August 25, 2017
5 economic development lessons from Cleveland.
I’ve just returned from a few days in Cleveland, Ohio. While I was there I saw a number of notable economic development initiatives and trends that could be applied to both large and small communities.
Five Economic Development Lessons from Cleveland, Ohio
City of Cleveland Economic Development - Cleveland's economic development value proposition is “Built by industry Inspired by Innovation.” I really like this value statement. It recognizes the city’s industrial past in traditional manufacturing while promoting its evolution to a centre of advanced manufacturing in flexible electronics and biomedical devices and its role as a medical centre and home to eight Fortune 1000 company headquarters. http://www.rethinkcleveland.org/home.aspx
Why Cleveland is America’s Hottest City Right Now - An article and video from Forbes on the reinvention of Cleveland. "It’s the result of years of forward-thinking investments in community revitalization, tourism infrastructure, and creating an identity that’s distinctly “Cleveland,” explains David Gilbert, Director of Destination Cleveland and the Greater Cleveland Sports Commission."
Cleveland is a tourist town - "According to The Economic Impact of Tourism in Cuyahoga County, Ohio (June 2016) study completed by the research firm Tourism Economics, tourism sustains 8.1% of salaried employment in Cuyahoga County, including 65,900 jobs in 2015. Visitor spending generated a total economic impact of $8.1 billion in 2015 as tourism dollars flowed through the Cleveland economy." http://www.thisiscleveland.com/about/economic-impact/
Cleveland as a Legacy City - Legacy Cities are cities that have experienced year over year population decline. This report outlines the steps legacy cities are taking to "build new economic engines and draw new populations by leveraging longstanding assets such as downtown employment bases, stable neighborhoods, multimodal transportation networks, colleges and universities, local businesses, medical centers, historic buildings and areas, and arts, cultural, and entertainment facilities."
Downtown revitalization - A link to the Gateway District site. It includes the Arcade, America’s first great indoor shopping centre built in 1890; the Colonial and Euclid Arcades incorporating shopping, a food court and hotel; and East 4th Street, a pedestrian only street offering restaurants, entertainment (bowling, comedy and jazz clubs) and retail.