Presentation toIsland Coastal Economic TrustEconomic Development: Presentation to Island Coastal Economic Trust Economic Development Marilyn Hutchinson, President Vancouver Island Economic Developers Association November 17, 2006 Mt. Washington Resort, Courtenay, BC


This Presentation: This Presentation Considerations about economic development Some terms Economic development v. industrial development Economic drivers v. economic supporters Guiding principles Four essential conditions & their actions Measures of economic development success Regional partners Regional projects Professional expertise Closing


Questions for the Economic Developer & Local Gov’t: Questions for the Economic Developer & Local Gov’t Where will the region be in 5, 10, 20 years? How many people will be living here? What will the demographics of the population be? What will they be doing to earn a living? What will the tax base look like? What services and infrastructure will be needed?


Is Economic Development Consistent?: Is Economic Development Consistent? If you ask 10 different regions about their economic development program, you will get 10 very different responses – and all of them are likely valid for their regions. Economic development should be tailored to the vision and goals of the region. It should be integrated into decisions about infrastructure investment and regulatory policy.


Three Types of Infrastructure: Three Types of Infrastructure Basic Infrastructure – streets, water, sewer Quality of Life Infrastructure – parks, arts & culture, amenities Intellectual Infrastructure – schools, training, telecommunications


Economic Development Terms: Economic Development Terms Economic driver – an industry or sector which invites new wealth into a region Economic supporter – those industries or sectors which circulate wealth within the region


Economic Development Terms cont’d.: Economic Development Terms cont’d. Lifestyle entrepreneur – a business owner who chooses a location for his enterprise in order to maintain a healthy balance of work and family life, often to enjoy the surrounding natural and cultural amenities Knowledge-based industries – enterprises which are based on the knowledge capital of their people (website design, graphic artists, software developers)


Economic Development Terms cont’d.: Economic Development Terms cont’d. Contact Centre - A place where customer and other telephone calls are handled by an organization, usually with some amount of computer automation; aka call centre Cluster - a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field


Industrial Development1500’s – 1970’s: Industrial Development 1500’s – 1970’s Development in the areas of manufacturing, distribution or technical productivity A focus on finding and serving the type of prospect that can create jobs for production workers or hourly workers, as opposed to professional workers or salaried workers


Economic Development1970’s - 2006: Economic Development 1970’s - 2006 A process that begins when a community makes itself ready to accommodate the retention, startup, location, or expansion of an enterprise Economic development occurs when a local economy is vitalized by the creation of one or more jobs, an increase in regional/community wealth, or the useful distribution of capital that arrives from outside sources


Economic Drivers: Economic Drivers Advanced manufacturing/technology Aquaculture Arts & Culture Aviation Business, Financial & Technical Services Construction Education Forestry Health Services Knowledge-based Industries (contact centres) Tourism


Economic Supporters: Economic Supporters Retail Personal Services Business, Financial & Technical Services Construction Is local government an economic driver or economic supporter?


Guiding Principles: Guiding Principles Understanding the role between economic drivers & economic supporters Co-operation among partners Regional success leads to local success Continuous improvement


Guiding Principles cont’d: Guiding Principles cont’d Putting the region first Shared responsibility for action Clear priorities Documented benefits


Essential Condition #1: Essential Condition #1 Committed Leadership Business, political & other leaders that commit to a clear economic vision, act consistently and focus on priorities Well-informed decision-makers who improve the region and look to the future


Essential Condition #2: Essential Condition #2 Excellent Foundations A business-friendly environment that welcomes and supports business A focus on economic drivers that generate new and sustainable wealth


Essential Condition #3: Essential Condition #3 Quality Infrastructure A highly skilled & talented workforce Physical infrastructure that connects businesses to their markets Unique features that contribute to the quality of life for people and business


Essential Condition #4: Essential Condition #4 Positive Image A positive attitude about the region, among the population A positive reputation for the region, outside of the region


Actions for Committed Leadership: Actions for Committed Leadership Communications Strategy First Nations Partnerships Engage the Influencers


Actions for Excellent Foundations: Actions for Excellent Foundations Business Retention & Attraction Strategy Business Cluster Identification Arts & Culture Support Strategy


Actions for Quality Infrastructure: Actions for Quality Infrastructure High-speed Internet access Collaborate to promote unique regional features Transportation Strategy Human Resources Strategy


Actions for Positive Image: Actions for Positive Image Promote the region’s amenities & attractions 2010 – Work for the Olympic trades The next workforce includes aboriginal persons, immigrants and local & international graduates of our educational and training institutions


Measures of Economic Development Success: Measures of Economic Development Success Value of dollars leveraged from various funders to specific projects Increase in: Basic infrastructure Intellectual infrastructure Quality of life infrastructure Employees in the business community Business licenses issued Additional tax revenues Sales by local business Presence of particular types of industry clusters Presence of particular attractions Availability of labour force


Regional Partners: Regional Partners Vancouver Island Economic Developers Association Vancouver Island Economic Alliance


Regional Projects: Regional Projects New Marine Frontier Project – Powell River, Ucluelet, Cowichan Valley, Nanaimo, Comox Valley, Dis. Of Mt. Waddington, Tahsis, Mid-Island Innovation Council LINX BC - Comox Valley & Cowichan Valley Agriculture Marketing Partnership


Professional Expertise: Professional Expertise Economic developers and practicioners are throughout the region of the Island Coastal Economic Trust Much of the research, reports and studies have been done The structure exists to partner with ICET to implement programs via VIEDA and VIEA, and monitor progress via Community Futures agencies


In Closing…: In Closing… Where will the region be in 5, 10, 20 years? How many people will be living here? What will the demographics of the population be? What will they be doing to earn a living? What will the tax base look like? What services and infrastructure will be needed?


Presentation to ICET: Presentation to ICET Thank you for your time. Marilyn Hutchinson, Pres. Vancouver Island Economic Developers Ass’n