There are very few guarantees in life but change is definitely one of them.
The past couple of weeks have brought massive changes to the world. The coronavirus situation has been a game changer not seen in a century – or maybe longer. Public health is in question and the economy is taking an unbelievably major hit. Throughout the world, mitigation efforts vary but they are all significant and have completely disrupted daily life.
A strong, local economy is dependent upon successful businesses and organizations providing employment.
We spoke last week about job creation and focused mainly on business recruitment and start-ups. Today, I want to go a little deeper into an important effort used by all successful economic development programs – business retention and expansion or BRE.
There are several components of a strong economy and job creation is the one I get asked about most frequently.
Measuring economic development efforts is difficult. We define economic development simply as the increase in capital flow to an area. So, higher wages, capital investment, tourism dollars and new jobs are all important. Let’s take a look at how we try to help job creation.
This economic sector plays an important part in virtually every aspect of our lives.
I’m talking about the information technology sector, or IT. The IT sector is made up of companies producing software, hardware or semiconductor equipment, and companies providing internet or related services. According to numerous sources, these companies are leading the economic growth we currently experience.
In this very tight labor market, several cities and states across the U.S. have really raised the bar on talent attraction.
In a CNBC article published late last year, Tulsa, Oklahoma, North Platte, Nebraska, and Newton, Iowa, along with the states of Maine, Alaska, and Vermont were all recognized for their incentives offered to workers for moving and working in their area. These range from $10,000 relocation bonuses and housing stipends, to various tax and education credits.