Midlands Regional Competitiveness Report, explained.
EngenuitySC released its newest annual Midlands Regional Competitiveness Report yesterday – an in-depth document that lets greater Columbia know 📈 where it’s thriving + 📉 where it needs to make improvements (in comparison to other similar Southeastern regions). Why? So this city that we love can work more + more towards being a celebrated place to live, work, play + visit for everyone.
What is it measuring? 📈
When seeing how Columbia measures up, it’s considering 5 “Indicators of Competitive Communities:”
1️⃣ Talent (the ability to attract + keep a smart, skilled workforce in Cola)
2️⃣ Innovation (being able to support + carry out new ideas, technology + products)
3️⃣ Entrepreneurial + Business Development (how easy it is to do biz here and the support/fostering of startups)
4️⃣ Industry Clusters (the amount and strength of industries that can bring in money + make a name for our area)
5️⃣ Livability (a dynamic live, learn, work + play environment that attracts people to our city or gets them to stay here vs. move)
Who are we being compared to? 📈
9 cities with a similar MSA (Metropolitan Statistical Area) in the Southeast – i.e. comparable populations, having major universities in the area, similar geographical landscapes + the same strengths in technology. So places like, Knoxville, Tenn., Tallahassee, Fla., Winston-Salem, N.C. and Greenville-Anderson-Mauldin, S.C. And according to the report – the “aspirational MSA” we strive to be like is Raleigh, N.C.
What do the scores mean? 📈
The number for each indicator (like Livability: 102) shows how the MSAs compare to the national average (a.k.a. an index of 102 = 2% better than the U.S. average).
Where do we stand this year? 📈
Here are a few highlights of the 2017 competitiveness report and what they mean to you:
👍 We improved in 4 of 5 indicators since last year’s report (in all indicators but Livability, which is still our strongest index overall compared to other regions).
🎓 Solid increases in Research + Development funding helped drive a 10-point increase in the Innovative Capacity indicator – meaning UofSC continues to grow as a major research university. (Gamecocks are smart.)
🎨 Our employment in arts, entertainment + recreation (a Livability factor) is growing 36% faster than the national average – meaning we have a lot of cultural + entertainment offerings in our region. (I never want to hear “there’s nothing to do in Columbia” again.)
🏡 Our cost of living continues to improve, meaning this is a great place for people to live and for businesses to be. (Opening your own dream biz has never looked so good.)
🏆 Most-improved award? Entrepreneurial + business environment and high impact clusters are the two indicators that have most steadily improved since these reports started in 2014. (Remember that insurance tech cluster we talked about?)
What do you think about these findings? Agree/disagree? And why? Let us know on Facebook, Twitter or Instagram or by replying to this email.
How is the Midlands keeping this momentum year-after-year? 📈
Dedication. We asked Lou Kennedy, CEO of Nephron Pharmaceuticals Corporation and part of the Midlands Business Leadership Group (MBLG), about the behind-the-scenes process: “A year ago we formed workgroups, and since then, more than 120 participants have worked with us to develop a set of actionable objectives, and we’re already hard at work on making these things happen. For example, our Livability workgroup identified the river as one of our biggest assets. Lo and behold, Melanie Huggins and her team at Richland Library developed the Do Good Columbia initiative, which used human-centered design workshops to crowdsource river access solutions that are now in the process of becoming reality, thanks to Central Carolina Community Foundation and other partners.”
But they still need help to keep the momentum going. “If you’re in the private sector and want to help, then get in touch, and we’ll work together to identify the best way for you to get involved. Raise your hand. Come find us. It’s all about joining forces to create new and greater things for this city and this region.”
Personally, I love how much our arts, entertainment + recreation scenes are growing (as seen in yesterday’s One Columbia Amplify launch – missed it? Watch on our Instagram Story Highlight.). It’s great to be in a city that appreciates culture and community activities as much as Columbia does.
–Sam
