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BBA Economic Digest

Corporate America's New Promise It was a sign of the times: The Business Roundtable, a group of chief executive officers of nearly 200 major U.S. corporations, issued a statement with a new definition of the “purpose of a corporation.” The re-imagined idea of a corporation drops the age-old notion that corporations’ function first and foremost to serve their shareholders and maximize profits. Investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities are now at the forefront of American business goals. "Major employers are investing in their workers and communities because they know it is the only way to be successful over the l

BBA Economic Digest

One Way to Attract Talent: Buy It When skilled workers and firms in a similar industry are located near one another, it’s much easier to find talent with specialized knowledge. These people will for the most part stay in the area, and go from one job to another, because the opportunities exist there. That in a nutshell is how industry clusters form, something that we talk about in BBA EconDev 101, a crash course for community stakeholders. Success builds upon success, which explains why companies are attracted to certain places and avoid others. Few want to be the brave pioneers. Because of that timidity, some smaller markets have figured that if you can't beat 'em, buy 'em, as in buy the ta

BBA Economic Digest

Worse Than Bad It was or rather is ostensibly an economic development website for a county in Kentucky, which is a good state for economic development. But this particular website, which proclaims that the county is "open for business," (I've never heard that one before.) provides zero information on workforce and vocational education/training. There is nothing on the website about project news -- existing industry expanding or new companies establishing operations. What it did feature, I kid you not, are "upcoming events," which included the musical "The Music Man Jr." and two movies -- "Avengers" and "Guardians of the Galaxy." Not surprisingly, the person who heads economic development for

BBA Economic Digest

How many Washington, Jefferson, Jackson and Monroe counties are there in the United States? I have no clue. I could research it, but I won't. Here is my point: I frequently get newsletters from economic development organizations, and sometimes it takes considerable scrolling on my part to figure out what the heck state they are located in. My advice: Tell me prominently in your newsletters and/or websites what state you're in. Don't make me have to work to find out. Just this morning, I was on a website of a not-so-commonly named county. At the very bottom of the page in small print, I learned where Boomshakalaka County was. Look folks, this is an easy fix, so go ahead and do it. I tell you

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