Economic Action Plan Case Study
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CASE STUDY
Economic Action Plan Case Study
Charles J. Oliver
Helms School of Government, Liberty University
Author Note
Charles J. Oliver
I have no known conflict of interest to disclose.
Correspondence concerning this article should be addressed to Charles J. Oliver.
Email: cjoliver3@liberty.edu
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Abstract
The impact of improved city planning in effectively directing economic growth is being increasingly acknowledged by academics, public officials, and citizens. Local plans are anticipated to offer local authorities with significant policy advice to enable informed decision-
making. There is an expectation that local officials would proficiently execute the programs specified in local strategies. The following study showcases the results of an assessment carried out on the municipal planning practices in Raleigh, North Carolina. Moreover, this study inspects
the present political environment and delineates the vital steps required for the execution of the proposed strategy. Additionally, the study entails an analysis of the legal and political barriers that might impede the successful execution of the suggested course of action.
Keywords
: economic growth, Raleigh, NC, economic action plan
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Economic Action Plan Case Study
Background
Raleigh, North Carolina has a significant history dating back to its establishment as the state capital in 1792. The name of the city is derived from Sir Walter Raleigh, an English explorer who led the initial colonization expedition to North America. Raleigh was purposefully designed and erected as a central location for North Carolina's government operations, unlike other state capitals (The Transformative Impact of the Research Triangle Park, 2019). Raleigh is the most populous city in the Triangle area, including Durham and Chapel Hill as well. Raleigh serves as a significant hub inside North Carolina, with a population of more than 470,000, so establishing itself as one of the most prominent metropolitan areas in the state. The founders of Raleigh took deliberate measures to conserve the plentiful woodlands, resulting in the city being affectionately referred to as the "City of Oaks." To preserve the wooded regions as prominent elements of the capital city for future generations, the urban architecture of Raleigh, North Carolina included its abundant forests (Facts About Raleigh, N.C, 2023).
Research Triangle Park
The economy of North Carolina had substantial volatility in the aftermath of World War II. Historically, the state's economy had a significant reliance on three conventional sectors, namely furniture, textiles, and tobacco (McCorkle, 2014). The furniture industry was in the process of shifting to the northeastern region of the United States, while the textile business was seeing heightened competition from manufacturers in Asia. Additionally, employment in the tobacco manufacturing sector was dropping because of automation and reduced demand (Schot & Steinmueller, 2018). During the early 1950s, government leaders proposed the idea of creating
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a research park to stimulate economic growth, considering the extensive pine forests and the ongoing economic crisis (McCorkle, 2014). The government sought the collaboration of private and public universities in the region to define the geographical boundaries of The Research Triangle Park (Arora et al., 2020). The Research Triangle Park (RTP) emerged as the second university research park in the United States. It represented a pioneering collaborative initiative where institutions joined together to facilitate technology commercialization. RTP continues to maintain its status as the largest research park in the United States and is widely recognized as one of the most successful globally, even after five decades. RTP, with over five decades of existence, is actively considering how to sustain its commitment to fostering innovation for the next five decades (
The Transformative Impact of the Research Triangle Park - a Case Study, 2019).
Population data
Raleigh has a population of 476,587 within its 146-square-mile city limits. The broader Raleigh metropolitan, known as “The Triangle", encompasses Raleigh and has over 2 million residents. The Raleigh-Durham area has high educational attainment with 46% of adults holding at least a bachelor's degree. Education fosters personal and societal progress while facilitating economic prosperity. It provides individuals with knowledge, critical thinking skills, and the ability to effectively address challenges. This enables them to lead meaningful lives and contribute to society. The median family income was $73,654 and the per capita income was $38,760 (
Facts About Raleigh, N.C
, 2023).
Superior universities
Raleigh-Durham has many prestigious universities. North Carolina State University, the state's largest university by enrollment, has long been a regional powerhouse. The University of
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North Carolina at Chapel Hill, Duke University, and North Carolina Central University in Durham strengthen the academic research environment. Shaw University, Campbell University's School of Law, and William Peace University are also significant. These universities have constantly advanced scientific knowledge and technology in the city. These colleges and universities support the region's economy by training skilled workers (Alam, 2022).
