There are no individual dots in economic development; everything is linked to make the bigger picture.
Company A supplies company B the materials it needs to make its products, company C uses the accounting services company D provides, and so on. The snowball effect can stretch a dollar and recirculate it multiple times in the community.
Like its counterparts across the state and beyond, the Nature Coast Business Development Council has a list of “target industry” it has identified that it looks to attract or grow here. Aviation, advanced manufacturing, life sciences, financial institutions and more are sought for the high wage jobs and in-demand skills they bring, among other attributes.
To illustrate the gain such growth brings, the NCBDC works with the North Central Florida Regional Planning Council to create economic impact analysis reports. One such report takes a scenario where a manufacturer locates in Levy County, creating 14 jobs at average annual wages of $35,000.
During a span of nine years, 21 additional jobs are created in the county as a result of the project, due to direct services the company would require, and indirect impact to other businesses. The Gross Domestic Product — a key indicator of economic prosperity — would increase from $172,000 to $1.66-million as a result of income being spent and recirculated in the community.
The model was based of a real example of a manufacturer relocating from Pennsylvania to Williston this year.
You can see the full analysis here: Levy County Manufacturing 2020 Proj1
Or you can you view this one on the proposed expansion of a current company in the county:Levy County Manufacturing 2020 Proj2