Rebuilding After Natural Disaster: A Targeted Economic Development Approach

Abstract

Many rural communities, such as Stroud, Oklahoma, in Lincoln County, are struggling for survival. Leaders in Lincoln County asked economists at the Oklahoma Cooperative Extension Service at Oklahoma State University to assist them with a targeted economic development strategy. One part of that process was a target industry analysis during which a list of key industries was created using the regional input-output modeling software IMPLAN. On the list were industries with a moderate-to-strong likelihood of containing companies that might be interested in locating or expanding in Lincoln County. When community leaders work with volunteer economic development groups, one common challenge they face is the perception that "the list" is the final product. However, to obtain the maximum community benefit from the list of target industries, leaders in Lincoln County should use the list to develop focused recruitment strategies and retention/expansion programs. This article documents the efforts of the Lincoln County Industrial Development Authority to undertake targeted economic development through the use of target industry analysis. Both successes and challenges are presented.