July 2010 Economic Update

 

 

July 30, 2010

Even with the slight uptick in the unemployment rate for June, (13.9%), I still believe we are making strides in our economic recovery. As I shared in the June Update, my cautious optimism is based on the trend of recent business relocation and expansion activities occurring in our community: Rasmussen College, Department of Children and Families, Santelli Tempered Glass, Signature Brands, LLC, Cone Distributing, Inc., Scorpion Performance, and FirePrograms. The anticipated job creation and projected capital investment resulting from these businesses is approximately 316 and $32.7 million respectively.

Because the City and County were willing to invest in companies that want to locate or expand in our community, these kinds of capital investments help keep our millage rates reasonable, which in turn helps our local government from having to raise taxes to meet their budgetary responsibilities. New business investment also widens the tax base and contributes significantly to the governments’ ability to provide those essential public services. It is vital that our community continues to invest in companies that demonstrate such a profitable return, and it also sends a powerful message to other companies looking to do business here!

In addition, I had the opportunity to join Enterprise Florida this month as we traveled to Chicago to meet with some of the most highly respected site location consultants, and prominent companies in the nation. While the mood was somewhat somber, (the projects were few and far between), they were very impressed with the Ocala Business Park and the former Taylor, Bean & Whitaker building which have peaked the interest of several potential prospects.  

As we begin the transition to the 2010-2011 fiscal year with the first draft of our strategic plan, which incorporates many of the points outlined in John Rhodes’ Economic Development Plan and Marketing Strategy Executive Summary, we encourage you to peruse both documents and offer your comments.  We are seeking your input by August 4th to ensure this plan reflects the outcomes that are important to our investors. 
 

Best Regards,
Pete Tesch Signature
Pete Tesch
President/CEO

 


The Marion County Commission partnered with the EDC to commission National Site Location Consultant John Rhodes, Moran, Stahl & Boyer to gather economic intelligence on Marion County’s “site readiness,” to produce a Business Park Study and marketing plan to further the EDC’s business recruitment and expansion efforts.

 
The Executive Summary from Rhodes’ study is available for you to download.



The EDC Board of Directors is currently reviewing a DRAFT of the 2010-2011 Strategic Plan. We need your input. If you have any recommendations, please share them with us!

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Previous Economic Updates:

January 2009 May 2009 August 2009 November 2009 February 2010 May 2010
March 2009 June 2009 September 2009  December 2009  March 2010  
April 2009 July 2009  October 2009  January 2010  April 2010