Relationships, ability to change key to economic development

The city of Maricopa’s annual Economic Summit held Thursday at City Hall brought together experts in the economic development community to talk about how they get the competitive edge in their field of expertise.

Anyone who knows anything about economic development knows the end goal – to attract business development – but how that is done was the subject discussed by the panelists.

The panel included Jay Cross, site selection consultant Webster Global Site Selectors; Chris Camacho, executive vice president of the Greater Phoenix Economic Council; John Kilrow, senior vice president Shea Properties; and Jeff Goldberg, dean, University of Arizona College of Engineering.

“People do business with people – relationships are key – you have to get out and work the market,” Cross said.

Kilrow, who was involved in the development of Highlands Ranch, a large master-planned community in south metro Denver as well as the Denver Technological Center, also emphasized the importance of building relationships.

“None of this happens very quick – it takes people going in the same direction,” Kilrow said.

The panelists talked about the role of change in economic development.

One way to glimpse the future is to sit in a room with a group of 16-year-olds and watch them texting each other, Kilrow said.

“What we’re seeing (in economic development) is change and constant change,” he said.

Goldberg said the business model for higher education is changing. The state used to provide $450 million a year in state funding to the University of Arizona. That number is now $250 million, which has led to tuition rate hikes.

“We’re in the business of taking 18-year-olds and turning them into adults,” Goldberg said. In the future, the trend will be for faculty to be “more coach and less sage.”

Panelists also discussed the concept of “speed to market” and its role in attracting businesses to locate in a particular city.

“It’s really about speed, about cost and about keeping your eye on the ball,” Cross said, referring to the concept that shovel-ready sites that can be developed fast and municipalities that have streamlined their planning processes have a competitive edge.

“When people tell you it’s not about money, you can be sure they are not telling the truth – it’s always about the money,” Kilrow said.

“Speed to market makes it really easy on us,” Kilrow said, if the infrastructure is in place and it’s a fast process.