Lessons from ECONOMIX 2024: Talent and Infrastructure at the Core of Economic Growth

Last week, Sam Rauf, Senior Economic Development Manager, had the exciting opportunity to attend ECONOMIX 2024 in Salt Lake City, Utah. This multi-day event brought together a diverse group of economic development professionals from across the country, creating a vibrant space for learning, networking, and collaboration. Throughout the event, Sam participated in engaging learning sessions, met one-on-one with 24 site consultants, and connected with peers in the industry. The following topics were key takeaways that stood out from the conference: 

1. The Growing Importance of Talent 

One of the dominant themes throughout the conference was the increasing emphasis on talent in site selection. Businesses are placing more importance on access to skilled labor when deciding where to locate or expand. 

During the event, workforce availability, retention strategies, and upskilling initiatives were frequent topics of discussion. These themes came up in both the formal sessions and in my one-on-one conversations with site consultants, highlighting how critical it is for regions to proactively invest in talent development. This trend is especially relevant to areas like the Research Triangle, where the demand for skilled workers continues to grow. To remain competitive, regions must focus on creating strong pipelines for talent while also developing retention strategies to keep their workforce engaged and well-trained. 

2. Infrastructure is the Backbone of Economic Development 

Another key takeaway was the essential role of infrastructure, particularly reliable power sources, in site selection decisions. As industries such as data centers and advanced manufacturing continue to grow, the demand for energy-intensive operations is rising. At ECONOMIX, speakers and consultants alike emphasized that having access to resilient and sustainable infrastructure is a non-negotiable factor for businesses considering where to set up shop. The conference shed light on how critical infrastructure, especially in terms of energy reliability, is becoming a cornerstone of economic development strategies. As regions compete to attract large-scale projects, ensuring that power grids can handle the demands of modern industries is more important than ever. 

3. A Unique Conference Experience

What set ECONOMIX apart was its unique format, which fostered deep, meaningful connections. The one-on-one sessions with site consultants were incredibly valuable, offering a clearer understanding of the complex decision-making processes behind site selection. These discussions gave providedme insight into the challenges companies face and how regions can address them effectively.

 Additionally, the conference created a collaborative environment where best practices and innovative solutions were openly shared. The opportunity to engage in these discussions helped reinforce the importance of a proactive approach to both talent development and infrastructure planning. 

ECONOMIX 2024 offered a rich learning experience, and a renewed understanding of the importance of talent and infrastructure in economic development. Moving forward, it’s clear that these two factors will continue to shape where businesses choose to grow and thrive. By focusing on strengthening our workforce and ensuring the resilience of critical infrastructure, we can help position our regions for success in the future.