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Economic Development
Insights |
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Greetings!
Fargo Moorhead MSA has an unemployment rate sitting at 4.3% (not seasonally adjusted) compared to the U.S. unemployment rate of 8.7%. To see the GFMEDC's latest economic indicators, please check out the following link.
March Economic Indicators |
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Where do we go from here?
a message from the president
After six weeks on the job as the new president of the GFMEDC, I have had the opportunity to meet many of our investors but not nearly enough. I am still on that straight uphill learning curve, and I look forward to meeting everyone associated with the EDC in the next several months, so when you receive a call from Jim Gartin, please remember it's not a robo call.
I am very excited to be here in the Fargo Moorhead area and am impressed with the foundation that has been laid and the many existing programs.
In our first six weeks we have done an extensive evaluation of the fiscal condition of the GFMEDC, and I was pleased to learn how financially sound the organization is. My staff and I have written detailed job descriptions, and I have benchmarked our organization with competitive communities in the Midwest, comparing programs and staffing.
During this evaluation process, we have determined that we, as an EDC, need to enhance our business retention and expansion (BRE) program. Moving forward, we will be committed to making more than 200 (person to person,) BRE calls per year in the Greater Fargo Moorhead area.
This BRE program will be the foundation for all of our programming and support for businesses in our region. This coupled with a strong commitment to workforce development and entrepreneurial/innovation growth will make up the core of our programming. The final component will be a strategic business attraction program, supported by our knowledge and understanding of our workforce and infrastructure to support new opportunities.
The next several years will be challenging and will offer incredible rewards. I look forward to collaborating with our business, educational, government and non-profit partners in making the Greater Fargo Moorhead region a SMART MOVE for continued growth and prosperity.
Jim Gartin
President, Greater Fargo Moorhead EDC |
The GIF approved one PACE loan first quarter 2012
The Growth Initiative Fund approved the following PACE loan during first quarter 2012:
Amity Technology, LLC in Fargo, N.D. announced a $2.4 million expansion project. The company plans to construct a new
manufacturing facility and purchase equipment. The company will create 29 new jobs over the next three years.
The GIF is a community revolving loan fund managed by the GFMEDC. It 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.
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First quarter strong for business development activity
The GFMEDC provides customized information to help sell the region to new business prospects, hosts site visits and coordinates meetings with key contacts.
The companies represented a variety of sectors including distribution, manufacturing and IT.
The GFMEDC engaged ten new business prospects, including hosting three site visits, in first quarter 2012. |
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North Dakota Hosts Business Event in Chicago
More than 80 Chicago-area business executives and individuals interested in career opportunities joined North Dakota leaders on March 22 for a business reception and dinner at The Peninsula Chicago.
The North Dakota Department of Commerce co-hosted the event with the GFMEDC, Jamestown Stutsman Development Corporation, Bismarck Mandan Development Association, Minot Area Development Corporation and the Devils Lake Region Partnership. The GFMEDC's Jim Gartin and Justin Pearson attended the event.
"We are thrilled by the interest and response to this event in Chicago," said Al Anderson Commerce Commissioner. "This is a tremendous opportunity for us to position North Dakota before an audience of people who are genuinely interested in what we have to offer."
Vern Dosch, president and CEO of Mandan-based National Information Solutions Cooperative, highlighted the growing number of career opportunities and the reasons why his company is headquartered in the state. Roger Baker, mining product manager in the Remanufactured Products Division of Caterpillar, Inc. in Peoria, IL, discussed why Caterpillar recently expanded its operations in West Fargo instead of other parts of the world.
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Hector Airport breaks all time boarding record in March 2012
According to Airport officials, Hector Airport's March passenger numbers broke another record. Passenger traffic March 2012 was up 5.9% compared to March 2011.
March 2012 broke the previous all-time boarding record by 3.1% set in March 2010. This month is the fourth record month and the busiest quarter ever on record at Hector International Airport.
Total passenger count for the month was up 7.0% over the same period last year.
According to a press release from the ND Aeronautics Commission, airports in Grand Forks, Dickinson, Minot and Williston also had record boarding in March.
March Boardings Comparison of Commerical Service Airports, ND Aeronautics Commission
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West Fargo's new economic development leader focusing on collaborative relationships to support local businesses
South Dakota native, Mark Vaux, recently took over as West Fargo's economic development and community services director. Vaux's role is to help the community of West Fargo grow through the attraction, retention and expansion of business, both primary sector and retail as well as through the support and development of community aspects like housing and transportation.
Vaux was already familiar with the community after having two children graduate from North Dakota State University. When the West Fargo position became available, he said it was perfect timing. "I was attracted to the community because of the tremendous growth and opportunity. It's exciting to be part of a such a vibrant and growing community, said Vaux.
Vaux plans to focus on business retention and expansion and will continue to build on the positive working relationship with the GFMEDC. "We need to make sure we're taking care of our local businesses, and we are much more effective working together," said Vaux.
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Chief Economist for American Petroleum Institute set to speak at GFMEDC's Annual Meeting for Investors
The chief economist for the American Petroleum Institute, John Felmy, will speak at the GFMEDC's annual meeting for investors.
GFMEDC Annual Meeting
May 10, 2012
11:30 a.m - 1:00 p.m
Hilton Garden Inn & Suites
Fargo, ND
For more information, contact Libby Larson at llarson@gfmedc.com
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In the News...
by Caroline Morse, Yahoo Travel
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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! |
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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.
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