Economic Development

Like many cities that have heavily depended on a few key industries, employment and workforce development have long been a challenge for New Orleans. But the economic and natural disasters of the past five years only exacerbated the situation. As New Orleans continues to rebound from Hurricane Katrina, job growth and a more resilient economy will depend on simultaneously leveraging historic industry assets while growing new ones. Dr. Allison Plyer, co-deputy director at the Greater New Orleans Community Data Center, discusses the vital role of New Orleans's export industries from her recent report, Jobs that Matter Most: Regional Export Industries in the New Orleans Area.

Creating quality jobs and rebuilding the middle class in a global, knowledge-driven economy requires new strategies, new partners, new goals, and new metrics of success. The role of economic developers has expanded to include everything from technology transfer to attracting retail that will expand a community's tax base. Putting this all together in an economic development strategy can be challenging. Dr. Shari Garmise, vice president for Knowledge Management and Development for the International Economic Development Council, discusses the findings and case studies compiled in the recent report "Creating Quality Jobs."

Creating a broad range of high-quality jobs in the urban core is a daunting economic development challenge, that is only exacerbated by the current economic climate. Using Atlanta as an example, Dr. Nancey Green Leigh, professor of City and Regional planning at the Georgia Institute of Technology, discusses a roadmap for protecting and energizing an industrial sector as a viable source of job growth and economic investment.

The overlap between economic development and philanthropy is growing. While we most often think of foundations as being involved in community development, they play increasingly more important roles in economic development. Douglas W. Nelson, retired president and CEO of the Annie E. Casey Foundation, talks about how foundations can support economic development as sources of flexible capital and data-driven policy advocacy.

The importance of financial institutions in economic development efforts has varied by region. As communities struggle with funding economic development efforts, some are re-engaging banks in new ways. Indeed, the financial crisis has re-framed the banking sector's models of economic development deals. Bill Best, senior vice president for Community Development at PNC Bank and chair for the International Economic Development Council, discusses the key role banks play in community and economic development efforts during a time of recovery.

Economic growth and the preservation of natural resources are increasingly interdependent. Chris Clark, commissioner of Georgia's Department of Natural Resources, discusses the very real and important connections among economic development, community development, and the sustainable use of natural resources, an interdependence that leads to productive industries and thriving communities.

Increasingly, communities are approaching economic development efforts within a sustainability context. Federal funding support has also shifted toward projects and programs that emphasize sustainability concepts. Edward Blakely, professor of Urban Policy at the University of Sydney, Australia, discusses how the economic crisis has transformed how we think about economic development finance and how communities can craft their economic destinies within the global economy.

The financial climate has limited the availability and effectiveness of traditional economic development tools. States and counties are challenged to identify innovative strategies to promote economic growth and employment. Reagan Farr, commissioner of the Tennessee Department of Revenue, discusses how Tennessee has adapted its incentive policies to attract investment and grow jobs in the midst of the nation's worst recession in decades.