Baker Tilly feasibility study supports Mid-Atlantic workforce campus

Client background

A county Economic Development Corporation (EDC) in the Mid-Atlantic region

The business challenge

Rural economies need to adapt and diversify to maintain relevance, future growth, and provide job opportunities for residents. A medium-sized, regional Economic Development Corporation (EDC) in the Mid-Atlantic sought to establish a training center and educational campus that would identify leading industries and address current gaps in the workforce to ensure economic resiliency for the region. The EDC engaged Baker Tilly to provide a detailed economic analysis and feasibility study of the concept, including a site prioritization process, occupation and workforce skills analysis, preliminary sources/uses plan, building program, governance strategy, and preliminary operations pro forma.

Strategy and solution

Baker Tilly took a comprehensive and collaborative approach to advising the EDC, beginning with the defining of “Guiding Principles” for the center from meetings with an expert task force. Under these principles, the team conducted a thorough assessment of the current economic landscape, identifying in-demand job occupations and gaps in relevant training programs and education.  Next, to ensure the training campus was strategically designed to meet regional needs, Baker Tilly developed a conceptual design, specifying classroom types and recommending an optimal location to maximize regional accessibility. The study culminated in a detailed business plan outlining a financial pro forma and sensitivity analysis of the desired campus (a workforce training center and hotel conference center), along with operational and governance considerations, and actionable next steps. The analysis allowed the County to advance the development of their education and workforce training campus, ensuring long-term economic sustainability in the region.