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Page 1: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Economic Development Strategies

Using Applied Research to Identify

Opportunities for Creating Local

Jobs and Income

Mike D. WoodsOklahoma State University

James R. NelsonUniversity of Idaho

May 2004

Page 2: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Identify opportunities for developing your local economy with C.A.R.E.

Creation

Attraction

Retention

Expansion

Targeted Economic

Development

Page 3: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Households

Basic Industry

LocalStores

Labo

rGoods & Services

Goods & Services

$

$

$

$ $

$

Your Community

’sEconomy

Page 4: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Export Enhancement

Households

Basic Industry

LocalStores

Labo

r

Goods & Services

Goods & Services

$

$

$

ProductsProducts

$

Your Community

$ $Retail Goods Retail Goods & Services& Services

Export Enhancement is expanding the volume of goods and services

your region sells to the rest of the world.

Page 5: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Import Substitution

Import Substitution is replacing items

purchased outside the

region with local production

Households

Basic Industry

LocalStores

Labo

r

Goods & Services

Goods & Services

$

$

$ Your Community

$ Supplies forSupplies forLocal BusinessesLocal Businesses

InputsInputs

$$

Family GoodsFamily Goods& Services& Services

Page 6: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Targeted Economic Development

Know your community!• What’s important?

•Total employment•Total employee compensation•Direct compensation per employee•Employment growth

Southern Rural Development Center

Page 7: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Targeted Economic Development

Know your community!

http://quickfacts.census.gov/

Southern Rural Development Center

Page 8: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Targeted Economic Development

Know your community assets!•Citizen support for development•Local media support for development•Access to financial resources•Availability of energy resources•Infrastructure and community services•Labor force•Transportation systems•Housing, health services, schools …

Page 9: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Targeted Economic Development

Know your economy!•Players (private and public)?

•Movers and shakers?

•Strengths and weaknesses that are discussed?

•Strengths and weaknesses that are not discussed?

•Grudges, feuds, other “minefields”?

Page 10: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Support for Local Employers

Know your economy! (http://quickfacts.census.gov/)

• What do local firms need to be more successful?•Labor force•Dependable sources of inputs•Marketing help•Infrastructure and community services•???

Page 11: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Export EnhancementKnow your economy!

(http://quickfacts.census.gov/)•Major employers (firms, non-profits, agencies and industry sectors)?

•What are the products they market? •Are their products further processed after leaving the local area?•Could some of the value-added be done locally?•Do other firms (out-of-area) market the products

of local employers?•Could local firms do some of the marketing being done by out-of-area firms?

Page 12: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Import Substitution

Know your economy! (http://quickfacts.census.gov/)

•Major employers (firms, non-profits, agencies and industry sectors)?

•What are inputs?•Where do they get their inputs? •Could some inputs be produced locally?

Page 13: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Roles for Extension relative to Identifying local economic

development opportunities –•Source of information

•Access point for information

•Group facilitation for decision making and planning

•Develop community communication linkages

Page 14: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

__________________________________________________________

* Lists should be for a functioning economy (county or multicounty region??)** “Ground-truth” lists with brainstorming and local

legwork.

Roles for Extension (cont.)Generate lists* for import substitution and export enhancement opportunities

•Build lists with

•brainstorming and local legwork

•IMPLAN tables of exporting and importing sectors**

Page 15: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

Remember to use C.A.R.E. Creation Attraction Retention Expansion

Targeted Economic Development

Page 16: Economic Development Strategies Using Applied Research to Identify Opportunities for Creating Local…

OSU Extension Fact Sheet # F-918http://osuextra.okstate.edu/pdfs/F-918web.pdf

Or

Then, at bottom of page, Google search “OSUExtra” for F-918.

Targeted Economic Development

http://osuextra.okstate.edu/