The NEW Economy
The
Economic
Purpose:
Ø
The last
24 months the
o
Approximately 35% Job Loss in Manufacturing
Industry
o
Replacement wages less than 85% for
Displaced Workers Re-employed
o
Other Industry Markets Impacted by Downturn
in the Economy
Working Premise:
Ø
Workforce
development and economic development are interrelated and interdependent for a
st
16 County Project:
Calumet Fond
du Lac
Waupaca Waushara
Brown Door
Marinette Shawano
Oconto Kewaunee
Partners Involved:
Ø
Ø
Bay Area
Ø
Local Economic Development Partners
Ø
East Central Planning Commission
Ø
Bay
Ø
UW
Ø
Private sector business
Ø
Chambers
Ø
NorthStar Economics, Inc., a private
consulting firm
Ø
Ø
Others
Provides
Ø
Build partnerships, including cooperation and
coordination between area business organizations, municipalities, and
metropolitan areas
Ø
Incorporate results of study into future
strategic planning
Ø
Create st
Ø
Develop sound future economic and workforce
strategies, creating jobs that pay well and have bright futures.
Phase I:
Ø
Provided by Planning Commissions
Ø
Historical Analysis
o
Analysis of historical employment, income and
selected demographic trends at the two and/or three digit standard industrial
code classification level.
Phase II:
Ø
Provided by UW-Madison Extension
Ø
Trend analysis with projections to the year
2020, including national, state, and regional projections. These projections will identify growing,
declining and stable sectors:
o
Provide snapshot in time economic and
demographic data
o
Forecast future economic and demographic
information
o
Explore occupational forecasts and see where
the future growth is occurring
Ø
Structure of the
o
Identification of key industries with high
growth, high income potential
§
Industries at the three-digit standard
industrial code classification will be ranked by size.
§
Detailed description of industry linkages and
gaps for the targeted industries.
§
Identify high growth industry opportunities
based on national level growth rates.
Ø
Benchmarking of economic measures
Phase III:
Ø
NorthStar Economics, Inc. will work with
economic development committees and local stakeholders to create an economic
development strategy for the region that utilizes the current strengths in the
area while addressing the region’s weaknesses and challenges for the
development of future st
§
Address the following geographical areas
·
o
Urban
o
Rural
·
MSAs
·
Cities (when feasible related to population
and available data)
·
Corridors
o
o
·
Provide an accurate assessment of the challenges
and opportunities facing the region.
·
Provide an analysis of per capita income for
2020 based on effective strategies implemented in relationship to “trends,
tendencies, and goals”.
·
Identify the specifics of the local key
industries and how they fit in the larger scheme of the economy compared to the
·
Identify growth potential for the key
industries and industry clusters.
·
Identify potential for new industry start-up
given the national and international economic picture.
o
Map the interconnections of industries and
communities in the economic region.
o
Facilitate planning sessions for local
communities in the development of strategies to remain competitive.
o
Recommend actions that will foster future
economic prosperity of the region.
Expected Outcomes:
Ø
Present an economic development strategy for
implementation to build a future st
Ø
Provide an impetus for municipalities to
develop policies geared toward a st
Ø
Effective use of resources for developing a
skilled workforce to match needs of key industry and industry clusters.