To truly focus on the long-term economic well-being of this island, we must begin with our natural environment. Each initiative we recommend should, ideally, have positive net impacts on the water we drink, the air we breathe, the soil we cultivate, and the natural beauty we enjoy.
The seasonal, visitor-based economy provides the Island with many benefits such as lower taxes, philanthropy, a diverse seasonal community, and the relative tranquility of the off-season. But there is a downside to being too dependent on the visitor based economy, putting all of one’s eggs in this basket. In economic downturns, tourist communities are usually impacted first and the hardest; unemployment rises significantly in the off-season, a disproportionate number of jobs are unsteady and lower wages, and it affects housing affordability. Affordable/Community housing has been directly impacted by the Island’s Tourist and Seasonal economy.
We need to concentrate efforts on building the infrastructure and capacity to export high-value services from the island to other places, and to replace goods and services we now bring in from Off-Island (import substitution). This might involve development of more web-based jobs, a Vineyard “brand”, and new educational services. It may be worthwhile to strategize with high school officials about how our educational system meshes with future economic opportunity, and whether there are improvements that could be made.
The possibilities of promoting economic development to diversify and balance the economy and provide better job opportunities include: new resource-based activities, other support to other new entrepreneurial activities, and the gradual re-alignment of our traditional industries of hospitality, retail, construction, and real estate.
Objective L1: Look to the creative stewardship of the Island’s rich natural resource base to generate interesting, meaningful, living-wage jobs.
The Island’s natural resources offer several avenues for new economic development, particularly by reinvigorating farming and fishing, and by taking advantage of the area’s exceptional wind and tidal resources for producing renewable energy.
Section 7 (Natural Environment) outlines various strategies to encourage greater local food production, which would create new jobs and generate greater economic activity, and also contribute to the overall special character of the Vineyard so important to the Island’s visitor-based economy. Section 5 (Energy & Waste) outlines some strategies to improve the energy efficiency of our buildings and to harness renewable energy that will serve a significant part of the Island’s and electrical needs. Developing new industries such as green technologies and creative industries can result in more year-round, better-paying job opportunities and help keep funds within the Island economy.
See section 7 (Natural Environment) for an objective and strategies about expanding local farming and fishing, and section 4 (Energy & Waste) for objectives and strategies about harnessing local renewable energy resources.
· Strategy L1-1: Encourage the business community to lead the celebration and support of the Island’s beauty and heritage, as well as its non-profit sector. All of these contribute, in ways that we cannot even measure, to the extraordinary nature of our economic climate. Vineyard businesses need to lead the way in protecting and enhancing our environment by embracing low-impact business practices whenever possible. Many do so, but the commitment can be broadened and far more can be done through financial support and ensuring that business practices do not undermine Island Plan values.
Objective L2: Create new “export” opportunities appropriate to the Vineyard, emphasizing initiatives that are environmentally benign or restorative.
In addition to the resource-based businesses discussed in the last section, there are many other opportunities for new business expansion that will achieve the Livelihood & Commerce objectives of diversifying the economy and creating more career-path jobs. Measures that could support these private-sector initiatives include providing greater access to local investment capital, stronger business-to-business networking capabilities, and a more integrated marketing effort to support these entrepreneurial activities.
See Section 8 (Social Environment) for a discussion of an objective and strategies to strengthen the health and human service sector to meet the needs of an aging population and growing number of retirees.
· Strategy L2-1: Provide entrepreneurial training, mentorship, and technical support to sole-proprietors and micro-businesses in the for-profit sector. The Vineyard has a thriving culture of sole proprietors and micro-businesses. Over 70% of the island’s business establishments have fewer than five employees; in addition, there are roughly 3,300 self-employed individuals not to mention unreported businesses or bartering services. This seems like an especially ripe environment to build entrepreneurial capacity, dealing with issues such as: what common needs these sole and micro-businesses have that could be handled more efficiently; what marketing, operational, and financial tools would allow the scope of entrepreneurial activity to grow; and what outside linkages and partnerships could begin to export what is done especially well on-Island to other locations. The High School, Chamber of Commerce, and MVC already support some programs along these lines. In this arena, continuing education could have enormous payback over time.
· Strategy L2-2: Create new financial mechanisms such as a revolving loan fund (“The Vineyard Fund”) to promote investment in local enterprise. The Vineyard has significant capacity to attract investment capital from those with local ties to the Island as well as from our local banking community. This capital can spur the kinds of entrepreneurial efforts needed to develop the heritage tourism concept, expand export products and services, harness local renewable energy sources, and expand agriculture-related production. We need to create simple, locally focused mechanisms that offer community-based investors the opportunity to earn fair-market returns from local for-profit initiatives.
· Strategy L2-3: Facilitate remote work and telecommuting. A small but growing sector of island professionals work “freelance” or for a remote employer via computer, telephone, and occasional off-Osland travel. This is certainly a growing national trend that supports the kind of higher-paying professional work needed to afford life on the island. The Vineyard has many attractions for this kind of work and could develop this sector with greater intentionality. We need to explore what infrastructure and linkage improvements could promote development of remote work professions.
· Strategy L2-6: Establish and market a Martha’s Vineyard “brand”. Such a branding exercise can drive marketing efforts in tourism; in professional, scientific, technology, and waste-management initiatives; in renewable energy production; in fishing and farming (especially value-added products); in local arts and crafts; and in other emerging industries.
Objective L3: Strengthen and gradually re-align our core, visitor-based economic activities.
Hospitality, retail, construction, and real estate are our bread-and-butter. Embracing visitors is the driving force of our economy and the hospitality sector can be bolstered with specifically targeted niche marketing efforts. If we over-build the island, however, our natural and cultural resources can become endangered, thereby undermining the economy we count on. Many Vineyarders rely on construction and real estate for good livelihoods, and these sectors are becoming more sustainable as they now deal more and more with already developed properties. The challenge is to continue to make these important sources of income and livelihood durable while being careful to align them with the other purposes of the Island Plan.
· Strategy L3-1: Create a world-class “heritage” tourism program. The Vineyard shares a broad range of interests in nature and culture with visitors year round. We should encourage a well-marketed program of educational, ecological, recreational, spiritual, physical, historical, social, and psychological activities that could run off-season (mid-October through April), to attract participants mainly from off-Island, but open to all. It could be a partnership between the Island’s hospitality industry and the Island’s vital environmental and cultural not-for-profit sector. The goals would be to deepen and lengthen the visitor’s experience; to provide more interesting and higher-paid work experiences; to capture more of the “life learning” market for older visitors; to utilize the wealth of knowledge and experience embodied in our retirees; to expand the activities and financial base of community organizations; and to increase off-season visitation and local spending by residents, tourists and seasonal visitors. Efforts must be carefully planned to avoid damaging significant resources or disrupting the community.
No comments:
Post a Comment