NC in NYC
Each year, North Carolina’s economic development team travels to five or six major US markets to spend time with site selection consultants and the companies they represent. Our latest trip was to New York City, where we, along with NC Department of Commerce Secretary Keith Crisco, hosted more than 40 consultants for a delicious lunch at Le Bernardin.
So who are site consultants and why do we as the State’s
business development team spend so much time with them? Site consultants are professional location specialists, hired by companies to help them answer the myriad of questions they face when considering an expansion or relocation of an operation or the establishment of a brand new facility. Questions such as:
- What locations will give us a competitive advantage?
- Should we expand on our current site or establish a new facility in a new market?
- What is the optimal market, and site inside that market, from both a financial and operational perspective?
- What state and local incentives for location are provided and can we secure them?
- Can we successfully compete for labor in the existing or new location?
- What are the labor costs in locations of interest?
And the list goes on and on. In a nutshell, a full-service corporate location firm handles everything from the initial identification of basic requirements to final negotiations.
Secretary Crisco with Keith Gendreau and Jalna Silverstein of Cushman & Wakefield - Courtesy of NCDOC
For an economic developer, maintaining relationships with the top site consultants is critical. Not only do these consultants generate the largest location projects, but they also have unique insight into the economic development strategies that succeed in attracting growing companies. Site consultants are as much our customers as the companies they represent, and they have valuable feedback regarding our marketing materials and campaigns, workforce development programs and incentive offerings as well as suggestions for how we can continue to improve on providing the competitive advantages companies need to succeed. The relationship is a win-win.
From the perspective of RTP, the New York City event was a wonderful opportunity to begin educating consultants on the new master plan for the Park and the ways in which this master plan will reposition RTP to meet the evolving needs of existing companies while adapting to attract a range of new companies. For all the ways in which we at RTP work to assist site consultants with their location projects, please see the portion of our website dedicated to these services.
If you work in the economic development industry in North Carolina and are interested in participating in events like this one, check out Friends of North Carolina for more information.