1 Introduction

One current goal in the West Central region of Minnesota is economic development, defined by economists as the general sustainable enhancement of the well-being of a region. In order to pursue this goal of economic development, surveys were conducted to better understand the importance of existing assets, lacking assets, and needed assets in the West Central region. The goal of this report is to examine which needed assets those surveyed felt were most important. These assets were divided into six different categories—physical, demographic, institutional, economic, social, and cultural. In the surveys, participants were able to rank the importance of certain lacking assets, add comments regarding those assets, and had the option to add additional assets along with comments of those assets.

2 Physical Assets

The first group of assets that will be considered is physical assets. Assts in this group tend to be those that relate to the outdoors, nature and physical structures such as housing.

The assets that were in this group were ranked by using the mean response (calculated by adding up all the responses and dividing by the total number of responses). If there are two or more assets with the same mean response, the asset with the lower standard deviation (sd) is listed first. The ranking for physical assets can be found below in Table 1.

Table 1

Ranking of Physical Assets in the West Central Region

	Asset	Mean
1	Water Quality	4.200 (sd = 1.32)
2	Modest Housing	3.556 (sd = 1.51)
3	The Ultimate Rural Home	2.500 (sd = 1.22)

Table 1 shows that there are large differences in the perceived importance of these assets. The most important physical asset is water quality with a mean response of 4.200 while the least important physical asset is the ultimate rural home with a mean response of 2.500. It is important to note the large differences between the mean responses for each of the different assets.

In this section, as with all others, those surveyed had the opportunity to list additional assets that they felt were important as well as any additional comments. These additional assets can be found below in Table 2.

Table 2

Other Listed Needed Physical Assets

Asset	Comments
Alternative to Conventional Agriculture
Alternative Sewage Treatment Systems	Need to be affordable

Table 2 shows that the other listed physical assets regard both agricultural practices and physical structures in the region. Other physical assets that those surveyed felt were important were alternatives to conventional agriculture and alternative sewage treatment systems.

3 Demographic Assets

The next group of assets to consider would be demographic assets which encompass assets that are characteristics of the people in the region. These characteristics could include age, gender, race/ethnicity or other personal characteristics.

In this section, there were not any listed assets; subsequently it is not possible to rank the assets. However, those surveyed had the opportunity to write in additional assets and any comments related to them. These additional assets can be found in Table 3.

Table 3

Other Listed Needed Demographic Assets

Asset	Comments
Youth/Young People	Listed by three participants
Families

Table 3 shows that several of the participants felt that youth and young people are an important asset that is needed within the region. This reaffirms the belief that young people and youth are a lacking asset. One participant also noted that families are needed, but did not give any comments as to how they are needed.

4 Institutional Assets

The next group of assets to be considered will be institutional assets, which encompass social, civic, educational and other institutions in the region. These may be tangible assets such as health care infrastructure or intangible ones such as improved communications. Many of the assets that are in this group tend to be intangible and relate to services that need to be provided.

The ranking of these assets can be found below in Table 4, where the assets were also ranked using the mean response.

Table 4

Ranking of Needed Institutional Assets in the West Central Region

	Asset	Mean
1	Improved Telecommunications	4.700 (sd = 0.48)
2	Education Quality	4.375 (sd = 0.74)
3	Partnership or Shared Roles	4.333 (sd = 0.71)
	Health Care Infrastructure	4.333 (sd = 1.41)
5	Cross County-Line Commissioner	3.875 (sd = 1.36)
	Local Foods Network	3.875 (sd = 1.36)
7	Better Government Representation	3.667 (sd = 1.37)
8	Regional Broadcast Media	3.500 (sd = 1.27)
9	Tourism Body	2.778 (sd = 1.30)

The most important asset in this group was improved telecommunications with a mean response of 4.700 while the least important asset in this group was a tourism body with a mean response of 2.778. These results are not especially surprising since assets relating to improved telecommunications were cited as most lacking in the lacking assets (such as internet access) and tourism received a low mean score in the lacking assets.

