An economic revitalization plan for an area must drive towards a balanced and diverse mix of business and residential opportunities. The economic strategy should be built around the philosophy of aggregating competencies that can benefit from close association with each other. The two primary aggregating strategies are:
1 – Aggregate existing core competencies of the area rather than chasing industries with which there is no connection and are just the latest “hot” industry. It is therefore important to identify the historic skill sets and values that can provide the basis of an aggregation strategy to attract new business.
2 – Aggregate future competencies that relate to the new world economy and have a strong connection to local resources.
To support the strategies and nurture industries, close attention should be paid to the creation of incubation opportunities for new businesses. These companies are the next generation of major employers and will keep the local economy from stagnating. In addition, the unique cultural and historic fabric of the neighborhoods should be celebrated and highlighted as part of an economic strategy.
Finally, to support new business it is essential to create:
- Service Industries
- A broad range of housing types and prices
- Effective schools
- Public transportation