10. Economic Competitiveness 10 Economic Competitiveness
As acknowledged in Thrive MSP 2040,regional economic competitiveness is a core element of
the Region's sustained prosperity. Collectively, the region must provide great locations for
businesses to succeed—particularly those industries that export products or services beyond the
metropolitan area and bring revenue and jobs to the region.
Economic competitiveness in the context of comprehensive planning refers to examining and
strengthening the ability of the region to compete effectively and prosper in the global
economy. Economic development typically refers to activities that directly aim to retain, attract,
and grow businesses that bring wealth into a community or region. Economic development in
our region is effectively carried out by organizations such as Greater MSP, economic
development authorities, cities,port authorities, industry associations,the Minnesota Department
of Employment and Economic Development(DEED), nonprofits, counties, chambers of
commerce, and businesses. While the Metropolitan Council does not assume an active role in
economic development, the Council's role in providing regional infrastructure, services, and
amenities that serve as a foundation for economic growth is intended to align with and support
ongoing economic development efforts to the greatest extent possible.
The economic competitiveness resources offered in the Local Planning Handbook are presented
to support communities that choose to develop an economic development element or otherwise
integrate economic competitiveness into their comprehensive plan.
Economic Competitiveness Plan
KEY INDUSTRIES/CENTERS OF EMPLOYMENT
Employment is the backbone of a healthy and functioning economy, thus an understanding of the
dynamics of your community's existing and future employment base—and where and why
employers locate where they do - is essential to maintaining and (where needed) improving local
economic vitality and regional economic competitiveness.
GMinimum Requirements:
• None.
REDEVELOPMENT
The redevelopment of underutilized or disinvested properties and districts is a complex but
critical opportunity impacting local and regional economic competitiveness. The information
provided in this section of the Handbook may supplement the plan's required objectives,
policies, standards, and programs geared towards redevelopment.
gMinimum Requirements:
• Minnesota Statutes § 473.859 Subd. 1 states that local comprehensive plans "shall
contain objectives,policies, standards, and programs to guide... redevelopment and
preservation for all lands and waters within the jurisdiction of the local governmental
unit". The information provided in this section of the handbook is intended to assist
communities as they grapple with the opportunities and challenges associated with
development sites that are declining in value, viability, and marketability.