The Detroit region has a global reputation as a relic of the old economy, while the city is often portrayed as an urban dystopia bound to a decaying industrial heritage. Both images are stereotypes that hide the vast changes that have already occurred in Detroit’s regional economy and the opportunities these changes present Detroit going forward. This paper describes how the Detroit regional economy has been evolving from its dependence on manufacturing to a more diversified service-based economy. Implications for the city of Detroit are also discussed. (The Service Industries Journal)
This paper examines professional and business services (PBS) employment patterns among US metropolitan areas during the recent recession. The PBS sector did not dampen unemployment rates, contrary to past expectations about services sector behavior during the business cycle. The rate of PBS employment loss was greater than the overall job loss rate in most metropolitan areas from 2007-2009, but the behavior was not universal across locations. In fact, the professional services component of the PBS sector experienced a lower rate of job loss compared to total job losses, and a diverse set of large metropolitan areas actually gained professional services jobs over this period. By contrast, the administrative services component of the PBS sector experienced a loss in employment that substantially exceeded the overall job loss rate, a pattern seen across all metropolitan areas. (Povos e Culturas)
The professional and business services (PBS) sector is an important and expanding portion of the US economy and an essential element of most major metropolitan area economies. Beyond creating jobs, professional and business services can generate regional exports and increase innovation and productivity, thereby supporting economic growth. However, while PBS employment growth is largely positive for regional economies, opportunities are not evenly spread. Understanding the regional dynamics of the PBS sector is an imperative for economic development and community leaders. (IEDC Economic Development Journal)
An explanation for why women have emerged as an important entrepreneurial group and why they have moved beyond traditional sectors can be found in examinations of changes in women’s human capital—especially their educational attainment, occupational representation, and entrepreneurial preparedness. (US SBA Office of Advocacy)
A gap exists between human capital theories and human capital policies. State and local policies that are designed to increase human capital either by raising educational attainment levels or by using amenities to attract college-educated individuals will still struggle to achieve their ultimate objective: greater economic growth. The reason: an overemphasis on young, educated workers diverts attention away from other important factors that affect growth prospects and that are also critical components of human capital. (Applied Research in Economic Development)
A more sophisticated approach to business attraction emphasizes understanding what is happening in the industries and individual businesses that economic development agencies want to attract. It shifts the focus from broad industry targets to specific company targets and, in the process, creates a marketing plan tailored to each prospect. The key to this approach is in-depth research to identify the strategic shifts that will lead specific companies to relocate or establish new facilities.
2011, Catholic University
2009 RESER Conference
2008 GMU Entrepreneurship Research Conference
Economic development professionals now recognize that growth and prosperity do not come solely or even primarily from external business attraction. Instead, innovation is considered the main driver of economic growth in today's economy. However, standard measures of innovation — especially R&D spending, number of patents and technology transfer — can leave communities that do not have a leading research university or a high technology cluster wondering about their prospects. Research suggests that communities should examine three additional factors that can support innovation and growth in most locations: telecommunications infrastructure, professional and business services, and entrepreneurship.