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Gaining Traction in the New Economy – Salisbury Region’s Unfolding Story… Newt Fowler Womble Carlyle 2016 Economic Forecast Themes from Last Year: • Urban centers are not winning in the New Economy • Small cities are, though many struggle • Winning small cities and regions must have a comprehensive, collaborative, realistic playbook Urban Centers Are Not Winning • Urban centers lag in job creation to small cities • Fastest growing areas are dominated by – – – – – Reasonably priced, suburban style homes Lives dependent on cars but with shorter commutes Strong community associations like churches Great schools Access to natural amenities Sobering Economic Realities for Many Small City Regions • • • • High unemployment Declining / aging population base High poverty rates Lower median income Sobering Economic Realities for Many Small City Regions • • • • • • Outdated infrastructure Dependence on traditional industry Cannot retain human capital Declining competitiveness within region Weakened civic infrastructure Limited access to resources Common Cultures Seen Among Successful Cities • Culture of innovation – – – – Willingness to experiment Reinventing old industries Embracing new industries and ideas Expanding cultural and community dynamism • Culture of collaboration – Business, academic and government work together based on communication and trust – Initiatives by each group are shared, improved and celebrated Common Cultures Seen Among Successful Cities • Realistic in their goals – Compete for new industries that build on region’s past – Align growth around traditional industries and assets – Resist the temptation to try to replicate successes of other regions if not a realistic fit – Lead with lifestyle – the place to start a career, meet someone, build a life, have fun – Personal experience has to match region’s message 2015 Lower Shore Playbook • Align growth around traditional industries – Cadista’s pharmaceutical expansion – PolyOne’s potential second shift – Wor-Wic / Arcon Welding Training Center • Meeting region’s need for in-demand jobs • Academic Investment – Salisbury University, UMES and Wor-Wic integrally engaged in economic development initiatives 2015 Lower Shore Playbook • Focusing on industries that play to region’s strengths – Pursuing the new Medical Cannabis Industry – Lower Shore Wind Energy Consortium – Impending Airport Restructuring Plan • New Collaborative Environment with Government – Jake Day – Salisbury – Bob Culver – Wicomico County 2015 Lower Shore Playbook • Cultural and Collaborative Innovation – Development rights granted for innovative use of downtown sites – Gallery Building donated to Salisbury University with a portion for use with young entrepreneurs – YEA – Young Entrepreneurs Academy launched – Gull Cage “shark tank” continued success Some of Playbook for 2016 • Following the County – City Personal Property Tax reduction debate • Convention Center Alcohol License • Engaging retiring talent through Greyshore – Underutilized resource unique to shore 11 Building on 2015’s Momentum • Work hard to sustain a culture of innovation – Be willing to experiment; try new ideas – Embrace new industries and rethink old ones – Celebrate expanding cultural dynamism • Collaborate, compromise and champion – Work to keep business, academy and government collaborating; find common ground – Share and celebrate everyone’s initiatives 12 Building on 2015’s Momentum • Be realistic, building on early successes of past year is hard work • Embrace and engage the region’s new leadership • Continue to find opportunities for growth around traditional industries and assets • Avoid “me too” of trying to replicate successes of other regions • Make sure personal experience matches region’s message 13 Questions / Comments… Thanks Happy Holidays! Newt Fowler Womble Carlyle 410.545.5871 nfowler@wcsr.com 15