Creating a Thriving Economy Requires Collaboration
ur economy is a complex web of activity at every level. Whether we are looking at the global market, a specific region, or even the activity on a single street, any shift can cause a chain reaction. This is true when an innovative, large-scale tech company comes to a city, and/or more frequently on the micro-level, such as when a restaurant opens up within walking distance of your neighborhood.
Whenever a new business arrives on the scene, people are sure to take notice. We are curious by nature, and the arrival of any new business can help drive the economy on a local and regional level. Of course, not every company is positioned for success. In order for these ventures to thrive, collaboration is key.
Who Really Grows with Economic Development?
Partnership is at the heart of economic development. If we only focus on one part of the network, then no one will benefit. The site selection process is so critical because it must literally and figuratively find the common ground for everyone involved.
Paying close attention to the wants and needs of each party will help ensure a prosperous future for the entire economic system. The interests of the company, the municipality, the region, the state, and the citizens all need to be factored into the final site selection decision. The best long-term results happen when we can analyze each partner individually, and then as part of the wider network:
Any organization that has a need for growth can be a wonderful catalyst for economic development. However, the company has to find its best fit to continue to evolve and expand. Partnering with an appropriate community will help ensure that their needs for talent, quality of place and infrastructure resources are met. At the same time, the municipality should also be poised for continued advancement. The company’s job creation and capital investment are likely to bring big and exciting changes.
The municipality that can support a growing company should be able to envision and enjoy their own set of benefits. The added tax revenue streams—from the company’s site, new workforce spending and vendors supporting the company—can be used to support the community’s school systems, and other infrastructure, such as the fire and police departments, roads, and community events.
As the local economy grows, the region and state as a whole will be impacted. The added tax revenue streams can also be sourced for state-level funding initiatives. This is why states will often propose certain economic development incentives in order to attract a company’s site selection project. Welcoming the right organization to the right municipality can help citizens all throughout the state.
Company projects can also bring unique community enhancements to the surrounding population, and even those living in nearby counties. These quality of place benefits might include additional investments into the local schools or improved outdoor space, which could then help to attract new citizens to move and invest in the area. For some, new career opportunities will arise. As a result, others may see their own small business thriving. Better wages and market competition help the community and region.
Collaborating with a Site Selector
Of course, in order to create this kind of a synergy, a great deal of planning and research is required. This is essentially the role of a site selector. By weaving together all of these interests and goals, a site selector helps identify locations for companies that can be mutually beneficial for everyone.
Site selectors are tasked with making sure company decisions yield positive partnerships for all of the involved parties. There are many considerations. What may seem like an ideal location at first glance could actually be counterproductive to realizing a company’s end goals. While another area’s demographics, for example, may reflect the talent an organization actually needs to grow. It’s just a matter of taking the time and analyzing the details to find the right fit.
This is why our expertise at Ginovus is designed to combine the best interests of everyone. Our site selectors are uniquely skilled in helping companies coordinate their next big move. We assess the data and what the local labor market can accommodate. Then our clients are better able to make the decisions that are right for them—and the community partnerships they are hoping to build.