Providing the latest thinking in economic development, Berkeley economist Enrico Moretti’s The New Geography of Jobs describes the challenge for most communities in America.
Moretti describes how technology and globalization affect US individuals’ economic success and the importance of a college degree for that success. These factors also affect cities by creating clusters to where well-educated people flock and industry specialization boosts local wealth (think Silicon Valley). The best trained workers tend to move away from home by the time they are thirty to those places where the economy is vibrant and business is innovative. Areas with highly educated workers are good places to find employment.
According to Moretti, that means that other communities must determine how to create a healthier “economic ecosystem” to develop environments that encourage innovation. RSG can help with economic development strategies for cities to adapt to the changing economic framework. Whether your city has an existing cluster, is trying to develop one, or is seeking alternatives for economic development, we have experience helping in every situation.
Written by Dima Galkin, an Associate at RSG