Title
Economic Development Strategic Plan
Description
This report provides an update to the Economic Development and Equity Subcommittee on the Community and Economic Development Department's ongoing efforts to advance the City's economic development strategies and priorities focused on programs and tactics to enhance Phoenix's competitive position in the regional, national and global economy.
THIS ITEM IS FOR DISCUSSION AND POSSIBLE ACTION.
Report
Summary
Each year the Community and Economic Development Department (CEDD) staff update and adopt a broad set of strategies to enhance Phoenix's position in the regional, national and global economy. These strategies continue to be pertinent and are key elements of a strong, vibrant economic development program, and are pillars of CEDD's Strategic Action Plan for the upcoming year. The updates to plan include new and revised strategies and actions that reflect changing market conditions, trends, City Council priorities, and policy changes that impact our diverse economy. These implementation strategies are linked to the department's ten goals:
1. Facilitate job creation in targeted high-growth/high-wage industry sectors.
2. Increase outreach efforts and provide high value-added services to Phoenix businesses.
3. Develop and expand economic and cultural opportunities in key international markets.
4. Develop a vibrant, sustainable urban core.
5. Strengthen Phoenix's competitive advantage.
6. Develop a skilled workforce to meet the needs of business and industry.
7. Cultivate entrepreneurship and emerging enterprise ecosystems.
8. Support community-based revitalization initiatives to enhance the economic vitality and resiliency of Phoenix.
9. Develop new robust retail and entertainment corridors.
10. Build a high-performance economic development organization.
Staff will present an overview of key strategies and actions within the Economic Development Strategic Action Plan to the Economic Development and Equity Subcommittee.
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer and the Community and Economic Development Department.