Prosperity Partnership & the Regional Economic Strategy

WEDA 2011 Winter ConferenceFebruary 15, 2011

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PSRC and the Central Puget SoundThe Prosperity Partnership & Regional Economic Development

Growth Management

Economic Development

PSRC

Transportation Planning

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

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Over 350 Partners OrganizationsProsperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

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Partnership Co-Chairs

Rick BenderPresident (retired) Washington State

Labor CouncilAFL-CIO

Jim AlbaughPresident and CEO, Boeing Commercial

Airplanes

Elson FloydPresident,

Washington State University

Rita RyderPresident,

Strategic Initiatives YWCA

Brad SmithSenior

Vice-President, Microsoft

Ray Stephanson

Mayor, City of Everett

Tomio Moriguchi

Chairman, Uwajimaya

Dr. Jill Wakefield

Chancellor, Seattle Community Colleges

Prosperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

Phyllis WisePresident,

University of Washington

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A Cluster-Based StrategyProsperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

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A Two-Pronged ApproachProsperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

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Launched New InitiativesProsperity Partnership & the Regional Economic Strategy

Washington Defense

Partnership

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

Metropolitan Business Plan

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Developed Policy InitiativesProsperity Partnership & the Regional Economic Strategy

Residential Infrastructure Fund

Fill existing capacity for degrees in high demand fields at Washington’s higher education institutions.

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

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Measured CompetitivenessProsperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

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The Next Regional Economic Strategy

Prosperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

What are the clusters that will lead job growth in our region?

What are the foundations that need rebuilding?

What do we do differently this time based on what we learned last time?

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Part I: What the Economy Looks Like

•What Are Our Regional Clusters And Subregional Clusters

•How Do We Measure Up

• LQs & Benchmarking

• Standard Measures (Education, Business Climate)

• New Measures (Innovation, Exports)

•Growth Projections

Part III: What Prosperity Partnership Is Going to Do About It

•Continued support of existing clusters

•Development of new strategies for additional regional and sub-regional clusters as well as cluster components

•Cross-Cluster Strategies (like regional export promotion and talent attraction strategies)

•Continued support of foundational issues through cross-cluster strategies

Part IV: What Partners Are Going To Do

•Commitments of EDCs

•Commitments of Cluster Associations

•Commitments of Other Stakeholders

•Application of Regional Economic Strategy to Local Jurisdictions

Four Parts of the New Regional Economic Strategy

Part II: What Needs to Change

•Shared Vision for Prosperity and the Future

•What are the Drivers of Growth and Positive Change

•Measures of Success

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What’s Going to Be Different - Data

Prosperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

Sub-regional Analysis: more county and city level data, with comparison to peer jurisdictions nationally

Both Industry and Occupational Cluster Analysis: looking at

employment levels not only within specific industries but also by job

type (i.e. – machinists or engineers) to determine where our

workforce strengths can be leveraged cross-industry

Industry Cluster Component Analysis: to determine where our

comparative economic advantages lie within larger industry clusters

(i.e. – analyzing the components of the life sciences cluster such as

biotech, medical devices and global health), so that we can more

specifically target the emphasis of our shared activities

New and Different Data Points: including new measures of

innovation, export & FDI comparisons, key workforce trends and

quality of life statistics.

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What’s Different: Breaking Down Silos and Increasing Connections

Prosperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

Regional Marketing & Recruitment

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Cross-Cluster Strategies

Export promotion

Manufacturing

Talent Attraction and Production

Investment (VC & FDI) Attraction

Supply Chain Development

What’s Different: Clusters & Cross-Cluster Strategies

Foundational Issues Incorporated into Cross-Cluster Strategies•Transportation & Physical Infrastructure•Quality of Life

Cluster Strategies

Regional Clusters and Subclusters

OccupationalClusters

Subregional Clusters

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Timeline

Prosperity Partnership & the Regional Economic Strategy

PROSPERITY PARTNERSHIP

ACCOMPLISHMENTS

NEW REGIONAL ECONOMIC STRATEGY

FEEDBACK AND SUGGESTIONS

April – June 2011: Economic Analysis• Targeted analysis of demographic and economic factors of greatest concern to economic decision makers. • Stakeholder Input: Leadership Roundtables, Focus Groups, and Employer Interviews.• Benchmarking• SWOT Analysis

July – October 2011: Strategy Development• Visioning• Trends Forecasting• Target Industry & Occupational Analysis • Opportunities Analysis

November – December 2011: Strategy Creation• Strategies• Network Mapping• Implementation Matrix: Actions, Priorities, Measurement• Marketing Considerations

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