The moment we’ve all been waiting for is here! The Department of the Treasury released guidance for how communities can leverage American Rescue Plan Act (ARPA) funding. Tucked away in the document is a key directive: “state, local, and tribal governments may use payments from the Fiscal Recovery Funds for data analysis to improve the efficacy of programs addressing negative economic impacts.”
This means communities can utilize the funding for a whole swath of valuable research and strategic planning. The research, data and planning will help address ongoing economic disruptions, but also position regions for success in the long-term.
Ady Advantage offers a number of products and services related to research and strategic planning that can help your community take advantage of this opportunity and the funding from ARPA. Below is only a small selection of what Ady Advantage can do for your community.
With such a big influx of cash coming from ARPA, communities have many decisions to make about where to allocate it all. Ady Advantage can provide objective, outside expertise on the highest priorities of use for the funding is to make the greatest impact on the goals of your community. We ensure the process is evidence-based and grounded with strong stakeholder engagement and input. ARPA provides an unprecedented opportunity, and Ady Advantage can help your community make the most of it.
The traditional “three legs of the stool” – business retention/expansion, business recruitment, and business start-up –are now business development, talent development and placemaking. Our team developed Economic Development 360™ to address these core components. This framework creates a comprehensive approach to economic development strategic planning. Goals and strategies are targeted and tailored to each “leg” of the stool. Economic Development 360™ leads to outcome-driven goals through an integrated and holistic approach.
The competitive nature of economic development today means you can no longer try to be all things to all people. Communities and regions need to focus on specific industries and sectors that are the best fit for their areas, as well as specific industries that complement the existing talent base. We constantly enhance our target industry analyses with new data and perspectives that help communities be resilient in the face of major economic disruptions, help identify competing regions, and target companies. Our proven process identifies target industries while also fostering stakeholder support.
Are your employers having trouble recruiting and retaining talent? Ady Advantage has catalogued over 300 talent initiatives from around the country in our proprietary Talent Strategies Database. This provides us an evidence-based perspective with data and tools for identifying the most important strategies for you to pursue, and best practices to consider when developing programs for your region. The result is that all the background research we conduct provides a jump-start to the development of a customized talent strategy plan designed uniquely for your region.
Recent global disruptions showed that every corner of the world is vulnerable to disasters. In truth, economic resiliency should always be a top priority for communities because no one can predict when the next natural disaster or economic disruption will happen. Ady Advantage conducts research on trends and disruptions that will have a lasting impact on economic development. We also study and distill the implications for economic developers. We help communities answer questions like:
- What are the impacts of global trends and disruptions on my community, businesses, workforce, etc.?
- What are the critical needs of my business community (outreach, support, programming, talent, funding, etc.)?
- How can we best address short-term and long-term economic development impacts and aid in recovery?
Communities have many important choices to make, and Ady Advantage is here to help. Connect with us to discuss how your community can utilize the funding for the highest, long-term impact to ensure your community is resilient and prosperous.
You can find a link to the full interim rule here.