Amy Liu Presentation at Global Cities Indianapolis

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  1. A Joint Project of Brookings and JPMorgan Chase 2. GLOBAL CITIES INITIATIVE A JOINT PROJECT OF BROOKINGS AND JPMORGAN CHASE Indianapolis, IN- February 19, 2015…
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  • 1. A Joint Project of Brookings and JPMorgan Chase
  • 2. GLOBAL CITIES INITIATIVE A JOINT PROJECT OF BROOKINGS AND JPMORGAN CHASE Indianapolis, IN- February 19, 2015 @amy_liuw #globalcities
  • 3. Post-Recession Jobs Recovery by Metro Area Pre-Recession Peak to 2014Q2 Recovered Not recovered Portland +1.6% Indianapolis +2.9% Cleveland -3.8% Economic Challenges Vary Kansas City -1.2%
  • 4. Metropolitan Policy Program at BROOKINGS Change in Employment Ratio of Working-Age Population 2007 to 2013 Increased Decreased 0 - 3 points Decreased 3 or more points Economic Challenges Vary Portland -2.3 Indianapolis -2.6 Cleveland -1.7% Kansas City -0.6%
  • 5. Source: Ezell, Stephen and Robert Atkinson, 2012, “Fifty Ways to Leave Your Competitiveness Woes Behind,” ITIF. Traded Manufacturing Job = Local Jobs Traded Sectors Are Key to High Quality Economic Growth
  • 6. State and Local Leaders Need to Focus on the Real Sources of Job Growth 1.9% job creation from firm attraction 98.1%job creation from firm expansion & startups Source: Conway Data Inc., Brookings analysis of NETS data at youreconomy.org.
  • 7. 1 2 31 2 3 The Imperative for Global Engagement Metros Are Centers of Global Trade and Investment Metros Are Engaging Globally
  • 8. 79% share of global economic growth occurring outside the U.S., 2013-2018 The Bulk of Potential Demand for U.S. Products Comes from Outside of the U.S. Source: World Economic Outlook, International Monetary Fund, 2014. Middle Class Consumption 5.9% North America 23.0% North America 11.8% China & India 53.2% China & India 2050 Source: Homi Kharas, “The Emerging Middle Class in Developing Countries,” OECD, 2010. 2013
  • 9. Metropolitan Policy Program at BROOKINGS Share of GDP Growth ‘09-‘13 Share of Job Growth ‘09-‘13 Exports Create Jobs, Generates Income, and Supports High Wages Metropolitan Policy Program at BROOKINGS International Exports’ Economic Impact Sources: Moody’s Analytics; Brookings “Export Nation”; J. Bradford Jensen, “Global Trade in Services,” Petersen Institute for International Economics, 2011; David Riker, “Do Jobs in Export Industries Still Pay More?” ITA, 2010. Manuf. Trade Wage Premium Services Trade Wage Premium Metropolitan Policy Program at BROOKINGS
  • 10. Firms Benefit From Exports Exporting U.S. Manufacturing Firms Revenue Growth 2005-2009 Non-Exporting Source: U.S. International Trade Commission, 2010, “Small and Medium-Sized Enterprises: Characteristics and Performance,” Washington, 2012 Both Years2011 Number of Firms Exporting 302,000 199,000 293,000
  • 11. Though Volatile, Global Investment Flows Are Growing 1984 1999 2012 FDI Flows (Capital) $2 trillion $1 trillion Source: UNCTAD Global U.S. $1.3 trillion $168 billion
  • 12. The U.S. Is Capturing a Smaller Share of Global Investment 12 percent 26 percent 45 percent 1984 1999 2012 U.S. Share of Global FDI (Capital) Source: UNCTAD
  • 13. FDI Bolsters Exports and Innovation U.S. Manufacturing Exports U.S. Manufacturing Employment 2% 20% Foreign-Owned Firms Goods-Producing Industries, 2011 Source: Brookings, Metro FDI, 2014; Bureau of Economic Analysis U.S. Corporate R&D U.S. Employment 5% 19% Foreign-Owned Firms 2011
  • 14. Advanced Industries Innovation Human Capital Infrastructure
  • 15. Pharmaceuticals Medical EquipmentMotor Vehicles & Parts Aerospace Manufacturing 35 Software Computer Systems Design Telecommunications R&D Consulting Services Services 12 Oil & Gas Extraction Electricity Generation Energy 3 Advanced Industries
  • 16. Metropolitan Policy Program at BROOKINGS Advanced Industries Support High Wages Wages *Advanced Industries spend over $450 on R&D per job annually and over 20 percent of jobs are in STEM occupations. Source:Brookings “Advanced Industries”, Mark Muro Metropolitan Policy Program at BROOKINGS $90,000 > $47,000 average advanced industry wage average wage Skills 1 out of 2 advanced industry jobs require less than a 4-year degree
  • 17. Advanced Industries Drive Value Creation and Productivity Growth PatentsGDP Advanced Industries Share of U.S. Totals R&DJobs Exports *Advanced Industries spend over $450 on R&D per job annually and over 20 percent of jobs are in STEM occupations. Source: Brookings Institution forthcoming. Metropolitan Policy Program at BROOKINGS
