partnering to promote economic growth february 13, 2006

Partnering to Promote Economic Growth

February 13, 2006

What is Economic What is Economic Development?Development?

It is the process by which a community organizes and then applies its energies to the tasks of improving the economic well-being and quality of life for the

community. Economic development is an investment in

the community. . WEDIWEDI

Why Economic Development?

Creating and Retaining Desirable JobsIncreasing the Tax Base Providing Services and Paying the BillsMaintaining a Strong Economy

Economic DevelopmentA Dynamic Process

Global economyMergers and restructuringShifting market preferencesMust be alert for new opportunities to

diversify local economies

Components ofEconomic Development

A.Organizational Development

B.Infrastructure Development

C.Business Development

D.Workforce Development

E. Community Cash Flow Development

Department of Department of Commerce Commerce ResourcesResources

Bureau of Business Development

Coordinates and Facilitates Business Creation, Retention and Expansion Efforts in Wisconsin (Area Development Managers)

Underwrites, Contracts and Services Program

Funds (Business Finance)

Region 1: William Lehman715/656-3530

Region 2: Marty Ambros715/836-2630

Region 3: Deb Clements 715/344-1381

Region 4: Dennis Russell920/498-6302

Region 5: William Winter608/647-4613

Region 6: Kathy Heady608/266-9944

Region 7: Dave Martens608/261-7711

Area Development

Managers

Resources for:

EntrepreneursFixed Assets & Working CapitalCustomized Employee Training Technology DevelopmentCommunity InfrastructureBrownfields Redevelopment

Local Economic Development Contacts

County or Multi-County Development Corporations

Municipal or County Government UtilitiesChambers of Commerce

Local Development Organizations

Wisconsin Economic Development Association - www.weda.org

Economic Development Corporations or Chambers of Commerce -www.commerce.wi.gov - go to partner links on the more info menu

Local Development Organization Resources

Revolving Loan FundsSite SelectionSmall Business CounselingBusiness Incubators Information and Much More …

“…Early care and education is being recognized as an important economic sector in its own right, and as a critical piece of social

infrastructure that supports children’s development and

facilitates parents’ employment.”Anon. Cornell University Website

WEDA Survey

WEDA Members Agree that Early Childhood Education is a critical Economic Development Strategy (48%)

Awareness is not shared by their local communities (44% no, 34% not sure)

Early Care and Economic Development

Early Care as an Economic SectorEarly Care is Important to Working Parents

and Employers Early Learning is an Important First Step in

Future Workforce Development

Early Care as an Economic Sector

Significant Employment BaseSmall BusinessesMultiplier Impact (Direct, Indirect, Induced)

Early Care – Labor Force

Labor Force Participation – 2004 - % Children under 6 with all parents in labor Force – 66%

Labor Shortages Business Partnerships

Early Learning Key to Future Workforce

Return on Investment – (Belfield & Winters Study and others)

Achievement Gap

Working Together

Experience working with companiesMarketing buildings and labor

resources to expanding businessesResources to help companies stay in

businessEntrepreneurial Assistance

Communications

Internet: www.commerce.wi.gov Phone: See Area Development Manager Map Entrepreneurs Network: www.wenportal.org SBDC Answerline: 1/800-940-SBDC