October 5, 2018 — From the earliest days of the whaling industry, the ocean has run through the veins of the South Coast economy. Before anybody knew the term, the “blue economy” sustained families and communities along the I-195 corridor.
According to the World Bank, the blue economy is “sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.”
Today, the challenge for business, government, and academic leaders is to create a new blue economy ecosystem along the South Coast, one that sheds the natural tendency toward parochialism, and is driven by collaboration and innovation.
With its location and resources, the South Coast is uniquely positioned to drive this process. The stakes are high: the average median family income in New Bedford and Fall River (where most SouthCoast citizens live) is about half the state average of $70,000. The unemployment rate is chronically higher than the state average and the educational attainment level is lower. We have a moral obligation to confront that economic reality.
Last April, UMass Dartmouth and the National Council on Competitiveness brought 100 leaders together to discuss the possibilities. From Lieutenant Governor Karyn Polito to Congressmen Bill Keating and Joe Kennedy, from General Dynamics to the MF Foley Fish Company, and from the New England Council to the Mass. Business Roundtable, there was a consensus that the SouthCoast has the DNA to build a job-creating, income-increasing “Blue Economy Corridor” from Rhode Island to the Cape Cod Canal.