Econ Dev Show Podcast - Economic Development 175: Transforming Second-Tier Markets into Economic Powerhouses with Barry Broome
In this episode of the Econ Dev Show, Dane Carlson sits down with Barry Broome, President and CEO of the Greater Sacramento Economic Council.
Dane and Barry explore Sacramento's remarkable economic transformation. Barry highlights how Sacramento has leveraged its strategic location 72 miles east of San Francisco to become one of America's premier second-tier markets, emerging as a semiconductor hub while diversifying into clean tech and agricultural research sectors.
Throughout the conversation, Barry shares his data-driven approach to economic development, his passion for working with underdog cities, and the challenges he overcame to build community trust and create a thriving economic ecosystem in California's capital region.
Barry shares insights on economic development, leadership, and the importance of data-driven decisions in driving regional growth.
The episode also covers his personal background, emphasizing Barry's passion for economic development in underdog cities and his experiences in navigating and overcoming initial challenges to build a thriving community.
Timestamps
- 00:00 Introduction and Welcome
- 01:20 Discovering Sacramento
- 02:40 Sacramento's Economic Growth
- 04:40 Semiconductor Hub Vision
- 09:44 Infrastructure and Utilities
- 11:41 Target Sectors Beyond Semiconductors
- 14:08 Barry Broome's Journey
- 21:16 Challenges and Achievements
- 25:20 Building a Strong Board
- 29:05 Barry's Background and Philosophy
- 34:55 Conclusion and Contact Information
Ten Actionable Takeaways for Economic Developers
- Leverage your geographic proximity to major economic centers; Sacramento's 72-mile distance from San Francisco became a strategic advantage rather than a limitation.
- Diversify your economic base beyond traditional anchors; Sacramento moved beyond government dependence to semiconductors, clean tech, and agricultural research.
- Position your community as a second-tier market alternative to expensive primary markets, offering similar talent and infrastructure at better cost basis.
- Use data-driven decision making to guide your economic development strategy and demonstrate measurable results to stakeholders.
- Build strong board governance early; invest time in assembling committed leaders who can provide stability and strategic direction.
- Target emerging sectors where your region has natural advantages; Sacramento capitalized on its research universities and proximity to Silicon Valley for semiconductor development.
- Develop compelling narratives around your community's diversity and quality of life as competitive advantages for business attraction.
- Address infrastructure and utilities proactively as foundational elements for sector-specific development strategies.
- Embrace your role as an "underdog city champion"; sometimes the most rewarding opportunities are in communities others overlook.
- Focus on long-term relationship building and community trust, understanding that transformational economic development takes years to achieve and sustain.
Special Guest: Barry Broome.
Sponsored By:
- Sitehunt: Sitehunt is an AI-enhanced platform that helps economic developers build a comprehensive property database, enabling informed decisions and efficient RFI responses to accelerate site selection and project success.
Links:
- Barry Broome | LinkedIn
- Home - Greater Sac Economic Council
- The Way We Work: Barry Broome | Comstock's magazine
- California 2030: Greater Sacramento Economic Council President Barry Broome - YouTube
- Team - Greater Sac Economic Council
- The Semiconductor Industry's Dynamic Nature and Continuous Evolution | Nasdaq
- News & events - Greater Sac Economic Council