MILT THOMAS

That is the Economic Development Council’s assessment of a program designed to bring new targeted businesses to Indian River County and encourage growth of existing ones. In a report to the Council by Bill Shutt, senior economic development planner in the county’s community development department, job grants provided under this program have resulted in 154 high value jobs, which pay combined wages in excess of $12 million. Shutt presented these numbers in a report issued by his department.

The Local Jobs Grant program is one of many offered by the county to attract new businesses to Indian River County and help existing companies to expand. For qualified companies as determined by the county’s targeted industry list, incentive grants of $3,000 to $7,000 per job are offered if they meet or exceed 75% of the local average wage. None of that grant is paid in advance, only on long term results.

The state also offers economic incentives to out-of-state firms looking to relocate or expand into Florida. According to Helene Caseltine, economic development director at the Indian River County Chamber of Commerce, “This is a very competitive business because every state wants to attract companies and their jobs. Likewise, it is very competitive within the state as individual counties want to attract jobs.”

The Chamber is Indian River County’s designated economic development agency.

Shutt also explained that these jobs have resulted in another 166 indirect or induced jobs because of the grant program. Based on current employment levels, the county will have paid $848, 893 in local jobs grant funds to seven companies responsible for creating a total of 320 direct and indirect jobs at a combined wage total of $23,275,286. According to Shutt, “That means for every $1 of jobs grant funds paid, the area economy receives $27.42 in annual wages.”

The impact on the economy is even greater, as these wages are largely spent on goods and services, generating even more jobs, as well as real estate and sales taxes. EDC member, Karl Zimmermann, says, “It is information like this that needs to get out to people who say we’re giving money away to people to move here or trying to buy jobs. These results can’t be refuted and show the impact of an incentive program on our economy.”

Historically, Florida has depended on population growth to fuel economic development, but the retail and service jobs created by this growth are typically lower wage. Companies with high value jobs, such as those in manufacturing, technology and corporate offices, require help with relocation costs, recruitment and training. They are motivated more by incentives to defray those costs. According to Caseltine, “We take great pride in our quality of life in Indian River County, but that alone will not attract the kinds of jobs we need to strengthen our economy.”

The Economic Development Council is the advisory board to the County Commission on economic development matters and is comprised of representatives from municipal and county government as well as the private sector.