Economic Development that Moves Us Beyond the Recession

By Kathy Huffman, Workforce Development/EcO15 Coordinator

Economic Development Partners, Madison, IN

May 1, 2012

Most communities feel they, singularly, have been hardest hit by the recession.  However, when Mr. Jeff Finkle, President and CEO of the International Economic Development Council, came to town he suggested that we, Madison, Indiana, located along the Ohio River in Jefferson County, are “within a stone’s throw of normal."   He reassured us the recession hit everyone and we are doing OK.  In highlighting some promising strategies for economic development efforts to counteract the effects of the recession, Mr. Finkle identified several top strategies that our community has already embraced. 

Economic development efforts that move communities beyond the recession include a strong focus on business retention, keeping current companies in place in the community.  Nationally that is exactly where 50 % to 70% of economic development efforts are focused.  Just as the recession was taking hold, Economic Development Partners of Jefferson County (EDP) committed to a business retention and expansion program to identify barriers of growth that could be overcome at the local level.  Listening to company executives in a systematic interview process identified a gap between workforce skills and the skills necessary to work within today’s high tech workplace.

Considering the large investment in technology, robotics and computers by companies in all industry sectors one should heed Mr. Finkle’s suggestion that “all companies are now technology companies."  Within this framework there is a transition in skill sets for the emerging workforce to learn.  Through the EcO15 initiative in Southeast Indiana ten counties, including Jefferson County, have developed strong partnerships between employers and educators to build the pipeline of local talent.  For example, pre-engineering and biomedical classes are now available throughout the region supporting the emerging fields of information technology, engineering and healthcare. 

Moving beyond the recession requires regional partnerships like EcO15 but the extent of such partnerships in Jefferson County is much broader.  Leveraging our community through regional partnerships offers an opportunity to expand economic development efforts exponentially.  Aligning EDP with the Chamber of Commerce enhances efforts for both organizations.  Regional partnerships include the South Central Indiana Economic Development Group, Indiana Economic Development Association, Regional Small Business Expo, Indiana Chamber Executives Association, and collaboration with the Mid-America Science Park. 

In response to the pertinent question Mr. Finkle asked “do our economic development efforts move us forward or have us trailing what is an ordinary economic development cycle?”,  here in Madison and Jefferson County, we should be pleased we are indeed on the right track toward advancement.