From Regional Assets to Regional Readiness

— Stacie Marotta, Membership & Communications Director • Bloomington Economic Development Corporation

The Bloomington Economic Development Corporation (BEDC) team recently attended Indiana University’s Economic Development Summit, a statewide gathering focused on talent, housing, quality of place, innovation, collaboration, and the changing needs of businesses considering investment in Indiana.

One lesson stood above the rest: successful economic development requires more than having strong assets. Communities must be prepared to connect those assets, document their capabilities, and move at the speed of business.
Site selection expert Larry Gigerich described the process as “site elimination.” Before a community is invited to submit a proposal or host a visit, companies and consultants may already be evaluating its workforce, available properties, infrastructure, utilities, regulatory environment, and long-term ability to support an operation. Talent may be a leading consideration, but companies will not advance a location that lacks a development-ready site or a credible infrastructure plan.

This directly supports the work of the BEDC and our plan for BREA: Business Retention, Expansion and Attraction.

Through BREA, the BEDC works to support existing employers, help local companies grow, and position the region to compete for new investment. Site readiness is central to all three.

Concentrating on the fundamentals that allow businesses to invest with confidence, including land control, utility infrastructure and capacity, transportation access, zoning, permitting, environmental reviews, due diligence, conceptual site plans, and realistic development schedules, is essential to our communities success.

Existing employers need room to expand, and a new company evaluating the region means we must be ready to respond with accurate information and viable development-ready site options.

Improved site readiness helps retain growing businesses, accelerates local expansion projects, reduces uncertainty for investors, and strengthens the region’s ability to compete for jobs and capital investment. It also allows our communities to identify infrastructure needs before an opportunity is already at the door.

The summit also reinforced that housing, childcare, healthcare, transportation, education, and quality of place directly affect economic competitiveness. Other regions are addressing these needs through partnerships involving economic development organizations, universities, governments, employers, community foundations, schools, and nonprofit organizations.

The BEDC supports these initiatives, working alongside organizations who have the expertise in these areas that heavily impact overall community readiness. The BEDC will also stay closely connected to the work, monitor progress, identify emerging needs, and bring resources to partners who request assistance. We will also ensure that employer needs, business-growth priorities, and the region’s economic competitiveness remain part of the conversation.

Our role is to connect the pieces: understand business needs, convene the right partners, strengthen site readiness, support regional priorities, and keep opportunities moving toward implementation.

The ultimate goal is clear: a community and region that are ready when opportunity arrives. Preparation often determines whether a business stays, expands, chooses our region, or looks elsewhere.

The BEDC is committed to helping move this work forward, but regional readiness requires regional participation. If you or your organization has insight, expertise, resources, or a desire to help advance these priorities, contact the BEDC and join the conversation.

Together, we can build a region that is prepared to compete, positioned to grow, and ready for what comes next.