Economic Development Planning
Many communities maintain an agency or organization that promotes economic development initiatives. Vantage Point Real Estate Development Management, LLC, senior professionals have assisted local government economic development departments, regional economic alliances and chambers of commerce to strategize ways to achieve their goals. These services range from complete, comprehensive plans formulated after undertaking a series of economic analyses, to the provision of specific strategies and action approaches designed to address specific problems. Our senior professionals of also been retained to serve as support staff and administrators of governmental economic development entities to implement our recommendations.
A wide range of tools are used to guide decision makers and government officials to address such important objectives as job creation, tax base expansion and high-quality economic growth. Our senior professionals devise actionable approaches that are useful in gauging economic performance so success is attainable. They also are proficient in performing federally-mandated CEDS analyses.
Typical topics covered in economic development planning include:
- understanding the foundation for economic development: local conditions; physical attributes and infrastructure; strengths, weaknesses, opportunities and constraints (SWOC); economic base structure; and expected conditions
- target clusters and locations: candidate identification; compensation analysis; shift- share analysis and, target cluster analysis
- getting organized: identifying advocates for economic development; business retention techniques; and, business expansion strategies
- framework supporting economic development: expand regional asset; workforce training and education; workforce housing and transportation; monetary and non-monetary incentives; and, marketing
- implementation plan and action milestones: initiative; preparing for implementation; recommendations and strategies; and, special issues