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NORTH KINGSTOWN - On Monday evening, Director of Economic Development Paige Bronk presented a proposal to the town council to conduct a market analysis of the the town. The study, which will cost approximately $75,000, will aim to assess the townâ€™s current economic climate and what can be done in the future to expand business.
â€śThe market analysis helps communities achieve their goals fiscally and economically,â€ť said Bronk. â€śIt is quite a significant process, starting from the ground up. It looks at existing businesses, their strengths and deficiencies, and how a community can use its resources to leverage its economic future.â€ť
Bronk further emphasized that, although funding the market analysis seems excessive, the value of a go-to document for the current and future town council, as well as local organizations and businesses, is great.
â€śEconomic development requires a proactive approach and is not dealt with in a passive manner,â€ť said Bronk. â€śThe market drives economic growth and [a market analysis] is the foundation for business success.â€ť
Planning Commission Chair Gardiner Palmer, Jr. also gave his support to a potential market analysis.
â€śI think there is a clear intersection between planning and economic development, and it would help to inform many of the planning commission decisions we face,â€ť said Palmer. â€śThere are certain constraints the planning commission work under that prohibit economics being involved in every decision, so that information becomes vital.â€ť
â€ś[A market analysis] helps to drive the decision-making process,â€ť he added. â€śWithout the information, we are left with gut reactions about how particular Comprehensive Plan and zoning amendments might affect surrounding areas.â€ť
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