralville, Iowa ($38,080, 51.8%)
Tysons Corner, Virginia ($74,151, 69.8%)
Oak Park, Illinois ($59,183, 62.1%)
Decatur, Georgia ($47,395, 56.0%)
Bexley, Ohio ($70,200, 67.2%)
Homewood, Alabama ($45,431, 54.2%)
Upper Arlington, Ohio ($72,116, 67.5%)
Isla Vista, California ($16,151, 39.5%)
Richmond Heights, Missouri ($50,557, 56.7%)
Brighton, New York ($52,066, 57.4%)
Chili, New York ($52,066, 57.4%)
Brighton, New York ($52,066, 57.4%)
Signal Mountain, Tennessee ($66,900, 64.5%)
Cheney, Washington ($22,593, 42.3%)
Emeryville, California ($45,359, 53.5%)
Potsdam, New York ($21,273, 41.4%)
Mount Lebanon, Pennsylvania ($60,783, 61.0%)
Whitefish Bay, Wisconsin ($80,755, 70.9%)
Arcata, California ($22,315, 41.6%)
Arden-Arcade, California ($22,315, 41.6%)
Lawrence, Kansas ($34,669, 47.7%)
Geneseo, New York ($30,437, 45.5%)
Sandy Springs, Georgia ($60,428, 60.2%)

Top 100 Cities with Shortest Commuting Times (Pop. 5000+)

From www.city-data.com:

Fort Bliss, Texas (8.6)
West Point, New York (9.0)
Orange City, Iowa (9.1)
Houghton, Michigan (9.1)
Childress, Texas (9.4)
McCook, Nebraska (9.5)
Nantucket, Massachusetts (9.5)
Yreka, California (9.6)
Mountain Home AFB, Idaho (9.7)
Tucumcari, New Mexico (9.8)
Marshall, Minnesota (9.8)
Kodiak, Alaska (9.8)
International Falls, Minnesota (9.9)
York, Nebraska (9.9)
Minot AFB, North Dakota (10.0)
Pierre, South Dakota (10.1)
Miles City, Montana (10.2)
Alva, Oklahoma (10.2)
Sioux Center, Iowa (10.3)
Bethel, Alaska (10.3)
Page, Arizona (10.3)
Chadron, Nebraska (10.4)
Lackland AFB, Texas (10.4)
Fort Drum, New York (10.4)
Havre, Montana (10.5)
Lexington, Virginia (10.5)
Aberdeen, South Dakota (10.6)
Fort Leonard Wood, Missouri (10.7)
Concordia, Kansas (10.7)
Ketchikan, Alaska (10.7)
Morris, Minnesota (10.8)
Pella, Iowa (10.9)
Twentynine Palms Base, California (11.0)
Spencer, Iowa (11.0)
Fort Carson, Colorado (11.0)
Fairfield, Iowa (11.1)
Denison, Iowa (11.1)
Crossett, Arkansas (11.1)
Colby, Kansas (11.1)
Jamestown, North Dakota (11.1)
Scottsbluff, Nebraska (11.2)
Pratt, Kansas (11.2)
Fort Polk South, Louisiana (11.2)
Maryville, Missouri (11.3)
Decorah, Iowa (11.3)
Ludington, Michigan (11.4)
Fort Bragg, North Carolina (11.4)
Alamosa, Colorado (11.4)
Vernon, Texas (11.4)
Schofield Barracks, Hawaii (11.5)
Menominee, Michigan (11.6)
South Hill, New York (11.6)
Athens, Ohio (11.6)
Dickinson, North Dakota (11.6)
Marquette, Michigan (11.6)
Thief River Falls, Minnesota (11.7)
Fort Riley North, Kansas (11.7)
Ashland, Wisconsin (11.7)
Crookston, Minnesota (11.7)
Fort Lee, Virginia (11.7)
Fort Stewart, Georgia (11.8)
Brookings, South Dakota (11.8)
Madison, South Dakota (11.8)
Mount Pleasant, Iowa (11.8)
Houlton, Maine (11.8)
Brookings, Oregon (11.8)
Grinnell, Iowa (11.8)
McPherson, Kansas (11.8)
Salida, Colorado (11.8)
Webster City, Iowa (11.8)
Carroll, Iowa (11.8)
Fort Hood, Texas (11.9)
Lexington, Nebraska (11.9)
Kirksville, Missouri (11.9)
Devils Lake, North Dakota (11.9)
Alpine, Texas (11.9)
Cedar City, Utah (12.0)
Hanover, New Hampshire (12.0)
Pullman, Washington (12.0)
Rhinelander, Wisconsin (12.0)
Worland, Wyoming (12.0)
Clarinda, Iowa (12.0)
Montevideo, Minnesota (12.1)
College Place, Washington (12.1)
Mesquite, Nevada (12.1)
Storm Lake, Iowa (12.1)
Rawlins, Wyoming (12.1)
Alpena, Michigan (12.1)
Vandenberg AFB, California (12.2)
Marshall, Missouri (12.2)
Mountain Home, Arkansas (12.2)
Sault Ste. Marie, Michigan (12.2)
Price, Utah (12.2)
Fairbanks, Alaska (12.3)
Prairie du Chien, Wisconsin (12.3)
Alfred, New York (12.3)
Laramie, Wyoming (12.3)
Iron Mountain, Michigan (12.3)
Fort Lewis, Washington (12.3)
Fort Benning South, Georgia (12.4)

