“Obey the principles without being bound by them.”
This past week has served as a reminder of the power of market principles. The uncertainty brought on by the rapid market correction and the public fears that follow has rocked a lot of plans. Yet, a few things still hold true.
First, the market will ultimately punish things that are over-valued or inflated. Second, those things are truly valuable will win out and prosper, if only modestly. Third, there is power in a long term strategy and perspective.
As economic developers, we should continue to focus on our principles:
- Taking good care of the companies and employers in our region.
- Continuing work to diversify our economic and tax base through the pursuit of competitive policies and actions.
- Supporting entrepreneurs and innovation to create organic growth in our markets.
- Doing the work to prepare for the future (both in place-making and clear policies).
- Engaging the global economy (this week has further proved how integrated we are around the world).
- Continuing to market our regions, tell the stories beyond the headlines, and celebrate small victories.
Let’s not dismiss the headlines, but let’s work hard to think long-term and to continue to practice the fundamentals of economic development and business in the days to come.