Due to the oil boom in the Bakken region of North Dakota, the Bismarck-Mandan region was the location of choice for engineering companies, oil field support services, and other business services related to oil and gas exploration. However, in the face of low oil prices and a slowing of the economy, the Bismarck-Mandan Development Association (BMDA) recognized the need to refocus its business attraction efforts.
TIP Strategies was engaged by the BMDA to identify industries that represent the highest potential for relocation or expansion to the region. TIP began by conducting an economic analysis which included an overview of the workforce, a review of Bismarck-Mandan’s occupational and industry composition, a discussion of its strategic assets, and a framework for assessing the region’s competitive position. Based on this work the team identified opportunities in three sectors: value-added agriculture, energy, and manufacturing. Profiles were created for each sector which provided an overview of industry trends, outlined the region’s value proposition with regard to the sector, and suggested resources to develop in-depth industry knowledge. In addition, the report detailed strategies and actions to strengthen the region’s competitive positioning and its lead generation network.