In communities where the market is slow, attracting developers and investors can be a tough challenge. A slow market can have many causes such as an economic downturn, a geographic disadvantage or a weak competitive edge within the region. Local leaders of small towns from states like Mississippi, Louisiana, Iowa, Maryland and California discussed the issues that impact attracting growth and development in a weak market during a session titled “Creating revitalization in slow growth markets” at the June 2014 Local Leaders Policy Forum in Washington, DC.
“Slow growth is relative to the market,” remarked Mayor Andrew Fellows of College Park, MD, and other leaders agreed. Mayor Ruth Randleman of Carlisle, IA pointed to other communities in the immediate Des Moines metropolitan region as their major competition. Former Mayor John Robert Smith of Meridian, MS suggested that sister cities in the greater geographic region and neighboring states were their biggest competition. “Our problem was that we were trying to be Gulfport of Biloxi, when we didn’t realize that we had strengths of our own,” said Smith.