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Comprehensive Economic Development Strategy for the Capital District

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Comprehensive Economic Development Strategy for the Capital District Comprehensive Economic Development Strategy for the Capital District September 2012 Capital District Regional Planning Commission One Park Place, Suite 102, Albany, NY 12205 518 / 453-0850 Fax: 518 / 453-0856 e-mail: [email protected] Web Site: http://cdrpc.org Comprehensive Economic Development Strategy for the Capital District Page i Table of Contents A. Organization and Management of the Economic Development District ............................ 1 1. Area Designation and Participating Governments .........................................................................1 2. The CEDS Committee ...........................................................................................................................1 3. CEDS Strategy Committee ...................................................................................................................1 4. CEDS Preparation, Adoption, and Monitoring ..............................................................................1 B. Government Economic Development Programs, Services, & Resources ............................ 2 1. Local Economic Development Agencies ...........................................................................................2 a) Local Industrial Agencies ........................................................................................................................... 2 b) Local Development Corporations ............................................................................................................. 4 2. Areawide Agencies for Economic Development .............................................................................5 a) Capital District Regional Planning Commission (CDRPC) ................................................................ 5 b) Center for Economic Growth ..................................................................................................................... 6 c) Tech Valley Global Business Network ................................................................................................... 6 d) CSX Transportation Industrial Development ........................................................................................ 6 e) National Grid Economic Development ................................................................................................... 6 f) Verizon Community Relations/Economic Development ..................................................................... 6 3. State Economic Development Agencies ............................................................................................6 a) Empire State Development (ESD) ............................................................................................................ 7 b) New York State Science, Technology, & Innovation (NYSTAR) ....................................................... 7 c) New York State Environmental Facilities Corporation (EFC) ............................................................. 7 d) NYS Department of Transportation (DOT) ............................................................................................ 7 4. Federal Economic Development Agencies .......................................................................................7 a) Small Business Administration (SBA) .................................................................................................... 7 b) Department of Housing and Urban Development (HUD) .................................................................. 7 c) Department of Commerce, Economic Development Administration (EDA) ................................... 8 d) Department of Agriculture ........................................................................................................................ 8 C. Community Resources & Services for Economic Growth ...................................................... 8 D. Regional Evaluation ..................................................................................................................... 10 1. Regional Assets ....................................................................................................................................10 a) Assets by Type ........................................................................................................................................... 10 Comprehensive Economic Development Strategy for the Capital District Page ii 2. Regional Liabilities .............................................................................................................................12 a) Historic Economic Problems and Liabilities ........................................................................................ 12 b) Structural Liabilities ................................................................................................................................. 12 3. Impact of the Regional Assets and Liabilities on Employment and Job Creation .................14 a) General ........................................................................................................................................................ 14 b) Natural Resources ...................................................................................................................................... 14 c) Population and Labor Force ..................................................................................................................... 14 d) Economy ...................................................................................................................................................... 14 e) Housing, Infrastructure, and Services ................................................................................................... 15 4. Conditions Imposing Limitations on Regional Development ...................................................16 a) Economic and Demographic Trends ...................................................................................................... 16 b) Regional Cooperation ............................................................................................................................... 18 5. Significant Exporting Industry Clusters .........................................................................................18 a) Cluster Identification Methodology ...................................................................................................... 18 b) Capital District Exporting Clusters ........................................................................................................ 19 6. Past, Present, and Projected Future Economic Investment in Region .......................................20 a) Transportation Facilities .......................................................................................................................... 20 b) General Infrastructure .............................................................................................................................. 20 c) Research and Development ..................................................................................................................... 21 d) Education ..................................................................................................................................................... 21 E. Goals and Objectives ................................................................................................................... 21 1. Regional Vision ...................................................................................................................................21 2. Regional Goals .....................................................................................................................................22 a) Maintain High Levels of Stable, Well-Paying Employment in the Region ................................... 22 b) Reduce Underemployment and Address Pockets of Unemployment ............................................. 22 c) Improve the Quality of Life for the Residents of the Capital District ............................................ 22 3. Regional Objectives ............................................................................................................................22 a) Increase the Region's National & International Competitiveness ................................................... 22 b) Retain & Expand the Region's Economic Base ..................................................................................... 22 c) Improve Planning Processes for Economic Development & Quality of Life Issues .................... 22 d) Maintain and Upgrade the Skill Level of the Region's Labor Force ................................................ 22 4. Discussion of the Regional Objectives ...........................................................................................22 a) Increase the Region's National & International Competitiveness ................................................... 22 b) Retain & Expand the Region's Economic Base .................................................................................... 23 Comprehensive Economic Development Strategy for the Capital District Page iii c) Improve Planning Processes for Economic Development & Quality of Life Issues .................... 24 d) Maintain and Upgrade the Skill Levels of the Region's Labor Force .............................................. 24 5. Selection Process for Regional Goals and Their Priorities .........................................................24 F. Strategies ......................................................................................................................................
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