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The 2015 Fargo Moorhead magazine is available!

 

Use this magazine in your marketing and recruiting efforts.

 

Ask us for free hard copies or put the electronic version right on your website. Just use this link to grab the code. 

  
GFMEDC Smart Brief

 

 

Fargo Moorhead MSA has an unemployment rate of 2.4% (not seasonally adjusted) compared to the U.S. unemployment rate of 5.6%. To see the GFMEDC's latest economic indicators, please check out the following link.

 

August Economic Indicators  

 

 
President's Report - Cost of living rising in FM
 
 
The times, they are a changing. For years, Fargo has been seen as an excellent opportunity for new residents moving into the area due to its lower cost of living.
 
Your EDC has provided the Cost of Living Index (COLI) data (Market Basket) for our area for many years. It has been a great way to track our local costs and to be able to identify fluctuating sectors within the data. There are six main areas that are tracked quarterly: grocery items, housing, utilities, transportation, health care and misc. goods and services. These areas are indexed and a composite index is created and evaluated off a 100% factor.
 
Our annual composite index for 2010 was 92.5, showing a 7.5% lower cost of living index, as defined by COLI, compared to national averages. Over the last five years, that composite index has been steadily climbing. 
 
2011 - 93.2%
2012 - 94.7%
2013 - 93.9% (slight decline due to an anomaly in grocery items)
2014 - 94%
 
In the first two quarters of 2015, we have seen a significant jump that seems to fit into the increased demand for labor in our market and the effects it is having on increasing consumers costs within the market.
 
Our quarter one index increased to 96% and quarter two came in with a composite index of 99.9% of the national average. This is basically wiping out our economic advantage as a community with a lower cost of living. When compared to the past five years, these last two quarters in 2015 are a significant jump.
 
We have seen large increases in four major areas over the five year period: groceries, housing, utilities and healthcare. I need to stress that the specific market basket items that are used nationally might not reflect or correlate exactly with our local market. For example, under healthcare the basket items don't cover hospital stays and expenses which our local institutions have been rated lower as cited in other reports.
 
The bottom line is our cost of living is quickly approaching the national average. This rise will ultimately lead to increased wages and increased cost of goods sold.  

 

The Return on Investment (ROI) of a growing entrepreneurial ecosystem in Fargo Moorhead
 
 
There is a lot going on in the entrepreneurial environment in Fargo Moorhead. The EDC is pretty involved in connecting and supporting entrepreneurs and events here in the community.
How do you measure the ROI or Return on Investment to supporting an entrepreneurial ecosystem?

If you're Neil Blanchard, founder of Profit Pros and recent speaker at 1 Million Cups Fargo, you measure it in numbers.

"The results of my speaking engagement at 1MC have been remarkable. I've had eleven appointments as a direct result of my presentation plus two referrals from audience members," said Blanchard.
 
Blanchard breaks it down even further.
1      new client signed
6      potential clients in progress
4      great referral sources
2      new clients as a result of referrals from audience members

The Prairie Den is the coworking space that recently located in downtown Fargo (former CoCoFargo space). Emerging Prairie's Annie Wood manages the space.

"By day, people are doing work that matters, having meetings, and moving projects forward. Then, in the evenings and on weekends, we are able to open up the Prairie Den as a gathering space for our community," said Wood.
 
The Prairie Den has hosted several events including the Fargo Game Makers, the NDSU Innovation Fellows, Startup Drinks, a Game Jam, an E-Commerce Breakfast and a New American Entrepreneurs Panel.  

There are many other gatherings and events happening.
One recent event was the first TechTailgate. The event brought together several meetups and learning groups who could interact and share ideas. Read more about it on this blog. 

The overall intent is to bring people together who can talk about their projects, get feedback, make important connections and push their ideas forward faster.
 
It's hard to explain and can be even harder to quantify. But it's working!
 
Fargo Moorhead is building an entrepreneurial ecosystem. The community is getting noticed by big hitters like the Kauffman Foundation out of Kansas City and the organizers of TED talks. And this is just the beginning.  



 

"Most Likely to Succeed", a documentary to invite a conversation  

"Powerful." The reaction from one local K-12 education leader who was among a group of education leaders who got a sneak peek at Ted Dintersmith's documentary called "Most Likely to Succeed". The documentary focuses on the current education system and examines the needs within the classroom. The film highlights High Tech High a school in California that uses an educational practice called project based learning.

The documentary continues a growing conversation focused on mainstream teaching practices versus newer education practices. 

What does that mean? 

There's the current stand-and-deliver method of teaching or teaching to a test; it's what we all know and remember. Then there's a newer practice of education that incorporates what is called project-based learning (PBL). PBL focuses on one challenge or one project that forces students to work in a team to solve that problem. It turns teachers into coaches, integrates multiple subjects and challenges students to communicate, collaborate, think critically and be creative. It more closely reflects how people live and work. PBL allows teachers to meet standards through engaging projects and real, relevant problem solving.

From an educator's perspective, the documentary represents "a visual of the things we've been talking about."

About two years ago, the Greater FM EDC, the three public schools in West Fargo, Fargo and Moorhead as well as United Way of Cass Clay formed an initiative called Education that Works focused on ways to assist education in its effort to continue to make education more relevant in today's world.

