Why Speed to Market Matters More Than Incentives in Site Selection Today

Written by:

Heather Hook

Date:

16 Apr 2026

KeyCrew Studio

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The question companies ask economic developers has fundamentally changed. Twenty-five years ago, the first thing prospects wanted to know was simple: “How much money are you going to give me?” Today, that question rarely comes up first.

Instead, companies lead with two different priorities: “How can you fill my workforce’s needs?” and “How fast can we break ground?”

This shift reveals something critical for developers, contractors, and anyone involved in commercial real estate: Speed to market now outweighs incentive packages in site selection decisions.

The New Reality of Site Selection

“You got to do business at the speed of business and not the speed of bureaucracy,” explains Becca Hardin, president of Bay Economic Development Alliance, in a recent Beyond the Build podcast with Kelvin Enfinger Jr., Vice President of Greenhut Construction.

Bay County learned this lesson through repeated interactions with prospects. Companies touring available properties don’t wait for communities to get sites ready. When told a greenfield site needs two to three years of preparation before construction can begin, prospects respond predictably: “That’s a shame. We have to go somewhere else.”

The consequence is straightforward. Communities without shovel-ready inventory lose projects regardless of incentive packages, workforce availability, or location advantages.

What Shovel-Ready Actually Means

Bay County addresses this through certified site development. The Port Panama City’s intermodal distribution center maintains a 52-acre certified site and a 30-acre certified site. St. Joe Company’s Venture Crossings business park at the airport campus offers additional certified acreage.

Certification means specific preparation work is complete before prospects arrive. Sites are cleared and mitigated. Regional stormwater systems are installed. All permits and zoning approvals are secured. Infrastructure connections are stubbed to property lines.

“It’s ready for accelerated construction,” Hardin notes. Companies can begin building immediately after closing deals rather than waiting years for site preparation.

This matters because building availability is limited. Bay County maintains one 100,000-square-foot available building that gets shown weekly. Once occupied, the next prospect needs a certified site or goes elsewhere.

The Competitive Pressure

Bay EDA’s strategy focuses on “singles and doubles” rather than “home runs.” Target projects involve 100 jobs and $10 million capital investment rather than massive automotive plants or corporate headquarters requiring years of preparation.

This approach requires constant inventory replenishment. As certified sites get absorbed by projects like Central Maloney (200 jobs, $25 million), Global Impact Products (150 jobs, $14.5 million), or IG Aerogroup (500 jobs, $107 million), Bay County must immediately begin certifying replacement sites.

The airport currently faces this challenge. Multiple projects breaking ground in 2026, including IG Aerogroup’s jet engine maintenance facility and Premier Aviation’s MRO operation, will consume remaining developable airport property. Without certified replacement sites, future aviation prospects will go to competing markets.

Why This Matters for Construction

Developers and contractors benefit from understanding this dynamic. Communities investing in certified site development create predictable project pipelines. Site preparation happens proactively rather than reactively, smoothing construction demand across time rather than creating feast-or-famine cycles.

Certified sites also reduce project risk. Permitting delays, environmental surprises, and infrastructure connection issues get resolved before companies commit. This predictability allows more accurate bidding and reduces contingencies.

For contractors, certified site programs signal markets serious about growth. Communities willing to invest in speculative site preparation before securing tenants demonstrate commitment to economic development rather than just talking about it.

The Investment Required

Site certification isn’t cheap. Clearing, environmental mitigation, stormwater systems, utility extensions, and permitting all require capital investment before any tenant appears. Many communities avoid this expense, preferring to wait until prospects commit before beginning preparation.

This creates the two-to-three-year delay that kills deals.

Bay County overcomes this through Triumph Gulf Coast funding. The $1.2 billion fund from BP oil spill settlements provides capital for infrastructure investments that would otherwise strain local budgets. “Without that fund, it would be very, very difficult for us to compete in some of these major projects,” Hardin acknowledges.

But the principle applies regardless of funding source. Communities must decide whether to invest speculatively in site preparation or accept losing time-sensitive projects to better-prepared competitors.

The Broader Pattern

This shift from incentive-focused to speed-focused site selection reflects broader changes in business decision-making. Companies face compressed timelines driven by market opportunities, competitive pressure, and capital availability windows. Waiting three years to break ground means missing market timing or losing capital commitments.

Economic developers who understand this adapt their offerings accordingly. Incentive packages remain important but no longer determine winners. The community that can put a shovel in the ground fastest wins the project.

For commercial real estate professionals, this suggests evaluating markets not just on costs or incentives but on readiness. Markets with certified site inventories and streamlined permitting processes attract projects. Markets requiring years of preparation lose them.

Becca Hardin serves as president of Bay Economic Development Alliance, leading economic development efforts in Bay County, Florida, with focus on aviation, maritime, and advanced manufacturing sectors.

This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions. Listen to the full conversation: https://www.youtube.com/watch?v=OR-e_xo9mw0