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.
BRE is the intentional focus on connecting with existing businesses to define, understand, and respond to their needs. It involves gathering specific information that can be used to further solidify a company’s position in the area and, hopefully, add additional investment and jobs.
A Purdue University study showed existing businesses and the local workforce are key “barometers” of a community’s economic health as a place to live, work and play. Existing businesses are major drivers of job growth. Researchers point out a strong BRE program helps community stakeholders define and build upon the economic assets that already exist in their cities, counties and regions, making them stronger and more resilient over time.
Locally, we have helped many existing businesses expand in the past several years. Procter & Gamble, Mondi, Verdesian, Signature Packaging, BioKyowa, and AT&T just to name a few. We are working with several others right now and hope to continue to announce positive results.
Enhancing an area’s existing employment base should always be at the core of a strong economic development effort. It is here is the Cape/Jackson MSA and that will never change.
