Our socio-economic factors tell the current story—people looking for work, families living in poverty, lower household incomes, more households on public assistance, and lower labor earnings.
The future is economic development. This includes generating new jobs and investments can turn this situation around without sacrificing our beautiful environment. Jobs and investments are a key part of a business retention and expansion effort which traditionally create strong partnerships and collaborations and focuses on traded sector businesses that drive our economy.
Traded sector businesses provide goods and services beyond our local area. These jobs are typically higher paying and help create the highest economic multiplier effect on the economy. Examples of traded sector companies in our area include many natural resource businesses (fishing, timber, mineral, energy, and agriculture), transportation, destination tourism, technology, and manufacturing.
The future is economic development. This includes generating new jobs and investments can turn this situation around without sacrificing our beautiful environment. Jobs and investments are a key part of a business retention and expansion effort which traditionally create strong partnerships and collaborations and focuses on traded sector businesses that drive our economy.
Traded sector businesses provide goods and services beyond our local area. These jobs are typically higher paying and help create the highest economic multiplier effect on the economy. Examples of traded sector companies in our area include many natural resource businesses (fishing, timber, mineral, energy, and agriculture), transportation, destination tourism, technology, and manufacturing.
Bang for Your Buck
For every $1 invested in the South Coast Development Council, the region has seen $139.71 in capital expenditures and $16.35 in payroll. Now that is a HUGE investment in our regional future.
We help support other high economic multiplier businesses such as those that attract seasonal visitor spending. Finally, we work with population driven businesses that meet local demands such as grocery stores, cleaners, realtors, coffee shops, restaurants, etc. These businesses create a lower economic multiplier compared to the traded sector, but are critical to a quality of life.
For instance, a Traded Sector business that employs 50+ residents will create 20 new supplier and service jobs, $3 million in personal income, $650,000 of supplier purchases, and create a total annual economic impact of $14 million. This income helps pay for essential services such as public safety (police and fire), community improvements, education and training, libraries, and parks and recreation (Reference: Chabin Concepts. Economic Impact Model developed by Applied Economics).
Economic growth of this kind does not come naturally. It takes a deliberate plan and actions to rev up the economy in a way to support our existing businesses and attract new compatible ones. We target businesses which provide quality jobs that are a good fit for our communities. Economic development creates new jobs, retains jobs, and ensures a community our families can and will want to live in.
For instance, a Traded Sector business that employs 50+ residents will create 20 new supplier and service jobs, $3 million in personal income, $650,000 of supplier purchases, and create a total annual economic impact of $14 million. This income helps pay for essential services such as public safety (police and fire), community improvements, education and training, libraries, and parks and recreation (Reference: Chabin Concepts. Economic Impact Model developed by Applied Economics).
Economic growth of this kind does not come naturally. It takes a deliberate plan and actions to rev up the economy in a way to support our existing businesses and attract new compatible ones. We target businesses which provide quality jobs that are a good fit for our communities. Economic development creates new jobs, retains jobs, and ensures a community our families can and will want to live in.
