CB Richard Ellis (CBRE) has produced a new report showing how state economic development incentive programs can enhance site selection. The report also covers incentive tools available for businesses seeking to find an economic advantage when deciding on a new U.S. location.
"Times have changed, and most states find themselves behind the curve when it comes to strategic economic development," said John Lenio, economist and managing director of CBRE’s economic incentives group.
Many states from Kansas to the East Coast provide economic incentive tools designed to influence business decisions, he added. “In this competitive environment it is essential for real estate users to better understand how states compete for jobs and investment and which states have the most effective incentive programs."
The CBRE report includes an overview of site selection with state business climate rankings and key strategic drivers. It also details the role of Incentives in business recruitment and retention.
A comprehensive review of the inventory of state economic incentive programs is included, along with best practices of economic incentive programs. The report includes information on job training grant programs, payroll rebate programs, deal-closing funds, and the business personal property tax exemption, along with other information.