Religious impact
In Western cultures, religion has shaped beliefs, cultural norms, social groupings, institutions, and political/military authority. Scholars seek to comprehend religion's intricate relationship with economic history (Bednarek et al., 2021). Do religious beliefs about God and the afterlife affect economic history? Conversely, how did society affect religious ideas and practices? Religion's role in economic history is gaining emphasis alongside culture's effect on legislation. This new cross-disciplinary study tries to unravel Western nations' bidirectional religious-economic links. Understanding their interrelation may shed light on religious studies and economic issues (Cajete, 2020).
Economic Culture
The economy of the area features several prominent sectors, led by public administration given its status as North Carolina's capital. It also has a sizable education workforce due to major
public universities. Private industries include professional, scientific, and technical services; healthcare; administration; and information technology. Recently, professional/scientific services, finance, real estate, and arts/entertainment have expanded notably (Wojcik, 2019). The economy of the region is quite varied and features concentrations in a few important businesses. Several highly trained individuals and collaborative networks including industry, government, and academic institutions are among the drivers. The primary disciplines include
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advanced manufacturing, life sciences, technology, and clean technology. These primary fields have substantial interconnections both within and between sectors.
Despite its strong economy, Raleigh has various issues that demand solutions. The metropolitan area is presently the second fastest-growing region due to its recent growth. However, rising real estate prices have made homes formerly affordable for low-income people expensive. If expenditures keep rising, low- and middle-income Raleigh residents may be unable
to live there (Clark & Mitchell, 2022). Raleigh may lose its advantage if this happens.
Government Atmosphere
Raleigh is a vibrant city with a complex political atmosphere. Raleigh politics are moderate liberal. Mayor Mary-Ann Baldwin leads Raleigh. Jones (2022) argues that Mayor Baldwin has actively promoted city growth and citizen participation in local administration. She strives to give everyone equal access to better education, vocational training, and economic progress. She has also worked to make neighborhoods safer by increasing law enforcement visibility and giving more resources to fight crime. Along with Mayor Baldwin's City Hall efforts, several local politicians advocate for affordable housing and transit.
Raleigh is a Council-Manager city. In the Council-Manager arrangement, voters choose council members and the mayor. The local council appoints a city manager to oversee daily administrative activities. The city manager creates the operational budget and offers suggestions to the council. Raleigh's city council has eight elected members. District residents choose five representatives. The mayor and three other representatives are chosen at large. This means every Raleigh voter may elect two at-large council members and the mayor. The City Council appoints the manager. All other city personnel are recruited by the City Manager (Gargan, 2019).
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The council-manager model institutionalizes the growing separation of politics and administration, making administrators and elected officials more likely to reject opportunistic behavior. Economic and political factors matter. Strategic planning affects council-run cities. Development under council-manager management is discriminatory, resulting in smaller financial incentives but more loan and business-attraction activities. Thus, the council-manager plan's incentives impact municipal administrators' careers (Gargan, 2019).
Figure 1
Raleigh, NC Organizational Chart
Note
. The organizational chart depicts the hierarchy of command for the Raleigh, North Carolina
government. The mayor is classified as "City Council" in the table since she is an at-large,
elected member of the city council (Weber, 2023).
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SWOT Analysis
Strengths
Raleigh has a significantly advantageous business climate, positioning it among the highest-ranking cities in the nation (Holtkamp & Weaver, 2018). North Carolina consistently ranks in the top five states for business and has competitive costs, taxes, regulations, and skilled labor. It has the most competitive corporate tax rate in the US at 2% (Dixit et al., 2019).
