It seems like every day brings more bad news on the economic front.  Tightening credit.  Layoffs.  Bankruptcy.  An economy that may not have hit the bottom.  Given these tough times, what can economic developers do? 

Start planning for the upswing….and yes, there will be an upswing.

As always, the Office of Economic Development is available to help communities reevaluate its strategic planning goals.  Selected by the U.S. Economic Development Administration as part of its prestigious University Centers program, Virginia Tech can assist local governments or regional organizations in analyzing its economic development goals and help build community consensus toward a new direction.

OED has years of experience in conducting economic impact studies, labor market studies, strategic planning and facilitation, as well as helping communities take advantage of technology based economic development.  As a designated federal EDA center, OED is an important asset in leveraging other federal funding opportunities.
 
During times like this, it is critically important for local economic development officials to stay in touch with local industry.  Nurturing the industry you have is always one of the fundamental rules of asset-based economic development.  There is significant evidence that local outreach can have a measurable impact on helping existing industry during an economic downturn.

On the economic development weblog, EDPro, Ed Morrison writes of several proven methods to help better position your community.  This includes streamlining the permit application process, as well as establishing a fast-track business application process for targeted industry sectors; building entrepreneurial networks; and strengthening career pathways and educational achievement levels.  Morrison makes his point in a quick and insightful way.  Check it out at:
http://edpro-weblog.net/news/2008/10/29/economic-development-in-a-slowing-economy

The next year will challenge both the private sector and public sectors.  But, as economic development professionals it is important to know that you are not alone, the faculty and services at Virginia Tech are here to work with you.