Mar 12, 2019
As Michigan’s economy thrives, the Detroit Region Aerotropolis is doing the same. In 2018, we were able to grow our annual project pipeline by 25 percent. We are also coming off a record year in terms of our total number of projects, sites submitted for those projects, site tours hosted, and conferences and tradeshows attended by the Aerotropolis. All of these efforts are contributing to more investment, and ultimately more jobs, in our region.
This progress cannot be attributed to one single factor. Partnership and collaboration across multiple entities has been the key to success in our region. Private sector involvement and engagement in economic development activities is essential for our continued success.
“Our primary role as an economic development organization is business attraction,” explains Marco Salomone, Interim Executive Director of the Detroit Region Aerotropolis Development Corporation. “One way to attract new businesses to the region is to showcase the private sector companies that are already here. We want to demonstrate that we are part of a dynamic, thriving region.”
Involvement by private sector companies can boost economic development, while also providing potential benefits for the companies. Here are just a few of the advantages of partnerships between the private sector and economic development organizations:
Providing Specialized Knowledge
Economic development leaders are generalists by nature. They need to know a little bit about a lot of subjects to be effective in their role. Economic development organizations are very effective at making the initial connection and educating businesses and site developers about the benefits of the region. Inevitably, they will reach a point where the organization needs to drill down into specifics. This is the time when private sector companies can step in and fill in the knowledge gaps. Access to this level of specialized expertise can make or break a deal.
Serving as Ambassadors for the Region
New businesses and site consultants are often looking for testimonials about the benefits of locating in the region. Private sector companies that already have a successful foothold in the region can serve as valuable resources to sing the praises of the region. Bringing new businesses into the region creates jobs and expands the tax base in ways that benefit everyone. By serving as an ambassador, leaders of local private sector companies can contribute to the transformation of the region.
“When private sector companies partner with economic development organizations it is a win-win for everyone,” explains Salomone. One example is the partnership between the Aerotropolis and CBRE, the world’s largest commercial real estate services and investment firm, which happens to have a regional office right here in the Detroit area.
“CBRE has been an invaluable partner, sharing their trend data and a deep knowledge of the local market,” says Salomone. “Our partnership has helped the Aerotropolis to better serve our prospects by leveraging the expertise of this world-renowned real estate firm.”
Like many economic development organizations, the Detroit Aerotropolis is always on the lookout for partnership opportunities, especially in the areas of real estate, finance, professional services, civil engineering, architecture, and construction.
“We are always open to opportunities to expand our network to better serve our prospects and attract more development to the region,” says Salomone. “I would encourage any companies who share our passion for economic progress to reach out and let’s start a conversation.”
