Economic Development Strategies
On April 29, 2019, I received the 2019 “Hall of Fame” Award from the Maryland Economic Development Association (MEDA). I am both honored and humbled, as I join many illustrious leaders who have come before me. MEDA is one of the most significant economic development organizations in the USA.
The theme for the 2019 Annual Conference was, “Transforming Lives through Inclusive Economic Development.” Retaining and strengthening existing businesses, while attracting new ones, are at the core of this theme. In my view, two Maryland jurisdictions have embraced this strategy. Under County Executive Marc Elrich, Montgomery County has embarked on a bold, new strategy focusing on inclusive development, business retention and wrap-around support for local businesses. In Prince George’s, we worked with local towns and municipalities, supporting their development projects and creating places.
In my view, Fairfax County, Virginia has the most ambitious and comprehensive plan: “Fairfax Economic Success Strategic Plan.” https://www.fairfaxcounty.gov/economic-success/sites/economic-success/files/assets/documents/pdf/economic-success-indicators-report.pdf
Here is a summary of the Fairfax Plan: “The plan’s strategy focuses on high-level policy recommendations, integrated with the county’s overall vision and mission, to help the county to expand and diversify the economy. It is organized around four themes: people, places, employment and governance, and it focuses on six goals:
- Further diversify our economy
- Creating places where people want to be
- Improving the speed, consistency, and predictability of the county’s development review process
- Investing in natural and physical infrastructure
- Achieving economic success through education and social equity
- Increasing the agility of county government
Fairfax does not want to sit on its laurels. It is setting the standard, and will stay ahead of the game. Watch out, rest of the world!
In my view, economic development is critical for all leaders – Democrats and Republicans. That is why I am supportive of the regulatory and tax environs of Virginia, which is now being followed closely by Maryland and other states. There is more to be done – to create places, make regulations transparent and business-supportive, and help the private sector create well-paying jobs.
That is why I say: Businesses come, and grow, in places where they can work, live and play, that have high-quality education, infrastructure and workforce, and have predictable, fair governance.
Leaders – go boldly where no one has gone before, and chart new directions for our country.
Leave a Comment