Election Season: How Economic Developers Can Charter a Course Through Electoral Turbulence

On ⁦Tuesday, November 5, 2024⁩, Americans will be casting their ballots for their preferred presidential candidate and government officials at the federal, state, and local levels.

It seems simple enough, but the happenings before, during and after an election have ricocheting effects on a multitude of important factors– particularly for Economic Developers, who may face several impacts and challenges around election time.

The prospect of new administrations bringing sweeping changes to economic policies, tax structures, and regulatory frameworks can send ripples through the business community. While the long-term impacts on the economy are often limited — with fundamental economic drivers tending to persist regardless of electoral outcomes — the short-term effects can be pronounced.

As political winds shift, those focused on fostering the economic growth of their regions must navigate a landscape characterized by uncertainty, while maintaining a steady course.

To successfully navigate these choppy waters, experts advocate for a multi-pronged approach. Below, we provide 6 strategies to protect ED goals and leverage opportunities during the election cycle.

Maintain nonpartisanship: Staying neutral helps unify all. Focus on objective economic data and analysis rather than political rhetoric. This approach builds credibility and relationships across party lines, ensuring continuity regardless of election outcomes.

Educate stakeholders: Education plays a crucial role. By providing factual information about ongoing economic development initiatives and their impacts, developers can help candidates and the public understand the complexities and long-term nature of their work. This approach not only informs the debate but also helps to insulate important projects from the vagaries of political cycles.

Develop diverse contingency plans: Create strategies for different potential election outcomes and policy shifts. The most successful economic developers are those who can adapt their strategies quickly while maintaining a consistent long-term vision. Playing out hypothetical situations based on the different elected candidates can help greatly. One way to do this, is to develop multiple versions of a five-year strategic plan, each accounting for different potential outcomes in local and state elections that could affect funding for key projects.

Emphasize long-term planning: By highlighting the importance of sustained, bipartisan economic development strategies, developers can help to build consensus around key initiatives that transcend individual election cycles.This emphasis on long-term planning is particularly crucial in an era of increasing political polarization. Having a long-term Vision is a helpful way to develop a “North Star” approach that allows for a focused aim during short term shifts.

Engage with the business community: The business community plays a pivotal role in this process. Work closely with local enterprises to understand and address concerns arising from electoral uncertainty. This collaborative approach can lead to more resilient strategies that can withstand potential policy changes. A practical way to do this, may be to host roundtables with local business leaders to discuss potential impacts of upcoming elections on various sectors, using these insights to refine support programs.

Leverage increased attention: The heightened focus on economic issues during elections presents an opportunity for savvy developers to advocate for important projects and initiatives. By leveraging this increased attention, they can build momentum for key development goals that align with the broader community's aspirations. In short, candidates have a vested interest in pleasing their constituents, providing an opportunity for EDs to use that desire to secure commitments from candidates to support their projects.

As the global economic landscape continues to evolve, the ability of economic developers to navigate election periods effectively will become increasingly crucial. Those who can maintain objectivity, educate stakeholders, plan for multiple scenarios, and build resilient, long-term strategies will be best positioned to guide their communities towards sustainable prosperity, regardless of which way the political winds may blow.

No matter what the upcoming elections may bring, experts can guide the way. Convergent Nonprofit Solutions understands the importance of nonprofit organizations and their role in communities nationwide. Look to Convergent Nonprofit Solutions to help you navigate opportunities and challenges.