May 26, 2025

175: Transforming Second-Tier Markets into Economic Powerhouses with Barry Broome

36 minutes

In this episode of the Econ Dev Show, Dane Carlson sits down with Barry Broome, President and CEO of the Greater Sacramento Economic Council.

Dane and Barry explore Sacramento's remarkable economic transformation. Barry highlights how Sacramento has leveraged its strategic location 72 miles east of San Francisco to become one of America's premier second-tier markets, emerging as a semiconductor hub while diversifying into clean tech and agricultural research sectors.

Throughout the conversation, Barry shares his data-driven approach to economic development, his passion for working with underdog cities, and the challenges he overcame to build community trust and create a thriving economic ecosystem in California's capital region.

Barry shares insights on economic development, leadership, and the importance of data-driven decisions in driving regional growth.

The episode also covers his personal background, emphasizing Barry's passion for economic development in underdog cities and his experiences in navigating and overcoming initial challenges to build a thriving community.

Timestamps

00:00 Introduction and Welcome

01:20 Discovering Sacramento

02:40 Sacramento's Economic Growth

04:40 Semiconductor Hub Vision

09:44 Infrastructure and Utilities

11:41 Target Sectors Beyond Semiconductors

14:08 Barry Broome's Journey

21:16 Challenges and Achievements

25:20 Building a Strong Board

29:05 Barry's Background and Philosophy

34:55 Conclusion and Contact Information

Ten Actionable Takeaways for Economic Developers

Leverage your geographic proximity to major economic centers; Sacramento's 72-mile distance from San Francisco became a strategic advantage rather than a limitation.

Diversify your economic base beyond traditional anchors; Sacramento moved beyond government dependence to semiconductors, clean tech, and agricultural research.

Position your community as a second-tier market alternative to expensive primary markets, offering similar talent and infrastructure at better cost basis.

Use data-driven decision making to guide your economic development strategy and demonstrate measurable results to stakeholders.

Build strong board governance early; invest time in assembling committed leaders who can provide stability and strategic direction.

Target emerging sectors where your region has natural advantages; Sacramento capitalized on its research universities and proximity to Silicon Valley for semiconductor development.

Develop compelling narratives around your community's diversity and quality of life as competitive advantages for business attraction.

Address infrastructure and utilities proactively as foundational elements for sector-specific development strategies.

Embrace your role as an "underdog city champion"; sometimes the most rewarding opportunities are in communities others overlook.

Focus on long-term relationship building and community trust, understanding that transformational economic development takes years to achieve and sustain.

Special Guest: Barry Broome.