|
|
|
Economic Development
Insights |
|
Greetings!
Fargo Moorhead MSA has an unemployment rate sitting at 3.1% (not seasonally adjusted) compared to the U.S. unemployment rate of 8.2% - To see the GFMEDC's latest economic indicators, please check out the following link.
December Economic Indicators |
|
|
Search team narrows candidate pool for GFMEDC president position
The list has been narrowed to two candidates for the GFMEDC president position with second round interviews set for mid-January.
Steven Anderson, recently the president and CEO of Lake County Partners Inc., Libertyville, Ill.
James Gartin, president and CEO of Lenawee EDC, Adrian, Mich.
Jorgenson Consulting Inc. (JCI) is leading the search. JCI is a national executive search firm serving community and economic development organizations throughout the United States.
Kevin McKinnon resigned from the GFMEDC in November and returned to the State of Minnesota. McKinnon cited personal reasons for his decision. He served as GFMEDC president for approximately one year.
The search committee members are: Ann McConn, Alerus Financial, Dennis Millirons, Sanford Health; Brad Schlossman, West Acres Development; Cheri Schoenfish, Microsoft; Tom Dawson, Dawson Insurance; Jerry Waller, Clay County Commission; Scott Wagner, Cass County Commission; Mark Nisbet, Xcel Energy; Lloyd Case, Forum Communications; and Pete Fullerton, Cornerstone Bank.
|
Business development continues to see activity in fourth quarter
The GFMEDC was engaged in 11 new business prospects fourth quarter 2011. The GFMEDC provides customized information to help market the region to new business prospects, hosts site visits and coordinates meetings with key contacts.
One challenge to recruiting new companies can be a company's need for of start-up capital.
"As has been the case throughout the year, the majority of these companies are early-stage and seeking start-up equity investment. As the region continues to build capacity for knowledge-intensive industries, early-stage investment will continue to be increasingly important," said Mary Batcheller, director of business development. "Local funds like the FM Angels and Arthur Ventures, as well as state funding through the N.D. Development Fund and New Venture Capital Fund, and Minnesota's State Small Business Credit Initiative (SSBCI) programs, play an important role in site selection for early-stage companies that are unable to access traditional debt financing."
|
|
The GIF approved a PACE* loan fourth quarter for the following expansion project
Weisgram Metal Fab is expanding and adding a semi-automated paint system. The company, located in West Fargo, is a diverse manufacturing business primarily focused on short- and long-term contract manufacturing. The company's services include tube and structural material laser cutting, plate laser cutting, CNC machining and metal fabrication and forming. Project costs total roughly $2 million.
*Click here to learn more about PACE (Partnership in Assisting Community Expansion) Loans. The GFMEDC works with the Bank of ND and participating lending institutions to assist primary-sector certified companies in Cass County.
|
|
New directors elected to the GFMEDC Board of Directors and the Growth Initiative Fund Board
The GFMEDC has elected three new board members to it's board of directors.
Tom Budan, Phoenix International, replaces Chuck Kaufman and will serve the remainder of the term.
Martin Purdy, Caterpillar Reman Drivetrain, replaces Dan Walerius and will serve the remainder of the term.
Jeff Volk, Moore Engineering, joins the board replacing Ronald P. Robson, U.S. Bank, who termed out.
The board also elected the following officers:
Brad Schlossman, West Acres Development, board chair
Dennis Millirons, Sanford Health, chair-elect
Tammy Miller, Border States Electric, treasurer
Steve Swiontek, Gate City Bank, secretary
Complete list of the Board of Directors
James Burgum, Arthur Ventures, has been elected to the Growth Initiative Fund (GIF) board. Mr. Burgum replaces Mick Hammerstrom who has termed off the board after 18 years of dedicated service.
The GIF is a community revolving loan fund managed by staff of the GFMEDC and directed by a 7-member board of directors. The GIF was established in 1993 and capitalized by property taxes from Cass County, the City of Fargo and the City of West Fargo over the period of 1993 - 2001. Those funds continue to be reinvested. The purpose of the GIF is to assist the GFMEDC in achieving its mission of retaining and expanding primary-sector employment.
|
|
HickoryTech acquires Fargo-based IdeaOne Telecom
HickoryTech Corporation recently announced it has entered into a definitive agreement to acquire IdeaOne Telecom Group, in an all-cash transaction valued at $28 million.
"This acquisition further advances our strategy of growing our business and broadband services," said John Finke, HickoryTech president and chief executive officer. "Last year, we extended our fiber network to Fargo. This transaction gives us immediate access to the market, making our entire portfolio of business services available to IdeaOne customers. The completion of our Broadband stimulus route from Brainerd, Minn. to Fargo, North Dakota in 2012 will further enhance our capabilities and services in this market."
IdeaOne provides data networking, Internet, colocation, phone and hosting services to approximately 3,600 business and residential customers in the Fargo area. The company has 40 employees. The acquisition will add 225 fiber route miles to HickoryTech's regional network. The fiber network facilities, which extend to 650 on-net fiber-lit buildings, include: multiple 10 GB fiber rings, ethernet capabilities, soft-switching infrastructure, and colocation services.
Read Complete Press Release |
|
Spectrum Aeromed Completes Air Ambulance Equipped Pilatus PC-12 Interior for Valley Med Flight
Spectrum Aeromed announced recently that they have completed customizing a Pilatus PC-12 with a single system medical interior for Grand Forks, North Dakota based Valley Med Flight. The PC-12 will be stationed in Williston, North Dakota.
"This was an exciting project for us to work on," said Spectrum Aeromed Vice President and Account Executive Matthew Christenson. "Approximately 80% of the work we do is international. This aircraft will serve the citizens of our home state of North Dakota."
Read Complete Press Release |
|
In the News...
The 2011 Milken Institute ranks Fargo-Moorhead Metro #7 among smallest metros in its Best-Performing Cities Index. Fargo Moorhead dropped down to #7 from the #1 spot in 2010. According to their website, the study ranks each metro based on its ability to create and sustain jobs and economic growth. The report looks at job, wages and salary and technology growth.
|
|
Do you have news to share?
If you have news items you would like included in an upcoming newsletter, please send the ideas or articles to lgnelson@gfmedc.com. Thank you! |
|
|
The mission of the GFMEDC is to grow and diversify the economy in Cass County, ND and Clay County, Minn. through the attraction, retention and expansion of primary-sector employers.
A primary-sector company is one that brings new wealth into the community through the sale of its goods and services outside the trade area. This new wealth circulates and supports all other sectors of the local economy, thus making the primary sector the principle driver of economic growth.
Thank you for your continued support of the Greater Fargo Moorhead EDC and economic development. We look forward to your feedback.
|
|
|
