Alaska’s Department of Commerce, Community and Economic Development has been working on an economic strategy and the first draft was recently published. This document is a collaboration of people from across many sectors and areas of the state. It outlines the economic plan for Alaska in the next five years. The document is a great tutorial for the best way for Alaska to move forward, out of economically difficult times.
The drafting of the strategy was an exercise in compromise as it included representatives from all sectors, urban and rural, private and public sector. It will be a great resource for Alaska as we move forward and can be used as a common base for communities across the state. Northrim Bank was proud to be part of this project and support the use of the final report.
The report was jointly funded by the State of Alaska and the Federal Economic Development Administration. It will be the groundwork for economic plans throughout Alaska. The project summary is listed below and the final report can be found at https://northernopportunity.com/final-draft/ when it is completed.
Project Summary
Northern Opportunity: Alaska’s Economic Strategy is a five-year (2017-2022) economic development plan for Alaska. Driven by the need to improve the resiliency of the state’s economy and intentionally lay a foundation for future growth, this plan follows the U.S. Economic Development Administration’s Comprehensive Economic Development Strategy (CEDS) framework. This is the first statewide CEDS developed for Alaska.
The decline in global oil prices in 2014-2015 made clear the need for a coordinated statewide economic development strategy, as Alaska’s economy has seen significant contraction. Employment in oil and gas extraction, construction, business services, state government, and others have seen sharp declines. At the same time, a thriving entrepreneurship scene as well as healthy seafood, visitor, mining, and health care sectors provide a basis for optimism. The state’s abundant natural resources and recent oil discoveries also point to opportunities for growth. As such, this plan comes together in the spirit of optimism, to capitalize on strengths, as well as to mitigate challenges to economic resilience.
Northern Opportunity: Alaska’s Economic Strategy is the result of eight months of extensive outreach and reflects the input of communities, businesses, public entities, non-profits, Tribal organizations, and individual Alaskans. Information for this project was gathered through research, regional CEDS documents, a series of community forums in every region of the state, business forums, and two online surveys: one directed to individual Alaskans and the other toward business leaders.
VISION: Northern Opportunity: Alaska’s Economic Strategy’s vision is that Alaska will have a stable and sustainable economy that generates quality jobs, capital investment, and new revenue to benefit the people and businesses of Alaska.
MISSION: Northern Opportunity: Alaska’s Economic Strategy’s mission is to arrive at a consensus among Alaskans regarding our economic future, which will result in the articulation of priorities and goals for the state economy. These efforts will promote new investment and economic opportunity for the benefit of all Alaskans.
Most regions throughout the state of Alaska have a CEDS or some version of a regional economic development strategy. Northern Opportunity: Alaska’s Economic Strategy utilized the most recent regional economic planning documents from around the state to inform all aspects of this strategy. The statewide strategy is not meant to replace any regional strategies, rather highlight areas of focus that have commonality from region to region, and provide a coordinated, high-level economic strategy for the entire state.
This five-year strategy is meant to be a roadmap for economic development in Alaska and will span 2017 through 2022 with yearly updates. Research and community feedback allow for a clear understanding of Alaska’s current economic position and underlying trends affecting recent economic performance, while highlighting areas in need of greater resilience. Conversations with community and business leaders throughout the state, investigation of economic development best practices, and additional research were used to identify the most strategic directions forward for the state. Actions were identified that can be taken by public and private sector partners to maximize economic opportunity and collectively mitigate the challenges faced by Alaska businesses and residents. This CEDS also identifies a wide range of stakeholders and strategic partners from government, regional economic development organizations, industry associations, and private businesses.
The CEDS development process began in September 2016 and ran through April 2017. During that time, project staff worked with over thirteen communities, gathered input from all major industry sectors in Alaska, and analyzed data from more than 700 individual and business survey respondents. This CEDS was facilitated and compiled by the State of Alaska’s Department of Commerce, Community, and Economic Development (DCCED), with the core project team from the DCCED Division of Economic Development (DED), and contracted assistance from the University of Alaska Center for Economic Development (UACED). The project was jointly funded by the Federal Economic Development Administration (EDA), and the State of Alaska.
The State of Alaska’s DED supports the growth and diversification of Alaska’s economy through business assistance, financing, promotion, and public policy. The division works closely with industry leaders, allied agencies, and economic development organizations across the state, including the ten state-designated Alaska Regional Development Organizations (ARDORs).
Key Goal Areas
The CEDS process identified six key goal areas of focus. These goals were developed by distilling the input the project team received from individual and business surveys, community and industry meetings, and Strategy Committee engagement.
Business Development: Cultivate a resilient business climate that supports growth and expansion of existing and emerging industries.
Finance and Investment: Maximize the productive use of capital for Alaska business expansion.
Enterprise Infrastructure: Build the transportation and technological foundations for economic growth.
Entrepreneurship and Innovation: Position Alaska to thrive in a technologically advanced global economy.
Economic Development Capacity Building: Strengthen the ability of Alaska organizations to execute economic development initiatives that create jobs and investment.
Quality of Life: Improve the attractiveness and livability of Alaska communities to attract and retain a quality workforce and set the foundations for economic well-being.
Agriculture is addressed on page 12 & 13 under the Objective: Encourage import substitution with the promotion of Alaska made products and Objective: Increase the output and value of Alaska Agriculture.
Posted by: Katie Bender | Monday, August 07, 2017 at 08:21 AM
And the agriculture category is where exactly?
Posted by: Patricia Holloway | Saturday, August 05, 2017 at 07:51 AM