5 Key Findings From The State of Site Selection Report
November 11, 2022 | By: Nick Reshan, 5 Key Findings From The State of Site Selection Report | Development Counsellors International (DCI) (aboutdci.com)
DCI and the Site Selectors Guild recently released the second edition of The State of Site Selection, a robust 64-page report detailing all the latest trends impacting corporate location decisions. While the first edition of this research was released in March 2020, just days before the world went into lockdown due to the COVID-19 pandemic, this new report addresses the evolving site selection process that looks very different than two years ago.
Robyn Domber, Senior Vice President of Research at DCI, unveiled the findings and moderated a discussion panel at the Site Selector Guild’s 2022 Fall Forum. Within days, the report had been purchased in more than 30 states and six countries. As the research circulates around the world, helping economic developers and corporate executives understand how factors like scarcity of resources and faster timelines are impacting decision making globally, we wanted to share five of the report’s key findings.
1. Workforce
Evolving workplace models, insufficient training programs and a surge of Baby Boomer retirements are challenging access to talent. Adding to the challenge, potential solutions such as advanced forms of automation have been put on hold due to supply chain delays. Communities and employers must stay up to date on talent’s priorities to attract and retain a strong workforce.
2. Risk Mitigation
Companies have become all too familiar with supply chain issues and are keeping location in mind when looking to mitigate these problems. Working with locations that have less likelihood of utility disruptions – whether from geopolitical conflict, system failures or weather – is becoming a priority for site selection consultants.
3. Real Estate, Sites and Buildings
Changing workplace models are producing a surplus of office space while increasing production demands are creating a limited inventory of industrial real estate. Supply and demand has never been so imbalanced, especially with the rise of megaprojects, and communities that have invested in site-readiness are reaping the rewards.
4. Environmental, Social and Governance Initiatives
There are many factors that impact a company’s perspective on ESG initiatives, such as ownership and size, and commitment to these efforts are increasingly dictating where they choose to do business. These initiatives positively impact the quality of place and are another way to attract and retain talent looking to live and work where their values are reflected.
5. Factors Rising in Importance
Over the next 10 years, factors such as diversity, equity and inclusion; risk management and mitigation; environmental sustainability; and labor availability are expected to rise in importance. It has never been more essential for site selectors and corporate executives to partner with economic development organizations to help overcome the scarcity of resources and complex questions that continue to arise.
To get the full picture of what the state of site selection looks like, download the full report here. For questions about the research or to inquire about a live or virtual presentation, contact Nick.Reshan@aboutdci.com.
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