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Advancing Urban Policy:
Economic Development January, 2013
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Welcome Welcome to Advancing Urban Policy,
the new monthly e-newsletter of the Maxine Goodman Levin College of
Urban Affairs at Cleveland State University. Our goal for this new tool
is to provide you with news about current research and thought
leadership on topics related to urban policy from across the country.
Each month will highlight a different topic, including Economic
Development (January), Community Development & Housing (February),
Nonprofit Administration & Leadership (March), City Management
(April), Environmental Policy/Management (May), and Public Finance &
Budgeting (June). While each edition will be brief, we welcome your
ideas and submissions. They may be sent to: r.bucymiller@csuohio.edu. --Edward (Ned) W. Hill, Ph.D., Dean
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Technology/Ecology of innovation/Manufacturing
Wood
Mackenzie reports that expenditures on Eagle Ford Shale in Eagle Ford,
Texas, will reach $28 billion in 2013. Eagle Ford Shale is a hydrocarbon
producing underground formation that is significant for its ability to
produce higher amounts of both, gas and oil than traditional formations.
Wood Mackenzie reports that capital expenditure on this site could
exceed that of capital expenditure on the entire Kashagan project in
Kazakhstan. The Kashagan project is famous for being one of the most
expensive standalone energy projects in the world. This expenditure
points to the high amount of money energy corporations are pouring into
U.S energy independence. Click here
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Research
by the Center for Economic Development at the Maxine Goodman Levin
College of Urban affairs, Cleveland State University, revealed cautious
optimism among Ohio's steelmakers. This optimism stems from a change in
demand for regionally sourced products, particularly in the auto and
energy sectors. The College
further uncovered that Ohio steel mills and fabricators experienced a
$1.1 billion growth in GDP during 2009 and 2010. This growth represents
about one quarter of the growth associated with national economic
recovery. Click here
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Workforce Development
In any week, workers in the United States are currently having multiple jobs at greater numbers than ever. According
to the Cleveland Federal Reserve Bank, more than 5% of U.S. workers
held more than one job, as of October, 2012. In most cases, people held
two jobs, yet a significant number, about 10 percent worked three or
four jobs. Reasons for holding multiple jobs include workers using
multiple part-time jobs as a substitute for one full-time job. Another
reason for holding multiple jobs is workers may view a second job as
something they enjoy. Click here
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Concerns
about retirement financing are now more heavily concentrated among
younger middle-aged adults than those closer to retirement age. In
2009, baby-boomers in their mid-50s were worried they would outlive
their retirement nest eggs. Today, adults in their late-30s are more
worried than baby-boomers, according to a survey conducted by the Pew
Research Center. Pew's analysis of Federal Reserve Board data shows
that, this age group suffered the steepest losses in household wealth in
recent years. Click here
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Regional Economics/Cities/Clusters
A
recent report from the Federal Reserve Bank of Cleveland shows that
since 2000, high-manufacturing-share-counties have experienced lower
employment growth than the rest of the counties in the United States. These
high-manufacturing counties are concentrated in the eastern half of the
country, and around the Great Lakes region, and the South and
Southeast. The report cites the Bureau of Labor Statistics' information
that states shows that employment in high-manufacturing counties has
fallen by 5% since 2000, while employment in the rest of the country has
risen by 5 %, revealing a stark divergence. Click here
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MassBenchmarks,
the journal of the Massachusetts economy published by the UMass Donahue
Institute in collaboration with the Federal Reserve Bank of
Boston,reports that the Massachusetts economy will no longer outpace
that of the nation .Instead it predicts a slow outlook for Massachusetts
for the rest of the fiscal year. Despite the slowing down of the
economy, Massachusetts knowledge-based and technology sectors are
expected to grow, with increased employment in computer systems,
consulting, R&D, software and durable manufacturing. Click here
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Economic Development Strategies
Investing
in metropolitan assets that drive trade is one in a range of strategies
proposed by the Metropolitan Policy Program at Brookings.This
strategy advises that metropolitan leaders invest in assets that drive
trade like innovation, human capital and infrastructure. The report
further highlights the efforts of municipal leaders in cities like
Wichita, Kansas, to develop human capital or their export economy. Click here
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Congress
should enact legislation to encourage property assessed clean energy
programs around the country, advises a report from the Metropolitan
Policy Program at Brookings.
Property assessed clean energy programs (PACE) are a financing
structure made to enable states and local governments to use money
raised using bond issues or other sources of capital to fund energy
efficiency and renewable energy upgrades. Despite the promise of these
programs, market barriers have depressed demand for PACE programs. Click here
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Shortsightedness
on the part of state leaders and politicians is seen as a hindrance to
improving the image and success of the steel industry in Ohio.
Focus group participants in the Maxine Levin Goodman College of Urban
Affairs' Center for Economic Development's Ohio Steel study noted
negative stories circulating about fracking in Ohio and the lack of
effort among political leaders to allay concerns, as damaging the image
of the energy and steel industries in the state. This perceived lack of
political will to improve the image of the industry is identified as
having made it difficult for Ohio steel companies and related industries
to function successfully within the state. Click here
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Advancing Urban Policy: Economic Development was created with counsel from Edward Hill, Ph.D., Ziona Austrian, Ph.D., Iryna
Lendel, Ph.D., Candi Clousse, Merissa Piazza; compiled by Hama Bbela,
graduate assistant; edited by Roslyn Miller, consultant.
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