Utilities provide the building blocks of economic development

The following editorial was written by Sen. J. Yancey McGill, the chairman of the North Eastern Strategic Alliance(NESA) executive committee, and discusses the role utility companies play in creating suitable product for our region.

When competing for economic development projects, land, labor and logistics are key to landing investments and jobs. To win these projects, it's a given that these elements must be in place. 

But without quality industrial sites and buildings, it's all for naught. 

One of the most important aspects of economic development is the creation of product, buildings and sites suitable for industries.  

It's a simple concept, but the lack of diverse product can kill a prospective project dead in its tracks. 

Not too long ago, our region had very limited quality product. It hindered job growth and stagnated what our region could do economically. 

After examining some of the product gaps within our region, our utility companies, such as Santee Cooper, Duke Energy Progress, The South Carolina Power Team an economic development alliance of Santee Cooper and the state's 20 electric cooperatives and others collaborated with NESA to increase the availability of product throughout our region. 

The process of constructing and funding a building that houses the necessary specifications and accoutrements needed by modern industries is not easy, though. 

Were lucky enough to work with utility companies and county economic development organizations that realize the effectiveness of having a substantial product base. 

The construction of speculative buildings, loans to counties to assist in the acquisition of buildings and continuing assistance in improving and expanding the infrastructure to industrial sites are all important cogs in continuing to improve our region. Utility companies are a big function of that. 

For instance, within our region, more than $6.2 million has been allocated to ongoing or recently completed projects within our area by Santee Cooper through their economic development loan program.

Other programs, such as the Duke Energy Progress sponsored Site Readiness Program, provide the necessary initial assessment and insight to help make effective industrial sites. 

The Duke Energy Progress Site Readiness Program aims to increase the inventory of industrial sites throughout the state by providing initial assessments of industrial sites from McCallum Sweeney Consulting one of the nation's top site selection consultants and the creation of conceptual plans for the sites by expert land use and site planners.

In some cases, NESA is able to leverage the funding by matching it through our state match program, which increases the assistance we and our utility partners are able to provide for our region. 

Since the program's inception in 2005, 96 sites in more than 40 different counties across North and South Carolina have received assessments. 

Santee Cooper, Duke Energy Progress, The South Carolina Power Team and other utilities are vital to our region's continued economic development growth and their investment in our area is incredibly significant. 

Their initiative in creating and developing the purchase of sites and buildings within our region is the true essence of what cooperative economic development is all about.