Over the past decade concepts like full employment, the skills gap, and the gray tsunami have become pressing concerns in the economic development arena. Technological disruptions continue to cast a shadow on the future of jobs. In the face of these challenges, here are three trends that are worth paying attention to over the short term.
The major theme for the US defense sector in 2018 continues to be uncertainty. Congress remains under immense pressure to raise defense spending due to ongoing military operations, decreased readiness, and aging weapons systems. However, addressing these challenges will require Congress to pass a budget that removes the spending caps mandated by Budget Control Act of 2011, which Washington currently seems unable to accomplish.
Urban development trends, such as coworking, experiential retail, and big-box redevelopment will continue to impact US communities (large and small) in 2018. Economic developers, take notice! Creative approaches to development challenges will abound in the year ahead.
Only in hindsight is it possible to understand the vast changes wrought upon our lives by the onslaught of new technologies. Stay tuned. More changes are on the way. Of the many emerging technologies to watch, we spotlight three to keep an eye on in 2018.
The economic potential of Fort Worth, Texas—soon to be the nation’s 12th largest city—is tremendous. In December 2017, the City unveiled its first economic development strategic plan. The TIP-lead initiative provides a comprehensive roadmap to guide the community’s growth over the next five years.
Just a few short months after the Greater Green Bay Chamber unveiled its new Economic Development Strategic Plan, the community announced a major stride toward meeting one of its goals: building a robust ecosystem for innovation and entrepreneurship. In October 2017, the Green Bay Packers and Microsoft announced the launch of TitletownTech, a one-of-a-kind partnership aimed at spurring entrepreneurship and economic development in the Greater Green Bay region.
Since 2006, TIP has been working in communities, regions, and states that are home to military installations and defense contractors. TIP is partnering with management consulting firm Kepner-Tregoe for our current defense industry adjustment project, which builds on the success of three previous OEA-funded pilot projects in Washington State.
What does it mean to be a global city? TIP has been pondering this question since we were engaged to lead a team of consultants charged with preparing a new strategy for the City of Fort Worth. While there are volumes of research around this question—and no lack of opinions—we place emphasis on three areas: trade, talent, and tradition.
To help capitalize on its unique advantages, Kern County engaged TIP to lead the preparation of an economic diversification plan for East Kern County. Over the course of a 12-month planning process, TIP worked with Kern County and key partner organizations including the Kern Economic Development Corporation (EDC) and the East Kern Economic Alliance (EKEA) to create a bold and comprehensive set of strategies to accelerate economic development in East Kern.
Last fall, TIP was engaged by the Delaware Business Roundtable (DBRT), a group of more than 50 Delaware CEOs, to craft a strategic framework for pursuing a new long-term approach to economic development in the state. The final product, the Delaware Growth Agenda, was released by the DBRT in July.