Where should region's shining economic light come from?

By: Connie Majure-Rhett

Economic development is the shining light on the hill. It’s what every thriving community must guide itself by if it is going to prosper.

In laymen’s terms, economic development is activity that builds the economic base of a community. Simple, perhaps…until a community has to decide what the shining light on the hill must be. Does it come from the flashing beacon atop a smokestack that signifies the industry that helped build our nation? Is it glittering high-rise office buildings filled with white collar workers that frame a historic downtown? Maybe it’s a majestic Ferris wheel that draws tourists? Or it could even be the illuminating spotlights of a movie crew filming a scene for the next blockbuster.

Economic development can be all of these and more, and communities are often defined by the composition of their economic base. Picture Myrtle Beach. You likely think of dinosaur-themed putt putt golf courses and other family attractions. Fayetteville and Jacksonville bring visions of tanks and soldiers. Raleigh conjures the trappings of a fast-paced, high-tech hub teeming with recent university grads.

Wilmington, however, isn’t as easy to define anymore. At one time, the shining light of economic development was the headlight of a locomotive. But rail dimmed and our economy diversified into a smattering of industries: tourism, manufacturing, pharma, service, construction, film, and more. Although balance can be good, wages lag behind those of other cities, service industry jobs are gaining a predominant foothold, and brain drain is common (UNCW grads that would like to stay aren’t able to find suitable jobs). The mix isn’t broken…but it’s not optimal either.

These and other potentially disturbing patterns were identified by Cape Fear Future— the flagship program of the Wilmington Chamber of Commerce — and Catalytix, the consulting team of social demographer Richard Florida (author of “The Rise of the Creative Class”). The answer to a stronger economic base, as Catalytix and numerous progressive cities across the world see it, is to develop the knowledge sector economy. Why? Because the knowledge sector (entrepreneurs, scientists, tech workers, etc.) have been and will continue to be the fuel of economic growth through their development of new businesses, business models, and technological innovation. Their jobs also weather recessions better…with unemployment in knowledge worker sectors less impacted by the layoffs of the last few years.

To tap into this economic potential, the mission of Cape Fear Future (CFF) is to build a community where knowledge sector workers would like to live. Fortunately, the Wilmington area has inherent advantages due to its natural resources (beach and river), arts community, historic district, and more. But there is room for improvement, so CFF has created three task forces to focus on education (particularly science, technology, engineering and math…or STEM), promoting entrepreneurship, and spearheading projects to enhance quality of life.

Recent projects have included advocating for more open space downtown. Signature downtown parks are a hallmark of cities like Charleston and Savannah. Members of the Quality of Life Task Force are currently working with the city, WDI, and others to revitalize and expand Riverfront Park.

CFF is also supporting programs that will enhance our competitiveness globally, particularly through entrepreneurship. The Entrepreneurship Task Force is led by the UNCW Entrepreneurship Center, which serves as a catalyst for entrepreneurial growth in Southeastern North Carolina. The center created an entrepreneur camp for youth; provides advisors for aspiring entrepreneurs and helps connect them with angel investors; and has successfully helped create jobs, recruit companies and launch startups.

The Education Task Force is working to improve K-12 education and STEM offerings. One initiative has been the promotion of STEM programs in our schools by compiling and sharing a comprehensive list of after-school programs, contests, and activities that promote an interest in STEM. They have recently formed a partnership with the UNCW Watson School of Education to further its reach.

These are only a few of the projects Cape Fear Future is undertaking to help ensure our businesses have the workers they need and the region enjoys economic prosperity for decades to come. Our economic base — how others view our city — will be key in this effort. As a community we must decide what light is going to shine best and brightest on Wilmington, and that is going to make us the shining light on the hill that we can all bask in, content and prosperous.

Where should region's shining economic light come from?

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