AreaDevelopment Online, May 2009
More second- and third-tier markets, both rural and suburban, are combining their economic development resources to better attract companies and investment.
Regional economic development partnerships — collaborative arrangements among smaller communities and counties — allow their members to bundle their individually attractive attributes together as they seek new business investments. These alliances allow their small-market members the opportunity to provide companies in the site selection process with the kinds of advantages they would find in larger areas, such as larger collective work forces and opportunities for financial incentives. At the same time, they can entice businesses with distinct small-town advantages, including responsive and personal interactions with local decision-makers, lower costs of doing business, lower costs of living, and locally reliable supply chains.
More second- and third-tier markets, both rural and suburban, are combining their economic development resources to better attract companies and investment.
Regional economic development partnerships — collaborative arrangements among smaller communities and counties — allow their members to bundle their individually attractive attributes together as they seek new business investments. These alliances allow their small-market members the opportunity to provide companies in the site selection process with the kinds of advantages they would find in larger areas, such as larger collective work forces and opportunities for financial incentives. At the same time, they can entice businesses with distinct small-town advantages, including responsive and personal interactions with local decision-makers, lower costs of doing business, lower costs of living, and locally reliable supply chains.