Economic Prosperity
Goal Statement: “We will develop a more prosperous region by focusing on business retention and expansion, marketing and recruitment, and small business development and entrepreneurship. We will encourage a culture of innovation by supporting research, development, and technology transfer at UAB and other higher education institutions in the region.”
Economic prosperity – manifested in the wealth of all the region’s residents and businesses – is the ultimate goal of economic development. A number of factors significantly impact the ability of a region to be prosperous. The pursuit of economic prosperity is often discussed within the context of the three legs of the economic development stool: business retention and expansion, small business development and entrepreneurship, as well as marketing and recruitment. The Birmingham region will need to develop efficient and collaborative programs that effectively address the needs of the business community if it wishes to usher in a new era of prosperity.
Blueprint Birmingham identifies the actions that will be necessary to develop a more innovative environment, commercialize technology, nurture entrepreneurship, create strong networks between existing businesses in the region’s identified clusters, and effectively market itself to external audiences. The impact and role of UAB in these efforts cannot be overstated. UAB is the dominant economic engine in the region; its growth will help to fuel the region’s growth. Likewise, the University’s commitment to innovation will ultimately determine the region’s ability to develop new technologies and valuable new startups in knowledge-intensive fields that will support the region’s economic diversification and high-wage job growth. When it comes to creating a culture of innovation in the Birmingham region, UAB must play a leadership role.