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PRO Shared Prosperity work group - Progress and Next Steps

November 19, 2014

The 26-member Shared Prosperity work group, co-chaired by Lee Sheehy, McKnight Foundation and Mike Langley, GREATER MSP, was created to bring a deeper focus on economic development than had been previously emphasized in Corridors of Opportunity. The workgroup’s vision of shared prosperity recognizes that it matters how our regional economy grows – a successful region creates consistent high-quality economic growth that is environmentally sustainable, represents a diversity of sectors and industries, and creates opportunities for people of all incomes and backgrounds.

The group came together to:

  • Advance two projects that foster more socially equitable and environmentally sustainable economic development
  • Reinforce and connect to on-going work elsewhere in the region focused on the same goal
  • Set the stage for longer-term systematic change while also pursuing tactical projects

The workgroup and project teams will continue to come together in 2015 to complete and advance the following projects:

Regional Success Indicators: The most competitive global regions have a common view among their public, private and nonprofit leaders as to what’s most critical to their success. These best practice regions create a set of shared indicators to measure and track critical areas, spanning social, economic, and environmental outcomes. The indicators are a shared “dashboard” for leaders to assess regional progress and identify areas that demand cross-sector attention, focused investment, and strategic action. This work will draw from current efforts to create a single, shared set of indicators, supported by a cross-sector regional partnership, to create a common view of the region’s performance.

  • STATUS: Having completed a first round of outreach on category development and interest in the dashboard, the project is now entering the indicator development and review phase, with a draft dashboard likely in early January and a launch in April 2015.

Urban Competitiveness Strategy: The purpose of this work is to design, develop, communicate and implement an urban core strategy to guide business attraction, expansion, and retention and job creation that supports development and redevelopment in Saint Paul and Minneapolis that achieves Triple Bottom Line results (economic development that is socially equitable and environmentally sustainable) and engages economic development partners in new ways.

  • STATUS: TIP Strategies, an economic development consulting firm from Austin, TX has just been engaged to begin working with senior and elected leadership from the cities of Minneapolis, Saint Paul, GREATER MSP, Hennepin and Ramsey Counties, and the Saint Paul Port Authority to advance the strategy. The work will occur between November and April, including three phases:
    • Discovery: kick-offmeetings; existingstrategy/plans/program analysis; economiccontext analysis; and a leadership roundtable.
    • Opportunity: identification of peer best practices; localized cluster and target industry analysis; industry and workforce/education alignment; deep-dive into 4 sub-areas; and an opportunity workshop.
    • Implementation:development of final strategies; roles & responsibilities and final report and presentation.

Target is to complete work by April 2015.

More information on this work group is posted on the Shared Prosperity page.