Existing Businesses: Economic Pillars

Depending on which way the political pendulum has swung during the recent election and now the stimulus era: industrial sectors including green manufacturing, IT, and construction have each been proclaimed to lead us to economic prosperity. So, are these industries and jobs coming to your city? In many cases the answer will be yes, however in working to facilitate the creation of these new jobs, we need to be careful to not overlook a very important piece of local economies.

The International Economic Development Council states that between “65 to 80 percent of new jobs are created by existing businesses in a community rather than by those that relocate to a community”. What does this mean for us? It is very important that as cities begin to see new job growth in the years ahead that we do not lose sight of the great companies already in our cities that have been responsible for our economic health and that will continue to lead us into the future. In Claremore, 1 in 4 jobs are in the manufacturing sector; healthcare and education are also strong sectors as well. These industries will continue to pillar an already strong local economy here. Most cities and regions have economic pillars that will survive the downturn and continue to thrive.

So, are the new jobs and industries coming? For many cities the answer will be yes. Claremore has already seen the impact of green job growth with the announcement of Heath Technologies in February. For Oklahoma the trend of green and alternative energy job growth should continue in the wind energy, solar energy, and vapor recovery industries. As we see these positive signs of the national and local economies moving forward let’s not forget to appreciate our existing businesses responsible for past economic success and that will fuel future success.

Tim Hight

Executive Director
CIEDA
www.claremoreusa.com