SB12-144, Office of Economic Development Strategy for Growth
SB12-144
OFFICE OF ECONOMIC DEVELOPMENT STRATEGY FOR GROWTH
AND RETENTION OF KEY INDUSTRIES
Sponsors: Senators Heath & Scheffel, Representatives Ryden & Summers
Staff Name: Lou Irwin
What the Bill Does:
SB12-144 directs the Colorado Office of Economic Development (Office)1 to implement a strategy for growing key industries located in the state, by facilitating the creation of and collaboration with a working group network of key industries.
Colorado Context:
The “Colorado Blueprint: A Bottom-Up Approach to Economic Development”, was created by the Office pursuant to executive order D 2011-003, version 1.0 of which was issued on October 18, 2011. The Blueprint maps out a 6-point strategy for enhancing economic development in the state, including (1) creation of a business-friendly environment by ending unfunded state mandates to local governments, (2) recruiting, growing and retaining businesses, (3) increasing access to capital, (4) creating and marketing a Colorado “brand”, (5) aligning the efforts of education and workforce training with workforce needs, and (6) cultivate innovation and technology. The current bill enacts the Colorado Blueprint with specific emphasis on industries deemed to be key to the economy of the state.
National Context:
Every state in the union has an office of economic development, office of commerce, or equivalent administrative unit that seeks to promote industry and attract business to their state. A number of states are highly competitive with Colorado in key industries such as aerospace (California, Texas, New Mexico, Florida), biosciences and bioengineering (California, Massachusetts, Michigan, Wisconsin), computer sciences (California, Washington, Texas, Massachusetts) and agribusiness (most Midwestern and Western states).
Bill Provisions:
Instructs and empowers the Colorado Office of Economic Development and International Trade (OEDIT) to develop a strategy to grow key industries located in the state, as a key component of the state economic development plan. Key responsibilities of OEDIT include to
- collaborate with key industry network working groups to develop a strategy to assist in
the fostering of job creation and competitiveness of key industries;
- align the key industries strategy with the Colorado Blueprint and with state, regional, and
local economic development programs;
- identify potential members for each key industry network working group;
- help develop and implement the key industry business plans;
- review each key industry business plan and identify potential policy proposals to foster
economic growth; and
- assist and meet with the key industry network working groups.
The OEDIT will include a report on the key industries strategy and each key industry
business plan in the office’s annual report to the General Assembly.
Fiscal Impact: If the Governor’s request for funding to help implement the “Colorado Blueprint” is approved by the Joint Budget Committee and funded through the Long Bill, no further appropriation is necessary to implement thebill. If the decision item is not approved, a General Fund appropriation of $83,333 and 0.9 FTE for FY 2012-13 will be necessary in the bill for the Office of the Governor.
1C.R.S. 24-48.5-101
