AZ Big Media Investing in a city’s growth takes strategy, planning, and thought
Economic development is the engine of any city or town. With careful planning and an eye to the future, economic developers and city planners establish a strategy for sustained growth. This is true whether it is discussing exciting, new and innovative projects that are being considered for the first time or reinvesting in the community with improved infrastructure and rezoning projects, each of which energizes our economy. local.
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And of utmost importance is the analysis of the resources needed to develop any project. There is indeed a balance between the preservation of precious resources and the ability of a city to invest in its future. A balance between meeting the demands of a community’s public service needs, while creating a quality of life that includes, among other things, excellent educational opportunities and the creation of well-paying jobs.
Economic development agencies are responsible for supporting existing businesses, encouraging entrepreneurship, recruiting new businesses, and coordinating the economic development activities of their local governments.
According to McKinsey & Company, a global management consulting firm, rural communities in particular need three interconnected elements to thrive: sectors, labor and community, and connectivity. Rural economic development initiatives are generally linked to one or more of these key elements.
• Sectors. Sectors refer to stable or growing industries that bring wealth to communities, create employment opportunities and have strong multiplier effects that support the overall economy. Prosperous rural communities leverage their strengths in categories such as agriculture, manufacturing, energy, tourism and post-secondary education, for example.
• Workforce. A healthy, skilled and educated workforce is the single most important factor in attracting and retaining employers. Additionally, workers spread wealth and create additional jobs by purchasing goods and services within their communities.
• Community and connectivity. Community and connectivity includes services and amenities essential to quality of life, such as transportation infrastructure and broadband access, health care, childcare, arts and culture. Because these assets support the workforce, they are essential to the development of successful sectors.
A well-established public-private partnership is an effective means of attracting business. Public-private partnerships are sought-after collaborations, whereby a government agency and a private sector company or organization work together to attract, finance, build and eventually operate large-scale projects. These partnerships work well when private sector technology and innovation combine with public sector incentives to get the job done on time and on budget.
A distinct advantage of these partnerships is that the management skills and financial acumen of private companies often create better value for taxpayers’ money by increasing the quality and efficiency of public services.
Every market or land within a city, county or state has a long list of challenges to overcome. Long before development can ever be considered, and how a developer or company perceives a given market, a project must fit into its “proprietary formula for success” which is specific to its industry, market conditions , economic and consumer trends, political certainty. , financial opportunity, availability of capital, etc.
Many commercial enterprises view these public-private partnerships favorably and often look for opportunities to consider locations with these established collaborations already in place.
Site challenges change with infrastructure improvements and other growth-related issues. People and homes are very important to these people. And the perception of what other businesses have been doing recently or the growth or successes of other businesses in the area can all come into play when decisions are made.
Projects don’t happen overnight. A lot of thought, analysis and difficult conversations take place before a contract is signed and a shovel goes into the ground. When a company establishes itself in a new region and succeeds, this creates a dynamic of development. These successes are creating a ripple effect that the development community is taking note of. These further stimulate interest in a city.
And the strategy, planning and thinking start all over again.
Author: Christian Price, AZED Pro, is CEO of Maricopa Economic Development Alliance (MEDA). Established in 2009, MEDA is the City of Maricopa’s public-private partnership for economic development. For more information: https://maricopaeda.com/.