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New Study & Recommendations Released
At the Mayor’s Summit,
a study by McKinsey & Company entitled “Taking Stock of Oakland’s Economy,”
will reveal a look at some of the forces impacting Oakland and strategic
efforts that, if undertaken, could significantly improve the quality of life
for all who live, work and play in the city.
The primary
recommendations in the McKinsey Report are:
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Build strategically
on Oakland's historic, regional, and emerging strengths:
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Strengthen existing sectors such as
healthcare,
trade and logistics, and
retail.
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Leverage the assets of the Bay Area and UC Berkeley to
develop Oakland’s role in the region's
biotechnology industry.
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Leverage the City's central location, talented
workforce, cultural values, and proximity to UC Berkeley and other schools
to grow new economic activities in
Green Industry; arts, design, and
digital media; and specialty food
manufacturing.
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Improve the balance of key sectors
in the economy, placing priority on high-growth, high-wage industries
such as biotechnology, healthcare, logistics, and others.
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Address the City's economic fundamentals
that enable the rest of the economy to flourish by improving:
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Public safety
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Education and workforce training
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Business climate (with particular emphasis on
supporting small businesses)
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Frame the City’s land use policy so that it is clear
and consistent with the City’s economic development goals and objectives.
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Understand the economic opportunities
and constraints the City faces and
work collaboratively to seize
those opportunities and address the constraints.
Little progress can be made unless government, business,
education, and labor leaders work together to achieve shared goals and
objectives.
“We have found that
Oakland is in position to determine its own fate and that opportunity is
alive and well to develop into a world class metropolitan center,” said
Lenny Mendonca from McKinsey and Company.
The report is available
for review at www.OaklandChamber.com and will be distributed at the Summit.
“The overall message of
this report is that if we work together, we will transform Oakland’s
economy,” said Joe Haraburda of the Oakland Metropolitan Chamber of
Commerce. “We can make great progress if government, business, education,
community and labor leaders collaborate to achieve their shared goals and
objectives.”
The Mayor’s Summit will
also unveil a series of recommendations coming from community task forces
focused on economic development, comprised of a broad array of community
members, formed by Dellums in 2006. The recommendations provide insight on
important issues facing businesses and consumers to be shared with the
hundreds expected to attend.