Summary of Wayne County's Economic Development Opportunities

::   Economic conditions have clearly declined since peak economic growth occurred in 2000, although the County is in a stronger position now to endure any future recession. A recent study of the County’s economic outlook, completed by the Institute of Labor and Industrial Relations at the University of Michigan, predicts that the downturn will continue through 2003 at which time an economic recovery should take place. Their assumption that the economy will recover during 2004 is based on a number of items including the County’s evolving high-technology sector and its ability to endure difficult times due to a more structurally sound economy than in the past.

::   For more detail refer to the report prepared by George A. Fulton and Donald R. Grimes, Economic Outlook for Wayne County in 2001 – 2003. The report is available on the County’s website: www.waynecounty.com.

::   The most evident economic assets of Wayne County are its mature status as an industrial center and the presence of numerous multinational corporations. On a smaller scale, progressive new legislation on the State level is already creating a more active development environment particularly relating to brownfield sites. The County continues to expand the Urban Recovery Partnership program and has supported millions of dollars in investment to the distressed communities.

::   Most communities in the County have benefited from increased job opportunities in recent years. Those communities that are not sharing in these benefits are those with the highest share of disadvantaged persons - who are not prepared to enter the work force due to low education attainment, and thus remain at the lower ranks of income.

::   Although major strides have been made, economic liabilities still remain. The continued dependence on industry as the economic basis of the region and the struggle for aging communities to regain a sustainable economy following the loss of major employment sectors in previous decades are two major obstacles. It is a challenge to the County to continue to build off its strengths to diversify the economy to withstand fluctuations in global and national economic trends.

The top economic development opportunities are:

• Existing position in the global and local economy
• A global transportation network for international import and export purposes
• Strong tourism industry that can be expanded
• Many incentive programs to assist business development
• A structurally sound regional economic foundation.

::   This identifies goal and objectives, further refined into strategies and initiatives, aimed at utilizing the County’s assets and overcoming its constraints to build a sustainable economic environment.