Partnering to Promote Economic Growth February 13, 2006

What is Economic Development?

. WEDI 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

Why Economic Development?  Creating and Retaining Desirable Jobs  Increasing the Tax Base  Providing Services and Paying the Bills  Maintaining a Strong Economy 

Economic Development A Dynamic Process  Global economy  Mergers and restructuring  Shifting market preferences  Must be alert for new opportunities to diversify local economies

Components of Economic Development A.Organizational Development B.Infrastructure Development C.Business Development D.Workforce Development E.Community Cash Flow Development

Department of Commerce Resources

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)

Region 1: William Lehman 715/ Region 2: Marty Ambros 715/ Region 3: Deb Clements 715/ Region 4: Dennis Russell 920/ Region 5: William Winter 608/ Region 6: Kathy Heady 608/ Region 7: Dave Martens 608/ Area Development Managers

Resources for:  Entrepreneurs  Fixed Assets & Working Capital  Customized Employee Training  Technology Development  Community Infrastructure  Brownfields Redevelopment 

Local Economic Development Contacts  County or Multi-County Development Corporations  Municipal or County Government  Utilities  Chambers of Commerce 

Local Development Organizations  Wisconsin Economic Development Association -  Economic Development Corporations or Chambers of Commerce go to partner links on the more info menu

Local Development Organization Resources  Revolving Loan Funds  Site Selection  Small Business Counseling  Business Incubators  Information and Much More …

“… 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 children’s development and facilitates parents’ employment.” Anon. Cornell University Website

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)

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

Early Care as an Economic Sector  Significant Employment Base  Small Businesses  Multiplier Impact (Direct, Indirect, Induced)

Early Care – Labor Force  Labor Force Participation – % Children under 6 with all parents in labor Force – 66%  Labor Shortages  Business Partnerships

Early Learning Key to Future Workforce  Return on Investment – (Belfield & Winters Study and others)  Achievement Gap

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

Communications  Internet:  Phone: See Area Development Manager Map  Entrepreneurs Network:  SBDC Answerline: 1/ SBDC