I think we can all agree that, while this type of news is standard for the day, the ways of doing business have greatly changed over the past decades … and continue to do so. As these changes have taken place, so, too, has the process of developing local economies.

Today, new and growing companies demand a rapid ramp-up. The digital age has completely transformed traditional business models and prompted companies to expect immediate response and action. And, entrepreneurship and business reinvention are at an all-time high. Perhaps no other industry is keeping as close a watch on these trends and transitions as the economic development industry – an industry that’s not often spotlighted, but plays a vital role in business and community growth.

Given the ever-growing competitive nature of doing business, you can imagine that the hundreds of state, regional and local economic development groups in the country have become much more sophisticated, aggressive and dynamic. And, in fact, economic development has gained an even more prominent role as universities, utilities, chambers of commerce and more have added this function within their organizations.

Economic development is about nurturing business vitality and diversification and enhancing the overall standard of living. Attracting targeted industries, assisting in the expansion of local businesses, and working with start-up enterprises that create high wage, high value jobs – these are the leading charges of economic development groups. And, this work results in numerous benefits, including the diversification of a community’s tax base, generation of more income and buying power for residents, and attraction of targeted, high paying career opportunities for the region’s population.

The People Factor
Years ago, people associated economic development solely with recruitment, or attraction, of industry. Today, it’s much more about a mixture of activity that includes business attraction, retention, growth and creation. Even more importantly, it’s about people. People are both the beneficiaries and the foundation of all economic development. Skilled, productive workers attract employers. Employers anchor dynamic communities. Dynamic communities are great places to live. Without economic development at the center of community-building, this cycle of economic growth and prosperity would not exist.

Metro Orlando’s Edge
In Metro Orlando, a region that has been consistently recognized as a top location to start and grow a business, we’re attracting people. Our student population is exploding, bringing young creative minds to the area. People from every part of the world live and work here. As a young and growing metropolis, we’re attracting top researchers and executives from key industries that have clustered here, including software development, simulation and training, and laser optics, to name a few. And, women and minority-owned businesses are on the rise.

In the last three years alone, our entrepreneurial and small business resources have swelled – with additions such as the Disney Entrepreneur Center. Downtown Orlando, the heart of the region’s business community, is undergoing a major revitalization that is luring both people and industry. Our infrastructure is solid – boasting everything from nationally recognized educational institutions to a great quality of life to the availability of competitive facilities. Together, these assets make the region extremely appealing to business. Our image as the world’s top family-friendly destination has also made us one of the most attractive markets in the world. And, as we’ve heard so many times from heads of companies, there is so much potential here … particularly to start and grow a headquarters base.

Where will the region be 10 years from now? Metro Orlando will continue to experience growth from multiple sectors within the technology clusters, particularly from the digital media sector. Corporate services, including financial and back office, will also expand. Our strengths will only grow and more challenges will be overcome. Orlando will continue to be a place where people and culture thrive … it will be an even better place to start and raise a family, to work and live … and it will be a great place for people and companies to put their imagination to work.

On a Personal Note
Some fun facts, thoughts and favorites of Ray …

• My favorite place to dine in the region is Seasons 52, a healthy alternative concept developed by one of our top corporate headquarter companies, Darden Restaurants
• When I’m not trying to attract a company to Orlando, I enjoy golfing (handicap is 14) and spending time with my family.
• My wish is for people to pursue and enjoy the best of everything … from friendships to careers. I feel very fulfilled in my life and I hope that everyone can find that same fulfillment.
• I’m a Florida native (a rarity). I grew up on a farm in Monticello, where my first job was growing and harvesting a variety of vegetable crops.
• The last good book I read was “Good to Great” by Jim Collins. Some other good books are “The Most Brilliant Thoughts of All Time” and “The Wit and Wisdom of Abraham Lincoln.”
• Everyone should serve or volunteer in their community … one person CAN make a difference.
• A favorite quote … “People who have never made a mistake have never done anything important.” (Author unknown)