Business Retention and Expansion Projects Represent Significant Growth Opportunities
Aug 03, 2018
Existing businesses can represent some of the largest growth opportunities. Statistically, 80 percent of a community’s growth comes from existing business projects. To date in 2018, the Economic Alliance has assisted four expansion projects with Freund-Vector Corporation, Timberline Manufacturing, World Class Industries and Van Meter Inc. In total, these projects have represented 110 new jobs and $32 million in capital investment.
We anticipate even more project news soon, with 17 projects in the current pipeline. These represent expansion project details we’ve received from businesses that could mean building out at an existing location, creating new jobs within a current facility or building a second location in the area.
Compared to this time last year, we have more than double the number of projects in the pipeline. See a snapshot of the potential impact these projects represent, indicted by jobs created, including the average wage, and capital investment.
As a result of the Economic Alliance's renewed focus specifically on retention and expansion of existing businesses, we are updating one core function to reflect the work. Our core functions now include: Business Support, Community Development, Public Policy and Business Retention and Expansion. That last core function may sound unfamiliar. Work done in our previously named core function of Economic Development will now be referred to as Business Retention and Expansion.
As ICR IOWA leads regional efforts in workforce development and business recruitment, we hope this change clearly and concisely communicates the Economic Alliance's and ICR IOWA's respective roles in regional economic development work.
If your business envisions growth or an expansion on the horizon, make us your first call. We can connect you to the resources, people, and programs to potentially save you time and money.