The definition of a region is the first key step in an economic impact or economic base analysis. Which sub-areas (counties, ZIPs, or MSAs) should be included or excluded? What principles guide region definition? This short document is intended to answer these questions and help our users create regions that are appropriate for such analysis.

Download the full document (PDF): Defining a Functional Economic Region

The Northern Virgina Workforce Investment Board’s SkillSource Group, in partnership with Dr. Kenneth Poole of the Center for Regional Economic Competitiveness (affiliated with C2ER), has completed an 18-month BRAC impact study for the area in and around Fort Belvoir and Quantico Marine Base.

EMSI’s Strategic Advantage provided the “heavy-lifting” economic modeling, including the estimates of workforce impacts. Strategic Advantage was selected for the project after an extensive evaluation and comparison with the RIMS II model, because EMSI’s model “provided more extensive estimates of likely industry- and occupation-specific impacts.”

Read the SkillSource press release and the C2ER newsletter article.

Fast Company recently highlighted Southwest Michigan First, an economic development group out of Kalamazoo Michigan that was included in this year’s Fast 50 lineup.

They are acknowledged in this article for their innovative response to Pfizer closing down their local R & D branch in 2003. Fearing scientists would leave the area without job opportunities, they managed to raise $50 million (an impressive amount for a town of its size) to start a for-profit venture fund to support life-science startups. Two weeks after the announced layoffs, the group opened a business incubator that within three months was home to 15 new life-science companies. Four of them are graduating from the incubator this year and moving into bigger offices. One has already made breakthroughs in cancer research.

A new resource guide published by the State Science and Technology Institute for the U.S. Department of Commerce’s Economic Development Administration highlights three elements essential to the formation of a tech-based economy: intellectual infrastructure, capital, and entrepreneurial culture.

The document is intended for economic development practitioners working with regions to transition to technology based economies.

Purdue Center for Regional Development, Indiana Business Research Center and Strategic Development Group Inc. published Unlocking Rural Competitiveness; The Role of Regional Clusters in January 2007.

This is a great resource for anyone trying to define a regional cluster. Appendix I of the report gives a detailed taxonomy of 17 industry clusters.

The University of Minnesota has compiled ten principles of economic development through their State and Local Policy Program. Their introduction states,

“Economic Development is a concept whose definition often depends on who is doing the talking. Economists, elected officials, development professionals and citizens are all likely to have varying perspectives on the subject.

The basic framework begins with the assumption that the object of development is to create wealth, whether on a national, regional or local level. However, it is here that the many perspectives diverge. As a backgrounder, the SLPP presents ‘Ten Principles in Economic Development’.”

Massachusetts’ governor Deval Patrick laid out his plan yesterday for a billion dollar investment in the life sciences. The new legislation would finance cutting-edge research, create the nation’s largest stem cell bank, and provide expanded tax credits to life science companies.

MA is just one of several states to join the biotech gold rush. As this editorial from the Boston Globe hints, the state is feeling the pressure from initiatives launched in competing states like California, New Jersey, and North Carolina. The new proposal provides $500 million in higher education investments, filling the gap pointed out in the Boston Globe:

“The missing link in the economic development agenda is a community college system that responds to the needs of the labor market. While community college systems in North Carolina and California are collaborating with employers and universities throughout their states to develop bio-manufacturing certificate and degree programs, Massachusetts has few degrees and only tried a pilot certificate program in 2001.”

Read more about the initiative.

(via EDPro)

This report by the San Diego Workforce Partnership identifies the industries in the Life Sciences cluster, top occupations in the cluster and educational programs that train for those occupations in San Diego county.

A new report released in June 2007 by the Economic Alliance of Greater Baltimore provides a comprehensive overview of Baltimore’s assets and position in the US biosciences industry. The report includes interviews with industry leaders as well as quantitative analysis showing Baltimore’s strong standing in the growing market.

Money Magazine compiles a list of the best places to live based on economic opportunity, good schools, safe streets, things to do and a sense of community.

Middleton, WI tops the list this year.