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 town’s current economic climate and what can be done in the future to expand business.
“The market analysis helps communities achieve their goals fiscally and economically,” said Bronk. “It 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.”
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.
“Economic development requires a proactive approach and is not dealt with in a passive manner,” said Bronk. “The market drives economic growth and [a market analysis] is the foundation for business success.”
Planning Commission Chair Gardiner Palmer, Jr. also gave his support to a potential market analysis.
“I 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,” said Palmer. “There are certain constraints the planning commission work under that prohibit economics being involved in every decision, so that information becomes vital.”
“[A market analysis] helps to drive the decision-making process,” he added. “Without the information, we are left with gut reactions about how particular Comprehensive Plan and zoning amendments might affect surrounding areas.”
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