Spokane poised for economic growth in upturn

Optimism is seeping into the regional economy, and it is much more than yuletide retail spending. It’s a sense that while the nation takes a positive, if slow upward turn, Spokane is also positioned to make the most of a genuine economic rebound.

Guestcolumn

Jon Eliassen
Special to The Spokesman-Review

http://www.spokesmanreview.com/news-story.asp?date=122903&ID=s1463122&cat=section.business

Understanding economic development is key to making the most of this pending opportunity. And while there’s plenty of enthusiasm, there’s also lack of clarity about what economic development involves. In fact, it’s a combination of factors that generate prosperity: preserving and growing local jobs, increasing median household wage levels throughout the region, creating opportunities for companies to relocate here and encouraging the development and expansion of infrastructure that serves growing companies.

Job retention and expansion is also an essential element of economic development, and although the economic downturn has taken a toll on companies and major industries, many local firms have been successful at preserving their businesses and jobs, including companies like Huntwood Industries and Sterling Savings Bank, whose recent announcement of new jobs brings great news to this community and plays a key role as a catalyst for economic growth.

The EDC http://www.spokaneedc.org/ works with a number of public and private entities to put tools in place that can help companies stay here and grow. The EDC partners with the city of Spokane on the Community Empowerment Zone (CEZ) program, benefiting local companies by providing tax credits to qualified businesses that are relocating or expanding. To date, 17 local companies have been awarded with more than $1.08 million in tax credits. Another regional effort led by the EDC, The Comprehensive Economic Development Strategy (CEDS), was developed to compete for federal dollars to fund economic development projects and job creation for our community.

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Spokane Area Economic Development Council

Spokane, Washington

1-800-SPOKANE

http://www.spokaneedc.org/

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Of course, encouraging businesses to move here is widely recognized as a vital way to expand economic activity, and the EDC leads the region’s business recruitment and expansion efforts with a track record of success. The EDC has assisted in the recruitment of some 150 businesses to the area, creating jobs for more than 15,000 people, since its incorporation in 1974. Conservative estimates put the economic impact of these recruits at more than $500 million.

But, the recruitment playing field has changed a great deal over the past few years, and more cities, counties and organizations than ever are actively competing at a time when fewer and fewer companies are looking to move unless it’s overseas, where often labor and the cost of doing business is cheaper. While the future of business recruitment is uncertain, it’s clear that smaller, younger, entrepreneurial firms looking to grow may be among the best catches for the Inland Northwest.

That’s where our infrastructure developments and strengths as a business location put this region in a very competitive position. Current as well as future investments — developments at the airport, upgrades and improvements to Interstate 90, creation of the north-south freeway, new and expanded wastewater and sewer treatment plant, and similar projects — build capacity and make room for business to grow. And since it takes more than space to build a business, other strengths distinguish this region, such as our commitment to exceptional K-12 education, quality higher education institutions, solid technology infrastructure, global trade assistance, technology commercialization and established expertise in a handful of growing industries including health care, biotechnology and agriculture.

Spokane also enjoys many assets often taken for granted — a vibrant and growing urban core, an exceptional arts community, plentiful and convenient outdoor recreation, quality medical care, ample and affordable housing and more. These quality of life factors are crucial tools for business recruitment and retention. A good place to grow a business must also be a great place to live for the center of any growing business is the people who work there.

Over the years, the EDC has experienced the reality of economic growth leveraged by private and public entities working together to make it happen. We’ve also learned about our competition — those regions who have large economic development funds in place and compete with incentive packages that offer far more than we have available in Washington. Competition is fierce, and while leveraging resources is nothing new, we must continue to work together to support job growth in our community.

The EDC is committed to collaborating with our partners to deliver a solid return on investment to our region, local businesses, and citizens.

Together we can shape our future and embrace the opportunity to make the 75,000 new jobs forecast for our region by 2018 to be high-wage opportunities, rather than lower paying jobs. We have the assets to develop more than jobs. We have the opportunity to build on the education, health-care services and technology base we have in place to make our future brighter and create more options for future generations.

By remaining focused on building quality jobs and investment in our region, we will significantly improve the economic viability of the area in which we live and work.

Jon Eliassen is president and CEO of the Spokane Area Economic Development Council http://www.spokaneedc.org/ .