INNOVATION DISTRICT City of Greensboro Strong Cities, Strong Communities Challenge Economic Development Plan Submitted by the Mass Economics Team 6

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INNOVATION DISTRICT City of Greensboro Strong Cities, Strong Communities Challenge Economic Development Plan Submitted by the Mass Economics Team 6 GREENSBORO GLOBAL INNOVATION DISTRICT City of Greensboro Strong Cities, Strong Communities Challenge Economic Development Plan Submitted by the Mass Economics team 6 . 01 . 2015 INTRODUCTION Greensboro is a paradox. In the late 1960s, — has already taken root. In the past decade, Greensboro is a paradox. Greensboro’s per capita income — the standard Greensboro has seen significant investment in metric for economic well-being — made it the hotels, cultural amenities, and restaurants, and wealthiest of the large metropolitan areas in is awaiting the 2017 opening of a $65 million the state of North Carolina. As late as 2000, dollar performing arts center.2 However, these the region ranked in the top one-third of U.S. investments alone will not return the city to its metropolitan areas in per capita income. Since prosperous past. Returning to prosperity will 2000, however, the City of Greensboro and the require development of 21st century economic larger region have suffered from job loss, slow specializations, significant growth in new income growth, and large spikes in resident firms and jobs, and better wages than the local poverty: the number of jobs in the region has economy currently generates. actually declined (-3%), while growing in North Carolina (+6%) and the U.S. (+5%); the After a year of research and analysis, weeks of region’s per capita income has grown more site visits, and interviews with almost 50 local slowly than 93% of U.S. regions; and poverty experts and stakeholders, the Mass Economics among city residents has increased 80%. Over team believes that the root cause of Greensboro’s the last fifteen years, few regions in the United economic decline lies in its underdeveloped local States have suffered as much economically as innovation and entrepreneurial ecosystem, which Greensboro.1 is blocking the full utilization of substantial local economic assets. While the local economy Many of the standard prescriptions for economic has maintained strengths in traditional growth and prosperity seem ill-suited to the manufacturing, is positioning itself as a center region’s economy. In an era when poor economic for advanced manufacturing, and has deeper performance is often attributable to isolation global ties than almost any other U.S. region, from the global economy, Greensboro’s export many of its innovative and entrepreneurial performance and ability to attract foreign assets are under-developed or are physically investment place it in the very top tier of U.S. and organizationally disconnected, hampering regions. Nor is economic diversification likely efforts to develop new products, services, and to be a salve; in fact, Greensboro today is industries or to provide supports to translate diversified to the point of liability, leaving the the region’s entrepreneurial energy into jobs- region without recognizable specializations or producing firms. critical masses of related assets on which to build. Another popular economic development The weak and disjointed state of the city’s prescription — revitalizing the downtown core and region’s innovation and entrepreneurship to attract population, investment, and jobs infrastructure has had wide-ranging effects, 2 including a moribund number of new business economy.3 The transformative power of the starts, slow translation of university research Greensboro Global Innovation District will be into commercial products, and even stagnation magnified and accelerated by the creation of of many of the region’s legacy firms, both a new organization, JumpStart Greensboro, domestic- and foreign-owned, many of which which will secure the technical, financial, and have become operational outposts disconnected networking assets required by innovators, from specialized, higher-wage activities entrepreneurs, intermediaries, and resource located elsewhere. A strong innovation and providers to develop and commercialize new entrepreneurship ecosystem could help reverse products and services. JumpStart’s proven these conditions while also aiding efforts to program model for working with startups and attract and retain young workers and provide scaleups is self-sustaining, and is expected to upward mobility for the city’s low-income generate $175 million in direct economic impact residents. over five years. Our proposal, the Greensboro Global As late as 2000, the region ranked in the top one-third of Innovation District, will create the physical U.S. metropolitan areas in per capita income. Since 2000, and organizational infrastructure to support however, the City of Greensboro and the larger region have innovation and entrepreneurship