Early in December GLDPartners visited Sheridan Wyoming to collaborate with the economic development entity Forward Sheridan and its community partners to assess the Sheridan economic development investment attraction opportunity, particularly in terms of tech-related manufacturing.

While rural America offers many opportunities, it also faces unique challenges in growing its economy and maintaining an educated and healthy labor force. What GLDPartners discovered in Sheridan was a vibrant rural community that has found a niche in tech manufacturing where order volumes are lower but production requires a higher level of skill. The creativity and problem solving skills required for these jobs cannot be found by outsourcing to lower cost regions but they can be found in Sheridan. Employers are reporting that Sheridan has done a great job in shaping their postsecondary education to better meet the challenges of globalization and the postindustrial economy. They are providing training in the fields and specialties most sought after. Sheridan’s lower real estate costs and a great expanded broadband network are also key attractions

GLDPartners views that Sheridan as well as some other rural communities in the US can legitimately compete for manufacturing investment, but the offer must be highly tailored to the specific competitiveness of the setting, its supply chain positioning and labor force size and skills.  Smaller regions will need to work a bit harder to gain attention and define the business offer but there is an opportunity to bolster manufacturing presence by gaining a better understanding of industry supply chains which describes everything from conceiving, designing, producing, testing, distributing, and supporting the end product.

Sheridan’s offer is largely about being strategically located for certain sector supply chains, being on the transcontinental rail line, being comparatively affordable, having a strong workforce offer and being in a very business friendly state.  Recognizing the intense competition for investment, many communities will offer some or all of these factors – but our view is that the prime issue is understanding which industries will see a particular location as “strategic”.