The region's future is bright and is poised for global success. We have the assets, the talent and capabilities to continue the growth enjoyed recently.
As Minneapolis Mayor R.T. Rybak's term comes to an end, it is important to recognize his contributions to the region. He has led his city through a period of revitalization, and he, along with others, has been a catalyst driving greater cooperation and a shared vision for how great this region can be. We hope that his successor will continue to carry the banner of regionalism and help the people and businesses here to prosper.
Regionalism … to some, it may seem like a radical concept for an expansive, 16-county area with two major urban areas, many significant suburban locations and a strong rural component. Can we who comprise these disparate populations and areas effectively act as one?
The answer is that we have to if we are going to successfully compete in the global marketplace. Economic regions, more than political boundaries, are defining markets and driving economic growth in the global economy today. It is by working together to leverage regional assets that we will be able to grow and prosper into the future.
Our region's Greater MSP partnership, which I lead, is one of many groups engaged in economic development. Economic development refers to the concerted actions of individuals and communities to promote economic health. Often this means focusing on helping businesses large and small to expand and grow in our region.
We recognize that existing businesses will account for 80 percent of our region's economic growth, and we want to help them to continue to succeed. The balance will come through the attraction of investors and companies. Our ability to help new or existing businesses to grow, lies in our ability to coordinate regionally and work to make them successful.
When we work with businesses looking to grow or relocate, workforce is by far the most important aspect they want us to address. Does our region have the quality and quantity of workers needed to make their businesses successful?
Workforce is an issue that transcends municipal boundaries and is truly addressed regionally. Approximately 85 percent of the residents of the region commute up to 24 miles for their jobs. They regularly cross city and county boundaries. A business growing in our region can expect to draw workers from throughout the area.