[share]For the past 27 years, a leading site and facility planning publication, Area Development, has surveyed corporate decision makers regarding their location and expansion plans. Although not the final word in new facility development, the survey results provide excellent insights into key factors that influence site selection decisions.

Let’s take a look at the Top 26 Site Selection Factors Rankings of 2012:

1. Labor costs
2. Highway accessibility
3. Availability of skilled labor
4. Availability of advanced ICT (Information and Communication Technology) services
5. Occupancy or construction costs

   

6. Energy availability and costs
7. Corporate tax rate
8. Available buildings
9. Tax exemptions
10. Low union profile
11. Right-to-work state
12. Proximity to major markets
13. State and local incentives
14. Environmental regulations
15. Expedited or “fast-track” permitting
16. Inbound/outbound shipping costs
17. Availability of long-term financing
18. Available land
19. Proximity to suppliers
20. Training programs
21. Accessibility to major airport
22. Proximity to technical college/training
23. Raw materials availability
24. Railroad services
25. Availability of unskilled labor
26. Waterway or ocean port accessibility

So what do these rankings mean for our region?

These factors are important in developing the message that GREDF will use to aggressively market the Quincy and Adams County region for new investment. We must capitalize on and communicate our strengths including highway accessibility, available land, proximity to technical college/training and waterway accessibility, among others. According to the survey results, most companies are not planning significant movement to new plant and other facility locations until the later part of 2014/early 2015. This gives GREDF and our region time to research, craft and broadcast our message.

What about our existing businesses?

It is important to recognize that these site selection factors are also key as we continue to grow our business retention and expansion program. Most new investment will come in the form of growth by existing businesses. The companies in Quincy and Adams County are likely facing the same challenges as those corporations surveyed – including uneven growth and a lackluster national economic recovery. GREDF staff needs to be able to provide the support, linkages and potential resources to our existing companies so when they are ready to grow, they decide to stay in our community.

Keys to Economic Success – Growing Entrepreneurial Communities

Key 1 – Local Responsibility: Economic development does not just happen. There is no invisible force that creates jobs, provides new investment or expands the tax base authority of local governments. People and organizations make economic development happen either through private or collective decisions. Pro-active communities and regions can and do change their prosperity through smart, well-worked and sustained economic development.

Key 2 – Smart Game Plan: We can no longer ride on past advantages. Today’s highly competitive global economy and society demands that American communities invest in developing smart game plans rooted in genuine development opportunities. What has worked in the past may no longer make sense.

Key 3 – Robust Investment: We all know that businesses that do not reinvest in themselves are likely to erode their competitive advantage, lose market share and eventually fail. Well, the same is true for communities. As every farmer knows, you cannot reap what you do not plant. The same is true with economic development; there must be robust investment in a smart development game plan sustained annually over time.

Key 4 – Entrepreneurial Development Systems: We have studied economic development across North America. One lesson we have learned is that systems generate greater outcomes when compared to unarticulated programmatic efforts. In economic development with the shift in focus back to local entrepreneurs, the prime opportunity for development is through entrepreneurial development systems. Building entrepreneurial development systems is hard, but the potential dividends are huge.

Key 5 – Sustained Effort: Economic development never ends. There are no holidays, vacation or retirement. Communities that succeed sustain their efforts at a robust level year in and year out over decades. The key to sustained effort is renewal of community leadership. Building a game plan that invests in economic development leadership and ensures continued transition is the foundation for sustained effort.

Key 6 – Growth Entrepreneurs: Each community must find its own solution set. Every community is different and has unique opportunities for development. We believe that communities that succeed in the 21st Century focus on helping to grow more growth entrepreneurs.

Key 7 – Attributes of an Entrepreneurial Community: The State of Georgia has done a remarkable job with its Georgia Entrepreneurial Communities Initiative. This program has helped communities, large and small, across Georgia explore and build programs that foster an entrepreneurial climate or environment.

Key 8 – Immigrants & New Residents: Immigrants and new residents have been a renewing force in American communities forever. Communities that welcome, embrace and support immigrants and new communities do better economically and socially over time.

Key 9 – Real Regional Collaboration: One of America’s greatest economic development challenges is the lack of workable and meaningful vehicles for regional collaboration. Successful communities will likely foster regional development collaborations through locally supported regional development organizations.

Key 10 – Civic & Social Entrepreneurs: It is important to recognize that there are three kinds of entrepreneurs that will enable development success and sustained prosperity – business, civic and social entrepreneurs. Civic (government) and social (nonprofits) will lead in creating the strategies, quality of life amenities and business climates necessary for business entrepreneurs to succeed. Conversely, business entrepreneurs drive economic development creating new private investment, jobs and careers and local tax bases.