Utilities' Role in Economic Development: Getting Plugged In

Vendor Registration: required

Overview: Utility companies play key role in site selection and economic development — especially in a down economy. The GEMC economic development program centers around three initiatives: facilities location, community development and site development. Most utility executives will tell you that breaking ground on a site for a new power consumer is the easy part of their job. The hard part, they say, is navigating the twin minefields of political change and a slowing economy. Economic development by utilities has become complicated by energy deregulation, the West Coast power crisis and budgetary cutbacks dictated by the recent recession. Site selection consultants contend that it is not enough to provide cheap electricity. To be competitive in the race to attract expanding companies, utilities must provide a wealth of data. In addition to updated information on electricity rates, utilities should provide data on area employers and business activity; telecommunications infrastructure; major motor carriers in the region; state and local taxes; incentives programs available to corporate expansions; labor and wage surveys; and a searchable site/building database. In the long run, of course, more than data is needed to secure a deal. Creative incentives packages often make or break a site location decision.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: HTML | Date: Jan 2003 | Pages: 1