Despite the misfiring of the global fiscal engine and the intermittent crashes and booms rumbling across the US economy, there’s a discernible purring sound emanating from certain regions. These are places—like Greater Fort Lauderdale and Northern Kentucky and California’s San Bernardino County—where economic development strategies have proven to possess enough gas to keep the car on the road.
In Manhattan’s new Silicon Alleys, smaller and less-desirable spaces are being developed as technology incubators. And in older urban downtowns like Nashville’s—where the stillness had sometimes seemed deafening in recent years—the cadence of pounding hammers and pedestrian footfall is picking up as big, fast-growing companies take advantage of targeted incentives and lowered rents.
What strategy works best in spurring economic activity in these uncertain times? The answers of course vary by region. But if there’s a common thread, it would be that it’s crucial to build a skilled and educated workforce.
From the Empire State to the Inland Empire, “education, education, education” is the new refrain. Whether this entails New York City Economic Development Corp.’s hookup with Cornell University and a technical institute in Israel to create an applied-sciences campus on Roosevelt Island, or the San Bernardino County agency’s support for community college programs that train electricians and skilled crafts workers, specific job training in growing industries is identified as a critical practice.
In San Bernardino County, the country’s largest and one-half (with Riverside County) of the Inland Empire, Economic Development Administrator Mary Jane Olhasso is direct about where the jobs won’t be growing: “We’re not going to bring back blue-collar, low-dollar manufacturing production in this county, this state or this country.” Olhasso, who conducted face-to-face interviews with the heads of some of America’s leading corporations for CoreNet’s forward-looking “Corporate Real Estate 2020” study, says they were unanimous in making it clear there is no going back…
…For the rest of the story, please visit the June issue of Real Estate Forum.
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