Raleigh benefits from exceptional educational resources like the University of North Carolina at Chapel Hill and North Carolina State University. Universities have transitioned to a technology focus. Consequently, the economy requires more skilled workers (Dixit et al., 2019). New technology-embracing businesses in medicine, transportation, vehicles, and lodging have emerged in Raleigh due to demand. Notable corporations significantly influence growth through jobs, licenses, and taxes (Clark & Mitchell, 2022).
Additionally, Raleigh's strategic plan offers guidance considering its expanding population and the evolving demands of its residents. The plan delineates critical domains for the
allocation of resources to attain a state of exceptional performance. The establishment of a productive collaboration between the Raleigh City Council and the North Carolina State Government is of utmost importance to ensure the effective creation and implementation of long-
term strategic objectives (Driscoll, 2023).
Weaknesses
Raleigh residents struggle to afford homes. Raleigh's rising population may explain its rising property costs. Due to job and commercial possibilities, the urban population has grown, increasing housing demand. The high number of foreign investors in the metro area has driven up home costs. Hallowell and Baran (2020) state that Raleigh's zoning and land limits have
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significantly affected residential property values. Tanner suggests reevaluating urban zoning and land use restrictions to lower rising housing costs. The urban economy is growing rapidly, raising residential property values. Medical care, petrol, and food have all risen in price. Low-
income households will have to make additional sacrifices when inflation rises (Cline, 2023).
COVID-19 has increased unemployment, causing unparalleled city misery. To preserve corporate financial stability, employees must accept compensation cutbacks. Due to significant economic growth, people will require more money to cover rising living costs. Housing costs, quality of life, and income may be linked. Your lifestyle depends on your income. Housing cost increases also enhance local quality of life (Carlino & Sáiz, 2019).
Urban regions are seeing a growing economic imbalance. The accumulation of wealth among rich persons is attributed to their possession of assets and ownership of firms that flourish
in a conducive business environment and undergo economic expansion (Miller, 2022). It is a common occurrence for affluent individuals to accumulate money at a more rapid pace than the overall economic development by purposefully reinvesting their gains. Carlino and Sáiz (2019) argue that lower-income households encounter a multitude of obstacles that contribute to the perpetuation of economic inequality.
Opportunities
Raleigh's cheap taxes, business expenses, and talented workforce make it competitive. Competitive tax rates make the city economically attractive for businesses. This gives them a competitive edge over surrounding companies (Cline, 2023). Raleigh's population is rising rapidly thanks to newcomers. It creates marketplaces for goods/services and provides trained labor (Pasupuleti & Siddique, 2021). Newcomers boost the economy with their skills. Raleigh has excellent public and private higher education options for practical and academic programs.
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The proposed Apple facility in Research Triangle Park (RTP) is considered fortunate. To create a presence in the Research Triangle Park (RTP), Gordon (2023) reports that Apple is developing six office buildings with 700,000 square feet. Apple wants nearly 3,000 jobs. The state previously granted Apple a $1.2 million financial incentive. Apple announced its Triangle campus and engineering center plans in March 2021. This project is projected to cost $1 billion. This program aims to create many well-paid jobs in the region over five years. The firm has a job
development investment grant contract with the state. Apple may get $845 million in payroll tax reduction from this award until 2061. This relief is contingent on the company's ability to achieve its agreement-mandated employment and investment commitments. Apple will invest $905.4 million in NC. A new Wake County campus is part of this investment (Gordon, 2023).
Threats
The presence of urban congestion inside a metropolis has the potential to negatively impact investment prospects. The present state of Raleigh with traffic elicits a strong sense of aversion. Academic researchers have extensively examined the intricate correlation between traffic patterns and economic dynamics inside metropolitan areas. Congestion has been identified
as a significant factor contributing to several negative outcomes, including lateness, increased stress prior to commencing work, delayed delivery of goods and services, and escalated fuel expenses. Nevertheless, it is worth noting that a considerable number of densely populated cities in the United States exhibit large levels of economic activity (Pritchard et al., 2022).
