Economic Development 101 - Part 1
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?"