Similar to the other asset groups, participants had the option of adding other assets that they felt were important and any comments relating to those assets. However, none of the participants chose to do so.

5 Economic Assets

The next group of assets that will be considered is economic assets. These are assets that relate directly to the economy and economic well-being of the region such as local investment or capita, or those that indirectly improve the economy of the region such as affordable health care as these assets make the region more attractive to others and those in the region.

As with all other asset groups, assets in this region were ranked by using the mean response. This ranking can be found in Table 5.

Table 5

Ranking of Needed Economic Assets in the West Central Region

	Asset	Mean
1	Expansion of Markets for Crops that Diversify the Landscape	5.000 (sd = 0.00)
2	Affordable Health Care	4.900 (sd = 0.32)
3	Agricultural Diversification	4.889 (sd = 0.33)
	Local Investment	4.889 (sd = 0.33)
5	Collaborations	4.600 (sd = 0.70)
6	Hitech Infrastructure	4.500 (sd = 0.71)
7	Businesses Using Technology	4.400 (sd = 0.52)
8	Capital	4.300 (sd = 0.67)
9	Energy	4.200 (sd = 1.23)
10	Economic Development	4.100 (sd = 0.99)
11	Wealth	3.889 (sd = 1.36)
12	Opportunities	3.875 (sd = 1.36)
13	Industry	3.700 (sd = 0.95)
14	Community Foundation	3.444 (sd = 1.13)

The most important asset in this group is the expansion of markets for crops that diversify the landscape with a mean response of 5.000. The least important asset in this group is community foundation with a mean response of 3.444. What is surprising about this ranking is that economic development only ranks 10^th, despite the fact that it is a results of realizing the other assets in this and other asset groups. It is important to note that many assets had a fairly high mean response (most assets in the group received a mean response greater than 4.000).

Participants also had the option of adding other assets that they felt were important and any comments regarding those assets. None of the participants chose to do so.

6 Social Assets

The next group that will be considered is social assets. These assets are those that relate to social aspects of the region such as utilizing the expertise of certain groups (such as the elderly) or those that relate to how the region interacts (such as partnership and communication).

These assets were also ranked using the mean response of each asset. The ranking for social assets can be found in Table 6.

Table 6

Ranking of Needed Social Assets in the West Central Region

	Asset	Mean
1	Harness the Expertise of Mature/Retired Adults	4.400 (sd = 0.84)
2	Self Promotion	3.875 (sd = 0.84)
	Partnership and Communication	3.875 (sd = 1.25)
4	Welcome Opportunity	3.778 (sd = 1.20)
5	Community Foundation	3.571 (sd = 0.79)

Table 6 shows that the most important asset in this group is harnessing the expertise of mature/retired adults with a mean score of 4.400. The least important asset in this group is community foundation with a mean response of 3.571. What is interesting in this group is that only one of the assets had a mean response that was greater than 4.000.

As with all other asset groups participants had the option of adding other assets that they felt were important and any comments relating to those assets. However, none of the participants chose to do so.

7 Cultural Assets

The last group of assets that will be considered is cultural assets. These are assets that relate to the culture in the region, such as the mindset of the region or the ability to identify and accommodate the needs of the diverse population.

These assets were also ranked using the mean response. The ranking for needed social assets can be found in Table 7.

Table 7

Ranking of Needed Cultural Assets in the West Central Region

	Asset	Mean
1	Need to Stop Thinking the Way Things Have Always Been Done	4.700 (sd = 0.48)
2	Identify Diverse Population Needs	4.600 (sd = 0.69)
3	Cultural and Restaurant Opportunities	3.500 (sd = 1.27)

Table 7 shows that the need to stop thinking the way things have always been done is the most important asset in this group with a mean response of 4.700 while cultural and restaurant opportunities is least important with a mean response of 3.500. It is important to note that cultural and restaurant opportunities was ranked considerably lower than the other two assets in the group and was the only asset that had a mean response that was less than 4.000.

