Update to Emerging Trends in Economic Development

Last November, we posted on the trends in economic development based on an AI inquiry. An update to that shows things shifting a little bit but AI stays at the top. Clean energy and workforce also remain on the list. According to LSI, a global economic development company founded in 1972 and located in Layton, Utah, current emerging trends are:

1. AI and Automation Transforming Industries

2. Clean Energy and Climate Initiatives

3. Regional Economic Diversification

4. Workforce Resilience and Evolution

5. Big Data and Predictive Analytics

6. Public-Private Partnerships (PPPs) for Funding Growth

For LSI, Regional Economic Diversification refers to an expansion of focus beyond traditional industries to include technology, healthcare, and green energy sectors. Southern Oregon excels at diversifying this expansion of focus with a rich and growing collaboration between these sectors.

Upskilling and reskilling programs are an important aspect of the 4th trend noted above, according to LSI. So many of you have taken this on to train and upskill your employees, giving them the incentive to build a career at your business. Well done! Kudos to Rogue Workforce Partnership and Rogue Worksource for all you’re doing to be a great resource and for taking the lead.

Big Data and Predictive Analytics, #5 above, seems it would be a part of the AI and Automation conversation; however, LSI defines it at a higher level, a strategy-making tool. Big data “reveals market opportunities, optimizes operations, and enhances customer experience.” How are you using big data and predictive analytics. We’d love to know!

Southern Oregon has been stepping up to the plate for the public-private partnership trend. SOREDI and several partners saw it first-hand on a trip to Salem to visit two education facilities that were developed hand in hand with a private investor and local businesses. The funds were provided if the businesses could come together to build an educational opportunity. This opportunity would provide hands-on training to prepare graduates not only to step into positions but to stay locally and with the businesses/companies that collaboratively built the facility. How can Southern Oregon do something like this? What are some big funding projects that can be reimagined as a public-private partnership? How can SOREDI help connect you?