|
 A new economic development effort is underway in the central Puget Sound region. Hundreds of government, business, labor and nonprofit leaders in King, Kitsap, Pierce, and Snohomish Counties have organized a coalition called the Prosperity Partnership.
The coalition created the Prosperity Partnership because economic conditions in the central Puget Sound region, combined with dramatic changes in the global economy, created a critical need for a regional strategy and action. To address this need, coalition members are working together toward a common goal: long-term economic prosperity for the entire region. The Prosperity Partnership envisions a region whose residents have good jobs and earn good incomes, where job-creating businesses thrive, where diversity is embraced; a region with vibrant, connected communities, a healthy and beautiful environment, and a high quality of life due in part to the natural environment and dynamic cultural institutions.
Launched last fall by the Puget Sound Regional Council and local economic development councils, the Prosperity Partnership coalition has grown to over 150 organizations. It represents the first time that community leaders from throughout the central Puget Sound counties have agreed to collaborate on a unified economic agenda for the benefit of the entire region.
Current forecasts by the Puget Sound Regional Council indicate that the region can expect to grow an additional 290,000 jobs by 2010 doing business as usual. The Prosperity Partnership is mobilizing the region to do better - by doing things differently - with the goal of growing an additional 100,000 jobs beyond today's forecasts.
The Prosperity Partnership's economic strategy is based on the following fundamental principles:
1. People living in the region have good jobs and earn good incomes. A healthy, educated, vigorous and engaged citizenry is vital to a successful economy. The goal is to build an economy that provides good jobs with good wages. Everyone wants the opportunities to learn skills, bring them into the marketplace and be rewarded for their efforts.
2. Jobs are created by businesses. Good jobs and incomes come from competitive and prosperous enterprises. The region should be a great place for people to start businesses that will have the potential to grow and prosper. This means a place where policies and regulations are clear and effective, and are constantly adjusted to create a good business climate.
3. Embracing the region's diversity is good for business. The new economic reality means that we must marshal all of our resources to compete successfully in a global economy. That means historically under-developed economic sectors-small and minority-owned businesses in particular-must be fully integrated into our region's economy.
4. The region has vibrant cities and thriving communities. Over the past decade, the region has successfully focused employment growth into dense, walkable, urban centers. This approach has enabled employees to commute to work through a variety of modes, and has guided the region's transportation investments. As the region's economy grows, it will provide additional opportunities to further enliven our cities and communities.
5. The region has a healthy and beautiful environment and a good quality of life. A high quality of life and healthy environment make the region a great place to live and raise a family, which is crucial to a healthy and vibrant economy. There needs to be diverse housing choices, effective transportation systems, good schools, as well as public parks and places for our enjoyment. A healthy environment, with clean air and water, is at the core of the Puget Sound lifestyle. Opportunities for recreation and leisure, promoting the arts, and preserving cultural resources are also critical.
6. Regional collaboration on a shared economic agenda ensures the region's long term, sustainable economic prosperity. In this increasingly interconnected global economy, it is important to recognize that the 4 counties and 82 cities of the metropolitan region are a single economic unit. Working together as a region is the best chance to guarantee shared economic prosperity for all.
Central Puget Sound Region's Clusters
The central Puget Sound is home to a diverse, broadly distributed set of industrial clusters. The Prosperity Partnership analysis has identified fourteen primary clusters: Business Services, Military, Head Offices, Life Sciences, Long Term Care, IT, Aerospace, Boat Building , Wood Products, Specialty Food, Tourism, Logistics & International Trade, Electronic Shopping, Environment & Alternative Energy, and Sound Recording.
These have been reconfigured to select five candidate clusters for the pilot phase of the analysis. The selection of the five pilot clusters was based on the application of criteria, including 4-county representation, high employment concentration ratios, greater than average industry dynamism, total cluster size, breadth and depth, and the presence of cluster linkages.
While none of the clusters is excluded at this point in the project, the analysis and subsequent outreach and engagement is focused on (1) Aerospace, (2) Clean Technology, (3) Information Technology, (4) Life Sciences, and (5) Logistics and International Trade.
The selection of the pilot clusters allows the project to begin focusing on comparative analysis, which includes looking at peer regions, business starts and closings, and trends analysis. It also allows for cluster-targeted interviews and outreach.
The Prosperity Partnership?s strategy was adopted unanimously by the central Puget Sound Economic Development District Board on Tuesday, September 27. It can be viewed on the Partnership?s website at www.prosperitypartnership.org/strategy/index.htm.
For more information on the Prosperity Partnership, visit their website at www.prosperitypartnership.org, or call Bill McSherry at .
|
