How to Rethink Regional Economic Development in the Era of COVID-19

Methods

After examining the proposed Corridor in four phases, both qualitative and quantitative, we propose a course of action that uses innovation ecosystem approach to encourage more collaboration across regions and sectors and uses targeted industry clusters as a driving force behind a regional vision. We then identified 12 issue areas of most importance for policymakers and planners to account for when crafting strategies to realize the goal of more broad-based development and industry cluster growth in this study area during a COVID-19 recovery.

Our blueprint offers ideas for investing in people, places, and industry clusters that can help propel the wider region into the global ranks of top places to live, work, innovate, and thrive. The region has an abundance of universities and colleges, a well-educated and trained talent pool, many startup and innovation support entities, and communities with a strong sense of place. However, leaders will have to incorporate ways to tackle issues such as lack of economic mobility, affordable housing, and accessible effective public transportation.

We identified four industry clusters that hold promise for long-term sustained growth in North Carolina: agricultural technology, biohealth, power electronics for transportation, and defense technology.

It's important to focus on industry clusters because they provide a logical way to encourage collaboration up and down the value chain and to leverage assets across the Corridor for broad-based growth and development. Building stronger industry clusters can positively affect businesses in associated supply chains, entrepreneurs, researchers, and inventors across the region.

Business and industry alone, however, cannot carry a region through new stages of transformative growth. People are the creators and drivers of innovation. K–12 education is the bedrock of building a human capital base to provide a pipeline for future talent and is a critical element of attracting and retaining companies in the area. Developing and retaining tech talent will be important for the region’s success. Placemaking and investments that incorporate the arts, protect natural assets, and accentuate shared local histories create environments that intrinsically attract talent and businesses to an area.

Among our many findings was the need for a unified vision for innovation-driven economic growth. It will be important to identify entities to coordinate selected initiatives to help build more robust networks across the region and to ensure that efforts are integrated for maximum impact. Additionally, media outlets and others can work to better share the successes of all of those involved.

In the Era of COVID-19

COVID-19 and its resulting disruptions on our economy and society make the need for a clear cohesive regional strategy even more pronounced. We ask the following 12 policy questions important for regional economic development and provide insights on how to best plan for growth given the new normal of working, living, and learning.

Reports to Access:

To help inform innovation driven and equitable economic development we provide the following reports:

• A Blueprint for Building an Innovation Corridor, April 2020
• Impacts of COVID-19 on Issues and Industries Central to an Innovation Corridor’s Success, September 2020
• Innovation and Economic Data Analysis Appendix
• Industry Cluster and Market Analysis Appendix