A healthy and vibrant local economy depends on the well-being of local businesses. Local business health can be fostered via a community-led Business Retention and Expansion (BRE) Program led by Ohio State University (OSU) Extension, Community Development.
A BRE program involves a dialogue with local businesses to better understand their issues and concerns. Such efforts can show the community’s appreciation for business contributions and enable local leadership to identify economic development strategies informed by local business as well as inform the community at large about individual and community-wide business concerns. Another aspect of the program is the Business Retention and Expansion survey.
In 2023, Ottawa County, Ohio, engaged with OSU Extension to conduct the BRE survey and learned the following:
- 24 of the 75 businesses who responded to a BRE survey reported that they plan to expand, modernize, or renovate their businesses and/or equipment with most firms (54%) planning to add jobs within the next 1-3 years.
- The number of new employees expected to be added is estimated to represent 222 new full-time equivalent jobs (FTE). The addition of 222 new jobs is estimated to contribute $12,110,988 in personal income to the local economy. Jobs are projected to be added in the hospitality/tourism, retail, healthcare, financial, construction, transportation, warehouse, and education service sectors.
- As a result of the BRE survey, the community has learned that 75 businesses plan to retain between 1,031 -2,143 FTE jobs and create an estimated 222 new FTE jobs. The retention of 1,031 – 2,143 FTE jobs is estimated to contribute between $56,245,174 and $116,909,222 in personal income to the local economy.
Additional information:
This impact statement was originally published in the North Central Region 2023 Community Development Extension Impact Report.
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