Infrastructure can be the catalyst for business hubs
Traditionally in Australia, Governments and the private sector have built infrastructure in relative isolation, when there are opportunities to in fact make these a centre focus for economic sustainability.
Interested to see what is happening on a world wide scale, PropertyESP undertook some desktop research and unearthed the case study of Charlottesville and the NASCAR motorsport complex.
Over the past 25 years, the state of North Carolina has built upon the motorsports track to create an agglomeration or economic cluster of more than 700 motorsports-related companies, creating a close network of race teams, suppliers, educational facilities, and research & development, all specifically focused on NASCAR racing.
As a result, motorsports is a $6 billion dollar industry in North Carolina and Charlotte USA is its heart.
A major manufacturing and distribution hub, the region dominates the industry, a position that was also firmly solidified when the NASCAR Hall of Fame opened in uptown Charlotte in 2010.
This is all championed by an overarching body called the Charlotte Regional Partnership, which also oversees similar economic clusters for bio-medical, defence, aerospace and energy.
While there is no doubt that this has taken 25 years to come to full fruition – the team at Charlotte Regional Partnership had to start somewhere.
As the WA mining downturn plays out, there is now a chance for the State Government to actually think strategically rather than employing short term programmes which ultimately only provide short term results.
The fact is, there are plenty of opportunities for WA to now build on the infrastructure that is being created - but someone needs to step up and start the discussion.
If you would like to be part of a think tank on this topic – register your interest at email@example.com and let’s get the ball rolling!