New Bedford 2020 - VHB.com

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A City Master Plan New Bedford 2020Table 5-1: Comprehensive Strategy for Economic DevelopmentPillars of ActivityTasksSupport Existing and Small Businesses • Advocate for fair industry regulation• Retain existing jobs• Assist businesses• Provide access to start-up and gap financing• Promote growth for the North End, South End, and DowntownAttract Emerging Industries • Target sectors that are a good fit for New Bedford, such as: renewableenergy; medical device manufacturing; biotech and life sciences; marinescience and technology; and creative enterprises• Utilize state and local partnerships• Develop targeted marketing• Promote the Business Park• Stream line permitting and appropriate incentivesCommunicate a Positive Message • Target business development for Fortune 100 level businesses• Implement direct sales efforts• Develop partnership activities and participate in trade shows• Promote through earned, or free, media (i.e., the Internet)• Target marketing of key development sites, business districts, andprograms• Develop an E-newsletter with a distribution to more than 4,000 readersPlan For and Develop Strategic Sites • Conduct economic analysis and planning efforts for targeteddevelopment sites• Market and promote strategic development sites and uses• Establish strong partnerships with private sector development teams• Provide guidance on permitting• Advocate for favorable state legislation• Utilize appropriate incentivesPrepare a Ready Workforce • Target growth sectors specific to the current workforce• Align job training opportunities with emerging sectors• Connect development projects with trained workers and organizedlabor• Institute preference for New Bedford residentsJobs and Business5-4
A City Master Plan New Bedford 2020Table 5-1: Comprehensive Strategy for Economic Development (continued)Pillars of ActivityCapture Long-Term CatalyticOpportunities for GrowthNote: Refer to Figure 5.2 for the “six pillars of activity” organizational chart.TOD = Transit-Oriented DevelopmentTasks• Support off-shore wind staging and supply chain manufacturing• Continue to plan for commuter rail and TOD• Prepare for waterfront gaming complex• Continue to pursue crew course and community boat houseThe execution of this strategy is based on two overriding principals—transparency and partnerships. Instillinga policy of transparency and openness in such areas, such as permitting, strategic planning and incentiveprograms is evident in the City’s current approach. In 2006, the City and the NBEDC began to forgepartnerships with local organizations, private foundations, educational institutions, and federal and stateagencies to bring all available outside resources to the forefront of this effort. Partnerships withMassDevelopment, Harvard University, the Massachusetts Institute of Technology, and the GarfieldFoundation are but a few examples that have yielded noteworthy results during the past five years.Credit: NBEDCThe “six pillar” strategy is in the fifth year of a 10-year cycle and, in the midst ofthe most difficult national economy since the Great Depression, the resultsaccomplished under this approach have been significant. In 2010, NewBedford leads in new growth among the 11 Gateway Cities in theCommonwealth—creating nearly 2,000 permanent and construction jobs, andcapturing more than $340 million in private investment over the past fiveyears. Figure 5.3 demonstrates New Bedford’s average rate of growth comparedto the other Gateway Cities.Figure 5.3: Average Growth Rate for New Bedford Compared to the Other Massachusetts Gateway Cities*FY06–10 Average Rate of Growth**BrocktonHaverhillLowellLawrenceWorcesterFitchburgSpringfieldFall RiverPittsfieldNew Bedford6.0%5.0%4.0%3.0%2.0%1.0%0.0%-1.0%-2.0%-3.0%*As defined by Mass Inc., **DOR Division of Local ServicesJobs and Business5-5
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