Top 100 Cities with Youngest Residents (Pop. 5000+)

From www.city-data.com:

Kiryas Joel, New York (15.0)
Monsey, New York (18.6)
Kingston, Rhode Island (19.9)
Rio Bravo, Texas (20.0)
Rexburg, Idaho (20.3)
Lackland AFB, Texas (20.3)
South Hill, New York (20.4)
Alfred, New York (20.7)
Storrs, Connecticut (20.7)
Amherst Center, Massachusetts (20.8)
Durham, New Hampshire (20.8)
Air Force Academy, Colorado (20.9)
Whiteriver, Arizona (20.9)
Highland, Utah (20.9)
Cameron Park, Texas (21.0)
Alpine, Utah (21.0)
Isla Vista, California (21.1)
Allendale, Michigan (21.1)
West Point, New York (21.1)
Twentynine Palms Base, California (21.1)
Geneseo, New York (21.1)
Durham, New Hampshire (21.2)
Oxford, Ohio (21.3)
Fort Hood, Texas (21.4)
Fort Campbell North, Kentucky (21.4)
Fort Leonard Wood, Missouri (21.4)
Camp Pendleton North, California (21.4)
Boone, North Carolina (21.4)
Athens, Ohio (21.5)
Oswego, New York (21.5)
Geneseo, New York (21.6)
Potsdam, New York (21.6)
Offutt AFB, Nebraska (21.6)
Fort Stewart, Georgia (21.7)
Clarion, Pennsylvania (21.7)
Elon College, North Carolina (21.7)
East Lansing, Michigan (21.7)
La Homa, Texas (21.7)
College Park, Maryland (21.7)
Ettrick, Virginia (21.7)
Fort Lee, Virginia (21.7)
Houghton, Michigan (21.7)
Camp Pendleton South, California (21.8)
Big Rapids, Michigan (21.8)
Indiana, Pennsylvania (21.8)
Amherst, Massachusetts (21.8)
Fort Riley North, Kansas (21.8)
State College, Pennsylvania (21.8)
Hamilton, New York (21.8)
Edinboro, Pennsylvania (21.8)
Mount Pleasant, Michigan (21.8)
Whitewater, Wisconsin (21.9)
Canton, New York (21.9)
College Station, Texas (21.9)
Hanover, New Hampshire (21.9)
Chinle, Arizona (21.9)
Blacksburg, Virginia (21.9)
Earlimart, California (22.0)
Plymouth, New Hampshire (22.0)
Fort Bliss, Texas (22.0)
Lemoore Station, California (22.0)
North Chicago, Illinois (22.0)
Kaneohe Station, Hawaii (22.0)
Minot AFB, North Dakota (22.0)
Mansfield, Connecticut (22.0)
Ada, Ohio (22.0)
Statesboro, Georgia (22.0)
Ithaca, New York (22.0)
Fort Polk South, Louisiana (22.0)
Orono, Maine (22.0)
Fort Bragg, North Carolina (22.0)
Fort Knox, Kentucky (22.0)
Eglin AFB, Florida (22.1)
Schofield Barracks, Hawaii (22.1)
Stanford, California (22.1)
Fort Carson, Colorado (22.1)
New Paltz, New York (22.2)
North Amherst, Massachusetts (22.2)
Eielson AFB, Alaska (22.3)
Orono, Maine (22.3)
West Lafayette, Indiana (22.3)
Lewisburg, Pennsylvania (22.4)
Homestead Meadows South, Texas (22.4)
Bloomsburg, Pennsylvania (22.4)
Jacksonville, North Carolina (22.4)
McGuire AFB, New Jersey (22.4)
Millersville, Pennsylvania (22.4)
Bowling Green, Ohio (22.4)
Quantico Station, Virginia (22.4)
Brockport, New York (22.4)
Fort Lewis, Washington (22.4)
Farmville, Virginia (22.4)
Lindon, Utah (22.4)
Fort Benning South, Georgia (22.5)
Fort Drum, New York (22.5)
Pullman, Washington (22.5)
San Elizario, Texas (22.5)
Monroe, New York (22.5)
Fort Belvoir, Virginia (22.5)
Williamsburg, Virginia (22.6)

Arizona Startups Assisted

More than 250 fledgling technology and life science entrepreneurs in the past 19 months have received help from Arizona State University's Technopolis program ready to take their products to market.

