Market Analysis
The market analysis is a strategic planning tool used by the City of Rochester Hills to en- sure that there is a clear objective formed by a comprehensive understanding of our com- munity’s strengths, weaknesses, capabilities and capacity. All organizations, cities included, experience limitations to their absolute potential. For a city like Rochester Hills they can include factors beyond our control such as physical proximity to other markets like Mexico or the west coast; aging population and increasing housing and construction costs. Recently, Rochester Hills has experienced what we refer- ence as “good problems”. Metrics like low commercial vacancy rates and low unemploy- ment rates are what all cities strive to maintain; however when you reach those record low rates like Rochester Hills has experienced the past five years, it creates challenges in our economic development services such as finding available facilities for growing companies and skilled workers within immediate vicinity. Thus we look at the strengths and assets of the community to determine our opportunities to attract and retain a thriving business community. Rochester Hills has much to offer its business community and workforce and many decision makers choose Rochester Hills for a variety of reasons. Sometimes things happen unexpectedly. Nobody predicted that we would begin this new decade fighting a global pandemic that would threaten millions of people, shut down countries and force our economic growth to come to a standstill. We will not know the full impact of COVID-19 for some time but we anticipate these “prob- lems” to create more vacancies and people looking for employment, and thus we will build upon our strengths to support our existing businesses and pursue opportunities to attract new businesses.
Where We Are Strong ▶ Top 10 places to live in U.S., by Money Magazine ▶ Rochester Hills is a fiscally sound community ▶ Second lowest city tax rate in Oakland County ▶ Nationally recognized business development programs like Mayor’s Business Council and Rochester Hills Innovators and Senior Executives (RHISE) ▶ Top 10 school district in Michigan ▶ Everyday needs close by / proximity to retail chains and restaurants ▶ International (business) community ▶ Proximity to OEM´s and Automotive belt on I-75
▶ High wages compared to U.S. average ▶ Two accredited universities attract talent ▶ from all over the world ▶ Close to Canada ▶ Safest City in Michigan ▶ RH is friendly, clean and green!
Where we are strong list: All these trends, strengths, weaknesses, assets and problems create opportunities. Under- standing this market analysis helps formulate an obtainable strategy that identifies our customers and complements the image of the community.
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