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Economic Development Strategic Plan for UNION COUNTY, ARKANSAS

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Economic Development Strategic Plan for UNION COUNTY, ARKANSAS an economic development strategic plan for UNION COUNTY, ARKANSAS Prepared for the: UNION COUNTY INDUSTRIAL BOARD Prepared by: March 2007 h UNION COUNTY – ECONOMIC DEVELOPMENT STRATEGIC PLAN acknowledgements TIP Strategies would like to thank the members of the Union County Industrial Board and the El Dorado Economic Development Board, whose time and guidance for this economic development strategic plan were invaluable. We would also like to than the many business and community leaders, as well as the general public, who all greatly contributed to our understanding of the area, its challenges and opportunities. Union County Industrial Board > Tandy Menefee, Chairman Dan Redmond, Vice Chairman Steve Cameron, Secretary/Treasurer Don Wales, Executive Vice President Union County Judge, Bobby Edmonds (ex-officio) Steve Cousins John Dews El Dorado Economic Development Board > Rob Reynolds, Chairman Alan Gober Joffre Long Robert Green Kenny VanHook TIP Strategies – Project Team Tom Stellman, President and CEO Alan Cox, Project Director T . I . P STRATEGIES h UNION COUNTY – ECONOMIC DEVELOPMENT STRATEGIC PLAN table of contents acknowledgements.................................................................................................................................................. 1 table of contents ...................................................................................................................................................... 2 executive summary.................................................................................................................................................. 1 strategic plan............................................................................................................................................................ 8 vision ...................................................................................................................................................................... 8 goal one: develop, retain, and attract talent......................................................................................................... 10 goal two: stimulate the economy through business development and industry attraction................................... 18 goal three: promote and enhance quality of place ............................................................................................... 27 marketing plan ....................................................................................................................................................... 36 appendix ................................................................................................................................................................. 44 economic & demographic assessment ................................................................................................................ 44 swot ...................................................................................................................................................................... 47 target industries.................................................................................................................................................... 69 implementation ..................................................................................................................................................... 86 T . I . P STRATEGIES h UNION COUNTY – ECONOMIC DEVELOPMENT STRATEGIC PLAN executive summary THE CHALLENGE The geography of South Arkansas has endowed El Dorado and Union County with an abundance of natural resources. Union County is bounded to the north and east by the banks of the Ouachita River, while its forests sprawl across the rolling landscape. Undoubtedly, this river and these woods supplied the means for many of its earliest residents to found settlements in the area and eke out a living. Later, underground resources of a completely different nature were discovered, bestowing great wealth to many of the county’s citizens. While El Dorado’s oil boom ended many years ago, its legacy remains manifest throughout much of the community. The same geography that provided these rich natural resources has, ironically, become a hindrance to the development of Union County’s economy in recent decades. Located far from Arkansas’ capital and along its southern border, El Dorado and Union County are remote to much of the state, and nation. The historical and present condition of roadways serving the county have only exacerbated the area’s isolation. Without strong transportation ties, El Dorado and Union County have been unable to capitalize on many of the opportunities that have transformed the “New South.” Many would presume this state of affairs would fate the county to a future of continued stagnation and decline. Fortunately, however, Union County’s engaged citizens and leaders are committed to the area reaching its potential. Evidence for this dedication can be seen in the successful revitalization of El Dorado’s downtown and recent progress toward the expansion of US 167. The key to Union County’s future prosperity may lead through unexpected doors. For example, the relocation of manufacturing to the South does not necessarily mean El Dorado and Union County should anticipate similar industrial success in the future, even with improved transportation access. Trends toward globalization, international labor market competition, and technological transformation will continue to present increasing challenges to companies that manufacture in the US. This is not to say that American manufacturers cannot meet the demands of international economic integration and will no longer produce goods in the US. This does mean, however, that competition among American communities for new industrial prospects will only intensify. As the nation’s economy continues to shift away from traditional blue-collar industries and toward one based more on services, communities will need to become much more creative in how they think about economic development. Fortunately, El Dorado and Union County enjoy some key assets that might make the area more successful in this new economic era than in the passing one. Union County’s future success will likely hinge upon its ability to leverage the same natural resources that originally attracted its first residents, in addition to the historical legacy of early founders: downtown El Dorado. T . I . P STRATEGIES 1 h UNION COUNTY – ECONOMIC DEVELOPMENT STRATEGIC PLAN THE RESPONSE Recognizing these challenges, the El Dorado Chamber of Commerce and the Union County Industrial Board, hired TIP Strategies—an Austin, Texas, based economic development consulting firm—to assist in crafting a response. The findings and recommendations outlined in this Economic Development Strategic Plan should serve as a framework for guiding future economic development efforts in Union County. While the challenges facing Union County are real, so are the opportunities. TIP Strategies (TIP) believes El Dorado, and surrounding Union County, have the potential to develop into the regional center for South Arkansas. The vision, goals, strategies, and actions outlined in this plan, if fully implemented, will go far in repositioning the El Dorado and Union County as the regional center for South Arkansas, setting it on a course for long-term economic growth and vitality. The recommendations outlined in this plan are based on TIP’s experience working in communities throughout the country and applying our knowledge of economic development best practices to Union County’s unique situation. Our experience in economic development planning is complemented by efforts to understand the area’s challenges and opportunities through the following activities: A review of existing economic and demographic data, including population growth, educational attainment levels, occupational information, employment growth, major employers, and other relevant statistics for Union County, Tours of El Dorado and Union County sites to better understand its economic development product from a real estate standpoint, Interviews with area stakeholders, including face-to-face interviews with business and community leaders, Community feedback through an online questionnaire, and Focus group meetings and workshops to establish priorities for appropriate goals and strategies. T . I . P STRATEGIES 2 h UNION COUNTY – ECONOMIC DEVELOPMENT STRATEGIC PLAN SWOT TIP conducted a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) for Union County to create a framework for understanding the area’s issues. This assessment was based on interviews, site visits, data analysis, and our experience. The following table captures the major findings from this analysis: Strengths Weaknesses TALENT TALENT - Corporate & community leadership - School district perceptions - Faith community - Limited availability of employable skilled workers - South Arkansas Community College - Lack of local four-year college - Area school districts INDUSTRY - Regional labor shed - Lack of infrastructure (transportation, service-ready sites, - Educational attainment levels limited broadband access, cell phone coverage) - Skilled blue-collar workforce - Limited resources devoted to economic development - Favorable wage rates in white-collar industries - Limited air service INDUSTRY - Distance from interstates & major markets - Medical Center of South Arkansas - Location in declining region - Favorable business climate - Few businesses in
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