In formulating an regional economic development strategy for north central Florida, we felt it necessary to take into account a number of key trends which are operating in modern economies: increasing globalization and competition, technological change, the emergence of the 'knowledge driven' economy, the rise in services, changing work patterns and increasing awareness of environmental and quality of life issues.

Globalization is the increased integration of world product, capital and labor markets. It can be seen in the increasing separation of where goods and services are produced and where they are consumed.

Globalization is also evident in the increasing share of foreign goods in household consumption, in rising international investment flows, cross-border mergers, the emergence of global brands and the sub-contracting of production to other parts of the world.

For the consumer the growth of world trade is of benefit as it allows for wider choice and increased competition, causing prices to fall. However for producers the effects are ambiguous. Regions that are competitive and flexible will increase their employment opportunities and incomes by expanding their markets; those which are not will find the demand for their products being met from sources elsewhere and their incomes and opportunities

At the same time the competitive process is changing. There is an increasing need for firms to enter into collaborative relationships - such as networks or clusters -and meet the challenges of greater external competition through the pooling of resources and ideas. For a small but growing region like north central Florida this will involve not only collaboration with firms located here, but will also demand an outward looking approach which positively encourages collaboration with firms elsewhere.

The challenge and the opportunity for our region is to benchmark itself against successful regions elsewhere and draw on their experience to improve our economic institutions and performance.