Press Release
What’s it going to take to help the economy of Norfolk and to help the area grow?
The Boy Scouts have it right: “Be prepared!” Economic development is a multi-level process that requires participation, all-out teamwork and financial resources of many stakeholders.
Those stakeholders include private business and industry, economic development organizations, state government, local government, utilities, federal government and private citizens.
Each has a significant role to play.
Paraphrasing a famous congressman, “All economic development is local.”
State incentives aside, economic growth is built on the capacities of local communities, utilities and economic development groups to have in place the capacity to serve growth with sewer, water, power, natural gas, modern highway transportation and developed industrial sites.
A community without excess capacity in utilities and fully served industrial sites is not a likely candidate for growth. This is true for local expansions as well as business attraction.
Excess utility capacity is also required for housing growth. Community support for building these capacities is essential.
The five capacities most essential for growth are labor force, utilities, modern highway transportation, developed industrial sites and financial resources to build these capacities.
Our four-county micro-economy is interdependent.
Regional cooperation among cities and counties is essential not only to provide financial resources, but also to provide a variety of choices for industrial location, lifestyles and housing opportunities.
Marketing ourselves as a region opens up opportunity.
International competition for business expansion and relocations is intense and pits Nebraska against the world. This world competition makes growing our own industries a high priority.
Not only do we need to grow existing companies, but we also need to build new companies by providing support for entrepreneurs in business formation, bringing their products to market and with venture capital.
Nebraska needs to increase our capacity for venture capital risk and tech assistance for entrepreneurs. Building our own industry base is a long-range strategy for success.
Long-range planning and strategies based on capacities (current and planned) are essential for long-term growth.
Simply “grabbing the low hanging fruit” will not fulfill the real potential for growth and often devours resources that would be better utilized building capacities for the long term.
Individual communities need to determine their role in the region, how they support the regional economy and how that economy supports them.
Being truly ready for growth and being competitive means that Nebraska and our four-county region needs financial resources, i.e. LB840, in each of our communities, a tax-increment financing law that provides local incentive options and new thinking on the funding of highways.
The stakeholders performing their roles successfully and working in concert on both capacities and the political issues that hold back growth will to a large degree determine the success of economic development in our region.
By R.J. Baker
- Story Courtesy of the Norfolk Daily News
