Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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Existing and Forthcoming Economic Development Projects Multiple economic development projects are coming on line that will enhance the County's appeal to many firms. Carolina North and the Innovation Center will create a small hub of research and development. Similar to RTP, the Innovation Center can provide a joint research partnerships and the potential for new business development. Other University developments include the recent UNC Cancer Hospital, and forthcoming health center development near Hillsborough. These development enhance the County's position as a site for new medical innovations, research firms, and biotechnology centers. Sectors for Recruitment and Growth The sectors which the Economic Development Advisory Board chooses to target and assist is a decision that requires significant research and consideration beyond the scope of this analysis. However, this analysis can provide a basic understanding of Orange County's economic location, or position within the global economy. The above analysis of the site selection criteria points to the broad types of companies that are likely to locate and succeed in Orange County. As indicated in the order of criteria importance, as well as many case analyses, workforce training is becoming more important than the cost of space (Bruns, 2009). Based on Orange Counties advantages— trained workforce, an expanding research university, high quality of life —firms attracted to Orange County will likely have the following characteristics: 1. Create high value -added products 2. Require a highly skilled workforce 3. Have ties to existing clusters and research These characteristics lend themselves to high technology firms that will create well - paying jobs and rely on highly and well - trained educated workers. High rents and land prices are reflective of Orange County's physical and economic location as part of the urban core of the Research Triangle Region. Further areas of consideration include existing regional clusters, successful research at UNC, and the rate of national sector growth. Based on the above criteria, regional clusters and existing industry in Orange County, the following sectors may be of important consideration: • Advanced Medical Technologies • Clean /Green Technologies • Informatics • Biological Agents /Infectious Diseases • Pharmaceuticals for Recruitment and Retention The strategies chosen to recruit and retain businesses will largely depend on the analysis of desirable sectors and the resources available to Orange County's Economic Development Board.