ASU's Office of Economic Affairs formed the program in October 2003 to provide high-powered advice from seasoned entrepreneurs for companies struggling to move research out of the lab and into the marketplace.

More here.

North Carolina Biotech Investments

The North Carolina Biotechnology Center is giving economic development in Western North Carolina a bosst with two new grants.

The Center is providing $40,000 to assist Asheville-Buncombe Technical Community College to create a laboratory manager position in the new business incubator at the college campus in Enka. The economic development group Advantage West also is offering support. The manager will be responsible for recruitment of biotech businesses for the incubator as well as designing and launching the lab.

“By bringing bioscience companies to this newly established incubator we will support our region’s economic development and create more jobs in the bioscience sector in Western North Carolina,” said Ray Bailey, president of AB Tech.

The Biotech Center also made a $75,000 grant to the North Carolina Arboretum. Working with the North Carolina Natural Products Association, the Arboretum plans to build a business and marketing model for natural products as part of what it calls a “Natural Biotechnology” initiative.

More here.

Toledo Business Expansions

Toledo's Dana Corp., Toledo Molding & Die Inc., and a Canadian firm plan to open three north Toledo factories, creating 330 jobs to supply auto parts for upcoming Jeep and Dodge sport-utility vehicles to be built nearby.

The two Toledo companies and Decoma Systems are gearing up to supply DaimlerChrysler AG's $2.1 billion expansion of Toledo Jeep Assembly, which is to begin making a redesigned Jeep Wrangler, a four-door Wrangler, and a Dodge SUV next year.

Incentives involved? You bet. The mayor's office plans a news conference today to discuss the four projects, and legislation on economic development incentives will be introduced to city council this week.

More here.

Will State Tax Reform Stimulate Growth?

Various theories exist on whether tax cuts stimulate economic growth. Many economists argue they do by freeing money that can be otherwise spent and invested by citizens and businesses. The one drawback in this reasoning is that tax cuts also reduce public services, including some that are vital to supporting economic growth. And so goes the argument that government must be cautious which services it cuts in response to reduced revenues.

Ohio Lieutenant Governor Bruce Johnson today released a report from REMI Consulting, Inc. (RCI) detailing the economic impact of Governor Bob Taft’s tax reform plan. The study indicates that the plan will create more than 43,000 jobs and add $2.5 billion to Ohio’s Gross State Product by Fiscal Year 2010.

“We have been saying that this tax plan will help unleash Ohio’s economic potential, and this report clearly shows that it will,” said Johnson, who also serves as state development director. “Governor Taft’s tax reform proposal will help create 43,000 jobs and add more than $2 and half billion to Ohio’s economy over the next five years.”

More here.

Measuring Sustainability White Paper

I ran across an excellent white paper from the Kenan-Flagler Business School at the University of North Carolina, on the issue of how to measure sustainability. This is a very worthwhile read. Here is a clip from the paper's introduction:

"The objective of our white paper is to review the current landscape of sustainable metrics. We started with a cursory review of as many measures of sustainability as we could find. Although we found organizations attempting to measure sustainability, we discovered that very few actually translated their efforts into a standard metric. Many organizations offered to evaluate sustainability, but did not disclose their methodology. Other organizations provided certifications in specific areas of sustainability, but did not provide a measure that could be compared to other companies. Still others focused on a particular area of sustainability, such as the environment, labor or supply chain management, but remained very limited in scope. Further, we found that many of the indices were not independent and did not provide an objective measure of sustainability. We narrowed the field to fourteen indices and metrics to explore in more depth."

Download the paper here.

The MIT Masters Degree in Real Estate Program

MIT's one-year Master's degree program in Real Estate Development prepares people for careers in the real estate industry. This is not an easy program to get into, but one of the best out there.

If I was looking for a solid educational background for economic development, which offered highly transferable skills, this is a program I would consider.

