A strong post-pandemic economydespite media accounts to the contrarycombined with a sizzling hot industrial real estate market, and dramatic shifts in office work patterns have combined to turn the traditional practice of economic development upside down, Christopher Thornberg, founding partner of Beacon Economics, told attendees of NAIOP's I.CON West: The Industrial Real Estate Conference taking place in Long Beach, California last month. 

"We have to think differently about this," he said.  "Migration patterns have changed. The old economic development mantra was 'jobs, jobs, jobs.' We don't need jobs anymore, we need workers. Economic development will be built around the labor market."

One of the biggest economic challenges today is the inability of businesses to hire enough workers.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.