Inclusive & Equitable Economic Development

Danya C. PerryDirector, Equitable Economic DevelopmentWake County Economic Development

Defining Equitable Economic Development

Elements of Economic Prosperity

Wake County is Growing By 63 People Per Day

Projected Population Growth (2016-2046)Source: U.S. Conference of Mayors, 2017

19.4%

40.5%

87.4%

11.0%

48.7%

70.7%

San Francisco, CA

Nashville, TN

Austin, TX

Boston, MA

Atlanta, GA

Raleigh, NC #3Biggest Boomtowns in America(Raleigh, NC) Magnify Money | August 2018

This document is proprietary. No part of this document may be modifiedor disclosed in any manner to a third party without the prior consent ofWake County Economic Development.

Is this prosperity inclusive?

Vulnerable Communities

Poverty Rate Unemployment

Vacant Housing Education

Dependency Ratio

Effective Practice in EED

Inclusion in outreach, process, and policy

Investing in targeted growth areas

Supporting local entrepreneurs

Developing the workforce

Granting incentives for inclusive business practice

Inclusion in Outreach, Process, and Policy

Highlight: Albuquerque, NMOutreach process to identify the needs of small businesses in the city and region. Their strategies include: • Identify individuals and families living in cycles of poverty,

excluded from certain sectors of the economy

• Reach out to communities through existing social institutions: nonprofits, micro lenders, libraries, community centers, churches.

• Hold small group listening sessions.

As a result of its outreach, Albuquerque has streamlined its small business processes, added more multilingual staff, and translated small business documents for diverse groups of entrepreneurs.

Investing in Targeted Growth Areas

Highlight: Denver, COThe Denver Food Plan is a sector-based approach to inclusive economic development. Food is a large contributor to the Denver economy, with 1 in 10 workers employed in food services.

• FRESH program maps food deserts and assists grocers in expansion

• Healthy food challenge: RFP out for food-related startups in low-income communities, offering up to $250,000 grant or $1 million loan

• The Food Policy Council, which advocates for policy changes to increase food access in vulnerable communities

Outcomes: Food zoning ordinances have been passed, several food microenterprises in food deserts have received funding and are operating.

Supporting Entrepreneurs

Highlight: Hennepin County, MN

• Consult with entrepreneurs in low-income areas.

• Expert business consultants do travel to do consulting in vulnerable communities and consult entrepreneurs for as long as they need, reducing financial pressure.

• Provides guarantees so entrepreneurs can access bank funding.

MCCD has assisted over 650 entrepreneurs, who on average have created local businesses in low-income communities that have hired 5 more local employees, paying an average wage of $15/hour.

Highlight: Detroit, MI BizGrid

The Detroit BizGrid outlines organizations that offer services to local businesses, and includes an online directory and infographic to highlight services for businesses at every stage. This increases access to startup resources for low-resource entrepreneurs.

Developing the Workforce

Workforce Development in San Diego County, CA

• San Diego Workforce Partnership created to administer federal and state funding in San Diego County

• 22 partners including city and county

• Fund a network of 12 job centers in county

• Leverage institutional partners to publish reports on skills gap

• Identified 5 sectors where there is a shortage of skilled workers.

SDWP assisted almost 20,000 adults in finding a job in 2015 and added $66.2 million in wages to the San Diego County economy.

Granting Incentives for Inclusive Business Practice

Highlight: Denver, CO

State tax credit incentive program administered by Denver Office of Economic Development

- EZ defined areas by low per capita income averages and high unemployment rates

- Up to 10 different tax credits available for locating business in EZ

Over 7000 businesses in EZs

Outcome: More investment in vulnerable areas and over $8.2 million in tax liabilities saved by businesses annually.

Wake County Strategies

SMALL BUSINESS & ENTREPRENEURSHIP SUPPORT

SMALL BUSINESS & ENTREPRENEURSHIP

• Triangle Small Business Week Website

• Small Business Resource Guide

• SE Raleigh Business Collective

• BizFest

SMALL BUSINESS & ENTREPRENEURSHIP

• Incubator Support & Partnership

• GRCC Pathways Program

• Black / Hispanic Business Momentum Seminar Series

• 3rd Annual Black Entrepreneurship Week

TARGET & WORKFORCE DEVELOPMENT

TALENT & WORKFORCE DEVELOPMENT

• Hiring Well, Doing Good Conference

• Immersion into “cradle to career” pipeline assets • Wake Tech, CAWD, WCPSS, WEP

• Summer STEM Program w/ Wake Ed Partnership

• District C collaboration

• Community & Career Day @ Pendo

TALENT & WORKFORCE DEVELOPMENT

• Launch of Triangle DEI Alliance

• 3rd Annual DEI Conference

• Operationalizing partnerships with/ CAWD & United Minority Contractors of NC

• Industry / Career immersion opportunities • Internship / Apprenticeship Support• Cradle to Career Pipeline Development• Trade Skills Awareness / Promotion

• Developed Intercollegiate Student Advisory Board

INCLUSIVE ECONOMIC MOBILITY

Inclusive Economic Mobility

• New or existing companies may be eligible for a Business Development Grant when locating or expanding in a designated Targeted Growth Area/Vulnerable Community

• New or existing companies may be eligible for a Business Development Grant Bonus by meeting the following conditions:

• Ban the box• Minimum salary of Wake County Living Wage• Health insurance

• Initiated economic mobility asset mapping project with students from UNC School of Public Policy

Investment Minimum

Jobs Minimum

Avg. Salary Minimum

Targeted Growth Areas / Vulnerable Communities Tier

$2 million 20 Wake County living wage

Building Blocks to Economic Mobility

Child Care & Early Learning

Employment & Training

Family & Parenting Support

Financial Literacy

Health & Mental Health

Criminal Justice & Safety

Job Creation

Housing

Transportation

K-12 Education & Youth Development

Post-Secondary Education

Contact Information

@DanyaPerry

www.raleigh-wake.orgdperry@raleighchamber.org