American Competitiveness in the Global Economy

LOUISVILLE, Ky., Dec. 19, 2011 /PRNewswire/ -- The global economy is changing. That much we know.

To keep up with it and prosper, communities must use innovative and creative approaches that result in competitive advantages.

One part of the country that is trying something new is Central Kentucky, which has teamed up with the well-known Brookings Institution to develop a joint regional business plan. Longtime rivals in college athletics and economic development, the cities of Lexington and Louisville have recognized that by working together, the two regions will be able to accomplish more and ultimately help the entire state prosper.

Louisville Mayor Greg Fischer and Lexington Mayor Jim Gray hatched the idea while attending a college basketball game together. The mayoral duo decided that in order to both create jobs and stimulate investment, Kentucky's two largest cities needed a spark.

Mayors Fischer and Gray initiated a partnership called the Bluegrass Economic Advancement Movement (BEAM), which will focus on supporting the growth of high-quality jobs in advanced manufacturing and increasing the state's export activity. The two regions' emphasis in manufacturing and their impact on the rest of Kentucky have been well documented. Developing the business plan around manufacturing enables the cities to leverage that strength, dialing up its competitive advantage to a new level.

Economic business plans across regions are relatively new, with several U.S. areas having completed studies in recent years, and several more currently underway with Brookings. Meanwhile, the models adopted some time ago by European countries like Germany and Switzerland are moving their economies ahead at a rapid pace.

But the effort in Kentucky is considered unique, in part due to the high-profile commitment of two newly elected mayors who share a common background as successful entrepreneurs.

For this initiative, the mayors are using Brookings' Metropolitan Business Plan framework to guide the initial research phase as well as the implementation phase of the project. Although the plan's focus is advanced manufacturing, a variety of other economic sectors like energy, health care, defense contracting and the equine industry could be impacted. Collaboration across a number of industries and sectors is already occurring in the early stages of the project.

"Through this project, we want the world to know that we are serious about growing jobs in our state," said Mayor Fischer. "The Bluegrass Region already has great assets in manufacturing, with two Ford plants and a Toyota plant, but we can do more to create jobs and increase our export activity."

Lexington Mayor Jim Gray added, "Kentucky has all the makings of a world-class advanced manufacturing region. Through this partnership, we'll improve on our strengths and fix our weaknesses."

Find out more about the BEAM project at www.facebook.com/bluegrassmovement.

SOURCE Greater Louisville Inc.