Talent, Place & Prosperity! Joe Cortright
Synopsis The City Vitals Framework City Observatory Distinctiveness Prices & Places
Cortright Bio Impresa Policy advice to public and private leaders on economic policy EconData.Net Data for understanding regional economies Brookings Applying industry clusters to economic development CEOS for Cities Benchmarking metropolitan econonomies City Observatory What matters to city success
Framework Talent Innovation Connections Distinctiveness
Mission City Observatory is a virtual think tank, contributing original data-driven research and regular commentary on what matters to city success, focused on how building great places to live can attract, develop and harness talent to create widely shared opportunity.
CityObservatory.org
CityReports Young and Restless Lost in Place Surging City Center Jobs Less in Common
Talent & Connections
Talent determines prosperity
Talent now seeks place Thinking about how you will look for and choose your next job, which of the following statements best reflects your opinion? (Asked of 1,000 25-34 year old college graduates) Look for the best job I can find. The place where it located is pretty much a secondary consideration. Look for a job in a place that I would like to live 1 0% 18% 35% 53% 70%
Concentration of College-educated 25-34 year-olds 3 miles from CBD Growth of 25 to 34 year-olds 1990 to 2000 +30 Percent! Share of 25 to 34 year-olds with a 4-year degree 54 Percent
Nationally: Close-in neighborhoods growing twice as fast 38% 29% 19% 10% 0% Metro Close-In
What young talent seeks Dense Diverse Interesting Bikeable Walkable Transit-Served
The new reality of economic development: The HR Department now drives business location and expansion decisions! Where can we find lots of talented workers? Where can we easily attract more?
For companies hoping to hire top talent, the simple fact is that most tech workers want to live and work in the city.
Moving to or expanding downtown City San Francisco Chicago Austin Atlanta Seattle Boston New York Detroit Companies Pinterest, Visa, Yahoo, Archer Daniels Midland, Google, United, Sears, Hillshire Brands Cirrus Logic Coca Cola Amazon Biogen/IDEC Google, UBS Quicken Loans
February 2015 Surging City Center Job Growth Joe Cortright Dillon Mahmoudi cityobservatory.org
US: Job growth centralized 2002-07 2007-11 1.2% 1.2% 1.0% City Center Periphery Average Annual Growth 0.8% 0.6% 0.4% 0.5% 0.2% 0.1% 0.0% -0.1% City Center Periphery City Center Periphery
VC flowing to cities City/Walkable Suburb Other Suburb San Francisco San Jose Boston New York Los Angeles Washington San Diego Chicago Austin Seattle Philadelphia Dallas Baltimore 0 2,500 5,000 7,500 10,000 Venture Capital Investment (Millions) Source: R. Florida, Startup City, 2014
Innovation
The expanding Silicon Forest 2008 Heike Mayer. 2008 -- used by permission
Entrepreneurial Portland Of 51 largest Metros, Portland ranks: 4th in small businesses per capita 4th in self-employment rates 5th (smallest) in average firm size 7th in patents per capita 14th in venture capital per capita
Creative Portland Of 51 largest Metros, Portland ranks: 3rd in Bandcamp 3rd in Kickstarter 3rd in Indie-GoGo 16th in Reverbnation Ranked 6th overall by Forbes st Creative Cities, July 2014
Distinctiveness
Differences matter Michael Porter Competitive strategy is about being different.! Jane Jacobs The greatest asset that a city can have is something that's different from every other place. Judy Garland Always be a first rate version of yourself and not a second rate version of someone else.
Physical activity Compared to the average for the US, Portlanders are: Twice as likely to go camping 60% more likely to go hiking or backpacking 40% more likely to golf or hunt Region ranks last in theme park attendance Oregonians rank lowest in sedentary life styles and 2nd highest of vigorous physical activity
Recreationally-minded In the late 60s the jogging craze takes off in many towns led by Eugene Oregon A guy starts selling Japanese running shoes out of the back of his Plymouth Valiant
Athletic & Outdoor Cluster
Athletic & Outdoor Cluster 14,000 Employees 700 firms with a payroll 3,200 non-employer firms Average wage: $82,700
Spinoffs/ Startups
Learn more about clusters
Prices & Places
CityAdvantage CityAdvantage
C2ER s COLI 60 ubiquitous commodities 8 Margarine 1 lb., Blue Bonnet or Parkay, stick form 9 Parmesan Cheese, Grated 8 oz. canister, Kraft brand 10 Potatoes 5 lb. sack, white or red, lowest price 11 Bananas Price per pound 12 Iceberg Lettuce Head (approximately 1-1/4 lb.) 13 White Bread Price loaf with lowest price per oz. in each store
Supermodel/economist Cindy Crawford Arugula is how I define cities. I go to a grocery store, and either you can get arugula or you can t. CityAdvantage
Jessie Handbury Consumers in larger cities have access to more varieties of products at a lower average price...! Groceries: New York City: 97,000 varieties Des Moines: 32,000 varieties = 10% lower cost in NYC
Portland: 4 Miles less per day than average Metro
Portland s Green Dividend Portlander s Drive 16% less than US average Transit commute 2x US average Compact job pattern Walkable, diverse neighborhoods Net savings: $1.1 billion out of pocket; $1.5 billion in time
Restaurants per capita, Metro
Keys to a Prosperous City Get smart Attract talent Build a great place Encourage innovation Capitalize on your distinctiveness