Getting our slice of Madison's economic
development pie
The Northside News
A
Northside Briefing
The Northside Planning Council has a strong
interest in expanding economic opportunity on the Northside.
This article provides a brief summary of the City’s newly
proposed economic development plan, and some of NPC’s
initial views of what that plan may means for the Northside.
See the related story on page X for what this plan may mean
to the Northside. ~ Tim
Carlisle NPC Lead Organizer
Click here for Northside Action Alert
In
recent years the City of Madison has placed increased attention
to its role in Madison’s economic development. The City
is currently in the process of developing an Economic Development
Strategic Implementation Plan to guide the City’s economic
development efforts over the next 3-5 years.
It is notable that the City’s last economic development
plan was adopted 25 years ago, in 1983.
The draft
plan, prepared by Chicago-based consultant Tom Ticknor, focuses
on strategies for “growing the pie” of the Madison
economy by stimulating growth of quality jobs and Madison’s
tax base. The plan explicitly does not focus on community development,
which it defines as “distributing the pie”.
The draft plan’s primary message is that “Good Jobs
Matter” because they anchor local prosperity and quality
of life, and thus the City needs to play greater role in creating
quality jobs in sectors that serve markets beyond Madison.
The plan states that implementing its recommendations will allow
the City to positively impact the creation and/or retention
of 15,000 Madison jobs within the next 10 years.
Key
Trends in Madison’s Economy
The City’s draft plan highlights a number of key changes
and trends in the Madison economy over the past 25 years, including
the following:
* Madison has a favorable economy with a stable poverty rate,
but is not as prosperous as some similar communities.
* Madison now depends much more on the private sector. High
quality jobs have decreased, and Madison’s job base is
now much more white collar.
* Wealth and economic opportunity is increasingly moving outside
the city.
* Madison competes with cities globally and locally for quality
jobs and tax base, but Madison is less responsive to the needs
of businesses than peer cities.
Given this assessment, the plan states, “For Madison,
the question is therefore how to grow and retain the highest
quality jobs possible while also keeping options for residents
with fewer skills.”
Opportunities and Recommendations
The plan identifies Madison’s best economic development
opportunities as retaining and growing basic sector employers
already here, especially in the areas of higher education, technology,
health care, financial services, advanced manufacturing and
state government, as well as supporting entrepreneurship in
developing new businesses. The plan places a more modest emphasis
on attracting new businesses, particularly those that fit with
University of Wisconsin or other key Madison employers.
Draft
Plan Available Online
The entire text of the City’s draft plan and a variety
of related information can be viewed or downloaded at the City’s
Office of Business Resources website: http://www.cityofmadison.com/Business/economicDevelopmentPlan.cfm
