Economic Development Strategies & Solutions
Areas of Expertise
Economic Development Strategies & Solutions is an economic development data and strategy consulting firm that helps private sector and government agencies achieve their economic development goals. Our expertise in assisting clients to accurately analyze and realize projects will help create wealth for communities and corporations alike. We strongly emphasize ethics and transparency where public funding and taxpayer resources are involved.
Fiscal impact analysis estimates the impact of a development project on the costs and revenues of governments serving the development. The analysis is based on specific fiscal characteristics of a community including revenues, expend-itures, tax structure, land values, etc... It is important to understand both the benefits and costs associated with new or expanding businesses in the community. This strategic information can help in the decision making process as well as in the negotiation of incentives for recruiting or retaining business.
We utilize LOCI, a nationally recognized web-based model, to evaluate the local fiscal impact of new development projects.
Incentive negotiations are important to any capital investment decision, whether related to a new location, expansion, or consolidation. Financial incentives are typically determined by the number of new jobs, average salaries, and capital investment. Since the economic health of an area depends on taxes, wages, and employment opportunities, it is natural for government agencies to offer programs that promote retention and recruitment. Some incentives and benefits are available by right and only require knowledge of their existence and an application. Others incentives are discretionary and must be negotiated in a manner that assures both sides win. We can help you navigate the wide variety of incentives available.
We offer economic development strategic planning through a process that includes educating stakeholders on current economic development theory and practice, input and consensus building, commercial and retail market analysis, economic and demographic analysis, cluster analysis, SWOT identification, and vision formulation based on feasible and realistic opportunities. This interaction leads to the development of specific goals and detailed action plans. The economic development strategies prepared typically build upon a comprehensive analysis of economic data, workforce knowledge, economic conditions, market opportunities and other economic characteristics that contribute to an area's competitive advantages.
Demographic changes, trends in the online retail industry, aging populations and many other factors have clearly illustrated that the future of a community's existing retail assets will no longer successfully function in today's economy. Many regional shopping malls, strip mall centers and sprawling highway corridors were built for the past-- not for future generations. How can a community undo an undesirable past and focus on its future? Encouraging "retail pruning," mixed-use developments, walkable town centers and affordable housing options for Millenials may be more appropriate and profitable land-use decisions to address existing retail areas that are consistently underperforming.
Since the Great Recession and the real estate bubble, interest in homeownership has declined significantly. Greater mobility among younger generations has led to an increase in demand for rental housing options. Nationwide the homeowner-to-renter ration has historically been 70:30. Is additional rental product appropriate for your area in order to attract a younger workforce? Our comprehensive demographic and market analysis will assist your community in making these important decisions.
Are businesses frequently choosing to relocate to nearby communities instead of yours? A Competitive Community Assessment will clearly identify the strengths, weaknesses, opportunities and threats that may make other locations more desirable. Understanding your area data and demographics is important; site selectors might be identifying problematic statistics that your community may not be aware of or have no strategy in place to address. Even the best marketing efforts cannot mask detrimental data.
For corporations, we can help you narrow your search while looking for the ideal location for your business. We will provide workforce data, average salaries, educational attainment levels, effective tax rates, costs of doing business data, housing statistics, commute times, available incentives and other key data to help you compare one community with another. Let us assist you in finding the appropriate location for your corporation.
When corporations are awarded economic development incentives, local and/or state governments enter into contractual agreements. These contracts typically contain 'cawback' provisions if a company fails to meet requirements such as capital investment, jobs created or average salaries.
Annual reporting requirements are frequently neglected due to staff turnover or other changes at the C-Suite level. Economic Development Strategis & Solutions has experience in working with Fortune 500 and other companies to ensure compliance with state and local incentive contractual agreements.
We are proud to offer an affordable alternative for private and public sector entities to annual incentive reporting compliance to help alleviate defaults. When advantageous, we will work with both parties to renegotiate contracts to retain jobs if necessary.