Innovation, entrepreneurship, talent and technology are major drivers of regional economic growth in today's global economy. Many of these factors play out in regional economies through small businesses as well as large firms, service sectors as well as manufacturing industries. BDA breaks down these elements to understand the implications for states, counties, cities, towns and regions. By demonstrating how these and other factors contribute to growth in communities, we help strengthen economic development policies and programs.
Business Development Strategies Adapted to Today's Economy
There is broad recognition that it no longer makes sense to rely on single high-profile industries or companies to create growth and prosperity in our communities. Further, business attraction alone is unlikely to generate economic growth for a community, given the steady decline in big projects and the increasing number of competitors around the globe.
BDA has the unique ability to combine an understanding of the factors that are changing our regional economies with knowledge of the operating needs of new, expanding, and relocating businesses. BDA builds on tried-and-true business attraction and development approaches and broadens their application to companies that have not been part of the traditional site selection market. BDA supports economic development agencies as they transition their business development efforts in response to new economic conditions.
Insight into the Service Elements of Regional Economies
In the past, services were viewed as a residual to economic growth. Today they are a driving force and bring tremendous value to regional economies. Services account for the majority of employment and all of employment growth in many regions. Many types of services are exported, bringing new money to communities. Services firms innovate and create, while also catalyzing innovation among their clients. Services also dominate new firm formation. But service industries should not be viewed in isolation. Their impact is heightened through their interactions with goods-producing industries as well as with each other.
BDA works with economic development leaders to adapt their regional growth strategies to the reality of the global, service-based economy. Services firms often have different needs than the companies many economic development organizations were formed to serve. They employ fewer people and include a higher proportion of the self-employed and very small businesses. They are less capital intensive and need less and different types of working space. They care less about tax incentives and more about amenities, networks, talent, and access to their partners and clients.
BDA has analyzed the role of professional and business services, knowledge-intensive business services, financial services, creative and cultural organizations, healthcare/life sciences, and educational institutions in regional economies. Other projects have examined the issues of talent and entrepreneurship, specifically the role of the self-employed.
The Bigger Picture
BDA works with communities through strategic planning, competitive assessments, and program and policy development to enhance the location-specific factors that affect business and job growth. We have worked on initiatives addressing workforce development, real estate projects, business climate, industry-specific strategies, leadership initiatives, and talent retention and attraction, among others. We work with communities throughout these efforts to establish stakeholder support and implement recommended programs.