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Economic Development

Site Selection Consultants Redefine Risks that Impact Business Investment Decisions

by Site Selectors Guild on April 9, 2024

The third edition of a primary research study, The State of Site Selection, identifies the top trends impacting facility location decisions globally. The report is a joint release of the Site Selectors Guild (the Guild), the only association of the world’s foremost professional site selection consultants, and Development Counsellors International (DCI), the leader in travel, economic development and talent attraction marketing.

The first edition of this report was released in March 2020, just days before the COVID-19 shutdown. The second edition was released in September 2022, which identified a surplus of office space and a shortage of industrial sites, in part due to the impacts of the pandemic.

“There has always been one certainty in our industry, and that is that our clients abhor risk. As their advisors, it is imperative that we understand the impact of exogenous global trends and how they impact the decision-making process to mitigate as much risk as possible for our clients and the economic development organizations we partner with all in the context of the factors most important to our clients as they consider their deployment and optimization strategies,” said Larry Gigerich, board chair of the Site Selectors Guild and executive managing director at Ginovus.

Key findings from the 2024 report include:

  • The State of Real Estate, Sites and Buildings: The demand for development-ready industrial sites with sufficient infrastructure capacity has never been higher due to an abundance of industrial investments spurred by the rise of megaprojects and federal policies. The scarcity of these sites, coupled with access to capital, is impacting project timelines and the viability of projects.
  • The State of Utilities and Infrastructure: The strain on electric grids in the U.S. has intensified due to a significant uptick in manufacturing investments for energy-intensive industries, such as data centers, electric vehicles and semiconductors. To meet energy demands for large industrial projects, the U.S. must increase electricity generation by around 50%, which doesn’t include demand from an electrified automobile fleet.
  • The State of Natural, Manmade and Geopolitical Risk: The definition of risk has evolved to encompass manmade hazards (crime, terrorism and war), extreme weather and geopolitical upheaval. Guild members say that each of these risks impacts investment decisions or poses threats to already vulnerable electric grids, the supply chain, and the ability to recruit and retain talent.
  • The State of the Workforce: A critical shortage of construction and manufacturing workers could derail President Biden’s industrial agenda. Immigration policies and insufficient worker training and retraining programs continue to compound workforce shortages. Amid layoffs, the “great resignation” and “quiet quitting”, there is a rebalancing of the white-collar workforce.
  • The State of Economic Development and Placemaking: The intersection of economic development and community development is becoming more noticeable as communities grapple with housing and childcare shortages, factors increasingly weighted more heavily in location decisions.

Access the full report here.

About the Site Selectors Guild

The Site Selectors Guild is the only association of the world’s foremost professional site selection consultants. Guild members provide location strategy to corporations across the globe and for every industry, sector, and function. Founded in 2010, the Site Selectors Guild is dedicated to advancing the profession of international corporate site selection by promoting integrity, objectivity and professional development. Members are peer-nominated, vetted, and must demonstrate significant professional location advisory experience. In 2023, Guild members facilitated the committed or announced creation of approximately 107,000 jobs and $101 billion in capital investment by corporate clients, which required location analysis across 74 countries. Guild membership is the highest standard in the site selection industry. For more information, visit siteselectorsguild.com or Site Selectors Guild on LinkedIn.

Topics: Economic Development

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