Building a First-Tier Economy - SACTO's Five-Year Strategic Plan
Launched August 2005
It is evident that the Sacramento Region has come through the economic downturn of the last decade in a very strong position. While the economies of other metropolitan areas in California have suffered, in some cases immensely, the Sacramento Region is one of only two regions that have made it through the past four years with positive job creation and very strong population growth. All this occurred at the same time that the state was suffering through the worst budget situation in its history and was forced to downsize.
For the first time in the region's history, the private sector absorbed public sector job losses. This speaks directly to the diversity and stability of the regional economy - an economy SACTO has helped create. Given the tenuous economic climate in the state and the nation, and the fact that we now face a true global economy, SACTO has launched a new five-year business attraction and marketing project entitled "Building a First-Tier Economy" that will help bring the region to a new level on the global stage.
"Building a First-Tier Economy" will enable SACTO to:
- Attract high value and headquarter companies to the region
- Brand and market the region to external markets
- Execute a regional economic development strategy
- Benchmark the competition and the region's progress
At the end of the five years, "Building a First-Tier Economy" will:
- Allow the region to shift economic emphasis to higher-quality, higher-wage jobs and a broader tax base.
- Raise the region's profile and position nationally and internationally to allow SACTO to capture business opportunities.
- Guide and measure the improvement of the regional business climate and competitiveness.
Total results of high value job creation include 16,565 total new jobs, with 60 percent in new high-value jobs.
For every 10 dollars invested in "Building a First-Tier Economy" the region could see an economic benefit of about $86,000 of output and 0.5 jobs.
Selected Sacramento region photos by Tom Myer's Photography. More Sacramento images can be seen at www.tommyersphotography.com