2024 MEDA Summer Conference Recap
The 2024 MEDA Summer Conference brought together a knowledgeable group of national and global site selectors, researchers, and economic development professionals to discuss the evolving landscape of site selection and share innovative strategies for enhancing collaboration amid constant change.
Richard Griffin, CEcD, MEDA President, began the morning with a warm welcome to the conference’s record number of 160+ MEDA members and students attending the 2024 Chesapeake Basic Economic Development Course. Emphasizing the importance of site selector partnerships, Griffin underscored how staying in tune with site selection can help economic developers effectively leverage their locational advantages and utilize new tools to promote their communities.
The virtual program began with a presentation by Robyn Domber, Senior Vice President of Research at DCI, on key findings from “The State of Site Selection 2024” report. Created in partnership with DCI and the Site Selectors Guild, the report highlighted that 40% of site selection decisions are made through third-party consultants, underscoring the relevance of relationship-building between economic development organizations (EDOs) and site selectors.
Domber noted the report’s dominant theme of defining and mitigating risk as an essential task for site selectors, marking a significant shift from previous years.“The rise in economic, social, geopolitical risk requires a lot more due diligence conducted at every stage of the process,” said Domber. “Site selectors are looking for EDO partners to remove as many barriers as possible to get the information needed to assess all variables.” The report also addressed the rising need for utilities and infrastructure in the United States to satisfy incoming production business requirements, estimating that the country will need to increase its electricity capacity by 50% or more in the next few years.
The second session, “Economic Development and Site Selectors the Importance of the Relationship,” was a fireside chat between W. Ford Graham, Senior Vice President of Infrastructure & Economic Development of McGuireWoods Consulting LLC, and Lara Fritts, CEcD, Director of Economic Opportunity of Frederick County and MEDA Program Development Committee Co-Chair. Graham echoed findings from the previous presentation, adding, “We’re hearing about the need for adequate power and availability of qualified labor more than anything else across the U.S.” This further spoke to the necessity for workforce development initiatives and developing relationships between EDOs and local utility providers to convey their community’s infrastructure accurately.
Graham provided actionable strategies for EDOs to strengthen their visibility to consultants, highlighting accessible online data and responsiveness as principal approaches. “Unfortunately, we don’t have a lot of time to contact EDOs for initial data, so providing as much information as you provide on your website can help us consider your community,” said Graham. “We love responsive communities. Even if the answer is ‘no,’ being responsive goes a long way toward starting relationships on the right foot.”
After a short break, the group delved into the importance of site readiness with Jeannette T. Goldsmith, Vice President of Strategic Development Group. Goldsmith emphasized the need to invest in potential sites to build a diverse portfolio that can help EDOs remain competitive and attract the type of development they envision for their communities. She discussed the rise of “REDI” (Readiness Evaluation for Development and Investment) sites, which is the Site Selector’s Guild’s national standard for assessing site readiness for U.S. office and industrial projects.
“How to Lose a Project in 10 Ways,” presented by Nicholette Ross, Managing Consultant of Global Location Strategies, shared insights on fundamental points within the site selection process and relationships that can lead to potential pitfalls.
Finishing the day’s presentations, Cresa’s Alicia Janesko Hutchings, Director of Site Selection & Incentives, and Ron Spencer, Principal of Supply Chain Solutions, gave an insider’s perspective on the methodology behind choosing sites for their clients during the “How Projects are Evaluated” session. Hutchings spoke about companies’ recent focal shift from real estate to workforce when considering locations, saying, “With the labor market challenges, the best thing you can do as a company is to identify pipeline opportunities and assess what is working and what is not. It is also important to have professionals and stakeholder groups in your community that can speak positively and accurately about talent in your area.”
As site selection continues to evolve, the 2024 MEDA Summer Conference forged vital connections, paving the way for mutual understanding and laying the groundwork for future success for communities in Maryland.
Click here to view the slides from the 2024 MEDA Summer Conference.
