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Rotary EDC Update
- 1. Improving the quality of life of the Greater Owensboro region Rotary Club August 4, 2010
- 4. External Markets Base Other Income The Classic Economy Is Faltering Local Natural Resources decline as they become depleted or substitution occurs Agriculture is often competing with mega-farms and is more commodity oriented with lower margins Retail is becoming less “local” asManufacturing declines with global competition, decreased demand and a more service oriented economy big box stores replace local merchants and locally procured goods and services Tourism attractions can lose their appeal as leisure trends change Ultimately, fewer “exports” means less revenue coming back to circulate in the local economy Source: Consumers Energy Economic Development Agriculture Mfg Tourism Natural Resources $ $ $ $ Housing Services Retail Gov’t
- 5. Mfg External Markets Base Other Income E-commerce can further bolster the local economy by selling goods and services to external markets Traditional base economy sectors look to niche products and services to better differentiate what they offer More and more economic activity is oriented to external markets to sustain and grow the local economy Middle Emergence of a “middle economy” where traditional sectors of the local economy “cross the line” to appeal to traditional external markets Local Natural Resources Tourism Agriculture The New Regional Economy Source: Consumers Energy Economic Development Gov’t E-commerce Retail Housing Services
- 9. Challenges
- 10. Job Growth by Industry Cluster US Bureau of Labor Statistics
- 13. Stage II Companies YourEconomy.com
- 14. How Do We Compare? Source: youreconomy.org Commonwealth of Kentucky
- 15. Results in Littleton Source: youreconomy.org
- 16. I-64/ I-65 Corridor Plan
- 17. Research and Education Corridor
Hinweis der Redaktion
- These next three slides were created by Allan Hooper of Consumers Energy Economic Development in Michigan. In the classic regional economy, s ectors in the “base” economy sell goods and services to external markets . These goods and services traditionally included natural resources, agriculture, manufacturing, and tourism. SC = textile mills Revenue from these “exports” returns to a “local” economy as: payments to suppliers wages to employees profits to business Once in the “local” economy, money circulates to: pay mortgages pay taxes buy local goods and services Other sources of income also contribute to the “local” economy Government Jobs Transfer Payments (Transfer payments are made by the U.S. Federal Government to individuals through programs such as Social Security, Welfare and Veteran's benefits.) Retirement Savings/Pensions
- But the classic economy is faltering. There are several reasons for this: Natural Resources decline as they become depleted or substitution occurs Tourism attractions can lose their appeal as leisure trends change Manufacturing declines with global competition, decreased demand and a more service oriented economy Agriculture is often competing with mega-farms and is more commodity oriented with lower margins Retail is becoming less “local” as big box stores replace local merchants and locally procured goods and services Ultimately, fewer exports outside the region means less revenue coming back to circulate in the local economy
- A new regional economy is replacing the classic model. Traditional base economy sectors are still important, but are looking to niche products and services to better differentiate what they offer Emergence of a “middle economy” where traditional sectors of the local economy “cross the line” to appeal to traditional external markets E-commerce can further bolster the local economy by selling goods and services to external markets More and more local economic activity is oriented to external markets to sustain and grow the local economy
- .