Since accepting an appointment as secretary and CEO of the Wisconsin Economic Development Corp. in October, I have had the opportunity to engage with scores of local and regional economic development partners. These conversations have given me a great perspective on our states economic challenges and opportunities.
Wisconsins economy has vastly improved from 2011, when WEDC was formed based upon recommendations made in the report, Be Bold Wisconsin: The Wisconsin Competitiveness Study.
In January 2010, Wisconsins unemployment rate was 9.2%. Today at 4.2%, our states unemployment rate is the lowest it has been since March of 2001. Rather than losing jobs, we are adding jobs — 33,400 private sector jobs year-over-year from November 2014 to November 2015. And with a labor participation rate of 67.8% — five points higher than the national average — more people are working in Wisconsin today than at just about any time in the past.
Just as Wisconsins economy has improved over the past five years, so has WEDC. Recognizing the evolution of our agency and the shift in Wisconsins economic development needs, WEDCs Board of Directors retained the nationally recognized Center for Regional Economic Competitiveness (CREC) to ensure our agencys strategic priorities align with Wisconsins current and future opportunities.
First and foremost, CREC recommends Wisconsin (f)ocus on making WEDC work in its current structure. A reorganization, CREC notes, would distract from the mission of helping Wisconsin businesses and communities prosper and could potentially recreate the very conditions that led to past mistakes. Instead, WEDCs time and resources should be directed toward achieving our mission: To advance and maximize opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment.
This mission and WEDCs role in Wisconsin is much broader than the common, shorthand reference to us as the states job creation agency. To achieve our economic development goals, we must serve as Wisconsins lead economic development agency. This shift challenges us to take on a statewide leadership role — one that we welcome — when it comes to driving industry and entrepreneurial innovation, accessing global markets, building vibrant communities, attracting new investment and developing our workforce.
We recognize we must engage with communities across Wisconsin to achieve these goals. WEDCs ability to fulfill its mission goes well beyond individual transactions with businesses. It also relies heavily on an extremely capable network of local and regional economic development partners, industry groups and educational institutions.
Nor are we starting from scratch. Our dedicated staff and partners are building on successful investments with strong results in the areas of industry cluster development, early-stage business growth, exports and investment attraction.
Cluster development: WEDC has effectively partnered on industry development projects with the Midwest Energy Research Consortium, The Water Council and Scale Up Milwaukee, to name a few. In December, we launched a fabrication laboratories program that provides funding to school districts to incorporate technologies such as 3D printing and computer-assisted design into their curriculum. These projects and many others reflect our dedication to working with stakeholders throughout Wisconsin to build on our states industry strengths.
Entrepreneurial support: Our focus on encouraging startups goes well beyond the $51.1 million in qualifying investments made in early-stage companies through WEDCs Qualified New Business Venture Program. For example, WEDC funds small business financing programs through partnerships with minority chambers of commerce and the Wisconsin Womens Business Initiative Corp. We recently helped establish six seed accelerators throughout the state so Wisconsin entrepreneurs can receive the training and seed funding required to turn their ideas into businesses.
Export and trade expansion: Our mission also recognizes the globally competitive environment in which Wisconsin companies operate. This understanding underpins a comprehensive strategy designed to increase export activity among Wisconsin businesses. To date, 100 Wisconsin companies have sought to increase their exports to foreign countries through the WEDC-funded ExporTech Program.
Investment attraction: WEDC also continues to draw attention to business growth and investment opportunities in our state through direct contact with national site selectors and business leaders looking to expand their operations, as well as through foreign trade ventures, trade show participation and broad-scale marketing of Wisconsins economic assets.
These are just a few examples of the work WEDC and our network of economic development partners have deployed successfully to help build an economically strong Wisconsin — initiatives that have not been given enough attention in discussions relating to WEDCs performance and future. We look forward to building on these successes and incorporating the feedback we have received to strengthen Wisconsins economy through continuous improvements to our economic development model.
Mark R. Hogan is secretary and CEO of the Wisconsin Economic Development Corp.