Econ Dev Show Podcast - Economic Development - Episodes Tagged with “Economic Transformation”

175: Transforming Second-Tier Markets into Economic Powerhouses with Barry Broome

Dane Carlson — Mon, 26 May 2025 00:15:00 -0500

In this episode of the Econ Dev Show, Dane Carlson sits down with Barry Broome, President and CEO of the Greater Sacramento Economic Council.

Dane and Barry explore Sacramento's remarkable economic transformation. Barry highlights how Sacramento has leveraged its strategic location 72 miles east of San Francisco to become one of America's premier second-tier markets, emerging as a semiconductor hub while diversifying into clean tech and agricultural research sectors.

Throughout the conversation, Barry shares his data-driven approach to economic development, his passion for working with underdog cities, and the challenges he overcame to build community trust and create a thriving economic ecosystem in California's capital region.

Barry shares insights on economic development, leadership, and the importance of data-driven decisions in driving regional growth.

The episode also covers his personal background, emphasizing Barry's passion for economic development in underdog cities and his experiences in navigating and overcoming initial challenges to build a thriving community.

Timestamps

00:00 Introduction and Welcome
01:20 Discovering Sacramento
02:40 Sacramento's Economic Growth
04:40 Semiconductor Hub Vision
09:44 Infrastructure and Utilities
11:41 Target Sectors Beyond Semiconductors
14:08 Barry Broome's Journey
21:16 Challenges and Achievements
25:20 Building a Strong Board
29:05 Barry's Background and Philosophy
34:55 Conclusion and Contact Information

Ten Actionable Takeaways for Economic Developers

Leverage your geographic proximity to major economic centers; Sacramento's 72-mile distance from San Francisco became a strategic advantage rather than a limitation.
Diversify your economic base beyond traditional anchors; Sacramento moved beyond government dependence to semiconductors, clean tech, and agricultural research.
Position your community as a second-tier market alternative to expensive primary markets, offering similar talent and infrastructure at better cost basis.
Use data-driven decision making to guide your economic development strategy and demonstrate measurable results to stakeholders.
Build strong board governance early; invest time in assembling committed leaders who can provide stability and strategic direction.
Target emerging sectors where your region has natural advantages; Sacramento capitalized on its research universities and proximity to Silicon Valley for semiconductor development.
Develop compelling narratives around your community's diversity and quality of life as competitive advantages for business attraction.
Address infrastructure and utilities proactively as foundational elements for sector-specific development strategies.
Embrace your role as an "underdog city champion"; sometimes the most rewarding opportunities are in communities others overlook.
Focus on long-term relationship building and community trust, understanding that transformational economic development takes years to achieve and sustain.

Special Guest: Barry Broome.

168: Reimagining Economic Transformation for Distressed Communities with Rohan Sandhu

Dane Carlson — Mon, 07 Apr 2025 00:00:00 -0500

In this episode of the Econ Dev Show, host Dane Carlson sits down with Rohan Sandhu, co-founder of the Reimagining the Economy Project at Harvard Kennedy School, to examine the convergence of industrial policy, market crafting, and place-based economic development strategies. Drawing on his 15 years of experience at the intersection of research and practice, Sandhu discusses how traditional economic development approaches often fail distressed communities due to uncoordinated policies and limited local capacity. They explore how forward-looking economic transformation requires moving beyond reactive, transactional approaches to development and better aligning workforce systems with economic growth initiatives. Sandhu's insights from his work on projects like "Bottom-Up Bidenomics" and "The US Place-Based Policy Supply Chain" offer practical guidance for practitioners seeking to build more resilient local economies.

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Ten Actionable Takeaways for Economic Developers

Shift from reactive, crisis-driven economic development to forward-looking strategies with a clear vision for transformation.
Focus on building local institutional capacity as a foundation for implementing any economic development initiative.
Identify and address the coordination gaps between overlapping economic development policies at federal, state, and local levels.
Recognize the limitations of matching fund requirements that often exclude the most distressed communities from accessing resources.
Develop funding models for local intermediary organizations that support capacity-building, not just project implementation.
Integrate workforce development explicitly into economic growth strategies rather than treating them as separate domains.
Use data visualization tools like economyinplace.com to better understand local labor markets and policy flows in your region.
Examine how industrial policy principles can be applied practically to support small and medium enterprises in your community.
Identify opportunities for "productive upgrading" of service sectors that absorb local labor.
Design economic development strategies that directly target persistent economic distress rather than focusing primarily on already-advantaged areas.

Special Guest: Rohan Sandhu.

162: Mountain Town Meets Hurricane Helene with Spencer Bost

Dane Carlson — Mon, 24 Feb 2025 07:00:00 -0600

In this episode of the Econ Dev Show, Spencer Bost, Executive Director of Downtown Spruce Pine, takes us through the dramatic transformation of his organization following Hurricane Helene's devastation. From managing their annual blacksmith festival and facade grant programs in this mountain town of 2,000 residents, to suddenly facing eight-foot flood waters that destroyed businesses, including his own office, Bost reveals how the community responded to this natural disaster while maintaining their position as a crucial global source of high-purity quartz.

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Actionable Takeaways:

Develop flexible organizational structures that can pivot during crises
Create emergency communication systems that work without power
Maintain detailed documentation of pre-disaster conditions
Build relationships with emergency management teams before disasters
Plan for both small-scale events and large-scale disasters
Keep important documents and equipment above potential flood levels
Develop evacuation routes that consider topography
Create crisis management plans that protect both people and assets
Maintain relationships with regional and state economic development partners
Balance immediate disaster response with long-term economic planning

Spencer's Favorite Book:

Sand County Almanac by Aldo Leopold is my most influential book because it beautifully connects the dots between the natural world and the human experience, particularly in rural areas. As an outdoor lover, Leopold's deep respect for ecosystems inspires a sense of stewardship. From a rural economy standpoint, his philosophy of land ethic emphasizes the importance of sustainable practices that benefit both the environment and the communities that depend on it. It’s a powerful reminder that conservation and economic development can coexist when rooted in a genuine appreciation for the land.

Special Guest: Spencer Bost.