8 All Assets

To understand how the assets relate to each other regardless of asset group, it is helpful to rank all assets. To do so, assets were ranked using the mean response. The asset ranking can be found in Table 8. In this table, assets that are green are physical assets, blue assets are institutional assets, assets in brown are economic assets, assets in purple are social assets, and assets in orange are cultural assets.

Table 8

Ranking of Needed Assets in the West Central Region

	Asset	Mean
1	Expansion of Markets for Crops that Diversify the Landscape	5.000 (sd = 0.00)
2	Affordable Health Care	4.900 (sd = 0.52)
3	Agricultural Diversification	4.889 (sd = 0.33)
	Local Investment	4.889 (sd = 0.33)
5	Improved Telecommunications	4.700 (sd = 0.48)
	Need to Stop Thinking the Way Things Have Always Been Done	4.700 (sd = 0.48)
7	Identify Diverse Population Needs	4.600 (sd = 0.69)
	Collaborations	4.600 (sd = 0.70)
9	Hitech Infrastructure	4.500 (sd = 0.71)
10	Business Using Technology	4.400 (sd = 0.52)
	Harness the Expertise of Mature/Retired Adults	4.400 (sd = 0.84)
12	Education Quality	4.375 (sd = 0.74)
13	Partnership of Shared Roles	4.333 (sd = 0.71)
	Health Care Infrastructure	4.333 (sd = 1.14)
15	Capital	4.300 (sd = 0.67)
16	Energy	4.200 (sd = 1.23)
	Water Quality	4.200 (sd = 1.32)
18	Economic Development	4.100 (sd = 0.99)
19	Wealth	3.889 (sd = 1.36)
20	Self Promotion	3.875 (sd = 0.84)
	Partnership and Communication	3.875 (sd = 1.25)
	Cross County Line Commissioner	3.875 (sd = 1.36)
	Local Foods Network	3.875 (sd = 1.36)
	Opportunities	3.875 (sd = 1.36)
25	Welcome Opportunity	3.778 (sd = 1.23)
26	Industry	3.700 (sd = 0.95)
27	Better Government Representation	3.667 (sd = 1.37)
28	Community Foundation	3.571 (sd = 0.79)
29	Modest Housing	3.556 (sd = 1.51)
30	Cultural and Restaurant Opportunities	3.500 (sd = 1.27)
	Regional Broadcast Media	3.500 (sd = 1.27)
32	Community Foundation	3.444 (sd = 1.13)
33	Tourism Body	2.778 (sd = 1.30)
34	Ultimate Rural Home	2.500 (sd = 1.22)

There are several interesting features found in Table 8. The most important asset is the expansion of markets for crops that diversify the landscape with a mean response of 5.000 while the ultimate rural home is the least important asset with a mean response of 2.500. Most assets had a mean response that was greater than 4.000 while two assets had a mean response that was less than 3.000.

It is also helpful to look at how each asset group ranks overall. By looking at the table, it is easy to see that economic assets were generally ranked highly while physical assets were generally ranked lowly. With the exception of cultural and restaurant opportunities, cultural assets were ranked in the top fourth of all assets overall. Institutional assets tended to receive low, medium and high rankings though many of the assets in this group were ranked in the middle. Social assets tended to receive mainly low and medium (with the exception of harnessing the expertise of mature/retired adults).

9 Conclusion

Through the use of surveys it has been possible to gain a better understanding of the needed assets in the West Central region. By ranking the assets by using the mean score, which assets and asset groups are perceived to be most important can be learned. This survey has shown that economic assets tend to be viewed as most important and physical as least important (this is mostly likely due to the fact that physical assets were ranked highly in the existing assets while economic assets were ranked highly in the lacking assets).