Agenda - 10-19-1993 - III-D - Laserfiche WebLink

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Triangle j Council of Governments Board of Delegates — Ventures to Improve the Economic Competitiveness of the Region 1993/94 Work Plan Goal: To identify the key factors that will keep this Region economically competitive and promote actions on the part of local, state and federal governments that will strengthen the Region's economy. Project: Unified Economic Development Strategy Develop and disseminate a four-tiered economic development strategy for the region. Why Now? The World Class Region Conference called for a four-tiered economic development strategy that would support (1) early-stage growth companies*; (2) incubation of new firms; (3) investment in existing industries; and (4) recruitment of later-stage growth companies*. The result would be a coordinated economic development strategy for the region 1-Year Milestones • With the Raleigh -Durham Regional Association and other Chambers of Commerce, create an economic development task force drawing from the TJCOG Economic Strategies Committee, the Regional Marketing Group and the World Class Regional Conference focus group. • Seek funding for a regional economic analysis which describes the region's major employers; the major types of employment; how manufactured goods are imported !' into and exported from the region; wage and work-force skill levels; trends in the size and composition of the work force; and trends in major types of businesses. • Seek funding for a regional economic forecasting model which builds on the above economic analysis; current state, national, and international economic trends; and the effects of new public policies and social trends upon businesses (e.g. health care and environmental regulatory trends). • Survey and assess economic development incentives provided by the member governments or available from the State resources. • Survey and assess the region's entrepreneurial environment- how new businesses are allowed or encouraged to start up. This environment includes the money available to loan people with ideas but no collateral; access to university faculty; a network of specialists and markets;etc. • Identify the types of industries that the Triangle J region should support, promote, and recruit.