Competition to attract corporate locations, particularly high-profile locations, is typically intense, and decades of evidence has shown that communities must be proactive and innovative to increase their chances of success. Economic development programs can enhance opportunities and prosperity, but given the reality of scarce resources, communities must be efficient and analytical in their efforts. We recently produced a report, in conjunction with the Texas Economic Development Council, which is a framework for thinking about economic development (available free at www.perrymangroup.com). Here's a quick look at a few key points.
The Lone Star State has once again prevailed in Site Selection Magazine's "Governor's Cup" competition. The Governor's Cup goes to the state with the most major corporate location and expansion projects. To be counted, a project has to either involve a capital investment of at least $1 million, 20 or more new jobs, or 20,000 square feet of new construction.