About Economic Development
Economic development is defined as the creation of wealth through the mobilization of financial, physical, human, and natural resources to improve the tax base and the quality of life in an area. This typically includes the drawing of dollars from outside the area and circulating those dollars as many times as possible within the local economy.
According to Mike Maulden, Director of External Affairs for Entergy, an economic development consultant based in Arkansas, economic development is accomplished, ultimately, by local citizens – working together to improve the prospects for success. Some concrete actions that often result in success include:
Maulden also states that the most important thing to remember is that winning at economic development requires a proactive and tireless focus on achieving success. Having a vision, being cooperative and putting all the right pieces together requires a lot of hard work. But the payoff is well worth it.
Most experts agree that defining “economic development” can vary from community to community, but that it generally involves elements like existing jobs, retail, education, workforce, housing, quality of life, government and transportation.
For Lakewood, probably most of these apply. As a built-out inner-ring suburb we have certain elements that play favorably for us as a community going forward while other elements are more in flux or constrained by boundaries or culture.
There are many significant projects underway particularly in the areas of education involving the Lakewood City Schools, the Lakewood Public Library and the YMCA. As impressive an impact these facilities will have on our education and culture, they are limited in what they can contribute to our tax base. And while the Rockport Square project is contributing new housing and retail options, some would suggest that even more housing and retail alternatives are required. Many new businesses are entering or expanding within Lakewood while larger jobs providers (like Lake Erie Screw) have departed. Our workforce and thus our available income tax revenues are in transition. The Lakewood community is at a crossroads and it is incumbent on us to fully leverage our assets while honestly addressing those things that limit our ability to have a vibrant local economy. Lakewood possesses many attributes including location (proximity to downtown, highways, Lake Erie), education (Lakewood Schools, the Lakewood Public Library, the parochial schools), historic formation (street car era design, inner-urban grid layout) and diversity (race, housing types, education, religious, income).
Determining the best future route for our community is challenged by many of those same factors we chalk up as attributes. Maintaining our tax base is difficult due the changing nature of the business world (from manufacturing to service industries) and the required workforce skills. Our housing stock while charming is old and requires regular reinvestment. And while we have that truly urban look and feel, obtaining parcels of property for redevelopment is made complex by the number of multiple owners that must be involved.
No doubt, we have our work cut out for us. Lakewood has had a proud past and certainly can have an energizing and exciting future. For sustainable economic development to be achieved and realized by everyone in the community, Lakewood citizens need to be proactive in taking up and leading the effort. Working together collaboratively can make the difference in creating a vibrant and “alive” local economy. Our future depends on it.
LakewoodAlive encourages you to get informed and to get involved!
Check out this link for a primer on the "language" of economic development. |
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