The course of study is rigorous, balanced and grounded in professional practice to help students achieve a broad understanding of all aspects of real estate. The small class size and emphasis on team projects helps students with differing experience and expertise learn from each other as well as from coursework and develop bonds that are useful when they resume their real estate careers.

Go to the Overview section to read more about the MSRED program. Learn about the faculty and what courses are offered in the Curriculum section.

Would You Recommend It to Your Kids?

My question is: "Would you recommend economic development as a career path for your kids?"

If you would recommend it to them, what are the three leading reasons you would suggest they consider the field?

If you would not encourage them to enter the field, what are the three major reasons why you would not recommend the field?

It does not appear that my two sons, Jeffrey and Jason, are headed into the field. Neither seems, at this point, pre-disposed toward the field. Jeff is studying biology and hoping to study dentistry. Jason is studying computer science and hoping to work in the IT field.

I would certainly recommend economic development to them, but I would caution them on the limited number of "really good jobs in the field;" that is jobs that pay over $150,000 after ten years in the field.

I would advise them to ground themselves in the core disciplines feeding the field that offer transferable skills, in case they decided to move outside economic development after a stay in the field. In my judgment, these include: real estate, finance, marketing, planning, project management, and communications/interpersonal relations. I would encourage them to acquire the education, professional skills, and work experiences that would enable them to work as a developer, if they decided to move beyond economic development.

Now, what are your thoughts?

National Federation of Independent Businesses' Trends Report

The NFIB produces a monthly report on small business economic trends. You should find it to be an interesting resource.

Download the April 2005 report here. (1.6 MB file)

Entrepreneurship as an Economic Development Strategy

Here is an interesting read if you are looking for an explanation of why and how entrepreneurship stimulates economic development.

Book chapter by Von Bargen, Patrick; Pages, Erik R.; Freedman, Doris. Entrepreneurship as a state and local economic development strategy, The Emergence of Entrepreneurship Policy: Governance, Start-ups, and Growth in the U.S. Knowledge Economy 2003. 240-259.

Cambridge: Cambridge University Press. ISBN 0521826772.

Abstract: The emergence of entrepreneurship as an economic development strategy at the state and local level in the United States is reviewed. Four "waves" of state and local economic development thinking are identified. In the 1930s and 1940s, first wave officials (particularly in the Southern states) relied on industrial recruitment to revive local economies. In the 1980s, second wave programs responded to the implosion of manufacturing industries by supporting new and existing home-grown businesses. Because the second wave approach spawned a dizzying plethora of government programs, third wave programs laid the burden of development assistance on nonprofits and private organizations in the 1980s and 1990s.

These three waves led to the emergence in the 1990s of a new economic development model based on the concept of entrepreneurship. Shifting the focus of policy-making away from the enterprise as the unit of analysis, entrepreneurship programs drive economic development by creating more and better entrepreneurs. To do so, they encourage policy-makers to create entrepreneurial climates, provide education and training about entrepreneurship, focus on the individual entrepreneur rather than firms, offer assistance to entrepreneurs through private support networks, and nurture only "high-growth" entrepreneurs.

The entrepreneurship approach faces various challenges, including the quest for relevant performance measures and the intrusion of ineffective government programs; at the same time, the entrepreneurship model may thrive if individual entrepreneurs are willing to devote their time and resources to supporting their fellow entrepreneurs.

Kaufman Foundation Entrepreneurship Research Portal

The Entrepreneurship Research Portal seeks to create a unique, multi-disciplinary aggregation of resources, events and data for researchers and policy makers.

Access it here.

Sustainability Performance Measures

The well-being of a community can be measured in many ways. Traditional measurements often analyze a single issue by itself, such as the number of new jobs in a particular community. In economic development, we call this the "jobs mantra."

But such an approach is one-dimensional, and does not reveal the quality of those jobs or their impact on the local economy. More meaningful than simply new jobs, measuring the number of children living in poverty indicates the relationship of social health to local economic performance.

New measurements called "Indicators of Sustainability" are designed to provide information for understanding and enhancing the relationships between the economic, energy use, environmental, and social elements inherent in long-term sustainability.

Indicators serve as valuable tools for profiling local energy consumption patterns as a sustainability benchmark. Communities such as Santa Monica, Chicago, and Jacksonville are using indicators to gather and evaluate information on both current energy use and future alternatives for the residential, commercial, industrial and transportation sectors. This information is vital in planning for and managing the energy resources that will support sustainable development.

Sustainable Housing Development

Can a housing development project be concerned with environmental and social issues and still be profitable? Yes, argues the Rocky Mountain Institute in "Doing Well by Doing Good: The Benefits of Green Development."