Regional Economic Strategy in Development with Chamber and J4SS
The Greater Federal Way Chamber is partnering with Jobs for South Sound Foundation to create a regional economic development plan. Ernst & Young’s (EY) Economic Development Advisory Services (EDAS) practice will assist in developing a metric-based strategy for the Federal Way area of the South Puget Sound.
“Our partnership with the Foundation is focused on enhancing the overall business landscape in our region,” said Chamber CEO Rebecca Martin who notes that collaboration is key. “Business is focused growth and identifying intentional strategies for development with an action plan to help sustain and expand our shared economic base.”
The multi-year plan will include goals with suggested strategies and metrics for success, delineated by business and public stakeholders. Additionally, EY will provide organization of the process for outlining partners responsibilities for business attraction and expansion in the region.
The strategy will bring together current economic data and research with previous findings from EY economic studies conducted over the past several years. This initiative will include new stakeholder engagement with identified private/public sectors to participate in focus groups and workshops which begin in March.
Economic development can maintain a strong tax base, create wealth through entrepreneurship and business expansion, and connect workforce to opportunity, noted Martin. In addition to publications like the Economic Equity Assessment, the Business Visioning Report, and the Priority Industry and Workforce Assessment, the Federal Way Chamber hosts a range of economic demographics and data portals online at fedwaychamber.com.
“As we overlay the considerable economic work already completed, the strategy will be crafted with input as we outline opportunities to strengthen the inflow and outflow of business in our region,” said Martin. “Business is foundational to community and by bringing people together and thinking collaboratively, we all can take a look at what we can do to move our region forward.”
“Having an intentional strategy based on economic data is fundamental to the development of any plan that supports inclusive economic growth,” said Martin. “We’ve done the research; The time for action is now.”
For a full range of economic development data, visit the Greater Federal Way Chamber of Commerce website.
About EY EDAS
The mission and passion of the EY Economic Development Advisory Services (EDAS) is to help communities create more prosperous and equitable economies. We work with states, local governments, economic development organizations, chambers and workforce agencies. Our services include strategic planning, competitive assessments, benchmarking, global market insights and innovative custom solutions. EDAS helps communities create and deploy economic development strategies and practical tools to achieve higher-performing economies that generate opportunities for all their residents.
###
This regional economic development plan is part of a grant with the Washington Department of Commerce. The strategy will help the Jobs for South Sound Foundation, the Greater Federal Way Chamber of Commerce, and their partners build an integrated regional economic development strategic plan that takes advantage of today’s new opportunities while addressing persistent challenges. By joining together to develop and implement the plan, this strategy will also encourage even closer collaboration on economic development activities in the region.
