Defining Our Region for Economic Development Growth

Defining Our Region for Economic Development Growth

Economic Development Themes

This region of Georgia and South Carolina has a number of resources and capabilities which have helped to improve the overall economy and way of living for our communities. The enduring benefits of this region's resources and capabilities are evidenced by the many economic strengths of the region.

The Augusta Tomorrow board is focused on facilitating discussions that help to define our region based on economic development themes that capitalize on our strengths. Identifying the economic development themes will set our region apart and provide the environment to attract investors, developers and a commensurate workforce.

The Urban Area Master Plan, The Westobou Vision, can be achieved if we define and capitalize on our strengths. Significant urban redevelopment will closely align with these themes and strengths. The Augusta Tomorrow board will promote these themes to developers, investors and potential workforce participants in order to realize the vision of the Master Plan.

There are a number of resources and capabilities in the region:

  • The medical community is a major employer and source of healthcare and research

  • The energy sector is a major employer, source of energy, and source of innovation

  • Fort Gordon is a major employer and economic engine

  • The Savannah River is a source of leisure and sport

    • While we have enjoyed relative prosperity given these resources and capabilities, this region has a unique opportunity to leverage these special resources and capabilities to build a regional competitive advantage. Other communities with similar resource sets have enjoyed great economic growth by leveraging their advantages. Below are a number of areas in which our region can grow:

    • Tax base growth

    • Commercial transaction tax growth

    • Metropolitan Statistical Area (MSA) growth

    • Growth of employers in the region

    • Per capita income growth

    • Regional recognition

    Building economic development themes based on our competitive advantages is one approach to building economic prosperity and community development in our region. Themes being identified are seeking to create a fit between what our region can do based on its internal resources and capabilities and what it should do based upon external (i.e. market) needs/developments. Below are a number of benefits associated with developing economic development themes for the region:

  • Focus community resources and capabilities towards regional economic development

  • Encourage the building of public and private sector partnerships based on strategic consensus

  • Identify and leverage sustainable regional competitive advantages that address national and international needs/developments

  • Create additional avenues for community development

  • Increase community/regional enthusiasm and sense of pride




    • Building economic development themes based on regional advantages helps our communities to harness our strengths and potentially may be significant economic drivers. Currently, Augusta Tomorrow is helping to identify economic development themes that accomplish at least two goals: (1) Reflect a sustainable competitive advantage and; (2) Leverage emerging and enduring market developments. Below are the emerging economic development themes:

  • Health and Wellness reflects the region's medical and sports resources and capabilities

  • Science and Technology reflects the region's energy, scientific and technological innovation resources and capabilities

    • As previously indicated, Augusta Tomorrow is facilitating the effort to help define our region. Generally, economic development themes become part of an overall branding effort. Theme building is a long-term process involving multiple stages of development and implementation. Pursuing a collaborative approach in all stages of this effort is a critical success factor. Below are broadly defined stages of the process to help define our region based on its competitive advantages:

  • Gather information from various stakeholders to identify and build economic development themes (This is our current stage
    • )
  • Promote the economic development themes to the community at large

  • Target industries, organizations and businesses based upon economic development themes

  • Increase the number of businesses/organizations in the region based on economic development themes

    • An effort to define our region based upon its competitive advantages is not without challenges. Nonetheless, there is growing consensus in the community that such an effort is worthwhile and likely will have lasting benefits for economic and community development. Additionally, developing and promoting the economic development themes collaboratively (e.g. geographic inclusion, community involvement, public/private partnerships) helps to facilitate success for our region and is a vital component to implementing the Urban Area Master Plan.

     

    While we have enjoyed relative prosperity given these resources and capabilities, this region has a unique opportunity to leverage these special resources and capabilities to build a regional competitive advantage. Other communities with similar resource sets have enjoyed great economic growth by leveraging their advantages. Below are a number of areas in which our region can grow:

    • Tax base growth
    • Commercial transaction tax growth
    • Metropolitan Statistical Area (MSA) growth
    • Growth of employers in the region
    • Per capita income growth
    • Regional recognition