SWOT ANALYSIS:  AN IN-DEPTH ANALYSIS OF REGIONAL STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS

The Economic Development Committee of the Town of White Springs  will prepare a  SWOT strategic planning tool used by organizations to ensure that there is a clear objective informed by a comprehensive understanding of a region’s capabilities and capacity. at the next meeting.

 A SWOT analysis identifies the region’s competitive advantages—those indigenous assets that make the region special or competitive in the national and global economies—juxtaposed against those internal or external factors that can keep a region from realizing its potential.  Determining and analyzing what the region already possesses that could be leveraged better to build the capacity for growth, including competitive cultural, economic, technological, intellectual and physical assets, is critical to developing the strategic direction and implementation plan to promote regional economic vitality.  Leveraging assets refers to using the activities and engagement of business, government leaders and other stakeholders to maximize the economic potential of a region.

 

In addition, the SWOT analysis should consider economic resiliency.  Specifically, what factors and/or elements are in place (or need to be put in place) to ensure the long-term success, viability, and durability of the regional economy?

SWOT analysis elements are commonly understood in the following terms:

  • Strengths are a region’s relative competitive advantages (e.g., industry supply chains and clusters, extensive port, rail, and broadband assets, specialized workforce skills, higher education levels, collaboration among stakeholders) and often are internal in nature;
  • Weaknesses are a region’s relative competitive disadvantages (e.g., a risk-averse or change-resistant regional culture), also often internal in nature;
  • Opportunities are chances or occasions for regional improvement or progress (e.g., expansion of a biosciences research lab in the region), often external in nature; and
  • Threats are chances or occasions for negative impacts on the region or regional decline (e.g., several companies in the region considering moving to lower-cost areas of the state), also often are external in nature.
Recommended Resources: The SWOT should assess a wide-variety of regional attributes and dynamics.  Specific areas and potential tools to facilitate their analysis are identified below:

 

  • State of the regional economy.  What are the strengths and weaknesses? What are the strong existing and growth sectors? Which areas are most distressed? What is driving job creation or loss and the state of economy in general?  What are the region’s assets? See the Regional Innovation Accelerator Network (RIAN) at http://www.regionalinnovation.org/assets.cfmfor more information on identifying and measuring asset categories (i.e., tangible, intangible, and business climate assets).

 

  • Regional clusters.  Which clusters, and industries and occupations within the cluster, are growing and declining, and why? EDA defines clusters as a geographic concentration of firms, workers and industries that do business with each other and have common needs for talent, technology, and infrastructure.

 

  • External trends and forces.  What are the opportunities and threats? How is the region positioned to succeed in the national and global economies?  What sources of exports and tourism, as well as foreign direct investment, can bring new wealth to the region? What industry sectors and clusters have growth potential through international trade and investment, and what are the region’s target foreign markets based on these industries? What local public, private and nonprofit partnerships have been developed to promote exports and increase the region’s export base? What are the strategic needs or gaps to fully implement an export promotion and investment attraction program (e.g., foreign outreach events, marketing materials, and research; and regional transportation infrastructure or regulatory issues)?
  • Workforce considerations. Are the region’s community colleges, workforce boards, economic development agencies, and industry groups aligned and working together?  Is the region’s workforce strategy aligned (and not in conflict) with the workforce strategy of local elected officials, the Workforce Investment Board, and education providers?  Is there active engagement by leading businesses, industry associations, and labor organizations in such activities as developing training curriculum, or providing work-based learning opportunities?  Are training programs informed by employers’ skill needs, labor market and career information, and do the programs have clearly understood outcomes with demonstrable job and career results?  Are there occupations or workforce skills that are critically important to the region’s economic growth strategy, and if so, how can they be leveraged as competitive assets?  What short and long-term human resource challenges exist for the local economy along the region’s proposed development path?Does the workforce strategy include education and training programs that are part of a continuum of education and training that leads to good jobs, increased earnings, and career advancement as evidenced by career pathways and industry-recognized, stackable credentials?  Are work-based learning opportunities such as on-the-job training, paid internships, job shadowing, and registered apprenticeships provided?  Are there program evaluations and an approach to continuous improvement associated with workforce development?  Has the local or regional Workforce Investment Board been engaged in the development and/or review of the CEDS? Helpful resources include the Administration’s Job-Driven Training C

 

  • Spatial efficiencies/sustainability.  How can land use, housing, economic development, transportation, and infrastructure planning be better integrated to support regional prosperity? Are there opportunities to redevelop brownfields and vacant industrial space? Can the region’s workforce easily access the jobs and housing options in the area? (see the Partnership for Sustainable Communities

 

  • Broadband needs.  Do communities, institutions and businesses agree as to the broadband and telecommunications needs of the region? Has the region discussed ways to leverage strong broadband infrastructure to support business retention and expansion, as well as its applicability to health, education, public safety, energy and civic life? The National Telecommunications and Information Administration’s (NTIA) resources on broadband mapping, planning, adoption and implementation can be found at www.ntia.doc.gov/broadbandusa (see NTIA’s www.broadbandmap.gov for information about current availability; also, check with the state economic development office to find out whether your state has data on underlying infrastructure or more granular broadband availability/use data).

 

  • Energy needs.  Are the energy needs of the region – and the importance of reliable energy security – understood?  Have the methods of production, transmission, and distribution been analyzed in relation to regional economic development efforts (e.g., utility siting)?  In particular, have opportunities for distributed and advanced energy been considered and addressed?  Have utility companies been consulted and included in discussions about economic resilience and overall regional development?  Have future energy needs been considered and planned for in light of changes in demand and climate? For information on Smart Grid see http://energy.gov/oe/articles/economic-impact-recovery-act-investments-smart-grid-report-now-available.

 

  • Natural hazards.  Does regional hazard mitigation planning take into account future as well as current risk from events such as droughts, floods, storm surges, and wildfires?  Does the region’s climate adaptation and hazard mitigation planning integrate land use and workforce planning to ensure a resilient and prosperous region under the effects of climate change?  How might climate change impact flood risk, water supply, wildfire risk, sea levels and storm surges, extreme heat, extreme precipitation, and other extreme weather events into the future?
  • Equitable development.  Is there active engagement from the region’s vulnerable and/or underserved populations (e.g., low-income families, seniors, ethnic minorities)?  Have those populations been provided appropriate access to and inclusion in the planning process and has their input into the final product been actively encouraged? Has the region used technology-based tools to widen the distribution of information and increase the potential of feedback from residents?

 

  • Partners for economic development.  Who are the influential actors in the region? These may include organizations, businesses, or individuals that represent important issues, including those that may be less familiar to the economic development organization such as social service delivery and natural resource organizations.

 

  • Resources for economic development.  What relevant groups, organizations or individuals are located in the region? Who – including other federal agencies beyond EDA – can provide support and funding to build capacity for economic development activities?  How can the CEDS leverage federal, state, and private sector funding resources in pursuit of its economic development objectives?

 

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