I recently attended the 22nd Annual Rural Development Conference in Murfreesboro, Tennessee. The conference was sponsored and led by the USDA Rural Development Department, Tennessee Valley Authority (TVA), and the Tennessee Department of Economic and Community Development. The theme of this year’s conference was “Rural Renaissance,” focusing on the revitalization of rural communities and small towns. Workshops were held by industry leaders and presented strategies and ideas that could be applied to small, rural communities. The workshop sessions served as a forum for idea generation and discussion in addition to simply educating attendees on the session’s topic.

Some of my favorite sessions were related to site selection and how communities can effectively position themselves for economic development. Janet Ady of Ady Advantage discussed the three megatrends in economic development.

  1. Risk – There are many types of risks for potential businesses and it’s important to mitigate it.
  2. Ecosystems – Economic development should be approached at a regional level to have a better understanding of workforce availability, data availability, and local government operations.
  3. Increasing competition – It is essential to set yourself apart as the economic development field matures. Community reputation and image matter.

Ed McMahon, Senior Resident Fellow at the Urban Land Institute and frequent writer in Urban Land Magazine, led a session titled “Secrets of Successful Communities.” McMahon stated that “no place is special by accident” and highlighted the importance of community image as a driver of success for cities. There are four dimensions of success as described by Mr. McMahon.

  1. Talent – Smart individuals in leadership and the workforce
  2. Innovation – New ideas that can be translated into commercial realities
  3. Connectivity – Where people and ideas can easily connect
  4. Distinctiveness of Community – In order to have a competitive advantage, a community must differentiate and promote its unique characteristics. Community image is critical for economic vitality

McMahon’s session was influenced by his recent article in Virginia Town and City magazine.

I chose to attend the Rural Development Conference because of Greenfield’s specialization in writing feasibility and economic impact studies. Greenfield has worked with several companies who were in the process of applying for a USDA Rural Development loan. The USDA Rural Development department has several loan and grant programs aimed at spurring economic development in small, rural areas. In order to receive a USDA loan, the company must submit a feasibility study outlining its proposed business or service and its ability to repay the USDA loan. That’s where we come in. Greenfield’s economic expertise and superb writers align it perfectly for this job. I was able to promote Greenfield and all its abilities while networking with industry professionals.

The lessons that I learned at the conference and brought back to Greenfield will only help us to do our jobs more efficiently, especially in the economic and community development areas. If you’d like to discuss how we can assist you with your economic development goals, please comment below or contact either of our offices to speak with a professional.