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Targeting Business Investment in Rural Communities

Author

Listed:
  • Nagy, Cecil N.
  • Olfert, M. Rose
  • Skotheim, J.

Abstract

Many agricultural-based communities in the Great Plains region of North America face declining rural populations and shrinking market size to levels eventually insufficient to maintain their functions. In response, rural communities often pursue a variety of business recruitment and retention initiatives including incentives to entice new business to their location. This paper estimates a model of business-community compatibility designed to assist communities in identifying potential business opportunities, given the community’s characteristics. An Industrial Targeting system for Rural Communities (ITRC) model is developed to suggest business investment alternatives, and the prerequisite conditions for attracting them. Findings suggest that industrial targeting is a complex, iterative, and often creative exercise and that a detailed investigation of business requirements and community attributes is informative. However, the ITRC model must be used along with other information about local and regional economic and institutional conditions.

Suggested Citation

  • Nagy, Cecil N. & Olfert, M. Rose & Skotheim, J., 2004. "Targeting Business Investment in Rural Communities," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 34(2).
  • Handle: RePEc:ags:jrapmc:132294
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    References listed on IDEAS

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    1. John C. Leatherman & Donald J. Howard & Terry L. Kastens, 2002. "Improved Prospects for Rural Development: An Industrial Targeting System for the Great Plains," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 24(1), pages 59-77.
    2. Jack C. Stabler & M. R. Olfert, 1993. "Farm Structure And Community Viability In The Northern Great Plains," The Review of Regional Studies, Southern Regional Science Association, vol. 23(3), pages 265-286, Winter.
    3. Beguin, H, 1992. "Christaller's Central Place Postulates: A Commentary," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 26(3), pages 209-229, September.
    4. James W. Henderson & Thomas M. Kelly & Beck A. Taylor, 2000. "The Impact of Agglomeration Economies on Estimated Demand Thresholds: An Extension of Wensley and Stabler," Journal of Regional Science, Wiley Blackwell, vol. 40(4), pages 719-733.
    5. Mathur, Vijay K., 1979. "Some unresolved issues in the location theory of the firm," Journal of Urban Economics, Elsevier, vol. 6(3), pages 299-318, July.
    6. Eaton, B Curtis & Lipsey, Richard G, 1982. "An Economic Theory of Central Places," Economic Journal, Royal Economic Society, vol. 92(365), pages 56-72, March.
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