3(b) Housing and Economic Development Sections

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CURRENT TRENDS As a neighborhood center,the Pequot Lakes economy is impacted by a number of factors beyond its ability to control or even influence.The most pressing factors, �•^^«^�' ".,*"^ ^^*'^^�' �^�^«�^^, have changed dramatically in just the last�+nfe-yea+�3 decade. It now appears that, for Pequot Lakes as well as other similar communities across the country, the recent period of rapid growth has come to an end. Although it is not clear what will follow, there are some realities that are starting to emerge as critical to the City's future economic development potential. , • , • , • Aging infrastructure. A tremendous amount of infrastructure has been put into the ground to accommodate and, to some extent, induce growth. Whether or not the resulting tax base justifies the investment,the infrastructure deteriorates and will someday require substantial, expensive maintenance. In the current (and future) economy, it will be necessary to make the highest use of each infrastructure investment the city chooses to maintain. • Aging population. Elderly households typically have incomes that are more stable and fluctuate less with market conditions, good or bad. A Pequot Lakes population that is slightly older than the state average (which itself is considered disproportionately aging) indicates some built in resistance to policies that involve risk or the potential for tax rate fluctuations. i��h,= 1�iln ��n�� ci,3�� ,i��aoF�� 1� ��,� n! o�� F)�1{1 �lair"�,r, :�uP h� -�i.,.� C.�,if=� � '�-�r'STAI� • More connected world. From the Internet to cellular phones, our ability to communicate with each other has vastly expanded. Where Pequot Lakes was once remote and isolated, it now has excellent city-wide broadband service, (��cj��ot i�ke� i� n��+��:i� u��ved �� t��ciF-��r��=�;i I with competition that drives further innovation and service improvements.This presents a new opportunity that can be capitalized on. • Increased technology advancements. Along with improvements in communication, other technological advancements continue to benefit Pequot Lakes businesses. The ability to attract and retain an educated workforce, the ability to collaborate with partners across the globe and the options for researching new, innovative approaches are all enhanced by continued improvements in technology. It is clear that the next era,however it manifests itself,will be led by those able to best utilize new advancements in technology. It is likely that the future of Pequot Lakes will be oriented primarily toward businesses that sell goods and services to the local market and businesses that utilize technology to create and/or distribute goods and services beyond the area. To a lesser extent, tourism and tourism-support industries will continue to play a role. Notably absent from this list are the industries of growth (land development, real estate, title closing, surveying and engineering, etc..) which,while important to a functioning local economy,are unlikely in the future to be the dominant industries they were over the past two decades.