You Should Know the Economic Impact

How often have you. . .

  • Heard a company press on a city or county to make a decision based on their economic impact locally, but without any data?
  • Considered incentives for an economic development deal without knowing more than the number of jobs and total investment as given by the company?
  • Lacked specific information on the projects your economic development group helped support?
  • Had a developer tout the economic benefits of their proposed speculative building, but not have data to back it up?

In every case, it is important to have this data:

  • To help prioritize how to invest your resources
  • To ensure incentives are based on a ROI to your community
  • To prove the effectiveness of your EDO

Our firm helps our clients (cities, EDOs, companies) with the analysis of the economic impact.  Relying on RIMS II multiplier data from the BEA, we can help you analyze and determine the direct, indirect and induced impacts of a project (or projects) on jobs, economic output and wages.

Contact us and let us help you determine the impacts of your next project.

 

If You Don’t Have a Certified Site, You Need This

Site certification has gained importance over the last several years as states, utilities and railroads create certification programs.

But what if you can’t afford to “certify” your site?

Simple, you can do your own due diligence as if you were the project.  Why?  Because site certification was really born out of economic developers not being prepared and knowing their available sites as integrally as they should.

Below is a simple template we use in the early stages of competing due diligence for our private sector clients.  And, if you have this information on hand, I’m confident that you’ll save yourself a lot of time the next time your asked to respond to a site selectors RFP.

Preliminary Industrial Site Assessment verson 1.3

Spencer Project Complete

On Monday (Jan 7, 2019) we presented the Spencer City Council (Spencer, Iowa) with a final draft of their Economic Development Strategic Work Plan.  The plan, developed in conjunction with the city’s Grow Spencer Commission, covers a range of economic development initiatives for the next five years.  Check out the plan.

In accepting the final plan, the Spencer City Council unanimously approved a resolution to implement the plan.

News Coverage:
Council Approves Grow Spencer ED Plan (KCID-FM)

The problem with being a “Great Place to Live, Work & Play”

Traveling around as much as I do, I hear it from Mayors, I see it in community vision and mission statements, and I read it in marketing brochures. . .

[insert city name here] – “A Great Place to Live, Work and Play/Shop/Stay”

It’s been the tagline, catch phrase, sound bite, etc. for years now.  And candidates for governor and congress use it in speeches (even last night), chambers use it, downtown groups use it, economic developers use it, etc.  And this is a big problem.  So, if you’re marketing yourself as a great place to live, work and play, your community has no chance to stand out.  NO CHANCE!

Here’s why:

  1. What does this statement really tell me about your community?  Nada.  It doesn’t tell me who you are, what you have, or what’s unique.  So looking at “Anywhere: An awesome place to live, work and play” and “Lake Town: Live a Lake Life” which one do you want to know more about?  You’re community needs to be united around an identify that is unique and authentic to you.
  2. At best you’re running with the pack when using this as the fulcrum of your marketing.  I can type “great place to live work and play” into Google and get 4.35 trillion hits.  Sort through the first few pages and you’ll see community after community saying the exact same thing, along with a couple articles like this and some articles about live, work play (LWP) mixed use type projects.
  3. And the pack you’re running in is big.  It’s the more than 35,000 places in the United States that have a permanent population and buildings (Source: USGS), especially the 19,500 cities, towns and incorporated places (statista.com).

So if you’re using (or thinking about using) “Great Place to Live, Work and Play” to describe your community, STOP!  Because even declining rural communities can stake the same claim, because their declining population is less about them and more on the fact that there are better places out there to live, work and play. . . ones that have a better marketing message or that are willing to invest in the amenities and infrastructure that proves it.

Still think it doesn’t apply to every community?  Then envision the supermarket.  You may not want to buy a can of sardines, but there are cans of it on the shelf because that is what some wants to buy them.

 

Toyer Strategic Leads Forum in Spencer, Iowa

Toyer Strategic Consultant was in Spencer, Iowa yesterday continuing our work with the Grow Spencer Commission to create Spencer’s new economic development strategic plan.  The day concluded with a community forum where David Toyer made a presentation on the economic development planning process, the core planning components within the strategy, some of the targeted industries and a review of the community’s goals.  There is more coverage of the forum at The Daily Reporter and KICD AM 1240.

“Spencer is one of the nation’s 550 micropolitan statistical areas,” said David Toyer.  “We’re excited to be working with them on a plan to maximize their growth potential.”

Learn more about Micropolitans.

Learn more about the Toyer Framework® and our Micgrowpolitan™ services.