next economy by leed for san diego csl net conference

“ 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

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www.nexteconomycapitalregion.org

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