Page 162 - South Mississippi Living - January, 2019

THEFINALSAY ASHLEY
EDWARDS
CEO, Gulf Coast Business Council
photo courtesy of Ashley Edwards
The Mississippi Gulf Coast has many of the attributes needed to excel in the evolving economy, but it must focus on an intentional, strategic plan of action to fully realize the opportunities that exist. That was the resounding theme heard by a capacity crowd of more than 500 Coast business leaders at the Gulf Coast Business Council’s Second Annual State of the Coast Economy Symposium.
State Economist Dr. Darren Webb and Purdue University Community Development Specialist Dr. Roberto Gallardo, who served as featured speakers for the event, offered similar messages. They said the Coast region can tout many enviable qualities — a diverse economic base, a cost of living among the lowest in the country, and tremendous quality of life amenities in a highly desirable coastal
setting. Despite those qualities, however, economic progress remains relatively flat since Hurricane Katrina, according to Webb.
An obvious question on the minds of business leaders as the event concluded was “where do we go from here?” It’s the same question Gulf Coast Business Council Masters Leadership Program participants tackled throughout 2018. They concluded that the Coast must continue to make strategic investments to develop both its regional economy and its quality of place.
Masters participants cite a growing body of research showing that with the rise of technology and the increasing mobility of jobs and people, a region’s quality of place is becoming one of the most important factors for economic success. Thus, implementing successful community development strategies is a critical component to the Coast’s ability to foster economic development and more specifically, grow its “creative economy.”
The importance of the “creative economy” is gaining steam in economic circles. Research indicates that over the past half century the U.S. has shifted from an economy centered on producing physical goods to one increasingly
centered on innovation and knowledge. Purdue’s Gallardo discussed how America’s leading regions are focusing their efforts on attracting those who work in the economy of ideas, technology and creative content. The professions that make up this growing sector include science, engineering, architecture and design, education, arts, music and entertainment, business and finance, law, healthcare, and other related fields.
If the Coast is to succeed in capturing a greater share of the creative economy, it must supplement traditional economic development strategies with place making strategies aimed at building enhanced communities with an abundance of amenities and experiences attractive to talented and diverse workers, and along with them the diverse array of industries needed to sustain a robust regional economy.
Millennials are a key part of the rising creative economy workforce. As they reach their prime working and spending years, their projected impact on the
world economy is significant. This age group is making decisions about where they’ll live and work based in large part on the quality of life, social offerings and lifestyle of a place, which should provide the Coast with important competitive advantages in attracting more young professionals.
One thing is certain; our future economic success
is going to require the entire Coast to work together
to implement a comprehensive regional strategy that focuses on both community development and economic development.
162 SOUTH MISSISSIPPI Living • January 2019
FOR MORE REFLECTIONS OF THE GULF COAST >> www.smliving.net