Item 2: Economic Development Subcommittee Report

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The ED Task Force reviewed and gave feedback on a list of potential TAG members at their May 21 meeting; the process of finalizing the TAG members is underway. The next economy design process will conclude with an economic summit, where information will be presented on the economic opportunity areas and on the potential support structures. Businesses, organizations, and interested community members will discuss the support structures and provide feedback. The goal for the TAG and the JEO is to select a limited number of economic opportunity areas on which to focus. The goal for the Economic Summit is to gather input on the support structures that should be used for the economic opportunity areas. Following the Economic Summit, elected officials and others will a) review the input and refine a regional strategy and b) ratify the regional strategy and initiate implementation to build our next economy. #2. Goal: By 2020, create 20,000 net new jobs in the chosen economic opportunity areas; reduce the local area unemployment rate to, or below, the state average; and increase the average annual wage to, or above, the state level. #3. Principles: The principles that will guide the development of our next economy were discussed at length by the ED Task Force. Healthy Living – Championing businesses and entrepreneurs that promote a healthy, safe, and clean community while enhancing, protecting, and making wise use of our natural resources. Smart Growth – Encourage a culture of entrepreneurship and re-investment into our local community. Be Prepared – Develop the region’s physical, social, educational, and workforce infrastructure to meet the needs of tomorrow. Local Independence – Promote local businesses and entrepreneurs that lead our area to a higher level of economic independence and resilience. Regional Identity – Create a stronger economic personality that celebrates our region’s attributes and values. #4. Metrics: Three metrics are recommended to measure our regional economic progress. The metrics are relevant to our local area, timely, and have a sufficiently long history. The Lane County Business Index, calculated by the University of Oregon, is a thorough metric to track the region’s overall economic performance. Average employment and the unemployment rate calculated by the Oregon Employment Department will measure our economy’s progress for the first and second components of the goal – job creation and unemployment. To track our region’s progress towards the third component of the goal, increasing our economy’s average wage, the average annual wage calculated by the Oregon Employment Department is the recommended statistic. See Attachment B for additional information on the metrics. Z:\CMO\2009 Council Agendas\M090601\S0906012.doc