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23 2 014 R E P O R T T O T H E C O M M U N I T Y since the depths of the Great Recession, the diversity of product lines still plays an important role for Manitowoc Co., which in Q3 of 2014 again saw the food service line offset a slowdown in crane sales. DIVERSE INDUSTRIES DRIVE REGIONAL SUCCESS e diversity of products that has helped Manitowoc Co. illustrates a point economic development leaders have made for years, that economic diversity is critical for long-term economic vitality. Whether it's on a company level, such as Manitowoc Co., or on a region- wide, macro level, economic diversity will keep the economic engine running more smoothly. "We as a region weathered the last recession a lot better than many others because we have a wide economic base," says Jeff Sachse, an economist with the Wisconsin Department of Workforce Development. "A diverse economy also promotes more sustainable growth, as you tend to avoid the boom-or-bust cycle." Certainly, the New North region is known as an area that produces materials, machines, paper and pulp and a wide variety of food products. Within those broad sectors are clusters of companies and employees with skills and technologies that could be used to support and expand many other segments. Coupled with a growing entrepreneurial climate, the region has developed specializations that allow it to compete in a greater number of industry sectors, creating even more opportunities to expand the regional economy, Sachse says. At this year's New North Summit, the regional economic development organization will highlight economic diversity through the theme "Every Part Counts," which both celebrates that diversity while also stressing that more be done to encourage collaboration among companies in specific industry sectors. "Diversification has proven itself to be extremely helpful the way the New North economy made it through the recession," says Jerry Murphy, executive director of New North. "We have some real big buckets of manufacturing, and within those buckets, there is a big range of diversification." While manufacturing accounts for nearly 24 percent of employment in the New North region, it is spread across industries that include paper, marine, food, energy, forest products, tourism and many others. As wide as the range is, the region was reminded of the value of diversification when Oshkosh Defense completed several large "We as a region weathered the last recession a lot better than many others because we have a wide economic base. A diverse economy also promotes more sustainable growth, as you tend to avoid the boom-or-bust cycle." Jeff Sachse, economist with the Wisconsin Department of Workforce Development continued > I N S I G H T O N M A N U FA C T U R I N G F I L E P H O T O Plexus General Manager Scott Kettler, who also chairs the NEW Manufacturing Alliance, looks over the operations at the Neenah facility.