Two of the biggest challenges currently faced by Indiana’s economy involve outmigration and low per capita income. At the end of 2014, there were 47,311 fewer Hoosiers than in 2010. Only 17 counties saw population growth, whereas 75 counties saw a decline, with many of those losses linked to economic conditions that are more attractive in other states.
To battle these trends, a research-based initiative called Thriving Communities, Thriving State has been undertaken by the Indiana University Public Policy Institute.
During the quarterly meeting of IU’s Council on Regional Engagement and Economic Development (CREED) held Thursday, May 5 at the IU East campus in Richmond, representatives of the institute presented their findings and recommendations targeted for urban, mid-sized and rural communities.
Institute officials hope that local, regional and city officials will take heed of their recommendations and apply them soon enough so that tangible impacts become evident within the next 10 years.
“We all have to get better when it comes to telling our story. We need to find ways to show the rest of the country that Indiana is a value destination. There are places throughout the nation that were not viewed as such just a decade ago — yet they are today. There is no reason that cannot happen here if we provide spaces for people from varied backgrounds to collaborate and work together.”
— John Marron, senior policy analyst, IU Public Policy Institute
A summary of recommendations offered for rural or small towns include (click links for more detailed information):
- Identifying and developing strong local leaders and having them engage with their communities
- Encouraging entrepreneurship and small business development
- Workforce and human capital development through improved Pre-K through post-secondary education
- Improved infrastructure such as broadband internet service, as well as quality-of-life enhancements
Priorities for mid-sized communities include:
- Improving quality of life and place
- Making post-secondary education more accessible
- Cultivating community leader leadership and civic engagement
- Modernizing local government through reforms and innovation
Objectives for urban areas include:
- Improved talent development, starting with preschool education
- Improved attraction/retention of talent by embracing diversity
- Increased flexibility in local government to allow faster responses to opportunities and challenges
Other items before CREED representatives included a briefing on a 2015 business climate survey of Richmond and the surrounding Wayne County area conducted by Litau Zhong and Oi Lin Cheung, both professors at IU East’s School of Business and Economics.
As with many employers throughout Indiana, Richmond-area industries indicated that the greatest obstacle to their growth was the lack of availability of skilled workers. Specific concerns included inadequate labor skills and low reliability. Traits most commonly sought in job applicants included the ability to work as part of a team, knowledge of the job field, oral/public speaking, problem solving, critical thinking and networking skills.
Major areas outlined to improve Wayne County’s business climate include attracting more residents, incentives for young professionals to work in the county, continued workforce education and quality-of-life improvements.
The council also approved revised eligibility guidelines for applicants to CREED’s Regional Economic Development (RED) fund. The prior model required applicants to provide a 100 percent match of the grant money awarded.
The new model loosens such guidelines in hopes of encouraging more participation by regional campuses. It allows a minimum cash match of 25 percent combined with up to 75 percent of allowable in-kind contributions such as services, materials or other donations.
The next CREED meeting is scheduled for Aug. 24 in Indianapolis.
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