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“It’s not about having it all. It’s about having what you value most.” CAN CITIES HAVE IT ALL? Can you produce durable and dynamic economic growth while increasing the standard of living and economic mobility for all residents – and all at the same time? This is the unstated goal for many elected leaders and economic development organizations, but is too often elusive. Incentives and initiatives are aimed at increasing investment, helping the private sector generate jobs, while preparing the workforce and the infrastructure through public investment and programming. High-growth metro areas often increase commute times, increase housing costs, and fail to reduce racial and geographic inequality as their economy grows. The only thing worse than this outcome is when metro areas fail to produce growth, which produces poor results for all. That effectively removes growth as the issue that is often the target of blame. So why is “having it all” so elusive? Perhaps it is the same reason that we fail to do so personally or organizationally. While occasionally all things are in balance and moving forward in concert, most often one element is out of balance with the others. There are times when it requires nearly all of your financial resources and focus. There are other times when you must stop the presses to address a public crisis – which often stalls growth. I still believe that the goal of economic development should be to grow, diversify, and strengthen the economy, and in turn, the communities we serve, and ultimately people. The terms “inclusive growth” or “inclusive prosperity” are often used on the mission statements of the various organizations in your community. My suggestions include:
– Build public/private partnerships that have leaders with different perspective, but a common purpose. – Talk openly and often about what success looks like in your community and with your stakeholders. – Remind yourself to take risks and do things differently – expecting different results while deploying the same strategies will end in frustration. – Grow a diverse and talented team with measures of success in mind.
Let’s have a great week, lift each other up, and move forward together. Kenny McDonald |
