In the midst of a recession that nearly equals the downturns of 1975 and 1982 that heralded the loss of Louisville’s traditional manufacturing economy, the foundation was laid last week for development of an ambitious new economic development strategy that will chart the Louisville Region’s course over the next decade.
A regional leadership initiative called WIRED-65 unveiled an extensive study of economic opportunities and challenges that the Louisville Region must address to grow more 21st Century jobs. (See press release and excerpts from the report at www.greaterlouisvilleproject.org.)
“To win in the 21st Century economy, we need to drive innovation in economic development and urge our kids to go higher in education,” said Kim Huston, co-chairman of the initiative, which covers 26 counties.
Those ideas echo the key components of the Competitive City Agenda that guides The Greater Louisville Project’s work developing data to measure progress against the agenda laid out in the Brookings Institution’s broad assessment of Louisville earlier this decade.
With the third biennial Competitive City Report due out this week, the agenda outlined in the new economic development strategy prepared by TIP Strategies of Austin, TX. and Next Generation Consulting of Madison, WI. aligns closely and echoes critical points. In taking stock of the Louisville region, the TIP strategy found that:
- Employers will face labor shortages as the baby boomer generation retires.
- The skill sets of the region’s workforce do not match future jobs.
- Regional infrastructure needs are piling up.
- Business climate issues can interfere with growth opportunities.
- Changes at Ft. Knox will create workforce and other challenges, along with tremendous opportunities for the region.
It summarized the agenda the Region needs to address as:
Build a pool of Talent.
Create an environment that supports Innovation.
Develop a quality of Place that draws people and companies.
Can the Louisville Region thrive in a world where Talent, Innovation, and Quality of Place are key?
Are those the three right areas on which to focus?