Three things that cross my screen everyday are:
1. Articles about the ongoing remote work debate
2. Job postings that go unfilled in rural communities, especially local governments, and
3. The tightening of the purse strings for commercial loans, at least partly stemming from the fallout of vacancies in urban office spaces
The Remote Work Debate as a Differentiator
As someone who spent the last four years with increasingly longer office hours in a local government setting and who now has the flexibility to work from anywhere, I cannot say enough about the change in quality of life physically, mentally, relationally, and with respect to productivity. I agree that there are things that coworkers need to come together for in order to move an organization forward. I also know that not all positions have the ability to work remotely. With those two things said, a hybrid approach is achievable for many job positions.
If larger corporations plan to reverse stance on remote work, there is an opportunity here for rural local governments and private sector employers. The local governments, in particular, are often already faced with limited funds to compete with employee compensation, as well as aging facilities in need of upgrade or replacement. Countless polls demonstrate the importance of flexible options to today’s workforce. Rural employers providing flexibility through hybrid work will inevitably turn around out-commuters and invite new people into the community on in-office days that may decide to relocate for even more convenience. Where people work and live, they spend money with small businesses.
(By the way, work ethic is internal. Don’t kid yourself into thinking there are fewer unproductive workers sitting in offices. In fact, some aspects of office settings contribute to a drain on productivity.)
Rural Rediscovery = Robust Recovery
The heading above comes from a post I wrote just over three years ago, then as the economic development director for Person County, NC. The timing was the height of COVID-19 shutdowns. With the title, I asked, “Will economic recovery be an opportunity for a rural reset?” Since that time, many investors, developers, and residents have discovered the value of rural. Each week there are new reports of planned developments in the halo counties of the Triangle. Where I live, in Person County, there are new residential developments coming online and several small business expansions and new business openings have taken place, including in the retail and service sectors.
Rural Population Growth
The maps in the image were taken from the NC Rural Center Report, "Rural Relocators: COVID-19 and Rural Population Growth"
A recent report from the NC Rural Center supports that many rural counties saw population growth in the two years that followed the onset of the pandemic despite population losses in the10 years preceding.
The Reciprocity of Rural
A May article from the Triangle Business Journal says, “The 2023 Small Business Owner Report from Bank of America (NYSE: BAC) found 48% of businesses are planning to expand in the next 12 months, which is up from 37% a year ago, even if they aren't confident about the outlook for the economy overall.”
Sharon Miller, cited as the president of small business for Bank of America Corp., is quoted in the article as saying, “I think right now is the time and place where they can pull ahead a bit because they are nimble, they are smaller and they are local[.]”
The hurdle? According to the article, small businesses are seeking financing to support expansion at a time when commercial lenders are taking more precautions. This is an opportunity for community banks to utilize their localized presence to evaluate and support needs based on what’s going on closer to home. Local economies are best strengthened by local support.
Ride the Wave of Opportunity
It needs to be acknowledged that growth in the halo counties has also been helped along by growth in the urban centers. In the same way, there will be ripple effects when urban economies become turbulent. At the heart of resilience, though, is seizing the opportunity in front of you to fortify your reserves. While there’s increasing interest in rural, let’s take advantage of the present situation for the sake of our small businesses and initiate responsive workplace and lending practices in the place where we have the most control – locally.
About the author:
Sherry Wilborn is a certified economic developer (CEcD) who started Rural Advantage, LLC, in 2022 to provide support to EDOs, local governments, small businesses, and property owners in rural communities that are perpetually challenged with limited resources. Through an affiliation with APG Advisors, and as a licensed NC real estate broker, Sherry also brings commercial real estate services to areas north of the Triangle whose assets are often overlooked. Sherry also serves on the board of directors for Roxboro Savings Bank.