Congestion is indicative of a robust labor market, hence yielding positive outcomes. The proliferation of traffic congestion is a significant obstacle to the expansion of employment opportunities. There exists empirical data suggesting a decline in the well-being of commuters. According to Angelici and Profeta (2023), an individual who endures a daily commute of one to
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two hours for five consecutive workdays may opt to negotiate for improved remuneration or explore alternative career opportunities. Economic inefficiencies arise due to the challenges associated with effectively matching individuals possessing specialized skills with suitable employment opportunities.
Demographic change in a large global population is a major issue limiting growth potential. Homelessness, criminal justice reform, climate change, and other issues contribute to demographic shifts that might slow economic growth. Increased racial and cultural diversity in the US is expected to continue in the future decades (Miller, 2022). The next section on policy issues will explore these societal concerns.
Policy Issues
Raleigh, the political center of North Carolina, garners considerable focus from several levels of government, including the state, county, and municipal authorities. The metropolitan area predominantly adheres to the legal statutes of the state of North Carolina. The State of North
Carolina exhibits a notable dedication to the implementation of tax reduction policies aimed at corporate activity (Dixit et al., 2019). Raleigh, and the state of North Carolina, have observed positive outcomes because of cultivating a conducive economic environment. Crime
Municipal and county governments can improve citizen well-being by reducing crime. All people have intrinsic and inviolable rights since God created them in His image and authority
(Fischer, 2019). Any government should preserve basic rights, promote fair justice, and prevent rights abuses. Miller (2022) argues that despite self-governance and individual liberties, modern society is full of illegal behaviors. Law enforcement reform must be prioritized to defend individual rights and lawful government.
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Governments must balance power, oversight, community safety, and civil liberties. Public safety limits must carefully consider basic rights. Security and freedom remain a difficult issue that requires intelligent and well-considered solutions. Criminal justice reform is often seen
as a societal problem. However, its economic elements must be considered. About 70 million to 100 million Americans have been imprisoned, convicted, or arrested. About 50% of US children have a parent with a criminal record (Miller, 2022). The US' failed attempt at mass incarceration and excessive criminalization, along with the digital age's extensive usage of criminal history checks, has disturbed many people's lives. This has caused a nationwide criminal record problem. This problem is a major cause of poverty and racial inequality. Criminal convictions and incarceration have a major influence on an individual's job prospects and income. Since over 90% of US companies undertake background checks during hiring, this is especially true. Former prisoners earn 52% less (Miller, 2022).
Criminal convictions result in an annual wage loss of nearly $372 billion for US citizens. Families face challenges in saving and preventing financial insecurity. There has been limited focus on the effects of incarceration on savings and ownership in the United States. Policymakers should evaluate the impact of incarceration on household wealth. The disproportionate harm caused to Black and Hispanic individuals, families, and communities by the US's inadequate criminal justice systems necessitates consideration of mass incarceration and
the racial wealth imbalance (Miller, 2022).
Homelessness
The homeless count in Wake County for 2022 has increased by 68% compared to 2021 and 99% compared to 2020 (Hallowell & Baran, 2020). Homelessness poses significant risks to both individuals' lives and overall health. The cause is external, not inherent. Numerous
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individuals are experiencing homelessness due to financial and employment instability caused by
the COVID-19 pandemic. The expiration of the government eviction moratorium, which provided protection for individuals during the public health emergency, has led to a rise in homelessness. The primary causes of this issue and its persistence are generational poverty, systemic oppression, historical injustices, and disparities in institutions such as the criminal justice, healthcare, and education system (Carlino & Sáiz, 2019).
The Bible stresses Christian leaders helping the poor. The New Testament emphasizes aiding the poor and promises rewards to those who do so. Additionally, opposing rampant individualism will inspire us to aid the poor. Protecting individual rights requires protecting communal rights and well-being. The Bible emphasizes universal well-being and encourages people to perform their social duties. Cajete (2020) presents several statistics and biblical teachings that emphasize the need for cross-sector collaboration to end homelessness.
