Commerce OH slide set

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Partnering to Promote Economic Growth February
13, 2006
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What is Economic Development?
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It is the process by which a community organizes
and then applies its energies to the tasks of
improving the economic well-being and quality of
life for the community. Economic development is
an investment in the community. WEDI
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Why Economic Development?

• Creating and Retaining Desirable Jobs
• Increasing the Tax Base
• Providing Services and Paying the Bills
• Maintaining a Strong Economy

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Economic DevelopmentA Dynamic Process

• Global economy
• Mergers and restructuring
• Shifting market preferences
• Must be alert for new opportunities to diversify
  local economies

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Components ofEconomic Development

• A. Organizational Development
• B. Infrastructure Development
• C. Business Development
• D. Workforce Development
• E. Community Cash Flow Development

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Department of Commerce Resources
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Bureau of Business Development

• Coordinates and Facilitates Business Creation,
  Retention and Expansion Efforts in Wisconsin
  (Area Development Managers)
• Underwrites, Contracts and Services Program Funds
  (Business Finance)

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Area Development Managers
Region 1 William Lehman 715/656-3530 Region
2 Marty Ambros 715/836-2630 Region 3 Deb
Clements 715/344-1381 Region 4 Dennis
Russell 920/498-6302 Region 5 William
Winter 608/647-4613 Region 6 Kathy
Heady 608/266-9944 Region 7 Dave
Martens 608/261-7711
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Resources for

• Entrepreneurs
• Fixed Assets Working Capital
• Customized Employee Training
• Technology Development
• Community Infrastructure
• Brownfields Redevelopment

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Local Economic Development Contacts

• County or Multi-County Development Corporations
• Municipal or County Government
• Utilities
• Chambers of Commerce

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Local Development Organizations

• Wisconsin Economic Development Association -
  www.weda.org
• Economic Development Corporations or Chambers of
  Commerce -www.commerce.wi.gov - go to partner
  links on the more info menu

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Local Development Organization Resources

• Revolving Loan Funds
• Site Selection
• Small Business Counseling
• Business Incubators
• Information and Much More

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Early care and education is being recognized as
an important economic sector in its own right,
and as a critical piece of social infrastructure
that supports childrens development and
facilitates parents employment. Anon. Cornell
University Website
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WEDA Survey

• WEDA Members Agree that Early Childhood Education
  is a critical Economic Development Strategy (48)
  
• Awareness is not shared by their local
  communities (44 no, 34 not sure)

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Early Care and Economic Development

• Early Care as an Economic Sector
• Early Care is Important to Working Parents and
  Employers
• Early Learning is an Important First Step in
  Future Workforce Development

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Early Care as an Economic Sector

• Significant Employment Base
• Small Businesses
• Multiplier Impact (Direct, Indirect, Induced)

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Early Care Labor Force

• Labor Force Participation 2004 - Children
  under 6 with all parents in labor Force 66
• Labor Shortages
• Business Partnerships

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Early Learning Key to Future Workforce

• Return on Investment (Belfield Winters Study
  and others)
• Achievement Gap

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Working Together

• Experience working with companies
• Marketing buildings and labor resources to
  expanding businesses
• Resources to help companies stay in business
• Entrepreneurial Assistance

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Communications

• Internet www.commerce.wi.gov
• Phone See Area Development Manager Map
• Entrepreneurs Network www.wenportal.org
• SBDC Answerline 1/800-940-SBDC

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