Evanston’s model for economic development has been based on the development of housing to attract more residents. More residents equated to an expansion of the tax base and created a market for retailers and restaurants. While effective to a point this model has reached a plateau.
Evanston can no longer afford to be passive in its economic development. We face fierce local and national competition for knowledge based and service base businesses. Civic and business leadership has not been unified around business attraction, expansion and retention efforts.
We don’t have unified plan to attract small and medium sized businesses, let alone retain the ones that are here. We only learn about a business leaving when it hits the news or we see the for rent signs.
POTENTIAL:
A half-dozen major employers make up half of the jobs in Evanston. The other half come from small and medium size professional service and knowledge based businesses. The growth of jobs in Evanston will come from the nurturing and attracting this business base.
In this economic environment cities must strive to expand their business base. We can’t rely on things just happening. To the extent possible, the Evanston community wants to influence the kinds of businesses that decide to operate and grow in Evanston. However, we don’t currently have a plan or the means to achieve that outcome. A business development based economic development organization can do this for Evanston.
COMPARISON WITH SIMILAR CITIES:
In a shifting economy Evanston is out performed by similar communities such as Ann Arbor, Palo Alto and Cambridge in business investment and job creation. Like those cities Evanston has a unique offering to the business community (i.e., world class university - Northwestern, world class city – Chicago, geographic center of the country, public transportation, educated workforce, etc.) and with a unified effort would be competitive not only locally but nationally and even internationally.
PARTNERSHIP BETWEEN ALL STAKEHOLDERS:
A successful approach to economic development will unify and focus the resources of the City, the University, the health care organizations, the Chamber of Commerce and civic leaders towards a joint effort that actively works to retain and attract businesses to Evanston.
IMPACT ON ALL OF EVANSTON:
The recent hit to the national economy shows how quickly things can change on “main street”, Evanston is not immune. Active recruitment of new business, support for the expansion of current businesses will the create jobs, solidify the tax base and the sustain property values, that are crucial to a strong local economy. A strong Evanston is built on a strong economy
A strong Evanston will have an engaged business community, where business owners know and support one another; where they recognize that the growth of one results in the growth of many; where there’s a sense that as a City, the university, the business community is moving forward – growing, adding good jobs, and bringing innovative products and services to the marketplace.
EXAMPLES OF BUSINESS OPPORTUNITIES MISSED:
We often don’t know about a business moving out of Evanston until it either reported by news organizations or we notice the “for rent” sign. An Business and Economic Development Council could play a key role in identifying opportunities that we currently miss.
Rand McNally: Was considering Evanston, but the lack of any BEDC to champion Evanston, meant that Rand McNally did not get much encouragement or support from the City, developers or business community to move to Evanston.
TURLEY ARCHITECTS: Was located in Evanston but moved to the West-West Loop area because they had more opportunity to expand.