Abstract
Economic development has long been an important function for utilities as they
aim for diversified revenue growth in fixed territories, and strive to enhance
community relations and customer satisfaction. This report offers perspectives
on key trends affecting utility economic development (ED), focusing on the
status of current ED services and activities. Trends addressed include
increased reliance on the Internet for site selection, the changing landscape
of local and regional economic development agencies, increased competition to
attract businesses, and faster timelines associated with company relocations.
Information and analysis is based on interviews with representatives of 23
utilities, as well as secondary sources and other industry groups, experts, and
studies.
Table of Contents
- Table of Contents
- Energy Insights Opinion
- Executive Summary
- A Few Good Ideas
- Why Economic Development?
- This report
- Method
- Table: Utility Economic Development Research Sources
- Trends Shaping the Utility Economic Development Role
- Emergence of local and regional ED organizations necessitates collaboration
- Budgets and staffing often constrained
- Experimentation in ED department organizational structure
- The Internet accelerates site selection practices
- Relationship building key to marketing efforts
- Globalization spurs international recruitment and trade
- Business retention as essential as recruiting new businesses
- Utilities increasingly targeting specific industries
- Municipal annexation engenders high-stakes conflicts
- Key Utility Economic Development Services
- Site selection data and services
- Table: Site Selection Factors, Importance for Corporate Executives
- Table: Consultants' Use of the Internet to Help Their Clients in Their Location Searches
- Technical assistance
- Customized research
- Financing and grants
- Sponsoring incubators and fostering entrepreneurs
- Utility economic development rates and incentives
- Training and support for regional and community organizations
- Marketing Tactics and Approaches
- Notes
- Authors
- Appendix
- Table: Selected Resources in Economic Development
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