Climate change
Climate change is affecting North Carolina. The state's temperatures are rising. Studies show that the average annual temperature has risen by 1 degree Fahrenheit in the previous century (Lindsey & Dahlman, 2023). In addition to rising temperatures, North Carolina has seen more frequent and intense rains. In several parts of the state, rainfall is above average. Average humidity has increased due to heavy rainfall (Tabari, 2020).
State leaders and politicians must grasp how climate change impacts health, infrastructure, and community development. North Carolina must plan for warming-related adaptation and mitigation. Climate change's rising oceans, harsher rains, and other effects demand clever, sustainable solutions. Government, industry, and organizations must collaborate to discover answers (Tabari, 2020). These parties can create comprehensive climate change
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resistance measures that protect industry and ecology. Collaboration helps create and execute climate change mitigation strategies (Millar and Searcy, 2020). This improves North Carolina's businesses and residents' sustainability. Companies must prioritize ecological sustainability and social responsibility due to environmental issues (Lindsey & Dahlman, 2023).
Certain biblical concepts promote the value of collaborative efforts. According to scholars, the biblical covenant is characterized by a mutual commitment to care for one another, assume responsibility, provide unwavering support, and engage in collaborative efforts without division. This necessitates the collaboration of all pertinent stakeholders to safeguard the environment by implementing enduring policies and initiatives focused on energy efficiency and the reduction of emissions (Cajete, 2020). It is imperative for stakeholders to collaborate to address climate-related challenges.
Action Plan
Raleigh necessitates a comprehensive and targeted course of action to effectively address the prevailing difficulties. The proposed action plan also aims to enhance the resources available in Raleigh and mitigate any risks. The methodology leverages inherent local advantages to enhance economic expansion. Economic progress has both advantages and disadvantages. The expansion of economies and industries contributes to the generation of wealth and employment opportunities. Nevertheless, the ongoing process of global economic expansion is having detrimental effects on crucial planetary systems. Sustainable economic growth is widely known as a primary strategic objective for economies and organizations (Edwards, 2021). Smart, inventive cities use urban data, technology, and entrepreneurial residents to revitalize economies throughout industrial shifts. Intelligent and innovative initiatives need to focus on creative and knowledge economies. Social, industrial, and geographical differences may
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cause urban access discrimination. Maalsen et al. (2018) stress the relevance of fairness and inclusion in smart-innovative city development and implementation. This includes ensuring that intelligent efforts serve the community, improving connection and accessibility across all sectors, allowing a seamless industry transformation, and developing citizen-focused activities.
Most development plans include environmental criteria, but social and human rights have
lagged (Maalsen et al., 2018). Human capital investments have driven economic growth. Physical capital has historically driven economic progress, while human capital has risen in importance. Human capital dominated the 20th century. Education advancements extended globally in the 20th century, spurring creativity and productivity. Human capital has been protected by institutional developments during the prior century. Improved conflict resolution, reduced fines, and restricted liability laws are among these developments (Chavas, 2023). The alterations have served to enable progress and promote economic development. Nevertheless, in recent years, there has been a discernible trend towards globalization and substantial growth in financial markets (Chavas, 2023). The increased mobility of capital has had
a profound impact on the global political economy, often resulting in a reduction in the effectiveness of government initiatives (Chavas, 2023). The primary difficulty is to the establishment and administration of organizations that possess the capacity to efficiently tackle forthcoming economic disruptions and financial emergencies.
Affordable housing
In recent years, Raleigh has undergone substantial expansion. Since 2010, the metropolitan region has seen a notable influx of 260,292 individuals, positioning it as the second most rapidly growing population among all metropolitan areas. Hence, a persistent issue remains
in meeting the demands for housing. The escalation of housing expenses has resulted in a decline
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in affordability, particularly for those with lower socioeconomic statuses. The interruptions produced by the COVID-19 pandemic further exacerbated the existing patterns of increased material costs, shortages of labor, and rising loan rates, therefore impacting the creation of affordable homes.
