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Economic Development Policy Trends Update: Corporate Strategies and Policy Drivers

Discover the latest corporate trends and policy developments impacting economic development, including public affairs approaches, internal competition for capital, infrastructure incentives, job creation priorities, and more. Gain insights into emerging European markets and strategic communications for business expansion.

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Economic Development Policy Trends Update: Corporate Strategies and Policy Drivers

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  1. Economic Development Policy Trends Update 9th Annual Focus Northwest FloridaChristopher D. LloydOctober 16, 2010

  2. McGuireWoods Consulting • Public affairs approach to projects • Establish long term relationships, not short term gains • Largest firm in Virginia, offices in North Carolina, South Carolina, Georgia, DC, Illinois • Nationwide project coverage

  3. Corporate Trends • Increasing internal competition for capital investment funds • Shorter timeframes for corporate decision making • Devaluation of tax credits • More attention to long-term project costs (especially property taxes and energy costs) • Increased use of internal training resources • Increased use of out-of-town contractors and project managers • Increased attention to DMBE contracting • Desire flexibility in performance agreements for market fluctuations • Increasing importance of infrastructure incentives

  4. Policy Drivers • Polls tell elected officials that “jobs” is the top priority • Some recognition that economic development leads to future revenue growth • Increased linkages between education and economic development • Significant federal resources (ARRA, general federal spending)

  5. Policy Developments • Conversion of tax credits to performance based grant programs • Increased use of state investment “funds” to spur corporate growth • Expansion of existing programs to encourage job retention, retraining, new capital investment (absent jobs) • Increased use of state funds to leverage local government resources • Industry specific incentives – increased targeting • Increased flexibility on eligibility criteria

  6. THE END Business Expansion | Federal Public Affairs | Strategic Communications & Grassroots Mobilization State & Local Government Affairs | Emerging European Markets Atlanta • Charlotte • Charlottesville • Chicago • Columbia •Norfolk • Raleigh Springfield • Tyson’s Corner • Washington, D.C. | Bucharest, Romania www.mcguirewoodsconsulting.com

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