School of Public and Environmental Affairs Indiana University - Bloomington SPEA CAPSTONE: ECONOMIC DEVELOPMENT STRATEGY FOR SOUTHWEST CENTRAL INDIANA Presented December 11, 2013 at Indiana University - Bloomington Prepared for the Steering Committee of the Central Indiana Corporate Partnership; Brian Blackwell, Duane Embree, Paul Mitchell, Dan Peterson, Tina Peterson, Becky Skillman, Bill Stephan, Commander James Stewart, Lori Torres, and Kirk White Group Members: Task I Benchmarking the Southwest Central Indiana Economy: Kristen Davee Min Ji Kim Tara Paul Emily Song Task II Strengths and Weaknesses: John Chi Leslie Ducey Carrie Fry Kwangsuk Kim Task III Technology Transfer: Thomas Leonard David Salmonson Evan Tyrrell Task IV Quality of Life: Takako Kojima Kathryn Spicklemire Nicholas Tschida-Reuter Seunghoon Yu Advisor: Dr. David Audretsch Advisor’s Assistant: Venkata Nadella Client Liaison: Lori Torres Special Thanks to: Linda Williamson, IU Research & Technology Corporation, IU Center for Survey Research, Indiana Business Research Center, Naval Surface Warfare Center Crane, Westgate @ Crane Technology Park, Battery Innovation Center, Purdue Research Foundation Office of Technology Commercialization, and Allied Minds, Inc. 1 Table of Contents Executive Summary: ..................................................................................................................... 7 Task I: Benchmarking the Southwest Central Indiana Economy ................................................. 7 Task II: Strengths & Weaknesses ..................................................................................................... 7 Task III: Technology Transfer .......................................................................................................... 8 Task IV: Quality of Life ..................................................................................................................... 8 Task I: Benchmarking the Southwest Central Indiana Economy ........................ 9 Summary ........................................................................................................................................ 9 Economic Indicators and Analysis ............................................................................................ 10 Southwest Central Indiana (SWCI) .......................................................................................... 11 Regional Data and Overview ........................................................................................................... 11 County Data and Information ......................................................................................................... 14 Brown .................................................................................................................................................. 15 Crawford ............................................................................................................................................. 15 Daviess ................................................................................................................................................ 16 Dubois ................................................................................................................................................. 17 Greene ................................................................................................................................................. 19 Lawrence ............................................................................................................................................. 19 Martin .................................................................................................................................................. 20 Monroe ................................................................................................................................................ 21 Orange ................................................................................................................................................. 21 Owen ................................................................................................................................................... 22 Washington ......................................................................................................................................... 23 Regional Peer Places ................................................................................................................... 24 Initial Selection Criteria ................................................................................................................... 24 Peer Place Finalist Selection Methodology ........................................................................................ 24 Peer Place Finalists ..................................................................................................................... 25 Huntsville, Alabama (Region: North Alabama) ............................................................................. 25 1. Regional Snapshot ........................................................................................................................... 25 2. Regional Overview ......................................................................................................................... 26 3. Key Benchmarking Features ........................................................................................................... 32 4. Other Regional Attributes ............................................................................................................... 34 5. Discussion and Analysis ................................................................................................................. 35 Knoxville, Tennessee (Region: Innovation Valley) ........................................................................ 39 1. Regional Snapshot ........................................................................................................................... 39 2. Regional Overview ......................................................................................................................... 40 3. Key Benchmarking Features ........................................................................................................... 45 4. Discussion and Analysis ................................................................................................................. 47 Washington ........................................................................................................................................ 51 2 1. Regional Snapshot ........................................................................................................................... 51 2. Regional Overview ......................................................................................................................... 52 3. Benchmarking Features ................................................................................................................... 57 4. Other Regional Attributes ............................................................................................................... 59 5. Discussion and Analysis ................................................................................................................. 60 Reviews of Rejected Peer Places ................................................................................................ 64 China Lake, California ..................................................................................................................... 64 Panama City, Florida ........................................................................................................................ 66 Warren, Mississippi .......................................................................................................................... 69 Oneida, New York ............................................................................................................................. 70 Bonneville, Idaho .............................................................................................................................. 71 Grafton, New Hampshire ................................................................................................................. 73 Dahlgren, Virginia ............................................................................................................................ 74 Aberdeen, Maryland ......................................................................................................................... 76 Tulsa, Oklahoma ............................................................................................................................... 77 Albany, Oregon ................................................................................................................................. 79 Morgantown, West Virginia ............................................................................................................ 81 Task II: Strengths and Weaknesses ................................................................................ 83 Summary ...................................................................................................................................... 83 Regional Strengths and Weaknesses ......................................................................................... 84 Financial Capital ........................................................................................................................