DEFINING SUCCESS FOR THE REGION'S ECONOMY
Leaders across the region created our first competitiveness strategy in 2019. We set a bold vision for the future and identified nine interdependent priorities. Success in one area will support progress in others. We are now working on 10-year ambitions for these priorities. In 2020, we’ll develop three-year goals in support of each ambition.
Our regional strategy’s nine objectives
are interconnected and interdependent. Click on the boxes below to learn more
about each regional ambition.
WHY IT MATTERS
The MSP region is not creating jobs as fast as our peers. Without reinvention of job growth efforts, we will continue to decline.
FACT
The Greater MSP region is currently 9th of 12 in our peer set for job growth and we are trending down to 10th.
2030 REGIONAL AMBITION
The Greater MSP region will be in the top 5 in our peer set for job growth to ensure opportunity exists for all residents of our region.
WHY IT MATTERS
This objective tracks the creation and growth of companies introducing the next breakthrough ideas to our region’s economy.
FACT
We are starting fewer new companies than our peers. Minnesota ranks 47th of 50 states in the rate of people starting a new business, according to the Kauffman Foundation.
2030 REGIONAL AMBITION
The Greater MSP region will be the best place for people from every background to start and scale ventures that create wealth by solving global challenges.
WHY IT MATTERS
Because people are our region’s greatest asset, we must work together to build a region that better attracts, welcomes and retains people from around the world.
FACT
The Greater MSP region ranks 16th of 35 peer metros at net migration of people (coming and going).
2030 REGIONAL AMBITION
The Greater MSP region will be one of the country’s top 10 metros in retaining and attracting people.
WHY IT MATTERS
Our shared vision for the Greater MSP region is to lead the world in inclusive economic growth.
Realizing this bold vision requires dramatic improvement in our ability to include all races in economic opportunity.
FACT
The region has a 66.7% wage gap.
Five years of MSP Indicator Dashboard data show persistent, large gaps between whites and people of color on measures of employment, poverty, wages and educational attainment.
2030 REGIONAL AMBITION
The Center for Economic Inclusion is partnering with other organizations to shape a 2030 regional ambition for racial inclusion.
WHY IT MATTERS
Workforce supply in our region is not keeping pace with employer demand. In addition, the skills required for future jobs
are changing. To add high-skilled, high-quality jobs to the Greater MSP regional
economy; we must better prepare our workforce.
FACT
Our region will experience an estimated shortage of
188,000 workers by 2022, resulting in a 2.0 – 2.5 percent decline in economic
growth.
2030 REGIONAL AMBITION
A number of organizations,
including Real Time Talent and Greater Metropolitan Workforce Council, are
working to set this regional ambition. Join them and share your input.
WHY IT MATTERS
Our regional brand raises national and global awareness of our region’s many unique strengths and aspirations.
FACT
While our region has many valuable assets, nearly half of all perception study respondents since 2011 associate “cold” or “weather” with the region.
2030 REGIONAL AMBITION
We’re working to set a regional ambition and need your input.
WHY IT MATTERS
For years, affordability has been a competitive advantage for our region, enabling us to attract top talent and provide a superior quality of life. If our region is to remain competitive, affordability- including a wide array of costs such as housing and transportation- must be a strategic priority with deliberate focus and action.
FACT
Our region is #1 in fewest number of cost-burdened households vs. our peers, though our apartment rent is growing too fast.
2030 REGIONAL AMBITION
The Itasca Project is leading leading efforts to shape this ambition. Join them and share your input.
WHY IT MATTERS
A reliable and efficient transportation system enables an economy to function and a community to thrive. Regions that struggle with mobility undermine economic growth and quality of life. To maintain this as a relative strength for the Greater MSP region we must continue to invest our
attention and capital.
FACT
Commuters in the region experience 47 annual hours of delay.
2030 REGIONAL AMBITION
The Itasca Project, along with the Minneapolis Regional Chamber of Commerce and other organizations, are
leading efforts to define “mobility” in the face of fast-changing technologies. Join them and share your input.
WHY IT MATTERS
The race to find solutions to climate change will create new national and international markets for products and services.
The Greater MSP region could become a global hub of climate solutions resulting in hundreds of new companies, thousands of new jobs and billions in new revenue.
FACT
Action to combat climate change could deliver at least $26 trillion in economic benefits over the next 10 years.
2030 REGIONAL AMBITION
The Itasca Project, the McKnight Foundation, University of Minnesota and other institutions will be
partnering to shape this ambition-setting process now through early 2020. Join them and share your input.
Why we are focusing on the future
We know that strong economies don't just happen. They require leadership, commitment, and action. To ensure we are making progress in the areas most important to achieving our regional vision, we must create alignment and accountability by establishing 10-year ambitions and setting three-year goals.
- Rallying hundreds of leaders and organizations to shape regional ambitions and set goals
- Leveraging existing initiatives and networks of leaders to draft, test and refine ambitions
- Using best available data
- Working on all nine ambitions on parallel paths, expecting staggered delivery
HOW WE ARE APPROACHING THE CHALLENGE
Who is involved
This process has been led by a collaboration of civic organizations, with input from more than 230 executives representing 500 companies, universities, foundations, non-profits and public agencies. We are greater together- join us and share your thoughts.
what's next
Ambitions for the remaining six objectives are expected to be set by Summer 2020. Each ambitions-setting effort will be captained by a lead organization and supported by the GREATER MSP Partnership and the Itasca Project to ensure the efforts remain connected.