Leading Locations for 2015: The “Recession Busting” and Year-Over-Year Growth Metros
Maintaining strong economic growth — year after year — is the mark of strong economic development leadership. Cities that show year-over-year growth typically follow well-devised economic development plans and make the investments needed to retain and attract business.
Diversification is always critical for economic stability, especially for bringing in technology industries with high growth potential for the future. It doesn’t have to be a global firm — a start-up with a good product in a well-equipped business incubator can have a significant impact on the local and regional economy. Working together in regional partnerships is often the best way to develop infrastructure and training, as well as the marketing needed to attract top-level companies...
...Another year-over-year leader is the Boise City-Nampa MSA in Idaho, which ranked tenth overall among the Leading Locations in this category. Its diversified economy includes food processing, agriculture, traditional and advanced manufacturing, software, and sustainable energy. A young (average age 33) and highly educated workforce of 330,000 is within a 45-minute draw of the area.
The Boise Valley Economic Partnership markets the MSA aggressively, especially its highly skilled workforce and low business costs. A new state incentive — the tax reimbursement incentive — is generating a lot of relocation interest. This credit is issued to a company on an annual basis, providing its performance milestones have been met. This incentive is one reason why Gayle Manufacturing Company, a provider of structural steel, is relocating its headquarters from California to Caldwell (part of this MSA) and building a new steel fabrication manufacturing facility. “Gayle Manufacturing’s relocation is a prime example of the opportunities and interest Idaho is seeing as a direct result of the tax reimbursement incentive,” indicates Clark Krause, executive director of the Boise Valley Economic Partnership. “In the Boise Valley alone, we have seen a 150 percent increase in companies interested in relocating to our area or expanding existing locations here.”