The Central Chamber Report: Economic Development – Staying “On the Move”!

    We’ve been looking at the five facets of economic development that must be considered if growth is to continue to take place.  Those facets are: Workforce Education, Infrastructure, Leadership, Business Industry and Recruitment.     
    So far we’ve considered the aspects of Workforce Education, Infrastructure, and Leadership. In review, education in a community and economic development go hand in hand!  The creation of a strong and vibrant workforce is essential to the economic development and stability of our region.  Investing in infrastructure enables us to sustain and develop our social and economic wellbeing. Likewise, investing in leadership allows the development of visionaries.  These are leaders who can embrace the current circumstances, see past those circumstances, come up with a plan and look ahead to what is needed. All of these are essential to economic growth and stability and to keep us “On the Move.”  
    To wrap up the series on economic development, this week we address the importance of business/industry retention and recruitment.  The retention of businesses and industries is important to our city, our area, and our state.  Local businesses provide services and create the flow of tax dollars necessary to maintain our schools, our infrastructure, and our government.  Industry in our region, especially the oil and gas related fields, is vital for the creation of thousands of jobs and the flow of cash into our local economy.  Continually losing local and regional businesses and industries diminishes our workforce, lessens our available tax dollars, and can create a negative investment perspective of our area.  This perspective can then make it hard to recruit other businesses and industries into our city and region.    
    In the economic and business world you’re either moving or getting passed up (hopefully not run over)!  Standing still is not an option!  The old adage, “To keep on doing what we’ve always done, is to keep on getting what we’ve always got” is not true in today’s economic world.  Actually, to keep on doing what you’ve always done, is to obtain less and less of what you used to get!  You snooze, you lose!  Truth is someone is going to get “the bigger piece of the pie”!  Leaders in our city and region must continue to aggressively retain and recruit business and industry.  Incentives, credits, and other pro-business policies have to be given a serious and ongoing consideration.  Granted, certain types of developments may not all be appropriate for or even end up in our “backyard” but it can be established somewhere in our region!  However, being creative and looking out for development that does fit our area is important!  The point being, the ripple effect of business/industry recruitment will stimulate the economy well beyond the location of its development. 
    We, the citizens of Central, can help as well.  We can continue to support our local existing businesses, encourage the development of new ones, and support efforts to bring in commercial based business that would be appropriate for our area. The commitment to do so will help to retain and sustain jobs, attract other investors, and stimulate our local economy.  Shop Central and let’s stay “On the Move!”
Ron Erickson, President – Central Chamber of Commerce