Site Readiness Surge: States Bet Big to Attract Industrial Investment and Jobs

A critical shortage of development-ready industrial sites is pushing states to invest hundreds of millions of dollars in product development. These proactive efforts aim to enhance the developability and speed-to-market of industrial property, ultimately attracting capital investment and job creation. Site Selection Group regularly monitors these investments, and this article will explore the current landscape of product development funding across the U.S.

What is Product Development?
Product development refers to the proactive efforts of states, utilities, or other economic development entities to enhance the developability and marketability of their assets. Although product development is all encompassing of real estate, workforce, downtown revitalization, etc., the term is most often used in economic development circles to refer to strategic investments in industrial properties, where it has become synonymous with the concept of “site readiness.”

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