Covington has approved a new five-year strategic economic development plan, which outlines the overall goals for the city’s economic health through 2030.
“The strategy is meant to help guide decisions and set economic development priorities based on the realities of today’s market,” said Michelle Black, project manager with Camoin Associates, on Tuesday night before the Covington Board of Commissioners.
The city had contracted with Camoin for this new plan, as well as the city’s preceding economic development plan in 2019, just before the pandemic hit. Camoin specializes in economic development strategy through the use of data analysis and research on market conditions.
“Really what this is, is market intelligence for the city to bring forward for the next five years,” said Camoin Director of Industry and Workforce Alex Tranmer.
Camoin’s presentation drew a small crowd of regional business leaders and officials who had either participated in Camoin’s research or were interested in hearing what their analysis might portend for the city’s future.
Camoin had analyzed publicly available data about Covington and consulted with a steering committee comprised of representatives from different sectors (including the mayor) to paint a picture for the attendees, both of current market conditions and predictions for the future. Camoin also held focus groups with residents.
“A lot has changed in five years,” Tranmer said, before going into the analysis.
Camoin had identified several key sectors and strategies for building up Covington’s economic base while also maintaining its character. In truth, many of the sectors had already been identified in the previous plan, but Camoin had since refined its analysis.
The key sectors they identified were white collar professionals (lawyers, architects, insurance firms and the like); manufacturing (dubbed “made in the COV”); life science and tech; retail, hospitality and tourism and finally, the creative and digital sector.
To that end, Camoin laid out general goals for the city to pursue – most of which boiled down to making the city attractive to businesses and marketing Covington as a regional business hub, as well as several areas they believed held the most potential for economic activity, listed below.
Camoin also suggested the city bring on a new staff position specifically for managing the development of the Central Riverfront Development, located on the site of the old IRS building.
“We do highlight a development manager for CCR in terms of being able to make sure there’s compliance around the [tax increment financing] and sort of the financing portion of carrying CCR into the next stages,” Tranmer said.
Covington’s Economic Development Director Tom West had pitched a similar idea during budget talks in May.
She added that long-term, the city ought to consider adding additional positions, such as a commercial district manager, a grants manager, a marketing and communication manager and interns for the economic development department.
Mayor Ron Washington had one question after Tranmer and Black finished speaking: “How does housing fit into this?”
“Housing is an integral part of economic development; the two can really not be separated…,” Tranmer said. “The cities that invest in housing are going to be the ones that stand out in the next five to 10 years because that investment is going to go a long way in terms of economic development.”
The Board of Commissioners unanimously voted to approve the plan.
You can view Camoin Associates’ full presentation below.