Metropolitan Business Plans: A New Approach to Economic Growth
Too frequently, towns and cities seek economic growth by chasing the latest fad, without considering how those short-term decisions will impact their long-term economic health. On Monday, the Brookings Institution Metropolitan Policy Program held a forum presenting three pilot projects that helped communities create long-term evidence-based business plans.
Yesterday’s speakers included Bob Weissbourd of RW Ventures, LLC; Brad Whitehead of the Fund for Our Economic Future, Northeast Ohio Pilot Program; Eric Schinfeld of the Puget Sound Regional Council; Mayor R.T. Rybak of Minneapolis; Mayor Chris Coleman of St. Paul; Mayor Ray Stephanson of the City of Everett and Puget Sound Regional Council; Derek Douglas of the White House Domestic Policy Council; Daniel Malarkey of the Washington State Department of Commerce; Kim Nelson of Microsoft; and U.S. Senator Amy Klobuchar of Minnesota.
In cooperation with Brookings, leaders in Northeast Ohio, Minneapolis/St. Paul, and the Puget Sound region have created strategic business plans to promote resilient economic development for each region. The metropolitan business plans will help these regions capitalize on local strengths and increase capacity, allowing each local economy to better weather short-term cyclical economic fluctuations.