Last month in this column, we described how in 2023 LVGEA would be transitioning toward a more intentional and strategic approach to economic development. Instead of casting a wide net, we’re going spearfishing for the best-fit companies for our region. As I shared at our recent State of Economic Development event, we’re ready for ‘a little less conversation, and a little more action.’ Let’s talk a bit about those action steps.
Action begins with a plan that provides for transparency and accountability. We’ve created a 2023 Action Plan that lays out ambitious strategic objectives for the next year and outlines actions to accomplish those objectives. The pillars of this plan include:
- Championing the Greater Vegas business brand.
- Leading regional business attraction.
- Deliver value and return on investment for our community partners.
Tracking Our Progress
To track our progress toward meeting these goals, we have created a list of metrics. These metrics include the number of companies located to or expanded in the region, jobs created, as well as both the economic and fiscal impact of the attracted companies. You can see the full list of the metrics we’ll be tracking here. At the end of 2023, we’ll be providing a report to the community detailing how we stacked up against these metrics.
Champion the Greater Vegas Business Brand
We all know the Greater Vegas region is a great place to live and do business, but does the rest of the world know this? Not only do we have world class restaurants, sports teams, and entertainment at our fingertips, but we’re also within a day’s drive of dozens of national parks and other world-renowned attractions. One of the LVGEA’s responsibilities is to leverage our region’s value proposition as a world-class destination, as well as a business-friendly location, to market why our region is a desirable destination for business relocation or expansion.
We will also be working with our regional partners to identify how we maximize our overall regional competitiveness to keep us on part with other western regions including Phoenix, Salt Lake City, and Denver.
Lead Regional Business Attraction
LVGEA’s bread and butter is attracting new companies, along with higher-paying jobs, to the region. We will convene the region’s economic development directors and teams to get collective input on proposed projects and prospects. We’re also launching digital sales and marketing campaigns to identify companies looking to relocate and reimagining our business retention efforts to focus on supporting high-growth companies.
We also will prioritize our relationships with the developers, builders, and real estate brokers who are in the trenches daily, laying the groundwork for these companies’ growth. We’ll be listening, learning, and strategizing with groups such as NAIOP, SIOR, and CCIM to ensure our efforts are in alignment with their insights.
Deliver Value and ROI for our Community Partners
You asked, and we listened. LVGEA has received criticism over the years for not being transparent with public and private stakeholders, so one of our main goals this year is to clearly communicate the organization’s return on investment to the community.
We’ll be providing ROI metrics reports to investors, highlighting how their investments are leading to growth in the community. We’re also building an ROI sheet for public partners that will articulate the economic impact of each new company by municipality, showing the collective regional impact of attraction.
We have formed new advisory councils that will provide investors and community partners an opportunity to be more engaged in the economic development process. And we will be hosting smaller, more intimate events that allow our partners a chance to network, connect, and gain insight to local issues and trends.
Download Our Action Plan
Our 2023 Action Plan is a public document that is available on the strategy page of our website – click here for a copy of the action plan, where you can read more about the specific strategies and objectives we have laid out to accomplish our goals.
If you have any questions about our goals for 2023, I am happy to chat more about our vision for 2023.