It’s time to promote regional economic development strategies that move away from zero-sum, incentive-based business attraction and, instead, foster innovative investments in people, in #education and #training systems, and in resources that will benefit the #economy as a whole. At the time, Virginia was taking a big gamble by shifting so markedly from the norm in economic development strategy. The CEO and President of Virginia’s EDO at the time, Stephen Moret, led the charge in a close partnership with the President of the State Council of Higher Education for Virginia, Peter Blake. – Holly Sullivan, Head of Worldwide Economic Development, Amazon The investments the local community and the state are going to make are really going to augment the great talent pipeline, which is a primary reason why we chose the Commonwealth for this new headquarters.” “We were particularly impressed by the dedication to #highereducation and the K-12 talent pipeline. In 2018, the state launched an unprecedented, state-wide $1.1 billion performance-based Tech Talent Investment Program, which ultimately became the centerpiece of Commonwealth of Virginia’s successful Amazon HQ2 bid. #Virginia is an example of a state that took a big bet on a talent-forward approach to economic development. The good news is that #policymakers have taken notice of these facts, leading to a shift toward #economic #development strategies that focus on #investments in talent. This stands in stark contrast to incentives that are directed at local #skill development, which have been found to lead to far higher returns for #communities. "This growing emphasis on #talent has led to a much-needed reconsideration of local #economicdevelopment strategy.Research has found that these narrow #tax incentives are largely ineffective at spurring local #employment #growth in part because they do little to attract new firms to the area.
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