What to Look for in an Economic Development Advisor Before You Hire One

Before you hire an economic development advisor, make sure you truly need outside help and know the outcomes you want (jobs created, private investment attracted, permitting time reduced, etc.). Then vet credentials, relevant experience, data rigor, ethics, communication, and fees so you hire a real partner—not a slick presenter.

Key Takeaways

• Verify credentials, licenses, and relevant experience with communities like yours (size, demographics, industry mix).

• Confirm they use rigorous, data-driven analysis and can explain metrics, forecasts, and dashboards clearly.

• Make sure they fill specific gaps (market analysis, incentives, permitting navigation, strategic planning).

• Define 3–5 priority outcomes and confirm how they’ll measure/report progress.

• Review ethics, conflicts, stakeholder collaboration, and fee transparency.

What to Look for in an Economic Development Advisor: Decide If You Need an Economic Development Advisor

What to Look for in an Economic Development Advisor: Start by checking if your internal team can realistically execute your economic development priorities.

Outside help is usually justified when you lack:

• Market and industry analysis capability

• Financial modeling / forecasting depth

• Policy analysis and program design experience

• Incentive strategy and compliance expertise

• Permitting / regulatory navigation capacity

• Stakeholder management bandwidth (public, private, community)

If you keep missing funding opportunities, getting stalled in approvals, or reacting instead of executing a coherent plan, an advisor can be the “capacity and expertise multiplier” you need.

Define the Outcomes You Want From an Advisor

Don’t hire based on vibes—hire based on outcomes.

Do this before you interview anyone:

1. Define 3–5 priority outcomes, ranked (e.g., business attraction, redevelopment pipeline, faster permitting, workforce programs).

2. Set metrics and timelines (jobs, investment, vacancy reduction, tax base growth, permit cycle time).

3. Identify your pain points (site readiness, regulatory bottlenecks, data gaps, stakeholder conflict).

4. Decide how the advisor should complement your team (fill gaps vs. lead an initiative).

If you can’t describe success in measurable terms, you’ll get activity—not results.

Check Education, Credentials, and Licenses

Personality fit matters, but technical competence matters more.

Look for:

• Relevant education (economics, finance, public policy, urban/regional planning, related fields)

• Practical certifications/credentials when relevant (finance, analytics, planning, etc.)

• Any required licenses for services they claim to provide (varies by jurisdiction and scope)

• Clear specialization (industrial recruitment, redevelopment, incentive structuring, workforce strategy)

Most importantly: ask them to explain their work plainly. If they can’t translate technical choices into understandable decisions, they’ll struggle with stakeholders.

Match Experience to Your Community and Goals

An advisor can be “great” and still be wrong for you.

Screen for:

• Work in similar communities (size, demographics, budget realities, political climate)

• Experience in your target industries

• Familiarity with your state/regional incentives and regulatory environment

• Evidence of collaboration with local government, chambers, schools, utilities, and nonprofits

The closer their track record mirrors your reality, the fewer painful surprises you’ll buy.

Evaluate Strategy + Use of Data

Ask how they build strategy—then test it.

Strong advisors:

• Start with rigorous market and workforce analysis, not generic playbooks

• Use forecasting and modeling to quantify outcomes (jobs, wages, tax base, investment)

• Provide clear outputs: dashboards, maps, scorecards, and decision memos

• Track performance over time with regular reporting and transparent metrics

Red flag: big recommendations with fuzzy assumptions and no measurement plan.

Review Case Studies Like an Audit

Treat case studies as proof, not marketing.

Ask for:

• The problem + context (what was broken?)

• The approach (what did they actually do?)

• The measurable outcomes + timeframes (what changed, by how much, and when?)

• References from decision-makers who can confirm results and working style

If results aren’t quantifiable, treat them as unverified.

Understand Services and Specializations

Map their services to your needs:

Possible scopes include:

• Market analysis and target industry strategy

• Incentive packaging, negotiation support, and compliance planning

• Site readiness, permitting navigation, and process redesign

• Economic impact studies and policy evaluation

• Workforce development partnerships and program design

• Redevelopment strategy and financing structures

Make sure deliverables are concrete (models, memos, dashboards, playbooks), not just “support.”

Confirm Ethics, Conflicts, and Fiduciary Clarity

Ethics decide whose interests drive the work.

Require:

• Written disclosure of conflicts of interest (developers, vendors, competing jurisdictions)

• Clear rules on data confidentiality and stakeholder communications

• A clear statement of who they represent and how they handle political pressure

• References that can speak to integrity and fairness, not just competence

If they won’t put conflicts in writing, don’t hire them.

Check Communication Style and Working Model

You’re hiring a working relationship.

Clarify:

• Meeting cadence and formats (weekly calls, monthly steering committee, etc.)

• Response times and escalation for urgent issues

• On-site vs remote expectations

• Who actually does the work (partner vs junior staff)

• How progress is reported (scorecards, action logs, next steps)

If they can’t run a predictable process, the engagement will drift.

Compare Proposals, Fees, and Value

Don’t choose based on price alone—choose based on clarity and outcomes.

Compare:

• Quality of diagnosis and work plan

• Specific deliverables and timelines

• Measurement plan tied to your outcomes

• Fee structure transparency (hourly, fixed fee, retainer, success-based components)

• Alignment of incentives (paid for results vs. paid for time)

Document the comparison so your decision is defensible internally.

Frequently Asked Questions

What Skills Do Economic Advisors Need?

Strong analysis, forecasting, financial modeling, policy understanding, stakeholder management, and the ability to translate data into actionable decisions with measurable results.

What Does an Economic Advisor Do?

They analyze markets and trends, build models, evaluate policy and project impacts, advise on incentives and strategy, and help guide decisions with clearer risk/return visibility.

What Are the Qualities of a Good Consultant?

Deep relevance to your context, measurable track record, clear communication, strong ethics, practical deliverables, and a working style that keeps decisions moving.

What Is the Role of an Economic Development Specialist?

They help attract, retain, and expand businesses; coordinate incentives and partnerships; support site selection and redevelopment; and track outcomes like jobs and investment over time.