Hats off, big salute to economic development corporations in Texas

This money can be used only for economic development initiatives, but the funds are producing huge ROI numbers for communities throughout the state. Economic development efforts under way in Texas are getting noticed nationally as well. Just last month, Forbes magazine ranked Texas fourth on the list of "Best States for Business." Economic development corporations deserve much of the credit for this accomplishment.

It is not possible to touch on all the innovative economic development initiatives under way in Texas but it's interesting to look at the diversity and creative thinking that is apparent in every part of the state.

• In East Texas, the Jasper Economic Development Corporation (JEDCO) developed a 120-acre state-of-the-art airport industrial park that offers direct airport access. Some of the park has been set aside for aeronautical-related industries. It is attracting lots of interest and will no doubt produce good results.
• Copperas Cove's Economic Development Corporation is developing its second business park. The 100-acre site is part of an approved master plan and targeted industries will become targets for the region.
• Bastrop has lured another biotech firm to the area's industrial park. A new facility will be built and the announcement of the new biotech firm comes on the heels of another announcement that the area was also chosen for a $14 million M.D. Anderson Cancer Center biomed expansion.
• One visionary group of economic development leaders in Midland realized that industry follows labor talent. In fact, studies show that labor talent is the #1 component in any relocation decision. So, the Midland group took the initiative to attract a skilled and trained workforce to their area. The group has been relentless in their efforts and, in fact, has recruited a large number of trained military personnel to Midland. As a result, the Midland/Odessa region is ripe for continued growth.

There are two classifications of funds available to economic development foundations. Under another classification, local groups can fund projects to improve the quality of life in a region. Anything that makes the area more attractive to industries helps in bringing jobs to the area. Other types of economic development funds can be used to purchase land, construct new buildings and purchase equipment. For instance, funds can be used for sports and athletic facilities, parks, concert halls, auditoriums, museums and even affordable housing. Infrastructure needs such as street, water and sewer facilities are also eligible for economic development funding.

• Voters in Cleburne approved a performing arts center when they created the Cleburne 4B Economic Development Corp. in 2001. Just last week, the city authorized the execution of a contract to purchase land for the center.
• The city of Brownsville recently announced it will be home to a customer service center for a wireless communications firm. The economic development corporation was part of a collaboration that identified and persuaded the company to locate there. The growth in new jobs will eventually top 750.

Incentives offered by cities and regions are important, but quick thinking economic development corporations can ensure that all the other components are covered. Competition for new jobs is keen and without serious efforts and thoughtful planning, job growth in any region may not happen. The overall goal of all economic development efforts is to build communities in order to ensure the continued prosperity for the people who live there.

Hats Off and a Big Salute to the fine work being done by economic development corporations throughout Texas!