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City of Elk River <br /> • Strategic Industrial Marketing Plan <br /> Elk River...Where city and country flow together <br /> Challenges & Risks <br /> Economic Environment <br /> It can be expected that the region will have slow-to-moderate business <br /> growth. Thus, the plan needs to builds on the current industrial base, and <br /> business owners currently located in the Twin Cities that desire a location <br /> closer to "Up North" with all the city amenities. <br /> The regional economy appears to be growing relatively well compared to its <br /> northern competitors. However, there is concern that the region is not <br /> achieving its share of the new high-tech economy. This is evidenced by <br /> ❑ Minnesota's share of the nation's venture capital investment dropping <br /> ID by 50 percent since 1995 <br /> ❑ local high-tech firms performing poorly, growing at 50 percent of <br /> those in Colorado and Massachusetts and only by 25 percent of their <br /> counterparts in California and Texas and, <br /> ❑ Minnesota currently ranks 28th in public stock offerings and 34th in <br /> new company growth as stated in the Star Tribune article, "Hollow <br /> Minnesota, coming too late to the new economy. " <br /> Also, in the past the regional economy significantly benefited from the spin- <br /> off companies that evolved from companies like Control Data Corporation <br /> and Cray Research. Minnesota continues to see headquartered companies <br /> like Honeywell and Norwest depart which also impacts the number of new <br /> business spin-offs. <br /> Business growth is constrained by the full-employment situation and that <br /> there is no in-migration employment. With these unprecedented <br /> unemployment rates, employers are having difficulty finding and keeping <br /> quality workers. <br /> Duckor& Associates, Inc. <br /> A BluePrint For Your Success <br /> ...Today and Tomorrow <br />