Indiana Michigan Power (I&M) has launched a unique ROI Selection Tool available through its website to aid in the corporate site selection process. This one-of-a-kind benchmarking tool compares the cost of doing business in I&M-served cities in Indiana and Michigan versus any city or metro in the United States.
The ROI calculator provides a high level comparison of the annual operating costs for factors that influence business decisions, such as real estate, labor, taxes, and utilities. A full report can be generated that provides a deeper analysis of each of these categories; for example, the annual costs associated with payroll, health insurance, unemployment insurance, and workers compensation are all included under the labor costs section.
The tool was developed to make the initial data-mining process more simplistic, while demonstrating what businesses in northern Indiana and southwest Michigan already know – which is the competitive cost advantages provided by the communities within the Indiana Michigan Power service area.
I&M worked with a marketing software company to design the custom web-based tool that allows users to compare the basic costs of doing business in each city and can compare multiple cities in one report. For a company, consultant, realtor, or economic development professional, the simple user interface only requires basic project information, including the two or more cities to compare, business or industry type, and number of employees. Users can define the project further by entering more specific parameters, such as site or building size and intended utility usage, to generate a more detailed report.
The ROI Selection Tool is powered by data from national and state sources, including the Bureau of Labor Statistics, the Building Cost Index, and local utility companies. Other data points are derived from recognized economic models that factor national industry trends for over 150 recognized industries.
Consultants and companies can use the tool to complete a cursory evaluation of an area being considered for a relocation or expansion. Local economic development professionals can use the tool to receive a concise, clean report to supplement proposals or create content for marketing purposes. Additionally, it is also used as a benchmark tool for economic development professionals researching the competitive advantages of peer or high performing communities.
We invite you to use the ROI Calculator to evaluate the benefits of doing business in the AEP Indiana Michigan Power service area. You can also check out the list of available certified sites in Indiana and Michigan and the list of available certified sites in all of AEP’s service territories. All these tools are being provided to make the site selection process as easy and pain-free as possible.
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- Site Selection