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The Tri-Valley Preserving Prosperity Project: Capitalizing on New Economic Opportunities in the Tri-Valley Region October 2004 Background The last comprehensive analysis of the Tri-Vallcy economy, including its leading industry clusters, was completed in 1998. That report helped mobilize thc business community, as well as thc government and other leaders to work together to promote the economic vitality and quality of life of the region. For the first time, a regional vision was created and teams were formed to take action on agricultural and open space preservation, housing, transportation, economic vitality, education, and other issues. Periodic updates of regional indicators have helped chart progress towards this 2010 vision. However, in recent years, much has changed in thc Tri-Valley, as well as in regions to the west and cast. It is important for thc region to understand how its industry clusters have evolved, what new economic opportunities are emerging, how the role of the Tri-Valley is changing in relation to its neighbors to the west and east, and how to respond to these changes in ways that preserve region's prosperity. In fact, corporate, government, and other community leaders need to act as "regional stewards" of Tri-Valley's economic prosperity--to take the collaborative actions necessary to address challenges and capitalize on opportunities created by Tri-Valley's changing economy. Collaborative Economics will conduct the Preserving Prosperity Project to assess the changing Tri-Valley economy and mobilize "regional stewards" around new opportunities for sustaining prosperity in the region. The Project will have two phases: Phase I: A Profile of the Region's Changing Economy and Implications for Action (November 2004-February 2005) Collaborative Economics will describe and analyze the following aspects of Tri-Valley's changing economy: Overall economic trends in terms of employment and income/wages. · The evolving industry clusters driving the region's economy in terms of employment trends, and occupational patterns, and examples of new and changing firms in the region. This will include a review of the potential for the biomedical industry in the Tri-Valley, focusing on possible opportunities from the bioscience and biodefense projects at Lawrence Livermore and Sandia National Laboratories. · The dynamism of the region's economy, including patterns in the start-up, termination, relocation, merger/acquisition of the Tri-Valley's businesses (see Figure below).