Headwinds

Limited current availability of traditional economic
development resources such as land and power generation capacity, plus the readily available information by prospects suggests the need for a very new and strategic approach to traditional economic development.

Omaha’s overall economic growth is ranked low when compared to peer cities, driven by low labor force growth, low private wage growth, and low population growth.

Mismatch of talent and opportunities as young professionals report limited opportunities for promotion and perceive more opportunities outside of region – 60% would leave Omaha for the next opportunity targeting a salary of $75k or more; a majority of open positions in the region are geared toward low-wage and low-skill jobs.

Quality of life elements of transportation, housing,
and early childhood education cause reported dissatisfaction among young professionals, and the state of these variables (lack of access, increasing costs) are contributors to brain drain.

The road to A Greater Omaha region is paved with high paying primary jobs – jobs that are provided by thriving businesses, big and small. Our region’s competitiveness in these areas falls behind peer metros as indicated by a ranking of 9th in private wage growth, 9th in business ownership, 7th in tech jobs on the 2024 Barometer report. Given the limited availability of economic development resources, and the shift to meeting workforce needs, the Economic Development Partnership must be more strategic, targeted, and proactive in our work to grow the economy.

In order to grow A Greater Omaha, the following strategic initiatives will be pursued:

Grow existing Greater Omaha companies throughout the region – a top priority. We do this by preserving and adding critical growth tools, such as market research, economic development incentive policies, and by strategically targeting growth support programs for companies that demonstrate the ability to increase high paying primary jobs for the region.

Grow the Greater Omaha regional economy through proactive and targeted business recruitment efforts that exclusively target companies that create high wage primary jobs in strategic geographic zones, including the urban core, North Omaha, and South Omaha, and in key communities throughout the Greater Omaha Regional Economic Development Partnership.

Compete for Federal investment opportunities related to Offutt Air Force Base/STRATCOM and energy transition through coordinated efforts with state and local officials.
In addition to direct Federal funding, maximize the
investment through expanding Federal contractors and filling supply chain demand through local companies.

Spark future long-term growth of strategic business clusters that demonstrate high growth potential and feasibility by shaping targeted cluster ecosystems through supportive policies, workforce programs, business inputs, and resources that will create opportunities for future strategic business expansion and recruitment.

Promote an inclusive economy by providing mentoring, coaching, and technical assistance to help small and emerging small businesses secure contracts through the REACH program, access vendor opportunities through supplier diversity initiatives, and overcome other growth and sustainability challenges.

Stimulate local entrepreneurship by connecting startups to market opportunities, providing growth tools and technical assistance, and promoting the local economy through an Omaha-Made branding initiative.

A Greater Omaha region is made possible with the skilled talent needed to drive economic growth and prosperity. Currently, the region lags behind peer communities, ranking 8th in human capital, 7th in college attainment, and 8th in adult population growth.
To become a leader in talent attraction and retention, we will focus on the following strategic initiatives:

• Aggressively and strategically recruit talent back to the Greater Omaha region using tactics more traditionally associated with business recruitment through a Back to Omaha workforce recruitment strategy. 
• Build upon and scale existing inclusive leadership and workforce activities to embrace and support the workforce of the future and address challenges experienced by diverse talent pools.
• Facilitate a collaborative effort between the business community, educational institutions, and workforce support systems to increase enrollment and graduation rates in workforce programs, aligning them with the region’s future talent needs.
• Support public policy that makes the region attractive
  to young, working professionals.

In A Greater Omaha, workers enjoy a safe, high-quality living environment, excellent educational options, convenient transportation, and fun and exciting activities to engage in. Currently, the region ranks 4th in quality of life, thanks to short commute times, vibrant arts and culture, accessible healthcare, and an affordable cost of living. However, despite these strengths, the region struggles to attract and retain talent, as indicated by the human capital index. Rising housing and childcare costs are creating challenges for workers and hindering in-migration, which could jeopardize these rankings.
To sustain and enhance our region’s appeal, we will focus on the following strategic initiatives:

• Apply economic development techniques and create pathways for businesses to tackle modern workforce challenges of housing and childcare.
• Improve mobility and flexibility to move about the region by completing the current wave and identifying the next wave of transportation investments.
  A Greater Omaha is not a secret we can afford to keep
  as the growth of the region is made possible by people and businesses choosing the region. We will craft a compelling narrative that resonates with both people
  and businesses and amplify it through a multi-year paid media campaign to spark interest in our region.
• Create a shared regional economic narrative in order to align partners in a common economic development agenda by identifying and sharing key economic data.
• Educate elected officials on the strengths, assets, and opportunities for A Greater Omaha, and advocate for public policies that promote a community vibrancy and high quality of life for current and future talent, such as housing and childcare solutions.