Monthly column by William T. Corbin, CEeD, Executive Director of the BDBMC.
The work of economic development is never done. The same can be said for the importance of clarifying what the work of economic development entails. Recently, I had the privilege of speaking to the City of Stuart about everything the Business Development Board offers and how we tailor our services to best suit our community.
Fundamentals of economic development
Business Retention and Expansion (BRE) is a key pillar of economic development. While some communities emphasize and focus on business attraction through incentives, in Martin County we prioritize existing businesses and their expansion plans. This includes site-selection services, tailored market research, helping companies access capital, and brokering key introductions.
Our PULSE program is the cornerstone of this effort. The goal is to visit local companies and gather insights from CEOs and business owners, which in turn help inform policies that can enhance economic opportunities and address business challenges and pain points.
Business retention
Small businesses are indeed the backbone of our county with more than 80 percent of Martin County companies employing fewer than 10 people. Many small businesses—restaurants and retail outlets in particular—tend to circulate a community’s existing capital. In order to increase the value of a local economy beyond that circulation, we must attract outside capital while minimizing associated costs.
The best way to achieve this is by playing to our strengths—working with existing “contributory” businesses. (A contributory business derives the lion’s share of its revenue from outside the local economy.) This includes aviation, marine and nearly every type of manufacturer—which happened to be legacy industries in Martin County. We’re proud to have worked with existing companies such as Hinckley Yachts, Pursuit Aerospace and French aircraft manufacturer Daher on their expansion goals.
Business attraction
While marketing and attraction efforts only account for about 20 percent of our focus, we’ve also helped bring job creators to the region. Examples include Grind Hard Ammo, a $90 million capital investment in Stuart and Indiantown that reshores the production of ammunition; IM Group, an Italian textile company that established its North American headquarters in Jensen Beach; and Power Systems Manufacturing, which is returning to Martin County to create aviation engines after leaving in the 1990s.
Business climate
We also aim to uphold our community as a business-friendly environment. This means, among other forms of advocacy, putting on a host of programs and events—all free to attend—that help business owners and aspiring entrepreneurs with a variety of needs.
Examples include connecting business owners with financing resources and ways to secure capital, helping local manufacturers expand their networks and access foreign marketplaces, and organizing detailed, multi-week courses that help entrepreneurs launch startups.
Stronger results
The BDB provides services that cater to the core layers of our economy—legacy industries, expansion of existing businesses, targeted business attraction, and sound business climate. The results are a more fortified economy with greater opportunities for the future and a more diverse tax base that’s less reliant on the ever-changing winds of residential development.
That’s a message worth sharing, a goal worth pursuing and—along with the help of our many partners—an outcome that’s well worth producing.
