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Over 80% of all jobs created in a local economy come from existing industry. Any good economic development program has a retention program. For an existing industry retention and expansion program to accomplish its goals, it must have two components:
1. A strategic element that focuses on public infrastructure improvements.
Communities with good capital investment programs, attentive training institutions, moderate tax and regulatory environments and affordable housing are always desirable locations. These elements can be achieved with a strong vision from elected officials, government employees and the private sector working jointly. The same things that attract new employers will keep existing firms. TREO’s Economic Blueprint and leadership/influence with elected officials and business leaders ensure that we keep our eye on the ball and remain competitive with other markets.
2. Value-added services which are meaningful to the local economy.
This requires direct assistance from the local economic development organization. Providing such things as regulatory and training assistance, new business leads, competitor analysis, technology advances, marketing assistance, and so on, provide a needed “value added” service to local employers. A full understanding of “who” are primary employers, their strategic directions and the components of their success help TREO customize the types of services provided.
For more information on the programs and services TREO offers to existing businesses, click here.
Special thanks to Tom Clark of the Metro Denver Development Corp. for writing this
piece originally, and allowing TREO's adaptation and use. |