Top 10 Economic Development Headlines For 2021
8 Jan 2021
Top 10 Economic Development Predictions for 2021
1. Awareness and appreciation for the ED profession grows.
There is nothing better than unprecedented economic disruptions to bring the value of economic development to the forefront. This is similar to the aftermath of the Great Recession with one major exception: back then, we were in our element as industry was hardest hit first, and retail, foodservice, hospitality, etc. suffered the collateral damage. This time around, it was the retail, foodservice and hospitality that took the major brunt at first, and then it reached out to other industries. Many EDOs needed to pivot their own business models to help these Main Street businesses, and that effort has been greatly appreciated.
2. Target industry strategy becomes much more dynamic.
Gone are the days when once you identified your target industries, you could check that off the list. Today, we are seeing seismic shifts within target industries in terms of which subsectors are “winners” or “losers.” And equally important, how you adapt your strategies for reaching the hot subsegments.