Treo a Regional Economic Development

TREO

A regional economic development strategic plan provides a strategic framework from which specific decisions regarding development flow. The plan states the regional objectives, and provides guidance as to the types of actions and policies that support those objectives. The specific goals and objectives of TREO's Economic Blueprint are to develop high-skilled and high-wage jobs; to promote educational excellence; to create an urban renaissance; to build livable communities and to build collaborative governance and stewardship.

A SWOT analysis evaluates the strengths, weaknesses, opportunities and threats faced by an organization, or in this case, by Tucson. It is used to identify ideal corporate strategies and determine whether the firm has the capabilities to meet them. The TREO report found that Tucson's strengths are higher education resources, cultural diversity, quality of life, natural environment, authentic historical and cultural resources, leisure & recreational assets, defense-related facilities, and strategic geographic location. Weaknesses include its K-12 education, crime rates, the downtown, infrastructure, real estate capacity, and its ability to retain and attract a talented workforce. Opportunities identified by TREO are in technology businesses, integration into the University of Arizona the Tucson area's economic strategy, population growth, leadership development, and expanded entrepreneurial ventures. Threats include failure to sustain the plan long-term, future water availability, and a compromised quality of life.

3) Industry clusters are groupings of companies in a specific geographic area. These companies are in the same industry, or in mutually supporting industries. An example would be Detroit for automobile manufacturers and their suppliers. An industry cluster organization is a trade or business organization that support the development of an industry cluster. Clusters can be used to develop a regional economy because they create a large body of employment once an industry sets up in the region. Moreover, the clusters are large enough to work with government to further mutual economic goals. The industry clusters that have been targeted by TREO are aerospace/defense, analytical instruments, medical devices, bio-industry, environmental technology, R&D, it, business services, financial services and logistics.

4) the importance of workforce development and education in developing a high tech economy is that a stronger workforce helps to attract new firms. High tech firms prefer to locate in places to which they do not need to attract their entire workforce. To address education and development needs, TREO is seeking to provide pathways to allow existing workers to develop their skills; retaining more of Tucson's higher education graduates; pushing more of the technology developed at the University of Arizona into the global marketplace; cultivating a thriving environment, culture and infrastructure for new entrepreneurial ventures; and encouraging foreign direct investment.