Published by Area Development, October 3, 2019
Labor availability is generally the number-one concern of growing companies that need to locate a facility in a new location. Therefore, a company’s site selection team needs to determine which regional markets can satisfy that need. A regional market analysis will identify growing markets that provide the best chance to connect with customers and suppliers and gain the workers needed for success. Data points include population growth, GDP growth, unemployment levels, income growth, and poverty reduction, just to name a few.
However, beyond the data points, a company seeking a new location must also ascertain if a prospective community aligns with their organization’s culture. For example, if a company’s mission statement stresses wellness and sustainability, then communities that have a similar focus should be on its radar. Honing in on the strategic integration and alignment between corporation, culture, and community is vital to ensuring a successful site selection.
Of course, project timelines must still be met. The difference between being able to break ground in six months versus 18 months could be the difference between a project’s success or its failure. Sites that are equipped with roads, water and sewage connections, and permitting in place can prove advantageous.
That’s why states that are investing in infrastructure upgrades are getting noticed. For example, to keep up with the needs of business and industry, Louisiana has undertaken several major infrastructure projects at its airports and ports. And Georgia is a top-ranked state for its distribution and supply chain hubs. Hartsfield-Jackson Atlanta International Airport is the busiest airport in the world, with total cargo warehouse space of 1.3 million square feet, and the Port of Savannah, the largest single container terminal in North America and the second-busiest in the U.S.