| Economic development is a highly competitive business. Thousands of economic development organizations throughout the country are competing for just a few hundred new investments each year. As a result of this competitive environment, development groups in communities of all sizes are forced to compete more aggressively and innovatively to attract and retain business investments.
As an electric and natural gas distribution service provider, Aquila serves the energy needs of numerous small to mid-sized communities across the Midwest. The growth and economic prosperity of these communities benefits both local residents and Aquila.
In order to better serve the needs of their communities, Aquila commissioned a benchmark study
in 2004 to identify best practices and innovative trends among successful economic development efforts of smaller communities.
Our work with hundreds of communities throughout our service areas has
shown that some small to mid-sized community economic development
organizations that are adapting very well to the increasingly
competitive environment. Unfortunately, not all communities are enjoying
the same levels of success. We undertook this benchmark study to
determine what similarities the more successful communities possess.
Smart Solutions Group, a Midwest based consulting firm specializing in the business of economic development, conducted the benchmark study which included ten Midwest economic development organizations in communities of less than 15,000 populations.
Communities surveyed ranged in populations of 33,400 to a low of 2,510. Each has demonstrated an ability to be innovative and successful. These communities also had numerous similarities in their approach to development.
A copy of the complete study is attached in PDF format: BENCHMARK
STUDY OF SMALL TO MID-SIZED COMMUNITY ECONOMIC DEVELOPMENT ORGANIZATIONS.
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