Next Economy regional plan aims to attract jobs, new investment

Faced with persistently weak economic growth and an overreliance on the government and construction sectors, the Davis Chamber of Commerce joined hundreds of business, education, government and community leaders and their organizations last week in uniting behind a common agenda and embracing the Next Economy Regional Prosperity Plan. A Chamber news release described the plan as “diversified, robust and sustainable.”

Recognizing that competition in today’s global economy increasingly occurs at the regional level, and that the region’s economic advantages are narrowing under dated models, business leadership from the Sacramento Metro Chamber, the Sacramento Area Commerce and Trade Organization, the Sacramento Regional Technology Alliance and Valley Vision launched Next Economy as a collective response.

This initiative uncovers competitive strengths and maps out a set of interlocking strategies that can accelerate job and wealth creation and boost new investment across the capital region.

“The challenges we face are complex, and to have lasting impact and realize regional prosperity, we need to follow the broad-based, regional strategies the Next Economy movement outlines,” said Gregg Herrington, Davis Chamber of Commerce board chair and president of the Yackzan Group.

Added Kemble Pope, Davis Chamber of Commerce executive director, “The Davis Chamber’s economic development initiatives already align with those in the Next Economy’s plan, but now our activities — including, fostering innovation, growing public-private partnerships, and building upon our competitive strengths as a world-class university community — have greater impact as the rest of the region mirrors our course.”

Through this action-oriented Next Economy Prosperity Plan, the capital region will pursue a competitive and strategic economic development agenda to bring about resiliency, vitality and a wide range of new opportunities for job creation, innovation and increased investment.

The plan lays out five overarching goals:
* Foster a strong innovation environment;
* Amplify the region’s global market transactions;
* Diversify the economy through growth and support of core business clusters;
* Grow and maintain a world-class talent base; and
* Improve the regional business climate for economic growth.

“If successful, within five years the capital region will be widely regarded as a sought-after place for business growth, investment and entrepreneurship; a desirable place for a quality workforce and young professionals to live, study, work, play and contribute; and a diverse economy renowned for its core business clusters and driven in large part by export activity,” a Chamber news release said.