Economic Development Matters
18 Apr 2022
Economic development is all about strategically growing a community and improving the quality of life. There must be job opportunities, educational and training opportunities, and be home to a diverse collection of businesses and industries for a community to thrive.
OCEDA does not create jobs in and of itself; instead, we work to facilitate people, information, and business opportunities, with growth and industrial diversification being the goal. A community with only one type of industry or one type of industry cluster is vulnerable to disruption. Diversification ensures that multiple types of businesses and industries can better support the community and weather economic downturns.
One way we support a diverse economy is with business attraction and investment. The Bluegrass Crossings Business Centre (BCBC), a regional industrial park, has the largest Build-Ready pad in Kentucky. The utility infrastructure is in place, and the groundwork has been completed. In addition to being located in an opportunity zone, BCBC has streamlined the process and reduced the red tape for companies interested in establishing a new branch there. The location of the park is one of its main advantages. The park offers access to two interstate highways with linkage to I-64, I-65, and I-24. From BCBC, companies can reach the majority of the U.S. population in under one day. BCBC is an asset for Ohio County!
Business attraction not only focuses on established businesses but also on growing the number of entrepreneurs in the county. Entrepreneurship is big right now, and for a good reason. Small Biz Genius indicates that 83.1% of United States business owners started their company from scratch. According to the FreshBooks Self Employment report, 15 million Americans are full-time self-employed, representing a significant shift. Consequently, OCEDA developed a process to help new business owners to start, promote, and grow their businesses in Ohio County.
Another critical aspect of economic development is business retention and expansion (BRE). BRE is an ongoing process that encourages existing businesses to stay and grow in Ohio County. OCEDA strives to work with various business owners to learn about the challenges they face and help plan for the future. The process of BRE also helps to spot any trends so that the county as a whole is better prepared. By providing guidance, resources, and facilitating opportunities, we support businesses at all stages.
Lastly, a significant result of economic development and community development is the growth of the tax base. By aiding in growth and investment, our local government then has access to more revenue to support public services and emergency services, thereby increasing the quality of life in Ohio County. Economic development consists of many different things, but OCEDA’s #1 goal is always to support our community.
If you have any questions, or need assistance please contact the Ohio County Economic Development Alliance at firstname.lastname@example.org or by calling 270.298.4496.