Capitalizing on rural corporate site location opportunities
David J. Robinson
The Montrose Group, LLC
Rural communities are prime targets for companies considering a corporate site location project. Rural areas in the U.S. cover 97 % of the nation’s land area but contain 19.3 % of the population who are more likely to own a single family home, are older and less likely to hold a bachelor’s degree or be in poverty than their urban counters.
Private companies seeking a corporate site location see disadvantages and advantages in rural markets. In general, rural markets, compared to their urban and suburban counterparts, have slower overall economic growth, face the loss or slow growth of population driven by the failure to retain younger workers which is drives down rural bachelor degree rates. However, rural markets have the potential to benefit from their open spaces in a COVID 19 world, enjoy substantially lower real estate and wage rates, have long been a base for manufacturing companies, will benefit from the continued automation of manufacturing facilities as this will require fewer workers and mitigated the lack of rural population and are prime targets for companies seeking to locate facilities tied to energy intensive industries, and connecting their supply chain to domestic facilities.
Montrose Group recommends companies considering rural communities for corporate site location projects focus on addressing regional workforce challenges by building a Public-Private-Partnership (PPP) to retain and attract skilled labor through industry base training programs with growth opportunities focused on technology and manufacturing companies through the development of IT and robotics workforce development programs, and rebuild rural Downtowns to create a neighborhood where young workers want to live, work and play through small business development focused on the development of business incubators that support the success of startup companies and historic preservation redevelopment financed through Downtown district programs, historic preservation tax credits, state grants, opportunity zone funds, and new market tax credits. Furthermore, rural markets should be strong targets for manufacturing companies considering energy intensive industry growth and domestic supply chain expansion, as well as a range of industries considering the growth of data centers all of which should prosper in a COVID 19 world through a traditional corporate site location and site development process that reviews potential markets for economic and demographic strengths, searches for available sites and negotiates options to lease or purchase, negotiates land use entitlements, infrastructure finance and economic development incentives. Contact Dave Robinson if you have a question regarding rural corporate site location projects or other matters at firstname.lastname@example.org.
OEDA announces and congratulates the 2021 class of OhioCEDS — Best in Class Ohio Certified Economic Developers
Congratulations to the 2021 Certified OhioCED Economic Development Professionalsread more
(Wilmington, Ohio) The Clinton County Port Authority is pleased to congratulate David Riggs, Director of the SBDC at Miami Regionals, for being named Ohio’s SBDC State Star in 2021.
America’s SBDC, the national association that represents the nationwide network of Small Business Development Centers (SBDCs), annually recognizes one outstanding SBDC employee from each of its 62 members. This outstanding employee exhibits exemplary performance, makes a significant contribution to their state or regional SBDC program, and shows a strong commitment to small business. Using a peer-based selection process, the Ohio SBDC network selected David Riggs for Ohio’s SBDC State Star.read more
Tiffin Foundry and Machine has announced it will purchase new machinery and hire more staff with assistance from a $50,000 JobsOhio Inclusion Grant. Tiffin Foundry has eight employees in Tiffin, and has an additional operation in North Ridgeville, Ohio.
JobsOhio’s grant, secured with assistance from the Regional Growth Partnership, will support a planned $321,923 in machinery and equipment upgrades and three new jobs. In addition, Tiffin Foundry and Machine worked with Tiffin-Seneca Economic Partnership and OhioMeansJobs – Seneca County on other potential incentives to support the company’s growth.read more