NEDA president's message: Economic developers need to focus on the long term to meet the challenge

Well, the month of March was pretty interesting, and no place more so than in New York! In just a few weeks, the Federal Reserve took unprecedented steps to stabilize financial markets, the price of oil reached an all-time high and, oh yes, New York has a new governor. And there's more. Facing a $3 billion (yes, billion) deficit, governor Corzine of New Jersey just proposed cutting off state funding to over 300 small towns to try to force them to merge into larger units. He's not alone. Half the northeastern states face record deficits, in the Empire State, a deficit of almost $5 billion looms. Still, as economic developers we have to focus on the longer term. What factors will really drive the health of our economies and the amount and quality of investment? Which direction are they heading? Which ones can we actually do something about? And most importantly, how do we prepare for all the changes that no one can even begin to predict? NEDA and our members are focusing on the forces, and the tools, which we'll all need to meet the challenge. In March, we heard from two of the world's foremost experts on sustainable building. Prof. Stephen Lee, AIA, of Carnegie Mellon University presented us with detailed cost: benefit analysis associated with "green" building. It's clear that whatever else may happen, anyone competing for real estate investment will need to know this stuff, and the sooner the better. Gary Saulson, PNC Financial's director of corporate real estate with more corporate "green building" space built and under management than anyone else in the world, also brought news from the real world: PNC didn't undertake green development as a marketing gimmick, but because he thought it looked like a cost-effective way to manage PNC's corporate real estate inventory. And while it turned out to be great PR, he's got the numbers that say he was right about the bottom line - green buildings generally cost less and just plain work better. In April, we'll offer an advanced symposium on Leadership in Economic Development in Hartford, Conn. Corporate leadership expert Jonathan Wheeler of The Clarion Group will bring the best corporate thinking to economic development, and panel of seasoned development practitioners will then apply Jon's principles to real examples from their own work. And in September, we meet in Buffalo for extensive, top quality programs and great networking at our Annual Conference. Our program, "Blueprints - Breaking New Ground," developed with conference partner Buffalo Niagara Enterprise, will consider the paradigm shift in energy markets, global climate change, the tougher financial environment, and the incredible telecommunications, biotech, and other technologies already changing the way we do economic development. For details on any of these or our other programs, go to www.nedaonline.org or call our executive director, Eric Anderson, at (401) 295-9215. I hope to see many new faces from New York's real estate sector with us in Buffalo this September! Robert Cormack is the 2008 president of the Northeastern Economic Developers Association, Wickford, R.I. and executive director of the Bucks County Economic Development Corporation, Doylestown, Penn.