We now have a glimpse at what Savannah’s economic future could be. The Savannah Economic Development Authority worked with SRI International, a nonprofit research organization, to evaluate the coastal region and together define a course for its prosperity.
I read this over a couple of times on SEDA’s website, www.seda.org, and came away satisfied that what I have been preaching in this column is on the right track. In the first paragraph of the executive summary the report stressed that “the region’s stakeholders need agreement on a long-term vision for what Savannah can and should be.”
In other words, everyone needs to be on the same page to move forward.
According to SRI, the region’s strengths include a historic city with high quality of life. In a twist of irony it was once suggested to me that the slower pace of life in Savannah has contributed to the preservation of our historic district and consequently the growth of the hospitality industry.
Good intermodal transportation is another strength. Shippers can reach 80 percent of the nation within two days from the Port of Savannah.
Another advantage is a design and arts community. I think there is a little puffery in that declaration. We still need to be creative in finding ways to keep innovative and talented young graduates in Savannah.
Finally, in interviews, SRI repeatedly found an emphasis on the need for cooperation between stakeholders but failure to achieve that goal. Summarize that in one word: Leadership.
Among weaknesses, there are no surprises. K-12 public education leads the list. No challenge may be as great as this one for our region, but the move toward more magnet schools, charter schools, career skills awareness in high school and strategically located new high schools, such as New Hampstead, offer real hope for progress. Kudos to School Superintendent Thomas Lockamy and his board for his initiatives.
There is limited managerial, financial and information technology talent according to SRI. Too often, Savannah businesses are forced to reach for outside assistance in part because the critical mass necessary to sustain that talent locally is not yet here.
There also is little or no risk capital available for aspiring entrepreneurs in the coastal region. SEDA has long recognized this issue and, modeling on the success of other economic development programs, is working to remedy this problem.
There is also the absence of a tier-one research university, and this puts the burden on our region to retain the specialized talent from Georgia Southern, SCAD, Georgia Tech and others who can develop and commercialize the innovative ideas we need for Savannah’s economic future.
But perhaps the most damning point the SRI report made was the lack of a ready workforce and that “in the short term, collective action is needed to recruit skilled workers from the military and outside the region.” A shortage of skilled workers is a national issue to be sure, but in spite of the successes of Savannah Tech, there are some economies of scale limitations in addressing some unique skills.
It is not hard to recognize the assets and needs in our region that will lead to growth.
The ports are the magnet for potential new large manufacturing employers. Albeit perhaps no area of economic development is more fiercely competitive.
SCAD and Savannah Tech are our sources of talent, and Savannah is a setting for attracting film/TV/digital media companies. But the large sound stage infrastructure is still lacking, and SRI pointed out that results of preliminary feasibility studies done in 2010 were encouraging. Yet here we sit two years later waiting on a private or public initiative to make this happen.
Georgia Southern has an advanced curriculum in supply chain management and logistics, and Savannah Tech has started a program with GSU that feeds qualified students directly into the Statesboro program. Growth from these initiatives will stimulate professional, technical and specialized businesses such as design, which is a strength for SCAD.
If we can get a firm foothold in these businesses, graduates will stay in our region and contribute to its prosperity. It’s a fact that young people like it here. They want to stay.
In other words SRI and SEDA have added authoritative weight to a lot of what we already knew.
Russ Wigh is a professor of business. Email him at rdwigh@bellsouth.net.