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City of Kennewick City of Kennewick City of Kennewick Citizens Academy May 9, 2013 Economic Development 101 ---PAGE BREAK--- Learning Objectives Understand the process of economic development Understand the role of the city Examine ED trends Review goals for ED Consider challenges for local governments ---PAGE BREAK--- What is the single most important role of local government? 1. Provide incentives to businesses when requested. 2. Create a positive business climate. 3. Provide strategic leadership and facilitation. 4. Provide quality services and amenities. ---PAGE BREAK--- Survey says.. Most important role of local government Provide quality services 35.9% Provide strategic leadership 31.8% Positive business climate 24.9% Offer incentives to companies 4.6% Source: Jonathan Q. Morgan, The Role of Local Government in Economic Development : Survey Findings from North Carolina, UNC School of Government, 2009 ---PAGE BREAK--- What Matters to Businesses? Sites and Buildings Access to Suppliers and Markets Workforce/Labor Financial Capital Regulatory Environment Transportation and Utilities Incentives Taxes Quality of Life ---PAGE BREAK--- What Matters Most for Manufacturing Firms 1. Highway accessibility 97.3% 2. Labor costs 91.0% 3. Tax exemptions 90.9% 4. Occupancy or constructions costs 89.8% 5. State and local incentives 89.3% 6. Corporate tax rate 86.3% 7. Availability of skilled labor 85.9% 8. Inbound/outbound shipping costs 84.0% 9. Energy availability and costs 82.1% 10. Availability of buildings 81.0% Source: Area Development, 25th Annual Corporate Survey, 2010. ---PAGE BREAK--- Economic Development Goals Business climate Education and workforce development Sites and infrastructure Business recruitment, expansion, and retention Quality of life Tourism ---PAGE BREAK--- Business Climate Improve the overall business climate in Kennewick by strengthening the support systems for entrepreneurs and small businesses, improving incentives that encourage business location and growth in the city, and engaging in public policy efforts to improve the overall business climate in the State of Washington. ---PAGE BREAK--- Education and workforce Ensure that education institutions and the workforce development system in Kennewick can prepare workers for jobs in target industries. ---PAGE BREAK--- Sites and Infrastructure Maintain the area’s infrastructure so that it meets the needs of target industries Kennewick wants to attract. ---PAGE BREAK--- Business Recruitment Support efforts to market the Tri-Cities region that benefit Kennewick and the valuable resources in Kennewick that will make the city more attractive to target industries. The objective of this plan is to track/identify organization efforts to implement the Strategic Plan, the outcome/progress made towards accomplishing the established goals and to indentify new areas of opportunities and focus. ---PAGE BREAK--- Quality of Life Low crime rates Healthcare facilities Housing costs School systems Climate Recreational opportunities Colleges and universities ---PAGE BREAK--- Tourism Promote regional tourism through increased regional and national marketing efforts in collaboration with other tourism entities. ---PAGE BREAK--- Kudos List for Tri-Cities No. 5 “Best Job Growth Since the Recession” – Garner Economics, January 2012 Awarded Most Secure Place to live – Farmer’s Insurance, 2011 No. 17 “2011 Best Small Cities for Job Growth” – New Geography All Cities Rankings, July 2011 Top Geekiest City – Forbes 2011 No. 10 “Best Performing Cities 2011: Where Jobs are Created and Sustained” – The Milken Institute, December 2011 4th Largest Sales Tax Collections in the State ---PAGE BREAK--- Questions