ECONOMIC DEVELOPMENT: EIGHT WAYS TO ASSIST A THRIVING MARKET

By Scooter Pursley, Clearwater Communications

While it is only part of the Bismarck Mandan Chamber EDC’s 2023 – 2025 Strategic Plan, economic development is a big part. A really big part. That’s the reason behind engaging consultants from the Next Move Group to develop a plan specifically to guide the Chamber EDC’s economic development efforts.

As the Chamber EDC has found out over the last three years, the way that the organization does business can change dramatically in a very short time. Fortunately, what the Chamber EDC learned from Next Move Group was that Bismarck-Mandan is well positioned for economic development.

“(Next Move Group) typically works with groups in economically depressed states,” Chamber EDC Board Chair Wendy Van Duyne says. “The fact they were working in Bismarck-Mandan where we have so many strong economic development factors was really exciting. Our communities have been very fortunate to have a thriving economy. Building on that so we can continue that success for years to come was the primary takeaway for having the strategic plan.”

Development of the economic development plan started in early 2022 after the Chamber EDC engaged Next Move Group to look for ways in which the organization could improve in a region with an already strong economy. After months of interviews, the consultant returned with recommendations that the Chamber EDC is now implementing.

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“It’s really proactive for a city to take a look at itself and say, ‘There’s a lot of positives going on but we’re always looking to make ourselves better,’’’ Next Move Group CEO Chuck Sexton says. “There’s a lot of communities that won’t put together a strategy until they are behind the eight ball. It was refreshing to work with Bismarck-Mandan and their leadership and be proactive.”

While some of the feedback received from local leaders supported continuing those economic development efforts that have led to BismarckMandan’s economic success, it was also noted that new approaches are needed in order for Bismarck-Mandan to continue to grow. "There are definitely some things suggested in the plan that were happening or were already in the works,” says Chamber EDC Vice President Nathan Schneider. “However, we can’t become complacent and the strategies developed by the Next Move Group will ensure that we never do.”

More specifically, the eight strategies included in the Chamber EDC’s new economic development strategic plan are:

1. Focus and develop marketing strategies for land and resources to attract new businesses.

2. Develop new industrial land. “Right now, our struggle is we don’t have available property for a large-scale project,” Schneider said.

3. Augment the existing business retention and expansion program by adding a survey component.

4. Developing more middle-income and multi-family housing options for those just starting careers.

5. Develop tribal partnerships.

6. Develop ways to grow talent (workforce) attraction efforts.

7. Develop a small-business growth program and define the Chamber EDC’s role in that.

8. Partner economic development efforts and government affairs efforts more closely. Conduct like-community visits to learn of economic development efforts in cities like Billings, Mont.; Sioux Falls, and Rapid City, S.D.; and Cheyenne, Wyo.