next economy by leed for san diego csl net conference
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“ We are in a ‘self-help’ regional economic environment, and the trick is to overcome the inherent competition between political entities within regions. ”
—Marek Gootman, Brookings Institute
Next Economy:
Will result in…A Capital RegionProsperity Plan
Economic Realities:• Government, construction, and related finance
sectors hardest hit
• Region jobless rate = 12% (vs. 8.3% nationally)
• Employment level today is on par with Y2000 levels
• In terms of growth, Sacramento ranks number 345 out of 372 US metro regions
Economic Forecast:• Forecasts indicate a regional recovery is years away
• Lack of State’s ability to drive job creation and business growth is forcing regional leaders to lead from the bottom-up
• Waiting for political leaders to take action may not work
Next Economy:
It’s all about…
Generating jobs and creating wealth
11-Month Summary: Formed coalition of 260+ private/public sector
organizations
Fielded leadership and project steering groups
Completed in-depth research and analysis
Convened many public work sessions
Conducted 50 formal outreach presentations with more ahead
Research Conducted:
• Regional Trends• Regional Economic Conditions• Regional Cluster Analysis• Base Economic Foundations Evaluation• Economic Development Ecosystem Analysis• Innovations Scorecard
Regional Cluster Identification:
Where to focus our energy?
Research uncovered our strongest business clusters:
1. Life sciences & Health services. $8.64B annual output. 98,646 total employment.
2. Information & Communications Technology. $9.69B annual output. 30,096 total employment.
3. Agriculture & Food production. $3.4B annual output. 37,442 total employment.
4. Advanced manufacturing. $1.74B annual output. 11,409 total employment.
5. Clean Energy Technology. $846M annual output. 3,015 total employment.
Information & Comm.Technology
Health &Life sciences
CleanEnergyTechnology
AdvancedManufacturing
Food &Agriculture
Fielded workgroups by clusters areas to uncover impediments & opportunities
Research also uncovered our strongest economic foundations:
6. Education & Knowledge Creation. $1.11B annual output. 16,618 total employment.
7. Knowledge intensive business and Financial services. $18.22B annual output. 69,683 total employment.
Information & Comm.Technology
Health &Life sciences
CleanEnergyTechnology
AdvancedManufacturing
Food &Agriculture
Fielded workgroups by clusters areas to uncover impediments & opportunities
Innovations (Private capital; tech transfer; entrepreneur support)
Information & Comm.Technology
Health &Life sciences
CleanEnergyTechnology
AdvancedManufacturing
Food &Agriculture
Fielded workgroups by clusters areas to uncover impediments & opportunities
Innovations (Private capital; tech transfer; entrepreneur support)
Regional Identity
Information & Comm.Technology
Health &Life sciences
CleanEnergyTechnology
AdvancedManufacturing
Food &Agriculture
Fielded workgroups by clusters areas to uncover impediments & opportunities
Education / Workforce / Talent
Innovations (Private capital; tech transfer; entrepreneur support)
Regional Identity
Next Economy identified 8 specific inter-related regional economic drivers for joint action:
CREATEnew public-
private capital investment
streams
INSPIRE a shared
regional image and leverage our strengths
CAPITALIZE on university strengths for
tech transfer & commercialization
INCREASE entrepreneur
& small biz support
INVEST in retaining, educating &
attracting talent
REMOVE economic & regulatory
barriers at all levels
INCREASE foreign direct investment &
export activity
INVEST in region’s economic
infrastructure & cultural &
civic amenities
Sign up for news and updates at
www.nexteconomycapitalregion.org
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