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What is economic development?

Published: 05/12/2021

How economic development organizations support business

Economic development organizations (EDOs) work to elevate an economy’s growth trajectory through investments, advocacy and steering business ecosystems into the area. A key to the maturing process of a town, city, region or state comes from attracting and growing quality businesses while assisting companies in their due diligence process when evaluating relocation or expansion. But that’s not all EDOs do: They are teams of people dedicated to delivering continuous growth, prosperity and inclusion.

It takes a collaborative approach to secure investment that drives growth. From start to finish, EDOs are the trusted partner that help companies make informed decisions. EDOs dive into data to help expanding businesses understand operational cost comparisons and regional labor market data, while assisting in site selection and providing connectivity to key resources to bring a project to life.

Before any sort of relocation decision can be made, concerted efforts are put forth to attract the attention of the business through marketing and public relations efforts. Using statistics and analytics to provide clarity and certainty for the move, EDOs work with local and state governments to create an environment conducive to the growth of a company and city, ensuring optimal quality of life.

Here are some scenarios to help break down how an EDO can support businesses:

Your business is expanding and talent in your current city is in short supply. You’re now having trouble scaling.

Through data and close partnership with higher education institutions, an EDO can demonstrate talent availability in the region that fits the needs of a business in a specific sector.

By working with local universities and education hubs, the talent pipeline can begin to grow before the company even decides to make a move into that region. By promoting local education in relevant fields and using analysis of multiple markets across the United States, long-term strategic growth for your company is made possible.

You’re struggling to get the answers and support you need from local government.

Taxes, regulations, complicated HR and employment laws, and high rates of unemployment insurance; these are all issues many companies around the country face. EDOs are advocates for the business community and have strong relationships with municipality leaders and elected officials. An EDO listens and learns from businesses around them in order to effectively advocate for the business community with local government agencies to promote business-friendly legislation that enables continued growth.

Your employees feel burdened with rising costs of living and nearby housing prices are no longer affordable.

An EDO is a market leader in understanding the driving forces behind housing market conditions by having their finger on the pulse of affordability factors and helping prioritize equitable development. Staff at an EDO studies the housing market and works with real estate leaders to create forecasts and in-depth analysis of communities so that when a business selects a market for its operation, they have a deep understanding of the housing environment they are choosing.

Your customer base is growing in a particular region and you need to quickly meet the demands by investing in an operational hub.

Within a particular region, you might have four or five states you’re considering expanding to and struggle to determine which location checks the boxes and operationally make sense. An EDO can help you understand infrastructure, site availability, industry saturation and more. By studying land and working with municipalities, an EDO will support you with locating parcels suitable for your operation while still meeting the lifestyle demands of your staff.

If you’re looking to ship product or need materials reliant on another country, an EDO can help by facilitating conversations between bordering states and countries.

You want certainty in the operating environment

Guaranteeing certainty is a tall order, but with an EDO in your corner you have a trusted partner to help navigate the market you’re operating in and when you’re ready to expand your operation or export your product, they’ll still be there to make connections and support however they can.

An EDO is the business expert of the region, and companies can feel certain their needs will be met from start to finish.

To add a final benefit of working with an EDO, most don’t cost you a dime. They are often funded by municipalities or operate as public-private partnerships charged with building the economy of their service territory.

There are hundreds of top-notch EDOs across the globe. Here at the Greater Phoenix Economic Council, we’re happy to help point you in the right direction or make an introduction. Feel free to connect with our team to get you what you need to make data-driven business decisions.

If you’re considering expansion or relocation to Greater Phoenix, please contact us and a member of our team will gladly assist you.

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