Prosperity Agenda- Welcome to the New Economy

In the last few years, Brandon has experienced a remarkable period of population and job growth. It has lead to a booming real estate market and an expansion in the service sector. This growth has come about primarily because of Maple Leaf and our new immigrant families, and the relocation of 2PPCLI.

Brandon is coming to the end of that growth spurt. If we are to keep expanding our tax base and the associated enhancements to City services and quality of place/ life, we are going to need to develop a new economic strategy for Brandon.

The next phase of growth for Brandon needs to focus on quality, not just quantity. Not only does growth mean getting bigger, but it also means becoming more prosperous. We need to focus on income growth. And if the City is going to thrive in the upcoming years, we need to look for opportunities in the New Economy.

No doubt you've heard people refer to the New Economy, but what does that mean? Simply put- we are moving towards a knowledge-based economy (brain over brawn, better over cheap) where the keys to jobs and a higher standard of living are innovative ideas and technology. Goods jobs have become technologically complex and are demanding sophisticated work skills. Jobs based on simple, low level work skills are diminishing.

A side by side comparison of old and new economies:

In the old economy, people believed that:

• Being a cheap place to do business was the key.
• Attracting companies was the key.
• A high-quality environment was a luxury that stood in the way of attracting cost-conscious businesses.
• Regions won because they held a fixed competitive advantage in some resource or skill.
• Economic development was government led.

In the New Economy, people believe that:

• Being a place rich in ideas and talent is key.
• Attracting educated people is key.
• Physical and cultural amenities are key to attracting knowledge workers.
• Regions will prosper if organizations and individuals have the ability to learn and adapt.
• Only bold partnerships amongst business, government, and nonprofit sector can bring about change.

In the future, the path to rising incomes and a thriving economy in Brandon will be

• recruiting those knowledge-based workers,
  
• ensuring a technologically advanced infrastructure- both physically as well as intellectually through R&D at BU and ACC;
  
• boosting the skills in Westman's workforce,
  
• creating fast, efficient, responsive government, and
  
• ensuring a superb quality of place and life.

The New Economy is here to stay- there's no going back. It brings enormous potential to Brandon, but we must invest in a knowledge infrastructure- education, training, and technology. By focusing on innovation, learning, and constant adaptation, Brandon will succeed, thrive, and grow.

The Prosperity Agenda is a series of postings that look at economic development in Brandon. Future postings will deal with entrepreneurship, cluster development, education and other aspects integral to growing our economy. I would love to hear from you.... email me at shariformayor@gmail.com.