Area Development’s 36th Annual Corporate Survey and 18th Annual Consultants Survey reflect the continued impact of the global pandemic on corporate executives’ site and facility plans across a range of small and large companies in varied industries.
More than half of the corporate respondents represent manufacturing firms and about a fifth represent distribution/logistics operations. More than 40 percent of the respondent companies employ 100–499 people. While 77 percent of the Corporate Survey respondents said they have been severely or moderately affected by supply chain challenges, only 23 percent plan to open a new domestic facility within the next two years.
About 80 percent of those responding to our Consultants Survey are working with durable goods manufacturers, and more than 40 percent work with companies employing 5,000 or more people. Some 90 percent also said their clients had been severely or moderately affected by supply chain challenges. However, nearly all (96 percent) said their clients plan to open a new domestic facility within the next two years.
Labor costs is ranked as the #1 site selection factor by the Corporate Survey respondents, followed by availability of skilled labor, energy availability and costs, and inbound/outbound shipping costs. The respondents to our Consultants Survey rank proximity to major markets as their clients’ #1 location factor, followed by availability of skilled labor, and highway accessibility.
More than 90 percent of both the Corporate Survey and Consultants Survey respondents consider sustainability efforts as very or somewhat important. However, whereas 91 percent of the responding consultants said access to renewable sources of energy is very or somewhat important to their clients, just 74 percent of the corporate respondents consider access to renewables as very or somewhat important.
Similarly, about two thirds of those responding to our Consultants Survey said their clients consider DEI strategies when assessing locations, whereas only a third of the corporate respondents said they assess DEI strategies when assessing prospective locations.
A full review of this year’s Corporate and Consultants Surveys can be found in the Q1/2022 issue of Area Development and online at areadevelopment.com/survey.
Area Development is published quarterly and also maintains several highly visited websites, which can be reached at www.areadevelopment.com. It also has produced more than 50 Best Practices Consultants Forums for economic developers since 2006.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220315006271/en/
Contacts
Gerri Gambale
gerri@areadevelopment.com