The housing expenses in Raleigh have seen substantial changes in recent years, and experts in the field of real estate anticipate that this trend will persist (Clark & Mitchell, 2022). Comprehending the primary factors contributing to the escalation of housing expenses is vital to effectively tackle this prevailing phenomenon. To tackle the issue of escalating housing costs, Raleigh has the potential to implement strategies employed by other cities that have effectively dealt with comparable challenges. These challenges include insufficient housing supply, rapid economic expansion, zoning regulations, increasing construction costs, inflation, land scarcity, and employment prospects (Hallowell & Baran, 2020).
The Affordable Housing Bond in Raleigh garnered support for many projects aimed at providing affordable housing options. It allocates a significant number of financial resources towards the provision of affordable homes. This discourse pertains to the subjects of homeownership, housing maintenance, and transit-oriented development. Despite its relatively recent establishment, the Raleigh Affordable Housing Bond has effectively tackled the issue of housing affordability through the provision of subsidies for creation and maintenance, as well as by actively promoting homeownership. The bond was passed by a majority of voters during the month of November in the year 2020, as shown by Treskon et al. (2023). The bond issuance will provide funding for various purposes including gap financing, public-private partnerships, homeowner assistance, and rehabilitation efforts over the period from 2021 to 2026.
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Figure 2
Affordable Housing Bond Financing in the Raleigh, NC Area
Note
. The figure demonstrates that the bond has primarily been utilized to address the housing crisis in Southeast Raleigh, an area with a longstanding history of poverty (Treskon et al., 2023).
Addressing homelessness
Homelessness continues to exist in Raleigh and other major cities in the United States, despite the presence of treatment programs. According to Bowes (2021), homelessness is a persistent problem resulting from societal factors such as insufficient affordable housing and inadequate government social assistance programs. Religious groups and faith-based non-profits in the Greater Seattle area have devised distinct solutions for addressing homelessness. These groups utilize indigenous wisdom gained from extensive experience working with marginalized communities. Their areas of expertise include case management, job training, and mental health
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and addiction treatment. Faith-based organizations have the potential to collaborate with local civic groups (Costoya & Breen, 2020).
Faith-based organizations have the potential to address homelessness in larger areas through integrated approaches. Religious groups offer various forms of assistance such as housing, meals, supplies, job training, mental health treatment, and community-building activities to promote social connections and support networks (McDonald, 2016). Faith-based organizations, grassroots community groups, local governments, and state agencies involved in social services and welfare programs should collaborate to address issues such as homelessness. According to Bowes (2021), collaboration is essential in addressing homelessness. No single organization possesses all the necessary resources and knowledge (Leigh & Blakely, 2017).
Environment
Addressing climate change and strengthening Raleigh's economy are interconnected. The region has recently witnessed significant economic development announcements from companies specializing in clean energy and aligning with environmental objectives. To safeguard
public health, safety, and economic stability, it is imperative for the leaders of the City of Raleigh to promptly adopt the state's Clean Energy Plan. This plan aims to decrease power sector
emissions by 70 percent below 2005 levels by 2030, while also enhancing accessibility to affordable and dependable energy for all residents. These efforts are crucial steps toward achieving carbon neutrality by 2050 (
Clean Energy Plan | NC DEQ
, 2019).
The areas in North Carolina that are most susceptible to the impacts of climate change also have considerable challenges in securing financial resources to protect residences and improve essential infrastructure, including educational institutions, medical facilities, and communal establishments. Communities of color in North Carolina are subject to environmental
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racism, a phenomenon that is exacerbated by elevated levels of energy poverty and restricted availability of air conditioning. This occurrence presents a growing concern within the context of
a warming environment (Cliffton & Kelly, 2020).
Millar and Searcy (2020) question the state's Clean Energy Plan's ability to keep businesses responsible. Natural gas and biogas methane emissions are ignored in the planned approach to reduce coal emissions. North Carolina residents should watch, report, complain, protect, and advocate for their neighborhoods and future generations. Individuals may raise public awareness, promote corporate accountability, and advocate for sustainable environmental practices by participating in these actions (Cajete, 2020). A strong clean energy economy creates jobs and improves the environment (Cliffton & Kelly, 2020).
