Securing Regional Prosperity Through Local Spending

- Pamela Wheelock, Vice President, University Services University of MinnesotaAs Minnesota’s land grant university, the University of Minnesota seeks to be preeminent in solving the grand challenges of our diverse and changing world.  To be clear, taking on grand challenges is complex, hard work.  So it is with our procurement process – we must address many legal requirements and we strive to be great stewards of the University’s resources.  We also recognize that the power of the University’s spending can enhance equal employment and business opportunities for minorities, women, and disabled persons.  Consistent with the University’s outreach and public service mission, it is appropriate that the University takes advantage of opportunities presented in the procurement process to foster economic growth in the urban communities of which it is a part. 

The Central Corridor Anchor Partnership has set a goal to increase our collective spending on local businesses by 5% over five years.  This Anchor Update highlights a helpful analysis provided to the Partnership by the Initiative for a Competitive Inner City that confirms that our goal is achievable.  Like all grand challenges, though, it will take thoughtful planning and serious effort, yet the payoff is worthwhile – economic growth in Central Corridor neighborhoods, and a stronger Twin Cities region.