By GoDanRiver Staff
Published: August 17, 2010
In these tough economic times, communities are more aggressive than ever in attracting job-creating companies.
The Great Recession also leveled the playing field. All communities have an “available work force” (unemployed), empty buildings and green field sites, said Crystal Morphis, managing partner of Sanford Holshouser.
“How can you pull Danville aside and make it stand out and make yourself unique?” Morphis asked attendees of the Danville Development Council meeting on Tuesday.
Local business leaders comprise the board of directors for the Danville Development Council, which promotes the economic health and development of the city.
Sanford Holshouser provides economic development planning and site location services. Morphis led the consulting team for the Triangle North technology park development north of the Research Triangle Park in North Carolina. She came to Danville to share her experience on trends in economic development.
The key is developing a strategic plan to make Danville stand out to specific companies, she said.
City Manager Joe King said Danville’s Office of Economic Development has a good handle on implementing ways to attract companies, but would like to see a written strategic plan, given all the changes economic developers are facing today.
“I do think we would benefit it we had more of a formal articulation of what our economic development strategy is,” King said.
He would like the plan to spell out roles local leaders in the community might have.
For instance, President Carlyle Ramsey of Danville Community College noted the difficulty in keeping up-to-date on skills training when the technology evolves so quickly. Morphis said colleges and technical institutes that maintain strong partnerships with local businesses would stay ahead of the game because business will lead the technology.
The down economy brought several changes that economic developers and business leaders should note.
One shift is local incentive policies are changing. More communities are placing the emphasis on job creation rather than tax revenue generation, Morphis said. Threshold requirements (a certain amount of investment) for incentives are dropping and time periods to meet qualifications are extending.
Morphis also sees new incentive policies for retail, commercial and small business rather than just the traditional incentives for manufacturing and distribution.
“Everybody’s focused on job creation,” she said.
To really stand out, Danville must tailor incentives to the companies the city is trying to recruit, Morphis said. Incentives must make sense for a company.
Additionally, because of the availability of buildings and spaces, companies are looking for something built to their needs. It takes years to develop these products, like a megapark, she added. Economic developers need to plan ahead make sure there’s enough inventory for growth for 10 years rather than waiting until available space fills up and starting again.
Morphis offers other tips to local business leaders:
Instead of just saying how large the available workforce is, quantify the skills of those looking for jobs. Show how many workers have specific certifications or show how many people have a work background that could easily transfer to serve the industry the city’s trying to attract.
Identify facilities that could be candidates for relocation and develop ways to keep them. Chances are, economic developers are talking to businesses in your community in hopes of luring them away.
Consolidations are still expected to continue. Visit headquarters of companies to make sure your community stays on the winning side.
In marketing, use social media to connect today with tomorrow’s decision-makers. Let the community know what you’re doing for economic development.
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