The Plan Framework: Goal, Vision, Strategy and Initiatives
Goal: Quality Jobs and Higher Incomes for All Oregonians
The Oregon Business Plan seeks to increase and maintain high-wage jobs that support families and maintain strong communities. This effort has four goals:
- Create 25,000 net new jobs per year through 2020.
- Bring Oregon’s per capita income from 90 percent of the national average to above it by 2020.
- Reduce poverty (currently at 16.7 percent) to below 10 percent by 2020.
- Increase economic mobility and shared prosperity across Oregon’s diverse communities and geography.
Vision: Innovative Industries Selling Their Products and Services Globally
The Oregon Business Plan envisions the growth and success of leading-edge industries that sell their products and services outside of Oregon (“traded sector” industries).
Most jobs in Oregon are actually not in the traded sector. They are in local service industries such as restaurants, grocery stores, hospitals and schools. However, because traded sector industries bring in the fresh dollars that allow these other industries to grow, we must pay special attention to the traded sector. Traded sector companies are both small and large.
The success of traded-sector companies is not random. These industries tend to “cluster” based on shared advantages such as natural resources, a specialized workforce, proximity to suppliers, and a policy environment conducive to the industry’s activities.
While the future of these industries is in their own hands, it is critical that Oregon’s leaders understand our key traded-sector industries and pursue initiatives that provide them with a competitive advantage over other states and nations.
Strategy: The “4P’s for Prosperity”
When leaders of Oregon’s traded-sector industries are asked to describe what makes a competitive business climate for their industry, they point to the same set of issues:
People: A talented workforce
Productivity: Quality infrastructure, reasonable business costs and a competitive regulatory climate.
Place: An attractive quality of life and quality public services that attract and retain talented people.
Pioneering Innovation: An innovative, entrepreneurial spirit statewide.
We call these the “4ps for Prosperity” or the “4ps.”
While the needs of individual industries may differ, the “4ps” provide a framework for thinking about how we improve the business climate. Finding the right mix of the 4ps that supports our key traded sector industries is the key task of community and policy leaders working to strengthen our economy.