As we roll into the next decade, it is evident that exponential growth in technology and economic conditions will be key drivers in the changes over the next decade that will impact workforce, real estate and logistics, among other things. These changes will have a dramatic impact on site selection and economic development strategies as we try to adapt to the new global economy. To help prepare for some of these changes, we have identified the following five key predictions that may change site selection and economic development in the very near future.
1. Logistics reimagined
From autonomous electric trucks to drone delivery, the logistics industry has major changes ahead over the next decade. The whole supply chain model is going to look a lot different which will have an impact on site selection and economic development strategies. The following summarizes some of the possible impacts:
2. Exponential technological advances
Technological advances in automation, 3D printing, artificial intelligence and driverless transportation will infiltrate multiple industries and create massive changes in site selection strategies and workforce needs. Some possible changes include:
The roll-out of 5G networks across the U.S. is going to dramatically change how we do everything including how we build things, how we deliver them and where we store our data. It will be the backbone that will enable automation and artificial intelligence to really take hold. Some of the effects include:
The regulatory environment for economic incentives issued by economic development organizations to companies and real estate developers has slowly become more sophisticated over the last decade. The c-suite and media have really latched onto economic incentives now so it is only natural that more transparency will be required in the future.
If anything, we learned over the last decade what prolonged, slow economic growth looks and feels like. It is likely there will be much of the same with a few light recessions along the way. The following summarizes some of the good and bad things that might happen:
Predicting the future is not a science but it’s definitely interesting to think about what our world might look in the next 10 years and how it might impact site selection and economic development. Hopefully, you will find this glimpse of the future compelling and find a way to plan for your next site selection project