|
WHAT IS ECONOMIC COMPETITIVENESS AND WHY IS IT IMPORTANT?
<br />Regional economic competitiveness refers to
<br />the ability of a region to compete effectively
<br />and prosper in the global economy. Decision
<br />makers who guide local comprehensive plans will
<br />strengthen the competitiveness of our region by
<br />sharing and growing knowledge and information
<br />about the regional economy, the major industries
<br />and employers in their community and region,
<br />and the needs and challenges of their employers
<br />and workforce. The region's competitiveness
<br />will be enhanced by individual communities
<br />that leverage regional information to plan for
<br />and provide competitive sites for economic
<br />growth, infrastructure, and the amenities needed
<br />to attract, retain, and grow businesses and a
<br />talented workforce.
<br />Relative to the nation's other major metro areas,
<br />the Twin Cities rate of regional employment
<br />growth underperformed during 2000- 2010, and
<br />continues to be outpaced as our nation emerges
<br />from the recession (figure 1). In addition, the
<br />region ranks in the bottom half of the nation's
<br />top 25 largest metro areas in Gross Metropolitan
<br />Product (GMP, ranked 13th) as measured in 2013,
<br />growth in per capita personal income (ranked
<br />13th) as measured from 2010 to 2013, and
<br />average wage per job (ranked 14th) as measured
<br />in 2013'. In light of these trends, a consensus
<br />has emerged among regional leadership that
<br />a strong collaborative effort to advance our
<br />economy in the future is a necessity. Individual
<br />communities will suffer if the overall region
<br />becomes less competitive over the long term,
<br />and will share in the prosperity of an increasingly
<br />prosperous and competitive regional economy.
<br />FOCUSED INFORMATION AND RESEARCH
<br />SOUTH
<br />LOCAL PLANNING
<br />HANDBOOK
<br />Tampa -St Petersburg -Clearwater, FL
<br />7%
<br />Atlanta -Sandy Springs -Marietta, GA
<br />9%
<br />Miami -Fort Lauderdale -Pompano Beach, FL
<br />30%
<br />San Antonlo-New Braunfels, TX
<br />10%
<br />Dallas -Fort Worth -Arlington, TX
<br />12%
<br />Orlando-Klssimmee-Stanford, FL
<br />12%
<br />Houston -Sugar Land -Baytown, TX
<br />14%
<br />WEST Los Angeles -Long Beach -Santa Ana,CA
<br />7%
<br />San Diego -Carlsbad -San Marcos, CA
<br />8%
<br />San Francisco-Cakland-Fremont, CA
<br />8%
<br />Phoenix-Mesa-Glendale,AZ
<br />9%
<br />Portland-Vancouver-Hillsborc,OR-WA
<br />10%
<br />Seattle -Tacoma -Bellevue, WA
<br />10%
<br />Riverside -San Bernardino -Ontario, CA
<br />10%
<br />Denver-Auraroa-Broomfield, CO
<br />12%
<br />NORTHEAST Philadelphia -Camden -Wilmington, PA -NI -DE -MD
<br />2%
<br />Pittsburgh, PA
<br />3%
<br />Washington -Arlington -Alexandria, DC -VA -MD -WV
<br />3%
<br />Baltimore -Towson, MD
<br />5%
<br />NewYork-Northern New Jersey -Long Island, NY -M -PA
<br />6%
<br />Boston -Cambridge -Quincy, MA -NH
<br />6%
<br />MIDWEST N6nneaporis-Saint Paul-Bkwirnkron, MN -WI
<br />A 7%
<br />Saint Louis, MOIL
<br />4%
<br />ChicWJoliet Naperville, IL
<br />6%
<br />Detroit Warren Livonia, MI
<br />9%
<br />Top 25 largest metro areas
<br />B%
<br />Figure 1— Employment growth between 2010 and 2014 for the 25 largest metropolitan
<br />areas in the U.S. (by region). Source: Bureau of Labor Statistics, Quarterly Census of
<br />Ernployment and Wages, 2010 and 2014.
<br />A region that is economically competitive is one whose economy performs at least as well as other economies.
<br />This performance can be measured any number of ways, including comparing employment rates and employment
<br />growth, income levels and income growth, patents, exports, and gross domestic product. This information reveals a
<br />region's economic strengths and can help to focus a region's strategy for advancing economic prosperity. In addition
<br />to tracking the region's performance relative to other regions, individual communities and the region as a whole can
<br />benefit from a shared understanding of primary factors that influence economic performance. Building upon the
<br />economic research and development strategy prepared by GREATER MSP in 2013, the Metropolitan Council provides
<br />the Twin Cities region with additional information and research capacity, specifically focused on six topics which are
<br />mentioned on the next page:
<br />Continue to next page
<br />
|