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Recent trends in the global economy—industrial clustering and specialization, diversification of the workforce, reintegration of work and home—are placing a premium upon community character and quality of life. Companies are on the move and being drawn to communities that offer a good quality of life. Why? First, companies realize that their workers want to live in communities that offer reasonable commutes, a vibrant social life, environmental amenities, housing and transportation choice. To retain and attract their employees, companies must locate in such environments. Second, business is increasingly conducted beyond the boardroom—in cafes, restaurants, health clubs, public spaces, etc.—places where people can come together, converse, share ideas and network. The suburban office park, filled with buildings and cars, but with few destinations, is becoming an outmoded venue for conducting business. Lastly, the private sector in the new economy equates competitive advantage with the ability of being where the action is and to them the action is in urban or town centers. Although technology frees them to locate anywhere, it is proximity to suppliers, a workforce and networks that is drawing business to the central business district (CBD).
The emphasis on place presents enormous opportunities for communities to capitalize on their quality of life assets and to employ them as a tool for economic development. Doing so requires communities to think of quality of life as a commodity that can be cultivated and managed. Communities need to make strategic decisions that improve rather than harm livability and make them lucrative places for business, and labor to locate. The new economy values distinctive places that have the talent, technology and infrastructure to sustain competitive advantage. Talent is attracted to sociable communities—places with destinations, public and civic spaces, environmental amenities—where they can come together with colleagues and friends either through planned or chance encounters. Technological innovation is creating a wired society. Companies value offices and homes that are prewired to enable easy interaction between home and office. Aside from communication infrastructure, the new economy demands physical infrastructure that reduces the cost of business. This means buildings that can be quickly reconfigured and constructed, housing of varying types and costs, development patterns that are predictable, and transportation systems which increase mobility.
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