John Mitchell, Economist and Poet, presented his national economic outlook at the January 17 2008 Forecast Conference. Attached here is his presentation in pdf format.
His forecast was much more positive than I had anticipated. While structurally we have some challenges ahead (and it will be up to policy makers to face these challenges head on), overall the outlook was reserved, but positive.
Here is a summary:
Just a quick primer on economic development. Dr. Sanzone taught that there were four simple ways to build a strong economy through economic development.
- Create new enterprises
- Attract new enterprises
- Retain existing enterprises (stop from leaving, and prevent failure)
- Expand existing enterprises
CARE is the accronym. Like the legs on a chair, each leg gives the chair more stability, and each "leg" in the economic development program gives the community's economy more stability.
Almost every program designed to create a strong economy builds upon these four ideas. Programs promoting tourism, export trade, buy local, expanding manufacturing, etc. are just a few examples.
Over the past ten years, there has been one important addition to this list of four key areas. With the ever increasing global competition, and emergence of a world without borders, Quality of Labor is the new competitive advantage. Not a one time degree, because change is occuring too rapidly. Having a university within our region is a huge plus (try to image this region without CSU, Chico). The presence of CSU, Chico, Butte College, and all the other educational institutions (public and private) are vital to our economic future.
Let's consider, globally, what our competition is doing...
How do we here in Northeastern California keep pace?
The question is not "How do we graduate more college educated students than say China or India?"
The question is rather, "Where can we be competitive, buliding upon our strategic assets and resources?"
In Jack's book, he points out the key attributes to small town success, including:
- Adopting a Can-Do Attitude
- Shaping a Vision
- Leveraging Resources
- Raise Up Strong Leaders
- Encourage an Entrepreneurial Approach
- Maintain Local Control
- Building Your Brand, and
- Embracing the Teeter-Totter Factor
For a copy of Jack Schultz' presentation from the January 17th conference, click the following link:
https://necsbdc.sharefile.com/doremotedownload.aspx?type=direct&id=fie2ddd4-8d67-4e16-852b-0e9662f3a371
(Note: This pdf file is 5 megabytes, so it make take a moment to download depending upon your connection speed.)
Unfortunately, simply reviewing the PowerPoint in not enough. I would recommend his book, or, Jack willl be back. Jack Schultz will be in Red Bluff early next month, March 5th. Here is a flyer with more information:
Over the past 22 years the Center for Economic Development (CED) at CSU, Chico, founded by Dr. John Sanzone, has worked with regional business and community leaders to address economic development issues throughout Northeastern California. In 2003, the CED partnered with the Northeastern California Small Business Development Center program, with a focus on building a strong regional economy through entrepreneurship.
One of our flagship events each year is the Tri County Economic Forecast Conference. Now in its 8th year, the conference has broad attendance from throughout the North State. The ideas presented and discussion created by the event is an outstanding means of showcasing new ideas and solutions to regional leaders.
This blog will be an opportunity to continue the discussions started as a result of the conference and other region issues affecting our communities. I'll share updates on new information, and it will create an opportunity for regional community members to chime in on their thoughts.
I look forward to hearing from you here, as well as getting your e-mails.
Dan Ripke