Economic Development Blog

Not that I’m trying to be a naysayer in this economy (Economic Developers generally see the sunny side of life), but reality is setting in for developers and communities alike. As a public administration professional who became interested in economic development during the last major recession of 1981 – 1983, I’ve seen a lot and learned even more.

Coffee-clutching with industrial brokers and corporate real estate end users that I’ve known for 10 years or more reveals frustration, but also a persistence to keep moving forward in this economy. The professionals that have been around, particularly those who remember the market downturns in the late 80s, are preparing for the turn-around that will eventually come. The same could be said for some communities that have broadened their economic base over the past decade.

As my Chicago ad-man father used to say, “Even in the Depression, businesses still have to advertise.” The smart communities are doing just that – but in the 21st Century, it’s not just advertising. It’s marketing, and the overall awareness-building and incentive package structuring that is the backbone of today’s economic development sector.

One of my suburban community clients has a beautiful Class ‘A’ business park. It also has some great private partners doing the development. Even though the market is down, we are out there making appointments with brokers, businesses and consultants. People still want information, and want to be aware of opportunities.

Another small community client of mine, farther out along I-90, is focusing on the Health Care cluster and maintaining its industrial base. With other states offering our manufacturers incentives, the competition is tough. As in past downturns, businesses are consolidating facilities to survive in this economy.

One way to support business expansion:  help companies – especially the small-to-moderate sized enterprises that are the backbone of the American economy – find capital.  To reduce the risks on real estate and capital loans, the U.S. Small Business Administration is pushing its SBA 7 (a) and SBA 504 programs. A targeted group is the solvent community lenders that are largely healthy. Here’s the SBA link for more information: http://www.sba.gov/aboutsba/sbaprograms/

So don’t mince words- but get the word out, and tell the great story that your company or community has to tell.