"We (Education that Works) have aspirational goals. This is affirmation," Dr. David Flowers, Superintendent West Fargo Public Schools.

So why join us on September 17th to watch this documentary? Why will education, industry, economic development and hopefully, state legislators, and parents all be at this event?

Because this documentary sets the stage for our community to have a discussion. It's a way to examine what education looks like today and its potential. It's an opportunity to look at what is happening in our world and ask ourselves, is this enough? Are we doing enough for our students, our children and the future leaders of this nation?

"Don't all kids deserve this?" Dr. Lynne Kovash, Superintendent, Moorhead Public Schools.

Join us September 17th 7:15 p.m. at the Fargo Theatre in downtown Fargo. Let's start the conversation. We will be joined by Ted Dintersmith, producer/filmmaker. There will be a panel discussion after viewing the documentary. It's free; you just need to register.


 

U.S. Rep. Kevin Cramer meets with local startups as part of national initiative
   
From lack of workforce to e-commerce sales tax regulations, twelve folks in the startup community and economic development met with U.S. Representative Kevin Cramer to talk about ways the federal government can support Fargo's thriving entrepreneurial community.

Meeting in the Prairie Den, a co-working space in downtown Fargo, entrepreneurs like Clint Howitz, Founder and Pack leader of Dog ID's, talked about the challenges and benefits to growing a business in the Fargo Moorhead community.

"E-commerce has huge potential for Fargo. You don't need foot traffic," said Howitz.

Howitz also echoed the challenge many across the table expressed, a lack of qualified workforce.
The meeting was put together as part of Startup Day Across America. The national initiative invites members of Congress to meet with startups to learn about the challenges new companies face.

While they may face many challenges, the group talked about the tremendous support system that has been building in the community and how folks come together to help each other out.

"Culture has been fostered in community, and it's a very positive thing. The country could learn from Fargo," said Jim Traynor, Intelligent InSites.

Traynor said they regularly encourage employees to get out and get involved in community events like 1 Million Cups.

"It's a great time to be from North Dakota," Rep. Cramer said, noting how oil extraction has put North Dakota on a national stage.
"What are we doing in this moment on the stage?"
 

 
The EDC is looking for a few good "Partners in the Classroom" (formerly Speakers Bureau)

 

 

 
Encourage your new (and newish) employees to attend GFMEDC's upcoming Smart Connections Event
     

 

 

 

 

Congratulations to our own, Mark Vaux

 

We know Mark prefers to stay out of the spotlight, but since he volunteered to be interviewed in both broadcast and print media, we wanted to take the opportunity to recognize him. After an eight month battle with cancer, Mark has finished treatments and is cancer free. 

 

Mark showed tremendous strength and determination through it all. We're not sure he even slowed down. Mark, your EDC family is very proud of you.

 

If you didn't catch his media debut, check it out here.

 

We are honored to work with Mark. He'll be signing autographs on Fridays after 4:00, just swing in.  

 

(Drilling) Bits + (Digital) Bytes Event
 
 
The oil and technology industries collide in Fargo at Bits + Bytes, a public event hosted by the North Dakota Petroleum Council and Bakken Backers.

"Bits + Bytes" will highlight how Red River Valley firms are taking part in the Bakken to grow their businesses and includes Bakken 101, where the public can learn the basics of horizontal drilling and fracturing, and why the Bakken is recognized across the world.

Monday, September 21
3:00 - 5:30
Fargo Theatre
Hosted by Tammy Miller, CEO, Border States Electric

 

In case you missed it, check out our GFMEDC Annual Meeting Video on YouTube
   
 
 

 

GFMEDC Annual Report 
 
 
Our annual report is now available. Please request hard copies or check it out online.
  

If you would like to glance at our Annual Meeting Slides, click here. 

 

A spotlight on our strategic plan...

Here at the GFMEDC, we recently took a little time to review challenges and opportunities within the regional economic landscape. We developed a five-year strategic plan that provides a framework for five new priorities. You can see the complete plan on our website under What We Do.  
 
 
GFMEDC Strategic Plan
 
Priority 1: Facilitate the Attraction of Talent to the Region

Priority 2: Encourage the Expansion and Increase the Awareness of Technical Training, Higher Education, STEM Education and Associated Career Opportunities

Priority 3: Advance an Advocacy Agenda and Communicate Economic Impact
  
Priority 4: Leverage Existing and Emerging Regional Industry Base and NDSU Research and
Technology Park resources for Business Retention, Expansion and Start-up

Priority 5: Continue the Development of the Region's Entrepreneurial Eco-System
 

 

Do you have news to share?
  
If you have news items you would like included in an upcoming newsletter, please send the ideas or articles to Lisa Gulland-Nelson at lgnelson@gfmedc.com.  Thank you!
                           
The mission of the GFMEDC is to grow and diversify the economy in Cass County, ND and Clay County, Minn. through the attraction, retention and expansion of primary-sector employers. 

 

A primary-sector company is one that brings new wealth into the community through the sale of its goods and services outside the trade area.  This new wealth circulates and supports all other sectors of the local economy, thus making the primary sector the principle driver of economic growth. 
  
Thank you for your continued support of the Greater Fargo Moorhead EDC and economic development.  We look forward to your feedback.