Crime prevention
When individuals contemplate the concept of intelligent urban areas, they frequently conjure images of autonomous transportation systems, responsive traffic signal systems, technologically enhanced walkways offering public wireless internet connectivity, and voice-
activated domestic appliances. Smart cities encompass a range of concepts and have been used to
many urban contexts, encompassing domains such as transportation, healthcare, energy, housing,
education, governance, and public safety, among others. In general, it involves the utilization of human resources, the establishment of public-private partnerships, and the adoption of developing technology (Ranchordás, 2019).
Criminal activity is a significant problem in modern culture and society, with many nations experiencing high levels of crime. Simmler et al. (2021) highlight that technological innovation has significantly contributed to the ongoing enhancement of crime control and prevention strategies. There is currently a global movement focused on the development of
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"smart cities,” which is the theory and practice of improving urban life and business efficiency through internet connectivity, distributed sensors, and big data. The benefits appear promising. City officials have a moral obligation to investigate how technology might reduce crime (Ranchordás, 2019). The use of new technology by vulnerable people, victim assistance organizations, and law enforcement can reduce crime. The use of short-range communication technology helps reduce crime. Government authorities should promote high-tech street and public area security systems as most crimes occur in public (Simmler et al., 2021). Integrating these technologies with existing security regulations aligns with public managers' aims and offers an innovative crime prevention method. Education
Educational inequities impede equitable outcomes for community college students. Community colleges must prioritize equality in completion goals to ensure success for all student
groups. Universities historically promoted regional economic growth through research, education, and service. More recently, universities adopted entrepreneurial approaches to better utilize resources and assets for local economic development. Klofsten et al. (2019) state entrepreneurial universities crucially promote regional growth through guiding business establishment. They offer vital support for small businesses and startups through programs like business incubators. Workforce training programs equip the labor pool with skills meeting present and future employer demands. Technology transfer and university innovation licensing enhance regional economic activity. Local governments and stakeholders should strategically utilize regional university talent and assets to promote specific economic goals considering empirically proven university-economic development correlations (Alam, 2022). The entrepreneurial university role
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is increasingly important in regional strategies and planning. Policymakers view universities as crucial allies promoting growth through programs, partnerships, and outreach maximizing higher
education's impact on communities and regional competitiveness Klofsten et al. (2019).
Regeneration
As Raleigh grows, communities are encountering challenges in balancing livable spaces for their residents. Land use is facing pressure to accommodate numerous and frequently conflicting demands. From housing to open space, economic development to quality of life, and from cars to pedestrians, the goal, according to Mouratidis (2021), is to foster growth while maintaining character. There are several essential needs. All these requirements must be fulfilled within limited resources while ensuring financial and environmental sustainability. The practice of placemaking and beautification, which is gaining ground in many urban areas, is the production of aesthetically pleasing public spaces with the goal of fostering social contact and involvement in the local community. When compared to other goals, such as economic growth, placemaking and beautification have historically been accorded a lower priority. According to McDonald (2016), a city's safety and economic growth are directly tied to its attractiveness as well as its upkeep and level of cleanliness.
The municipality should identify and invest in neglected regions to promote beauty, regeneration, and marketing. The business district and main highway receive the most traffic and
might benefit from revitalization. One revitalization method is improving appearance. Beautification can boost the city's curb appeal and attract tourists and citizens (McDonald, 2016).
New multi-channel marketing by the local government should boost tourism and community participation. By enhancing neglected neighborhoods, renewing commercial corridors, and promoting services, the city might improve traffic, and tourism, helping local companies.
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Previous studies examined how rising technologies and sharing economies affect public areas. Advances and collaborative consumption patterns affect urban planning and design (Gößling & Hall, 2019). Their research showed that human-centered and ecologically conscious public space development and maintenance increase community well-being. Planners and designers must adjust to quick technological and model changes, especially in emerging cities. To develop inclusive, sustainable, and dynamic environments for everybody, experts must consider technology and shared economic restructuring (Leigh & Blakely, 2016).
