RESILIENCE SWOT ANALYSIS
STRENGTHS
Strong core industry (clusters): oil and gas, (organic) chemicals, healthcare - emerging cluster momentum: alternative energy, (industrial) biotechnology, life science, informatics, engineering; Unique natural and cultural assets; wealth of natural resources; trade and distribution strategic location (Mississippi river proximity); competitive cost (of living) environment.
Collaborative working industry-based organizations
We have a first world port, airport, road and rail systems. We have great education systems and first world utilities.
Multiple LED certified “shovel ready” sites for development. Regional partnerships-Chambers of Commerce, Universities, Colleges
Job opportunities
Large amount of industry and business - job opportunity
Thriving job market with opportunities in various industries
diversity of industry
Low unemployment
Diverse business opportunities
thriving economy
Leaders in the Energy Sector
Industry clusters and anchor institutions (hospitals, universities, state government), with layers of economic stability (greater ability for place-based, well-established organization to weather economic downturns/recessions)
Silicon Valley south opportunities
Growth opportunities to drive economic vitality
WEAKNESSES
The region continues to lose our most skilled workers to other states, especially Texas.
Availability of job opportunities
Mismatch of workforce skills and business and industry needs. Prevalence of low-wage jobs; Brain Drain”—young adults leaving.
Lag in technology-based companies and lack of recruitment and retention of those here already
Access to capital to actually facilitate growth
Fostering greater connection between new resources/tools/tech and businesses who can buy them.
Ability to recruit talent
With a stressed economy, most firms will merely be surviving and not have funds for expansion or innovation.
TAXES
Going green, reducing carbon footprint often requires up front purchase of infrastructure that pays off in the long run. Also relying more on technology doesn't mean that customers always embrace it- we have a range of education levels in BR.
Development and labor cost
Finding good talent
Retaining the best and the brightest employees to utilize the ever-changing edge of technology
Keeping up with the rapid technology changes - affordability, re-training workers (talent and cost to continue to train), building codes
Long range land use and economic development planning
Labor force participation numbers
Inequality of distribution of funding
Lack of state /local revenues owing to doling out perennial incentives to cash rich oil and gas industries
Information sharing
High insurance
Unskilled labor force.
OPPORTUNITIES
Cultivating and retaining talent, economic diversification / knowledge economy advancement, leverage anchor institutions and economic clusters and advance innovation clusters.
willingness to collaborate for the greater good. continued focus on education to career pathways around skilled work and allied health
Low-income areas for economic development, Economic opportunities that address need (ex. Increasing minimum wage.)
Solidify pipelines and pathways with industry and government partnerships that prevent the brain drain of our university graduates that immediately seek greener pasture.
New technologies
Tree planting to address urban heat islands
Investment in north Baton Rouge, build a stronger NGO community, improve community input
Microfinancing for large scale projects
Collaboration
THREATS
Increased cost of living with stagnant wages.
High insurance rates, not wholistically planning
Hyperinflation is destroying the economy and our ability to respond to needs in a timely manner.
Small town fiscal solvency issues, State budget issues.
Regulations
Retention and workforce
Rising prices, lack of qualified workers-need more
Infrastructure
State budget crisis.
Funding
Our small businesses cannot survive the current tax structure. We will also keep losing people and businesses if we cannot find a way to fix the infrastructure in the Capital Region
Having a quality support system that is effective to help businesses scale with the level of knowledge that is needed to implement the actionable items that businesses really need to know and use.
Increased competition
Retaining young professionals in the workforce
Political will for change
Funding
High insurance
Federal funding!
Economic dependence on industry
Weak access to federal funds
Fiscal cliff - higher education bracing for cuts