Diversify Oregon’s Economy with a 4-Part Economic Development Strategy
A Strategy for Oregon's Economic Prosperity
To create a strong, internationally competitive and recession-resistant economy we must not only establish Oregon’s place in the global economy; we must also strengthen the economic activity within our own borders and stimulate the innovation and research that can establish Oregon as a leader in technology and knowledge-based exports. Since the recession of the early 1980’s Oregon has sought to diversify its economy to create a buffer against economic downturns. As shown below, Oregon has been very successful in diversifying its traded sector industries - those that compete in the international market – but not in creating a buffer against national and international recessions. Traded sector industries will always be at the core of our economic development strategy because they bring new capital into the state. To create a truly recession-resistant economy, however, we also must take steps to amplify the effect of that capital inside Oregon and to keep it circulating within the state.
This requires an integrated economic development strategy built around four key elements:
This integrated four-part economic development strategy will clearly establish Oregon’s place in the global economy; strengthen the economic activity within our own borders; and stimulate the innovation and research that can establish Oregon as a leader in technology and knowledge-based exports. To provide a solid foundation for the success of this strategy we must also create the fundamental conditions for long-term job creation and prosperity.
Become a part of transforming Oregon.
These position papers are “dynamic” and will develop and expand as the ideas and strategies of Oregonians to help achieve the vision are incorporated. Please submit any ideas or comments you have to JohnKitzhaber.com/jobs.
