Regional Economic Development – More People Better Off Today Than Yesterday

For its series on regional economic development, Building a Region, Handshake 2.0 asked:

"To foster its regional economic development, what are the three most important traits a rural region needs to develop in order to have a chance at attracting a high-tech Global 1000 company – or two or three – to establish headquarters, a division, a product development laboratory, or a research facility in its locale?"

Joe W. Meredith, Ph.D., President of the Virginia Tech Corporate Research Center, Inc. Joe W. Meredith, Ph.D., President of the Virginia Tech Corporate Research Center, Inc. in Blacksburg, Virginia replied:

  1. A sufficient talent pool to meet the needs of a large company,
  2. a lower total cost of business than where they currently are,
  3. facilities that enable them to be more productive at a lower cost.

Regional economic development means simply that more people are better off today than yesterday.

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