Newt-Fowler-Gaining-Traction-in-the-New-Economy_

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, collab

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

2

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

4

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• Outdated infrastructure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

6

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

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

Questions / Comments…

Thanks

Happy Holidays!

Newt Fowler Womble Carlyle 410.545.5871

nfowler@wcsr.com