Prosperity Partnership & the
Regional Economic Strategy
WEDA 2011 Winter Conference
February 15, 2011
The Prosperity Partnership & Regional Economic Development
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PSRC and the Central Puget Sound
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
Economic
Development
FEEDBACK AND
SUGGESTIONS
PSRC
Transportation
Planning
Growth
Management
Prosperity Partnership & the Regional Economic Strategy
Over 350 Partners Organizations
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
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Prosperity Partnership & the Regional Economic Strategy
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Partnership Co-Chairs
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
Phyllis Wise
Rick Bender
Jim Albaugh
Elson Floyd
Brad Smith
President,
University of
Washington
President (retired)
Washington State
Labor Council
AFL-CIO
President and
CEO, Boeing
Commercial
Airplanes
President,
Washington State
University
Senior
Vice-President,
Microsoft
FEEDBACK AND
SUGGESTIONS
Rita Ryder
President,
Strategic Initiatives
YWCA
Ray
Stephanson
Tomio
Moriguchi
Dr. Jill
Wakefield
Mayor,
City of Everett
Chairman,
Uwajimaya
Chancellor, Seattle
Community Colleges
Prosperity Partnership & the Regional Economic Strategy
A Cluster-Based Strategy
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
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Prosperity Partnership & the Regional Economic Strategy
A Two-Pronged Approach
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
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Prosperity Partnership & the Regional Economic Strategy
Launched New Initiatives
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
Metropolitan Business Plan
Washington Defense
Partnership
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Prosperity Partnership & the Regional Economic Strategy
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Developed Policy Initiatives
Fill existing capacity for degrees in high demand fields
at Washington’s higher education institutions.
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
Residential Infrastructure Fund
Prosperity Partnership & the Regional Economic Strategy
Measured Competitiveness
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
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Prosperity Partnership & the Regional Economic Strategy
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The Next Regional Economic Strategy
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
 What are the clusters that will lead job growth in our region?
 What are the foundations that need rebuilding?
 What do we do differently this time based on what we learned last time?
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Four Parts of the New Regional Economic Strategy
Part I: What the
Economy Looks Like
•What Are Our
Regional Clusters And
Subregional Clusters
•How Do We Measure
Up
• LQs &
Benchmarking
• Standard
Measures
(Education,
Business Climate)
• New Measures
(Innovation,
Exports)
•Growth Projections
Part II: What
Needs to
Change
Part III: What Prosperity
Partnership Is Going to
Do About It
Part IV: What
Partners Are
Going To Do
•Shared Vision
for Prosperity and
the Future
•Continued support of
existing clusters
•Commitments of
EDCs
•What are the
Drivers of Growth
and Positive
Change
•Development of new
strategies for additional
regional and sub-regional
clusters as well as cluster
components
•Commitments of
Cluster Associations
•Cross-Cluster Strategies
(like regional export
promotion and talent
attraction strategies)
•Application of
Regional Economic
Strategy to Local
Jurisdictions
•Measures of
Success
•Continued support of
foundational issues
through cross-cluster
strategies
•Commitments of
Other Stakeholders
Prosperity Partnership & the Regional Economic Strategy
What’s Going to Be Different - Data
Sub-regional Analysis: more county and city level data, with
comparison to peer jurisdictions nationally
PROSPERITY
PARTNERSHIP
Both Industry and Occupational Cluster Analysis: looking at
employment levels not only within specific industries but also by job
type (i.e. – machinists or engineers) to determine where our
workforce strengths can be leveraged cross-industry
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
Industry Cluster Component Analysis: to determine where our
comparative economic advantages lie within larger industry clusters
(i.e. – analyzing the components of the life sciences cluster such as
biotech, medical devices and global health), so that we can more
specifically target the emphasis of our shared activities
New and Different Data Points: including new measures of
innovation, export & FDI comparisons, key workforce trends and
quality of life statistics.
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Prosperity Partnership & the Regional Economic Strategy
What’s Different: Breaking Down Silos
and Increasing Connections
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
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What’s Different: Clusters & Cross-Cluster Strategies
Cross-Cluster Strategies
Export promotion
Manufacturing
Talent Attraction and Production
Investment (VC & FDI) Attraction
Cluster Strategies
Regional
Clusters and
Subclusters
Occupational
Clusters
Regional Marketing & Recruitment
Supply Chain Development
Subregional
Clusters
Foundational Issues Incorporated into Cross-Cluster
Strategies
• Transportation & Physical Infrastructure
• Quality of Life
Prosperity Partnership & the Regional Economic Strategy
Timeline
April – June 2011: Economic Analysis
• Targeted analysis of demographic and economic factors of greatest concern
to economic decision makers.
• Stakeholder Input: Leadership Roundtables, Focus Groups, and Employer
Interviews.
• Benchmarking
• SWOT Analysis
PROSPERITY
PARTNERSHIP
ACCOMPLISHMENTS
NEW REGIONAL
ECONOMIC
STRATEGY
FEEDBACK AND
SUGGESTIONS
July – October 2011: Strategy Development
• Visioning
• Trends Forecasting
• Target Industry & Occupational Analysis
• Opportunities Analysis
November – December 2011: Strategy Creation
• Strategies
• Network Mapping
• Implementation Matrix: Actions, Priorities, Measurement
• Marketing Considerations
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