Association of Central Oklahoma Governments, OK – Comprehensive Economic Development Strategy
The Challenge A number of key issues are of concern in the central Oklahoma region. These include the region’s ability to retain, expand, and attract new business; the lack of a strategy for coordinating economic development efforts with regional partners; the ability of develop, retain, and attract talent, and the a lack of a strategy surrounding the importance of quality of life to economic development. TIP was hired to develop a Comprehensive Economic Development Strategy (CEDS), which addressed these issues.
The Approach TIP used a three pronged approach for this work. An Economic and Demographic Assessment allowed the CEDS committee to arrive at a common understanding of the region’s unique economic strengths, weaknesses, opportunities, and threats, as well as providing a foundation for the subsequent economic development plan. Target Sector Profiles were developed using a quantitative, qualitative, and strategic approach, including factors such as available workforce, industrial sites, incentives, conversations with regional economic development leaders, and a broader understanding of socioeconomic trends. Additional work included a review of primary development and redevelopment opportunities in the region, in accordance with EDA requirements. TIP also completed a Site and Building Requirements overview. We then addressed each regional issue with four targeted goals and in-depth strategies.
The Outcome The purpose of the CEDS is to provide the ACOG with guidance on enhancing the efforts of existing organizations and redefining its own role. TIP’s economic development vision of central Oklahoma based on the area’s potential to develop into a premier business destination is fully attainable Through its designation as an Economic Development District (EDD), ACOG can become a vital economic development partner for the central Oklahoma region.
Photo credit Heartofokc
Photo credit Daniel Mayer