The Key to Accelerating Local Economic Development with Location Intelligence April 23, 2019 Economic Development, Government By: Jason Holte Share: TwitterFacebookLinkedInEmail Learn how LandVision helps local economic development teams bolster their economies to promote community development. Local economic development goes beyond simply planning future land use and zoning by-laws at a city level. It is a systematic approach to building thriving communities by improving the overall quality of the local economy. Everyone involved in the process, from municipal economic developers to private sector champions in the community, needs to be pulling in the same direction in order for an economic development initiative to succeed. The California Association for Local Economic Development lists these tips for local governments seeking to accelerate economic development: Understand: Have a realistic vision for your community and understand your competitive advantages and disadvantages. Assess: Know what you have: assets, infrastructure, resources, partners, real estate, talent pool, etc. Identify: Find champions to communicate the community vision and goals. Work: Create a strategic action plan with specific goals, timelines, responsibility, assignments, and performance measures. Any economic development program is heavily reliant on the quality of the information that contributes to the overall plan. The failure to account for a competitive disadvantage or existing asset on the front end can result in an incomplete plan that your community will have a hard time getting behind. Much like the journey to becoming a smart city, location intelligence is essential to economic development planning and implementation. Here’s how our map-based real estate application, LandVision™, makes each of the tips above easier to accomplish. Accelerating Economic Development With LandVision Understand Your Community Using LandVision, economic development team members all have access to a consistent, accurate set of location information. Demographics, school district, and hazard data can be used to identify a city’s competitive advantages and disadvantages, and economic developers can also create trade area analyses to better understand community characteristics within a specific distance or drive time from a given location. This can help determine whether one site or another is better suited for any new developments that are part of the overall plan. Assess Your Resources LandVision allows economic development organizations to visualize a deep library of map-ready content, but its extensibility is what sets it apart from other location technology solutions. Using a simple drag-and-drop interface, you can easily upload your own proprietary data or any map-ready data that you collect from third-party sources (i.e. shapefiles from your GIS department or public data sources). This means that economic development teams can visualize their city’s existing assets, infrastructure, and existing business resources and conduct in-depth analysis all within a single application. Identify Project Champions Once the competitive analysis and resource assessment phases are complete, it’s time to begin recruiting champions to your cause. LandVision empowers economic developers to do just that with the help of comprehensive reports and presentation-quality visuals. You can generate trade area reports with just one click, and create map exhibits displaying points of interest and other notable features around a chosen site. These resources can be used by your project’s champions to help developers find the optimal sites for any new resources called for by the economic development plan. Plan and Execute Your Vision With an entire team conducting research and analysis within a single application, using a consistent set of information, economic developers can get to a final plan faster and move forward to execution. All of the prep work conducted using LandVision makes it easier for economic development teams to set achievable goals, assign project stakeholders, establish timelines, and measure outcomes. When developers look to the economic development team for guidance on a prospective site for their business, LandVision gives economic developers the tools they need to answer questions about a property and present their findings. Learn More If you’re interested in learning more about our solutions for local economic development teams, schedule a free LandVision demo today or contact us for more information!