Friday, September 10, 2010

EDC releases New Economic Development Strategy

The Greater Owensboro Economic Development Corporation released its vision to guide the economic growth of the region over the next five years.

The GO-EDC Board kicked off the 2010-2015 Strategic Planning process in June 2010 with meetings that included community leaders, elected officials and candidates, investors, and stakeholder groups. The EDC also hosted two public input sessions and distributed a survey online and through its Facebook site to solicit public comment and feedback.

The plan developed is well researched, more comprehensive, and involved a greater level of public input and participation that any other in the history of the organization. Based on the evaluation of data, public input and feedback gathered, the strategy will consist of a three pronged emphasis focusing on the following:

TALENT- Developing, Attracting, and Retaining Talent

INDUSTRY AND INNOVATION- Providing Support for Existing and Emerging Industry Clusters

PLACE- Creating a Quality of Place that Meets the Needs of Current and Future Residents

The following are five key highlights of the new plan.

1. Existing Industry will remain a high priority. Most jobs created in any given region come from existing employers. We have been successful in retaining jobs, particularly compared to peer regions and the rest of the country. We will continue to focus on supporting our existing employers to help them grow and prosper in our region. .

2. Continue efforts to target and recruit industry. EDC has been a partner with the Kentucky Cabinet for Economic Development and other Kentucky communities in a program called Kentucky United. EDC will participate in at least two trade missions this year, including a visit to Detroit later this month to meet with companies in Michigan interested in potentially relocating to Kentucky. These efforts will also include a continuation of our partnership in Hancock County and the potential new industrial site along the river.

3. EDC will continue to build on the work done in the 2006 Strategic Plan to promote innovation, technology based company development and entrepreneurship. These efforts will continue support for Kentucky BioProcessing and the Centre for Business and Research. A new aspect of this work will include support for Stage II Companies, growing companies that create a majority of the jobs in the national economy, but create very few jobs in the region.

4. The EDC will focus on two new initiatives dealing with talent attraction and workforce development. The first is "Owensboro U," an effort in conjunction with local colleges to market Owensboro as a college town with college town amenities. The second is workforce aligned high school programs, which will create joint programs in the life sciences, manufacturing, health care and other areas with available jobs in the coming years.

5. Continue to focus on quality of place amenities such as those being developed as part of the downtown plan. Much of this work will focus on developing a research corridor between the Carnegie Village area and the OMHS Parrish Ave site. The plan also suggests a comprehensive master plan for the newly developing I-64/ I-65 corridor where the new OMHS campus will be located.

To read more about the EDC Strategic Plan please visit:

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