The final day of the conference was really good. We heard from Richard Florida and his insights are still the best in my opinion in building the regional economic development strategy. He made the following comments that resonated with me and other:
1. It’s time to rethink economic development. He made that comment in regard to the current US and global economic environment. Real communities create real economic development and we have an obligation to the lead the way to create real value. Local ED groups must do even more during this uncertain financial times for its communities. This is an urgent activity.
2. 45% of jobs are in the service sector. He challenged the group to take up as an agenda item to make these jobs more innovative and creative - in other words - upgrade the service economy.
3. Economic development comes from creating new jobs by doing things differently. It comes from the community working together by operating in a tolerant and diverse environment. We must attract the best people from around the world. (Pixel Optics is doing this in Roanoke).
4. All communities must have 5 layers to building a healthy regional economy. At the base is physical and economic security (investment in schools and low crime). At the second level is specialized opportunities for individuals to prosper. Third, leadership. Fourth, an environment of tolerance, openness and diversity. Finally, territorial assets or quality of place. How do we rate on each of the 5 layers?
5. We must invest in new forms of housing. People cannot move cause they cannot sell their house. People will not be able to afford to waste time, therefore, they will move closer to work. Perhaps condotels in Blacksburg or office/lofts similar to the Cotton Mill in downtown Roanoke for the creative class.
In case you have not read it, pick up a copy of Florida’s new book Who’s Your City.