“CRDA is key to our Future”

March 3, 2009: David Ginn shared his insight on the state of Economic Development and how the Charleston Regional Development Alliance is not only coping, but also working to bring our area out of the economic downturn more effectively. David brings significant expertise to the CRDA, as well as, our Rotary group. He began his career in Savannah, has been here since 1995, and has been President & CEO of the Economic Development Alliance since 2000.

Ginn shared the current state of economic development activity. While overall project activity is down by approximately 50%, increased focus and effort are being expended to ensure that when the upturn comes we will get our fair share of the companies relocating or expanding their operations.

The CRDA is aggressively promoting the three counties of Berkeley, Dorchester and Charleston to the world as a preferred place of business. It supports the approximately 630,000 people who live and work in the 90 miles of coastline around Charleston, and as far inland as fifty miles. Many times the work the Charleston Regional Development Alliance goes unnoticed and a few people may not even know the name. The reason you may not be as aware of them as you should is that their promotion really occurs to people outside of Charleston with the objective of attracting them to Charleston. When companies announce that they are coming to Charleston, it is deliberately set up so politicians and the key people from the company make the announcements. While the CRDA did the groundwork, and enabled it to happen, they want the company and the public officials to receive the credit.

While economic development activity is lower than 1-2 years ago, the CRDA continues to focus, not just on getting new businesses to come to Charleston, but also has short-term objectives to encourage companies that are consolidating, to either keep their staff here or to bring other staff to Charleston.

Through the efforts of the CRDA and a network of allies, our area made significant economic progress between 2000 and 2007 (latest data available). For example, the number of workers involved in manufacturing is up 17% here, while nationwide it is down 18%. Architecture and engineering employment is up 32% versus a 3% decrease nationwide. We have two times the job and wage growth as the rest of the country, and even bank deposits are up 108% in Charleston compared to the rest of the country at 67%.

We’re fortunate Charleston has a number of assets that are attractive to the world’s best companies. We have a quality location, an international commerce hub (70 international companies), several world-class innovation resources, attractive human capital and a strong military presence.

To prepare for the eventual upturn in the economy, it is important that we continue to invest in our regional “product,” such as infrastructure and available real estate. aggressively promote this three-county region.

The CRDA is also taking advantage of the slower economy by making sure its internal house is in order and it will soon launch a funding campaign to increase its marketing and sales budget. The organization recently evolved its governance structure to provide more opportunities for business leadership and soon launch a funding campaign to increase its marketing and sales budget so it can more aggressively promote this three-county region.

While everyone would consider the current economic conditions as tough, the future is extremely bright. Because of the quality of lifestyle in Charleston, our competitive wage scale and the influx of talent, we are ideally positioned for the future.

Submitted by Wayne Outlaw, Keyway Committee