Rockforward! Strategic Plan
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Rockforward! Strategic Plan 2008–2012 In May of 2007, the Rockford Area Economic Development Council Board of Directors approved Rockforward!, a new five-year strategic plan for 2008-2012. Rockforward!’s five powerful strategies focus the RAEDC to change in areas that take advantage of our strengths, overcome our weaknesses, and invest in opportunities while mitigating threats. The fundamental goal of Rockforward! is to create $2.8 Billion of new wealth in the Rockford Region by 2012. The plan’s Economic Impact Model centers on creating 5,000 new primary jobs by 2012, which would spin off an additional 5,636 secondary jobs, as well as 340 new businesses, nearly $84 Million in local government revenues, over $231 Million in commercial real estate, over $594 Million is housing, and nearly $934 Million in employee income from new jobs.
Download the Rockforward! Strategic Plan for 2008-2012.
The first two strategies - “Thriving Business Climate” and “Targeted Marketing and Recruitment” – focus our work on marketing the Rockford Region to help existing companies prosper by building on the investments that they have already made and attracting companies to make new investments in our region. The next two strategies - “World-Class Business Infrastructure” and “Workforce Development” - focus efforts on the two primary building blocks of economic development: place and people. A community is prepared to compete to attract and retain jobs when its infrastructure and workforce pipeline are capable of meeting employers’ current and future needs. The fifth strategy - the creation of an “Emerging Opportunities Fund” - brings us to a leading, competitive position, as less than five percent of economic development councils across the country take on a strategy to convene leaders, placing a fund at their disposal for investment in their chosen initiatives.
Targeted Marketing and Recruitment In a world inundated with information, our marketing message must be clear, consistent and compelling: The Rockford Region’s star is rising in the global marketplace. This message must be delivered to the right audience at the right time in the right way. We will invest in research, public/media relations and marketing to our target industries: Transportation Equipment Manufacturing and R&D, Aerospace, Industrial Machinery Manufacturing and R&D, Logistics & Distribution, Back Office/Call Centers, Metals Manufacturing and R&D, Food Processing, Chemicals Manufacturing, Plastics Manufacturing, Alternative Energy and Professional and Business Services. We will communicate aggressively with site selectors, developers, corporate decision-makers and foreign direct investment targets. We will use trade shows and industry events to raise awareness and generate leads. Because 90% of site research is conducted online, our internet presence must be current and responsive to the needs of site selectors.
Workforce Development Our economy is shifting due to rapid technological change and globalization. The Rockford Region is losing educated young professionals, and our resident workforce is under-prepared for tomorrow’s jobs. We urgently need a proactive, strategic and collaborative approach from community and economic development professionals to retain and attract workforce talent. We will collaborate with partners to enhance our region’s appeal to next-generation workers and raise the skill levels and educational attainment of existing workers. We will strive to move the immigrant workforce up the wealth curve. We must think strategically about promoting advantageous population growth.
Thriving Business Climate The most successful communities are those that sustain a diversity of employers and knowledge workers. Our existing businesses are our best prospects for new job creation and our best ambassadors to the global marketplace. In fact, 65% to 80% of new jobs are created by existing businesses in most cities. We will foster an aggressive business retention/expansion effort to help our fastest-growing companies grow even faster. We will help streamline and improve access to services for small business owners and entrepreneurs. We will promote international trade among and for the benefit of local businesses. We will also advocate for improvements in the region’s business and regulatory environment.
World-Class Business Infrastructure The landscape for economic development is incomplete without effective government that helps create a fertile environment for commerce. The Rockford Region has room to accommodate growth, but we need to improve our infrastructure planning, our inventory of construction-ready sites and our incentive and regulatory environment. We must improve our “product” in order to compete for jobs and capital investment. We will promote regionwide comprehensive planning to include government, industry, real estate professionals and citizens. We will work closely with partners to market competitive commercial and industrial properties, provide seamless service to clients and improve our region’s infrastructure.
Emerging Opportunities Fund Some issues require vision, courage, foresight and commitment from current and emerging leaders coming together for the benefit of the community and its future. Some opportunities require decisive action and a nimble response. We will convene a Leadership Council of public and private investors, placing an Emerging Opportunities Fund at their disposal for investment in forward-thinking initiatives to propel positive economic change for the region’s future. Investment strategies may include projects to move and shape public opinion on sensitive issues relating to the region’s capacity to grow, focused efforts to remove stubborn or difficult barriers to growth and/or largescale projects that capture the community’s imagination and enhance quality of life for the entire region.
Annual Report & Quarterly Results Rockford Area Economic Development Council investors recognize the importance of a strong economic development program. They also recognize a good investment and demand a return on that investment. The goals of Rockforward! are methodically tracked through many metrics, including: net new primary jobs and jobs recruited; per capita income; international exports; GMP increase (including RAEDC’s impact on GMP); population growth; economic development exposure; development ready land parcels; and numerous internal measurements to evaluate the effectiveness of the RAEDC’s marketing and recruitment activities. The RAEDC utilizes a wide array of statistical resources to produce these metrics, including the Illinois Department of Employment Security, the U.S. Department of Commerce, the U.S. Census Bureau, the U.S. Conference of Mayors, Northern Illinois University, and our own Voice of the Customer Reports. The RAEDC reports results to Rockforward! investors on a quarterly basis through a letter from RAEDC President Janyce Fadden and an Annual Report. |