Public-private partnerships
The city will develop a strategy to recruit industry. The goal is to create a year-round economic foundation and stimulation, not just during high vacation seasons. It will diversify the local economy. Local governments help current and future businesses collaborate through government programs. These cooperative and partnership-building activities attempt to foster varied and powerful ecosystems among enterprises in different industries (Cai et al., 2019). This strategic approach requires strong inter-agency coordination and collaboration among relevant local government organizations (Dixit et al., 2019).
Leigh and Blakely (2016) established a significant correlation between government investment in research technology and public-private partnerships in infrastructure. The researchers discovered a correlation between government spending and the development of local collaborative models. Intergovernmental rivalry between different levels of government can hinder relationships and cooperation. Government collaboration is essential for establishing public-private partnership models in infrastructure development. Coordination and collaboration among government levels are essential.
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Private enterprises are seeking sustainable development despite financial constraints. These motivations are generally driven by CSR and finance. National sustainability efforts often lack breadth and efficacy, harming the public (Weber & Wasieleski, 2018). Public-private partnerships may fund sustainable development projects. Combining corporate and public interests and government money with entrepreneurship may aid sustainable development. Public-
private partnerships are adaptable and suitable for various sustainable development projects (Leigh & Blakely, 2016). A specific conceptual model for supporting sustainable development through public-private partnerships provides practical solutions and a detailed implementation framework (Cai et al., 2019).
Development incentives
It is imperative for states to strike a delicate equilibrium between fostering industries, bolstering indigenous enterprises, and fostering technical progress. The attainment of this equilibrium has significant importance in maximizing the advantages of incentives, bolstering local enterprises, and fostering innovation (Yang et al., 2022). States exhibit a higher level of prudence in their deployment of incentives when they achieve a harmonious equilibrium between
luring enterprises and fostering the growth of indigenous firms and technology. Local and state governments use incentive packages to entice significant business relocations and new sites from private companies. These packages might promote employment and tax income. Critics of incentives' limits and costs include researchers and company owners (Yang et al., 2022). Private companies want incentives to start or maintain operations. Incentive payments are being improved by economic developers (Bartik, 2018). This involves using better analytic tools, using incentives in sector or industry targeting methods, and taking further steps to
reduce incentive abuse (Holtkamp & Weaver, 2018).
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Economic development practitioners must prioritize the development of intermediary techniques that utilize incentives to enhance wage standards in smaller enterprises. This entails implementing performance criteria that are more closely aligned with ensuring livable wages and
improved working conditions (Angelici & Profeta, 2023). This also allows worker advocacy groups to hold incentives accountable in politics. Individuals should assess current incentive practices and advocate for stricter requirements to ensure that public funding allocated for economic development follows ethical and equitable principles (Miller, 2022).
Conclusion
Raleigh is North Carolina's governmental and administrative center and second-most populated city. Despite its prominence as North Carolina's political and commercial capital, Raleigh has urban expansion issues. With population increase, housing, transportation, and infrastructure must be developed to sustain quality of life. Raleigh's long-term prosperity depends on sustainable growth that balances environmental preservation and economic growth. Leveraging strengths, fixing shortcomings, and seizing commercial possibilities drive the city's economic growth. Raleigh has a strategic location, respectable universities, and various sectors. It competes with other successful cities for jobs and investment. Worker reskilling, strategic infrastructure expansion, and encouragement of high-growth start-ups in tech, biotech, and renewable energy are crucial to continued success. Raleigh is a city with ideal business circumstances. The low-cost taxes, strategic transportation, business-friendly policies, and well-educated workforce have encouraged relocations and entrepreneurship. Launching a long-term vision for inclusive prosperity can help Raleigh become a top US city for living, working, and business. Raleigh's economic leadership hinges on sustaining competitive advantages and fostering inclusive opportunities.
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