  • 18. Advanced Industries Drive Value Creation and Productivity Growth Advanced Industries Share of U.S. Totals *Advanced Industries spend over $450 on R&D per job annually and over 20 percent of jobs are in STEM occupations. Source: Brookings Institution forthcoming. Metropolitan Policy Program at BROOKINGS GDPJobs R&DPatentsExports Indianapolis Region
  • 19. Metropolitan Policy Program at BROOKINGS Non-STEM STEM Talent Matters to Innovation and Opportunity High school or equivalent Associates or some college Bachelors Graduate Source: Jonathan Rothwell, “The Hidden STEM Economy,” Brookings, 2012 Median Annual Wages by Education and Occupation In 1,000s Metropolitan Policy Program at BROOKINGS
  • 20. Metropolitan Policy Program at BROOKINGS Jobs in STEM Fields Are Accessible Metropolitan Policy Program at BROOKINGS STEM Jobs as a Share of All Jobs Share of STEM Jobs Requiring 4-Year Degree Source: Jonathan Rothwell, “The Hidden STEM Economy,” Brookings, 2012 178,910STEM Jobs Indianapolis Region
  • 21. $149 b Top 100 Metros Indianapolis Region International Trade Share 15.8% 13.3% Total Goods Trade 24th out of top 100 metros Top Global Country/Region Trading Partners 1 Chicago $9.2 b 2 Indiana (Rem.) $8.4 b 3 Cincinnati $4.6 b 4 New York City $3.5 b 5 St. Louis $3.3 b 6 China $3.2 b 7 Canada $2.9 b 8 Louisville $2.8 b Indianapolis Region Freight Profile Source: Brookings, Metro Freight (2013) & Global Gateways (2012)
  • 22. Metros are centers of global trade and investment 1 2 31 2 3
  • 23. Bachelor’s Degrees 74% 92% PatentsPopulation 66% 75% Graduate Degrees 90% Advanced Industries Source: Brookings analysis of US Census Bureau, FAA, BLS, and BEA data Largest Metros’ Share of U.S. Market Assets Air Freight 82% Services Exports 72% GDP 75% Metro Areas Hold the Bulk of the Assets That Will Drive Exports
  • 24. Source: Brookings Export Nation 2013, Census Metropolitan Areas Indiana 81% 75%78% Population GDP Exports
  • 25. Metros Have a Critical Role to Play in Exports Increase export pipeline through proactive outreach in existing networks Coordinate federal, state, and local programs on the ground Catalyze cultural shift by mainstreaming exports and trade Metro State Federal Bring credibility of the Governor’s office to global trade Establish a state brand platform Organize trade missions Dedicate resources to global engagement Open new markets through free trade agreements Finance exports through Ex-Im and SBA Provide on-the-ground expertise in U.S. and foreign markets Produce export data to inform state and regional efforts
  • 26. 1 2 31 2 3 Metros are engaging globally in new ways METRO INNOVATION
  • 27. 27 Organize for Trade
  • 28. GLOBAL CITIES INITIATIVE AJoint Project of Brookings and JP Morgan Chase Research ExchangeConvenings Goal Catalyze a shift in economic growth policy and practice that results in more globally competitive metropolitan areas, positioning them for high-quality growth and better jobs for more workers in the 21st century economy.
  • 29. The Exchange Is 28 U.S. Metro Areas at the Vanguard of Global Engagement Exports: New Cohort Baltimore Fresno Houston Kansas City Philadelphia Salt Lake Seattle St. Louis Exports: Current Atlanta Charleston Chicago Columbus Des Moines Indianapolis Jacksonville Louisville-Lexington Los Angeles Milwaukee Mpls-St. Paul Phoenix Portland Sacramento San Antonio San Diego Syracuse Tampa Bay Upstate SC Wichita Columbus Mpls-St. Paul Portland San Antonio San Diego Seattle FDI Pilot
  • 30. Each Metro Area Is Leveraging its Unique Specializations and Global Brand We Build Green Cities Portland Health and Wellness Minneapolis - St. Paul Life Sciences San Diego Services and Canada Syracuse
  • 31. 31 Organize for Trade Invest in What Matters
  • 32. Innovation Human Capital Infrastructure SUNY Albany Nanotech Campus Columbus Clemson University International Center for Automotive Research
  • 33. Innovation Human Capital Infrastructure
  • 34. Innovation Human Capital Infrastructure
  • 35. Organize for Trade Invest in What Matters Network Globally
  • 36. Chicago Mexico City2nd largest Mexican immigrant population resides in Chicago metro area 130 Chicago-based firms with operations in Mexico City $1.7 billion total bilateral trade of locally produced products 290,000 tourists and business travelers between Chicago and Mexico City per year
  • 37. GLOBAL CITIES ECONOMIC PARTNERSHIP
  • 38. Exports Should be Part of a Comprehensive Approach to Economic Development Global Research & Advanced Industries Human Capital & Immigrants Exports & FDI Freight & Infrastructure
  • 39. GLOBAL CITIES INITIATIVE A JOINT PROJECT OF BROOKINGS AND JPMORGAN CHASE Indianapolis, IN- February 19, 2015 @amy_liuw #globalcities
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