1. Low interest rates will continue to dominate the consumer markets as a younger workforce and eager consumers take advantage of financial institutions that are willing to borrow. In some instances businesses are offering zero payments on a major purchase (e.g. car, furniture) for 6 months. 2. Pharma and medical device companies are rethinking how to get their supply chains reorganized for retooling during a pandemic. Also, thanks to the 21st Century Cures Act, which stimulates new drugs and medical devices, will have a lasting impact as reshoring becomes attractive. 3. Domestic expansions (US market) will see a strong response to expand within the next five years, this is based on a recent Area Development publication on corporate expansions survey - almost 87% of those surveyed do have plans to expand. 4. The Machinery, Equipment & Construction industry has seen its strongest growth recently in over a decade. Much of this is due to high demand from distributors and grocers that have seen a strong demand for their products or services. 5. A continuation of federal stimulus for tax payers or small businesses may become necessary as the pandemic continues to have its devastating impact especially with the retail and entertainment industry. TOPICS FOR YOUR BUSINESS
Negotiating Incentives Given the uncertainty surrounding the pandemic, many businesses postponed their expansion plans. However, now that stay at home orders are being lifted around the country, now is a good time to restart your plans for the future. In addition its also a good time to think how tax incentives can plan a role in making the expansion possible within the next 9-12 months. There is a lot of work behind that scenes that goes into analyzing and comparing the various incentives available in each community. This is when you need a economic development consultant to help you not only rethink how this can be done but also ensure that you are on the right path to obtaining incentives in an efficient manner and ensuring compliance when the time comes to reporting on your projects investment numbers. If your business is considering expanding or a new location for a new market, give me a call for a free consultation.