LAFAYETTE — Aside from investments and tax abatements, what would it take to grow our regional economy?
According to regional leaders, it's projects like GE Aviation's new facility in Lafayette. Collaboration from public, private and nonprofit sectors on such projects, they say, will attract industry and bolster the regional workforce.
And that's what they're hoping will become the norm for the region, not just Greater Lafayette.
"It takes this fertile soil to get a business to plant and grow here. Our job is to make sure we have … things to make businesses prosperous," said Gary Henriott, chairman of the steering committee for the Wabash Heartland Innovation Network, which studied regional demographics, industry investment, commuter patterns and other economic issues
The network in the past 18 months developed a strategic plan to cultivate this metaphorical soil in the Wabash Heartland Region, which includes Benton, Carroll, Cass, Clinton, Fountain, Montgomery, Pulaski, Tippecanoe, Warren and White counties. The plan focuses on strategies to further bolster the economy in an area that already is thriving.
"We have overwhelming economic comparative advantages. We have a diverse set of industry and manufacturing in the region," Henriott said. The question now is how the region can capitalize on those assets and collaborate to amplify benefits.
The study, funded with a $575,000 grant from Lilly Endowment, included mostly good news for the region. In fact, the report confirmed what many already know: industry is flowing into the area, unemployment is dropping and wages are rising.
From the study, the committee developed four key strategies to encourage regional growth: industry investment, workforce development, collaboration between higher education and industry, and quality of life and place.
Enhancing quality of life and place is the bedrock of the other recommendations, Henriott said. The strategy requires collaboration and participation from different sectors, including government, nonprofits, education and industry. The concept applies from roads and bridges down to restaurants and cultural events. Without a rich sense of place and community, Henriott said, workforce retention becomes difficult.