Building a SMART Community Brings Economic Success

Oct 12, 2017 | News, Newsletter

Nate Green.
Montrose Group.

Smart Communities embrace technology as the key to their economic future. The first step in building a smart community is defining the elements of a smart community and what the economic benefits are from achieving that status.

The economic benefits of becoming a smart community are substantial. Successful technology based economic development is a well-established, five drivers of regional economic success—along with advanced manufacturing, global trade, advanced services and energy. Successful regional technology economies are built on Science, Technology, Engineering and Mathematics occupations. STEM occupations consist of nearly 100 specific occupations consisting of 6 percent of U.S. employment counting nearly 8,000,000 jobs. STEM jobs are high-wage positions paying on average $77,880 and only four of the 97 STEM occupations had mean wages below the U.S. average of $43,460. The creation of smart community operating systems for cities also suggests substantial economic gain. According to a study by Accenture, Smart City solutions applied to the management of vehicle traffic and electrical grids could produce $160 billion benefits and savings through reductions in energy usage, traffic congestion and fuel costs.

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Gov. DeWine is a Partner in Ohio Economic Development

As is the case for Ohio and as you all know, the most successful economic development efforts can be directly attributed to the assembly of a talented, highly cohesive and cross-functional team. Earlier this year, our statewide economic development network gained two engaged and energetic advocates in Gov. Mike DeWine and Lt. Gov. Jon Husted. Both are already passionate about being involved.

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Ohio Offers Opportunities for Investors and Communities

Communities across Ohio are realizing their possibilities for growth because of the investments Ohio is undertaking. Ohio has 320 Qualified Opportunity Zones in 73 counties, and the Ohio Development Services Agency is working to help local communities make the most of the opportunities.

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