Almost three years ago today (Nov. 29, 2006) the Target2010 economic development strategic plan, created by the community was presented to the community. The Economic Development Authority of Western Nevada and our many region-wide partners knew progress would be a long, challenging process, but had no way of knowing the particular challenges that would arise. Yet progress has been made, and Target2010 is still at work as we near the actual calendar year 2010.
My two-year term as chairman of EDAWN's board of trustees comes to an end with the close of 2009. The chairmanship comes after several years of service on the board, which allows for a greater understanding of the economic issues and opportunities facing our region. While six-plus years may seem like a long time, it is appropriate to the length of time it takes to effect economic development, especially with the goals we all set together three years ago.
Much has transpired since fall 2006 when the business community gathered to commit to a Target2010 action plan including specific strategies to help bridge the gap between workers' earnings and the rising cost of living in Greater-Reno Tahoe. There have been wins along the way. And there have been setbacks as the greatest recession of our time hit in 2007, impacting each and every one of us as business owners, economic developers and residents.
As a refresher, Target2010 was a comprehensive economic planning process that took place over one year to help Greater Reno-Tahoe better shape its future economic growth and quality of life. Target2010 was intended to be a portal, if you will, to a sustainable economic future. Looking back over those three years, what has our region accomplished against its Target2010 economic goals?
The overall goal was to recruit, expand and start-up high-yield industries, those companies that bring skilled, high-paying jobs and opportunities to our citizens. The industries you helped select were advanced manufacturing, advanced logistics, business and financial services, clean energy, life science and software. In the past three years, 36 target industry companies have relocated, expanded or started up in Greater Reno-Tahoe including: advanced manufacturing (10), clean energy (9), business and financial services (8), advanced logistics (7) and life sciences (2). Those companies helped create 673 new jobs, $165 million in economic impact to the region (in new taxes, jobs and capital investment) and absorb 1.6 million square feet of purchased or leased office and industrial space. Looking ahead, while our record unemployment demands more jobs at all pay and skill levels, the effort to attract and expand high-yield companies that pay higher than average wages, must, and does, continue.
Another goal back in the days of 3.7 percent unemployment was to recruit highly skilled workers to the area. Key employers in the region helped address this need by participating in an out-of-market talent attraction event. More than 20 local employers, including IGT, Microsoft Licensing, GP, Renown, Saint Mary's, Intuit, AT&T, University of Nevada and Sierra Nevada Corporation, among others, participated in an event in June 2008 in downtown San Francisco. More than 110 prospective employees attended and met with our employers to connect on job opportunities. Plans were in the works for a second event in San Jose/Silicon Valley when the recession took hold, preventing companies to allocate resources at this time. Looking ahead, there is interest to continue workforce development and our partners Nevadaworks and NV Energy are pursuing a specific action plan to create a "Workforce Development Action Team" that will build a stronger collaboration among workforce development organizations, education institutions, economic development organizations, business and other key partners. As the region's workforce development agency, Nevadaworks, will lead this effort.
Target2010 identified multiple community improvement goals that the EDAWN board of trustees sorted into goals we would own, convene or advocate for. The target industries were "owned" and we have worked to focus energies on those segments. The need for entrepreneurship development was addressed by partners at the time, such as Nevada's Center for Entrepreneurship and Technology. They continue their efforts along with a variety of other groups, such as REA250, C4CUBE and the Nevada Center for Renewable Energy Commercialization, as well as the University of Nevada, Reno, Truckee Meadows Community College and Desert Research Institute.
The study noted our region lacks young professionals, so we teamed with the Reno Sparks Chamber of Commerce to help fund and launch the Reno Tahoe Young Professionals Network. This group now numbers 250 members and helps connect young professionals through social and networking forums and connects them to community service opportunities. The group recently hosted its third annual "20 Under 40" Awards honoring exceptional young professionals making a difference.
Two key initiatives have found far less traction and need to be addressed. One is the need for a regional business brand that was agreed to and developed on a region-wide basis to market Greater Reno-Tahoe as a desirable place to do business and invest. Without sufficient funding and broad ongoing support the "Greater Reno-Tahoe: Welcome to Can Do," brand position has not advanced despite continued use by many partners through their websites, digital marketing and national public relations efforts. In all times, especially as tough as they are now, our region needs a unified approach to economic diversification and marketing rather than a fractionalized one to compete nationally and globally for top companies and jobs.
As stated previously, a key recommendation of Target2010 was for a regional approach to economic development, as strongly recommended by Angelos Angelou, author of the study. If anything we have drifted farther from realizing that goal for the citizens of our six-county region, the very people who designed Target2010. Well after I've stepped down as chairman of EDAWN, I intend to work with the organization and all of its partners to accomplish the original and emerging goals of Target2010 to greatly improve the quality of life through high level job creation, company recruiting and expansion to make this a strong and sustainable regional community.
Jack Prescott, senior vice president of First Independent Bank of Nevada, is chairman of the board of trustees of the Economic Development Authority of Western Nevada.
