Economic development strategy gets an update
Plan includes regional cooperation, enhancing business diversification
A new economic development strategy aims to help Oakland County, as the state’s economic driver, increase regional cooperation, enhance business vitality and diversification, and leverage its economic strengths to attract new businesses, increase workforce education and training, and create more jobs.
Oakland County Executive David Coulter said the county’s economic development strategy had not been updated since 2004 and needed to be reviewed to insure the county’s “future aligns with the 21st Century.” He said the new plan is drive by four principles including: equitable and inclusive development, data- driven operational effectiveness, collaboration across the county and region, and that the county should act as a convener and catalyst.
“Our new economic development strategy operates under the premise that Oakland County is an inviting global destination for world- class talent, investment and jobs,” he said. “It will be data-driven through equitable and inclusive development, with the county involved as a catalyst for collaboration locally and across the region. Key focus areas are business vitality and diversification,
talent development and attraction, and community development and placemaking.”
Coulter said the new strategy will be data driven through equitable and inclusive development, with the county involved as a catalyst for collaboration locally and across the region. Key focus areas are educational attainment, mobility, digitizing manufacturing and supporting small businesses.
A portion of the economic development strategy seeks to enhance efforts to help local companies attract lucrative aerospace and defense contracts from the U.S. Department of Defense and Homeland Security.
The strategy also aims to strengthen the county’s mobility/autonomous vehicles sector, helping small manufacturers through Industry 4.0, which brings them into the world of digitized manufacturing, 3D printing, advanced materials, robotics, cybersecurity and internet of all things.
“The mobility space will include autonomous vehicle development and transforming how we utilize Southwest Oakland Airport and our other two airports with a focus on commercial use of unmanned aerial vehicles,” said Coulter. “Industry 4.0 will be driven by ensuring our manufacturers have the resources to digitize their processes.”
While the strategy seeks to promote and give way to new economic opportunities, Coulter added that it’s important to leverage the county’s existing economic strengths, including its talented workforce and international firm presence, amid a rapidly chang
ing economic landscape. He cited the 2,200 manufacturers based in Oakland County, which employ 69,000 people and generate $5.7 billion in goods and services.
Recently, the county board of commissioners approved a reorganization of the county’s economic development and community affairs department to provide for a more efficient delivery of services to residents. The department will now include a business development division, which will soon be comprised of the following units: National and International Business Development, Business Retention and Expansion, Emerging Growth and Innovation and Financial Services, and External Affairs and Communications.
Some of the strategy’s highlights include:
• Oakland80: Setting a goal of having 80 percent of county adults attain a postsecondary degree or industry-recognized credential by 2030.
• Hiring veterans: The county seeks to connect retiring veterans with jobs,
should the veteran return to Oakland County. The county’s Veterans’ Services division is being moved to the Workforce Development division to support that initiative.
• Mobility: Oakland County will work Macomb and Wayne counties to create mobility corridors for autonomous vehicles in order to compete with Silicon Valley.
• Oakland County International Airport and Oakland/Southwest Airport: The county aims to leverage the use of countyowned airports to support autonomous aerial platforms and programs expected to grow rapidly because of Amazon’s expansion in the county.
• Promote entrepreneurial spirit and innovation
• Environment and sustainability: The county has over 90,000 acres of parkland, more than 1,400 freshwater lakes, 65 miles of trails for hiking and biking. The new economic development strategy acknowledges the county’s fiduciary duty to be stewards of these natural resources and ensure their preservation and via
bility for future generations.
• Supporting local small businesses Local Small Businesses: During the COVID-19 pandemic, the county has invested over $74 million in 15,000 small businesses, and $1.7 million in 22 local chambers of commerce.
In September, U-M economists released the county’s 2021-2023 economic forecast.
According to the report, the overall course of the COVID-19 pandemic and whether the county will receive more coronavirus relief dollars from the federal government will have the greatest impact on the rate at which the county recovers economically.
Oakland County is forecast to see a 9.1 percent decrease in the number of total jobs in 2020 compared to 2019 due to the COVID-19 pandemic (678,026 vs. 746,103), but has seen an “impressive” rebound by “historical standards,” according to the report.
“If we learned one thing from COVID-19, we need more advanced manufactures here in Southeast Michigan,” said Coulter.