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Economic Development Initiative
BACKGROUND
Brookings is steeped in pride and a colorful
past. It has been the home of South Dakota State University since 1876.
Many SDSU graduates have become leaders in their communities across the
state and nation. The University has one of the lowest default rates
on student loans in the nation—which demonstrates an honest work
ethic that has made its graduates a highly desired commodity among Fortune
500 companies. Unfortunately each year South Dakota and Brookings lose
their brightest and best talent to other parts of the country where they
are able to find employment opportunities matching their educational
qualifications.
The 2000 Census showed the population of Brookings County at 28,252 —four
years later the Census Bureau estimated the population of the county
to be 28,159 for a net decline of less than .25% . The state’s
population grew by 2.1 % during this same period. These figures often
are misinterpreted and quoted as “trends”. Site planners
for both industrial and commercial developments are drawn to communities
showing a steady population growth.
Net retail growth has been stable. Many businesses in the community
have a healthy bottom-line and have for years because of the presence
of SDSU and the manufacturing plants in the area. Over 25 percent of
the workforce is employed by governmental entities and 19 percent are
employed by manufacturers. While the local economy does not have the
peaks and valleys experienced in other communities around the nation,
Brookings is losing retail dollars and sales taxes to other cities in
the region. While sales tax growth has been steady, it has not kept up
with retail sales as a percent of employment income.
Census information shows that the dollar value of manufactured goods
produced in Brookings County is more than three times that of Aberdeen
and twice that of Watertown. There is no question that Brookings leads
the way in manufacturing throughout east central South Dakota.
It is a good place to live and that is one reason it is becoming one
of the states leading communities to raise a family. It is called “quality
of place”—and Brookings has it!
Community leaders came together in 2004, in an unprecedented show of
regional solidarity to ensure the economic prosperity of the region for
many years to come. Three organizations—Brookings Economic
Development Corporation, the Brookings Chamber of Commerce
and Convention Bureau, and Downtown Brookings Inc --pooled
their resources to create a new organization known as Vision
Brookings Coalition.
The new group identified several pressing economic development issues
and initiatives that should be addressed as soon as financial resources
became available. The primary objective is to provide funds to position
the community to attract knowledge-based businesses, retain and attract
a solid workforce, address needed improvements in its downtown, and accelerate
sustainable economic growth by encouraging entrepreneurism.
In July 2005, the Coalition retained National
Community Development Services ( NCDS) to conduct a feasibility
study based on an objective of $3.5 Million. After interviewing community
leaders and assessing the ability of the community to sustain a major
fundraising initiative, NCDS recommended launching such a campaign.
The study indicated that community leaders were in favor of combining
both the efforts for the Vision Brookings Coalition and
the South Dakota State University (SDSU) Growth Partnership into
a single campaign for economic development.
Vision Brookings 2010 is more than a blueprint for
economic development and a list of initiatives. It is a formula for a
healthier region and provides an economic development action plan to
position Brookings as an emerging economic center while
improving the quality of life throughout the area. The campaign is designed
to provide adequate funding for the three member organizations and will
also provide needed funds for the SDSU Growth Partnership. The Brookings business
community and SDSU must work as partners while developing
a new Innovation Campus that promotes applied research
for private enterprise. The consolidated fundraising effort provides
investor-driven accountability and governance of campaign funds through
an Advisory Board consisting of major investors.
Traditional economic development programs simply do not
apply in today’s global economy. The competition for jobs today
is so severe and technology is so advanced that manufacturing—long
the target of community economic developers—is being replaced by
knowledge-based technology. American manufacturers today must deploy
high technology knowledge-based processes or become obsolete by being
outperformed in global markets. Brookings and its development partners
must take the lead in positioning our local industries to better compete
world-wide, while aggressively seeking to replace an effective but aging
workforce.
Today, Brookings and SDSU need to complement and capitalize
on their competitive advantages. The community must continue its traditional
business and workforce attraction programs while concurrently building
its base for the future. SDSU is aggressively committing more resources
to research and development which will support its commitment to the
Innovation Campus , a planned research park, over the next twenty years.
Vision Brookings 2010 is based on sustainable growth of
an entrepreneurial economy and growth from within. This program outlines
concurrent steps that must be taken over the next five years to position
Brookings and SDSU to take their rightful places as the epicenter for
knowledge-based jobs in eastern South Dakota and as a world-class university.
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