Wake County Economic Development at the Area Development Conference

This past week, Michael Haley, Executive Director, attended the Area Development Conference in Amelia Island, Florida. This annual event highlights important economic development issues while providing networking with national leaders. Read about Michael's experience at the conference:

This week, I, along with a small group of local and state economic development leaders, met with nearly two dozen site selection consultants to discuss key issues that will impact economic development in 2025. The event was an opportunity to hear directly from the consultants and engage in meaningful discussions with my peers about critical issues. I came away with three key takeaways from the meeting:

1. Power is the new labor. This direct quote from a consultant highlights the growing importance of utility capacity for economic development. While labor will always be a critical factor in site selection decisions, power availability has become increasingly vital. Another consultant noted that we are at “peak power now,” and it’s crucial for economic developers to address this issue proactively.
2. Product development is the first step in capitalizing on opportunity. One of my favorite sayings is, “You can’t sell from an empty wagon.” In this context, it emphasizes that a community must have project-ready sites—locations and/or buildings prepared for expanding companies. In every session, site selection consultants pointed out the nationwide shortage of quality sites. Naturally, I took the opportunity to highlight the prime sites and buildings in Wake County! However, their main point stands: we must continue identifying and developing new sites for industrial grow
3. The next American Industrial Revolution is happening now. This insightful statement came from one of the consultants. While much remains uncertain about federal policy in the post-election period, there is general agreement that federal industrial policy will likely persist in some form. This could involve federal support for specific sectors, innovation, or supply chain elements critical to national security. Additionally, as capital becomes more readily available, companies will continue to make strategic investments in growth. Communities that are prepared will be the ones that succeed.

I left these meetings feeling energized! These takeaways align perfectly with Wake County Economic Development’s new five-year strategic plan, EDGE7. The theme of our strategy is Building a Competitive Future, a statement that encapsulates everything we do to support our business community and residents of Wake County and the Research Triangle region. We are paving the way forward, fully embracing the rapid progress of our region. After all, Wake County didn’t become one of the top places to work and live in the U.S. by remaining stagnant or resistant to change!

Wake County Economic Development (WCED) is addressing the complexity of infrastructure needs through the first pillar of our strategic plan—Comprehensive Infrastructure Development. As one of the fastest-growing metros in the country, we must be aggressive in pursuing smart and sustainable growth. Addressing every aspect of infrastructure across Wake County is critical given the increasing pressures of demographic growth. WCED will lead the completion of Wake County’s first Comprehensive Infrastructure Plan to assess both current and projected infrastructure capacity and demand.

Site assessment, product development, and marketing remain priorities for WCED. Over the last five years, Wake County has experienced unprecedented economic development success. But we cannot afford to rest on our laurels. We must continue moving forward to capitalize on the opportunities before us. Our mission is to collaborate with all twelve Wake County municipalities, Wake County, utility providers, and private sector EDGE investors to identify and prepare sites for industrial development, capital investment, and job creation.

 As Bruce Katz, a leading commentator on regional collaboration, notes, “By all accounts, the U.S. economy is undergoing an industrial transformation of monumental proportions.” Katz describes this transformation as the emergence of the Advanced Technology Industrial Ecosystem, a network reliant on metropolitan regions building comprehensive, collaborative networks to support growth. Those metros that succeed in this will thrive. EDGE7 will foster radical collaboration in Wake County and across the region on critical issues, including economic development and public policy. As one of the most diverse and innovative economies in the nation, Wake County is uniquely positioned for “what’s next!”

To learn more about EDGE7 and how your company can get involved, please visit our website.