Rural areas have been historically overlooked by both job-seekers and investors, seen as “poverty traps” rather than areas of vast economic potential.[1]As satellite and wireless capabilities expanded the capacity of these regions to adopt technology or redirect industries, rural areas are now able to support many of the requirements investors use to make site selection. Additionally, greater technological efficiency in agriculture along with increased incentives have helped reduce the costs of farming and livestock production leading to more profit and opportunity in this traditional occupation. According to dataprovided by the Rural Policy Research Institute, the youths living in rural areas are now morelikely to see increased economic mobility than their urban counterparts. These positive trends alongside investments made by the US Department of Agricultureto improve community service facilities demonstrate the health trajectory of these regions. Not only is there economic mobility but the residents enjoy a high quality of life.
Changing technology plus tireless advocacy on the part of economic development to demonstrate the value of investment in smaller regions has opened the door to greater FDI interest in American’s heartlands. This is of great advantage to site selection teams who have the foresight to connect with economic development authorities is that they are essentially looking at untapped potential as they have gone so often unnoticed. Between incentives, educated workforce, and lower entry cost these regions are diamonds in the rough.
Being able to work with so many great rural EDOs has been a pleasure for all of us at StageXchange. Our SITE Selection partnership with Duff & Phelps helps us to expand our mission and will allow us to service even more non-urban regions. We onboard EDOs and their sites free of charge because we believe that what they offer has value and that what we offer in return can make a huge difference in the lives and hopes of people living there.
[1]http://www.fao.org/news/story/en/item/1042091/icode/
