Economic Development

ECONorthwest helps governments make smart investments in capital that spur regional growth.

Cities and regions want strong economies. Most believe that their actions—their policies and investments—can influence the type and amount of new jobs, and the income those jobs generate. Jobs and income have been the traditional focus of economic development strategies that governments and NGOs develop.

But broader definitions of economic development go beyond jobs, income, and value added to include ”community well-being” and improvements to the natural and social environments that strengthen an economy. That broader definition emphasizes the connection of economic development to other critical aspects of regional and local planning and policy: the environment, land use, infrastructure, social services, and more.

The economic success of a region depends on its economic capacity and on its efficient utilization of that capacity. Capacity—what an economy has the potential to produce—depends on its stocks of four forms of capital:

• Human capital: people, their skills, educational institutions
• Natural capital: climate, natural resources, ecosystem services
• Physical capital: buildings, roads, airports, ports, machines
• Social capital: governments, social norms, citizen involvement, community vision, philanthropy

How ECONorthwest Can Help

ECONorthwest has worked with dozens of state, regional, and local governments on economic development evaluations and strategies. We excel at the technical analysis (describing a regional economy’s capacity and utilization of resources) and the facilitation and strategic planning required to help advisory groups establish economic goals and evaluate actions. Some of our work:

• A comprehensive economic development strategy for Portland, Oregon
• An economic strategy for Petaluma, California
• An economic development resiliency plan for East Feliciana Parish, Louisiana
• An economic development strategy for Portland State University
• Input-output analysis (IMPLAN) and cluster analysis for several metropolitan areas
• Guidebook on economic development for the American Planning Association (An Economic Development Toolbox, 2006).

Interested in learning more about how ECONorthwest can help you with your next project? Our toolbox is full and our staff enjoy meeting new challenges.