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WEEKLY MYTH BUSTER: ECONOMIC DEVELOPMENT IS ONLY ABOUT BUSINESS ATTRACTION
As an economic development organization, the Ada Jobs Foundation is focused on creating economic opportunity by supporting companies which create quality jobs in our region.
Key in this approach is our focus on exporting companies which sell goods or services outside of our area and bring outside dollars into our local economy. The main way this outside money reaches our economy is through the wages of the people working for these exporting companies. These employees will spend money with local businesses in Ada, and many of these purchases are taxed through sales taxes, which, in turn, helps our community to build critical infrastructure and deliver important services and public safety. These jobs are often referred to as quality jobs and they are the foundation of our local community’s tax base.
On the opposite side of our economy are retail businesses that fill a crucial role as importing businesses and creating a better quality of life for the people living and working in Ada. Retail businesses, including shops, restaurants, and gas stations, import goods or materials and sell them to people in our local economy. They are able to take the money paid to people working in exporting industries and help circulate dollars throughout the economy by providing key goods and services needed by people living in Ada.
While both export businesses, such as manufacturers, and locally-oriented retail and service businesses are important to an economy, economic development is focused on helping export companies grow and develop in order to create more quality jobs. This is an effective way to grow our local economic base and ensure that our economy continues to grow. Because locally-oriented retail and services depend on our local residents as customers, recruiting new retail businesses alone will not necessarily increase our economic base.
That being said, the Ada Jobs Foundation is a strong supporter of our local small businesses, our Main Street districts, and other local retail businesses which ensure Ada has a strong quality of life and is a great place to live. We work with our partners to deliver the Business Improvement Grant and support Shop Local campaigns because our organization, our businesses, and our workforce want to live in a thriving community powered by a strong and resilient local economy.
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