across existing suffered from slow job growth, slow income growth, and large and potential economic clusters, supporting spikes in resident poverty. broad-based job growth and the creation of distinct local economic specializations that are Across the U.S., regions like Greensboro, which valued and traded nationally and globally. The were historically dominated by large firms Greensboro Global Innovation District will be a that internalized a broad range of innovation designated geographic area in downtown that and business activities, face large gaps in the provides an environment in which innovators, innovation and entrepreneurial infrastructure entrepreneurs, companies, and universities as their legacy industries and leading large can collaborate on new ideas, products, and firms decline.4 These gaps make it difficult to services, while accessing the resources they develop new specializations or otherwise create need to take ideas to market and scale firms. strong footholds in the 21st century economy. Globally, innovation districts have successfully We believe that nothing short of a large scale, transitioned local economies into 21st century focused effort to create an innovation and innovation and entrepreneurship hubs by entrepreneurship ecosystem that generates creating the environments and resources that assets for local entrepreneurs, innovators, and encourage the collaboration, proximity and firms will succeed in creating a vibrant 21st diversity required by the new “open innovation” century economic growth engine for Greensboro. 3 WHERE HAS GREENSBORO BEEN? ECONOMICALLY + COMMUNALLY It is difficult to overstate how far the Greensboro the state’s four large metropolitan statistical regional economy has declined over the last areas (MSAs) – Charlotte, Durham, Raleigh, fifteen years. Even relative to other regions in and Greensboro – a position it held until it was North Carolina, which have also experienced overtaken by the Raleigh MSA in the late 1980s. some slowing of job and income growth, the pace Raleigh’s ascendance, however, was not a of decline in Greensboro has been stunning. In reflection of Greensboro’s weakness; in fact, as 1970, Greensboro was by far the wealthiest of late as 2000, Greensboro still ranked in the top FIG 1 Per Capita Income (percentile rank among US Regions) Raleigh MSA Durham - Chapel Hill MSA Charlotte MSA Greensboro - High Point MSA 100% 93% 87% 82% 81% 79% 80% 74% 76% 72% 69% 63% 35% 0% 1990 2000 2013 4 one-third of all U.S. MSAs in per capita income. 5 metros.7 Distance from the state’s key economic driver, Research Triangle Park (RTP), also cannot Since then, however, job and income growth explain Greensboro’s relative performance. have stalled. Between 2000 and 2013, the While RTP has certainly fueled job growth in Greensboro region experienced a decline in both Durham and Raleigh, the Charlotte area has employment of 3%, while the Durham, Raleigh, added 70 percent to its job base since 1990, and Charlotte regions added 9%, 27%, and 33% despite its location over two hours from RTP.8 to their respective job bases. Combined with Greensboro’s continued reliance on lower-wage Isolation from the global economy also can’t industries, which we discuss below, the region’s explain Greensboro’s economic trajectory. In anemic job performance has undermined average fact, Greensboro’s weak economic performance incomes in the region. By 2013, Greensboro’s is unusual given its level of global economic per capita income placed it in the bottom 35% of engagement. The region is a top performer in U.S. regions, a fact that is more staggering given attracting foreign investment with large, global the strength of the economy in earlier decades. firms like HondaJet, Syngenta, HAECO, and (See Figure 1.) Only ten of 381 U.S. regions had Volvo Trucks having a substantial local presence. a larger decline in per capita income rank than In all, foreign-owned enterprises (FOEs) account Greensboro in the 2000-2013 period. 6 for 27,000 local jobs, the equivalent of nine percent of total regional employment, second- How do we explain Greensboro’s poor economic highest among all U.S. regions and almost twice performance over the last few decades? the national average of five percent. Although Unfortunately, standard explanations contribute Greensboro-specific data aren’t available, jobs little to our understanding. State economic at FOEs in the U.S. pay an average of $77,000 performance and policy, for example, cannot in total compensation, about 30 percent higher explain Greensboro’s decline the way it might for than the average American job.9 Detroit, Flint, Toledo, or Cleveland, all located in states that have experienced precipitous For its size, Greensboro is also one of the top economic decline across all regions. While the exporting regions in the U.S., with $7.1B in State of North Carolina’s remarkable growth of exports in 2014. Exports
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