Economic Development Consultants Services

The Vendor is required economic development consultants for an economic development market analysis and business attraction strategy
• Consultant services to prepare an Economic Development Market Analysis and Business Attraction Strategy focused on identifying and evaluating “second economies” that can complement and diversify the local tourism-based economy.
• The work should assess market opportunities, economic competitiveness, and implementation actions to help the City attract, retain, and grow targeted industry sectors that provide year-round employment, broaden the tax base, and strengthen economic resilience.
• The Strategy will also include specific action items geared towards creating new job opportunities, encouraging entrepreneurship and innovation, enhancing fiscal sustainability and increasing private investment.
• The consultant shall provide targeted outreach, fact based, data-driven analysis, and actionable recommendations to support policy, investment, business attraction, initial prioritization of resources and long-range economic development decision-making.
• Objective
The consultant’s work shall, at a minimum, achieve the following objectives:
• Evaluate the City’s current economic base and degree of reliance on tourism.
• Establish a baseline of non-services sector business and provide methodology that details how to update that data over time.
• Identify viable second-economy sectors that could diversify local economic activity.
• Assess the market feasibility, infrastructure needs, workforce implications, and land use considerations for those sectors.
• Provide tools and methods that foster and support already emerging second- economies.
• Identify barriers to business attraction and expansion.
• Identify programs that stimulate local growth through public and private investment
• Recognize public incentives as catalysts to leverage and encourage public and private investment.
• Recommend strategies to attract, retain, and support non-service sector businesses.
• Provide realistic implementation-oriented deliverables or action plan that can guide City actions, partner coordination, and future investment.