Midwest prospects and the new economy

6. Growth in venture capital, 1997-99

Pacific
Southwest
Mid Atlantic
Southeast
Mountain

Midwest

New England
Plains
South Atlantic

Source: PriceWaterhouseCoopers.

Conclusion

Technological change continues to
have startling implications for the na-
tional economy, as well as for states
and regions. Currently, the IT boom,

and related productiv-
ity revival, have refo-
cused regional policy
leaders to thinking
about how to position
their regions to thrive
in the new economy.
As past experience
and technology rank-
ings suggest, there are
no easy answers as to
which regions will
succeed or how they
should focus their

policies and resources.
Looking at how tech-
nology is changing the
global marketplace,
regional policymakers
may do well to consider
what role technology
and entrepreneurial
climate play in their
home economies. How
can a region’s human
and physical assets, in-
dustrial concentrations,
and business environ-
ment be parlayed into
a successful economy
going forward? We be-
lieve that because of the inherent ad-
vantages of proximity for some IT/
HT activities, not all regions can be-
come the hotbeds of rapid new econ-
omy growth that they hope to be.

However, the new economy has many
dimensions, offering alternative ave-
nues for regional growth and devel-
opment. In setting a course for
successful adaptation to a changing
economic landscape, each region
may benefit from identifying, and
then further developing, its own par-
ticular assets and opportunities.

—Richard Kaglic
Economist

—William Testa
Vice president and director
of regional programs

¹The regions discussed in this article are de-
fined as follows: Midwest—IL, IN, MI, OH,
and WI; New England—CT, MA, ME, NH, RI,
and VT; Mid Atlantic—NJ, NY, and PA; South
Atlantic—DC, DE, FL, GA, MD, NC, SC, VA,
and WV; Southeast—AL, KY, MS, and TN;
Southwest—AR, LA, OK, and TX; Plains—
IA, KS, MO, MN, ND, NE, and SD; Mountain—
AZ, CO, ID, MT, NM, NV, UT, and WY; and
Pacific—AK, CA, HI, OR, and WA.

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