The 5 Drivers of Regional Economic Development
Investing in all 5 Drivers of Economic Development is key for Inclusive Growth
There are 5 drivers of Economic Development that B3K is focused on. In order to create 100,000 Quality Jobs, these must be prioritized throughout our entire region.
Traded sectors are the most significant driver of regional economic competitiveness. They include firms that sell their goods or services to customers outside of our region, bringing new money into our regional economy. Traded sector jobs create a multiplier effect that generates between three and five new locally-serving jobs. Firms in traded sectors perform better in growth, job creation and wages, and they are more resilient to economic downturns.
We need to grow and attract traded sectors that create good and promising jobs to achieve our goals for inclusive growth.
In the modern economy, talent is crucial for regional economic development. Regions grow when they develop and deploy residents to maximize their productive potential. The pool of available knowledge, skills and expertise – and the ability to generate more – is a top factor in business location decisions. Our region has the potential to develop more talent than ever, bringing in more businesses and Quality Jobs as a result.
Our region’s innovative capacity represents our ability to uncover new products and services, start new businesses and create value. The Opportunity Industries we have identified are the best place for this innovation to take hold in our region. By prioritizing this investment, we will create more Quality Jobs and our competitiveness will increase.
With how large our region is, our region’s infrastructure must be prioritized. This includes transportation efficiency, broadband connectivity and land use policies that support regional productivity. Doing so will allow greater talent access and promote regional involvement.
Kern needs a common strategy with objectives and metrics shared across all main contributors to economic development. This will reduce fragmentation and maximize our resources. Identified ownership and accountability in delivering tactics will help us avoid uneven implementation and difficulties in collaboration.