Celebrate National Economic Development Week with WEDA
Tuesday, May 08, 2018
National Economic Development Week kicked off on May 7th and WEDA is inviting economic developers, businesses and community members to help us celebrate. There is a lot of momentum in Wyoming and with the ENDOW initiative, that momentum is growing. We want to celebrate the large and small successes happening throughout our state and encourage the sharing of success stories and information about programs and services offered by local, regional and state economic development organizations.
Why We Celebrate National Economic Development Week
Economic development is the core of well-being and quality of life for communities across the United States. It encompasses policies, programs, and activities that seek to create and retain jobs and ultimately facilitate economic growth. The U.S. government has multiple programs designed to demonstrate the federal government’s key supporting role in local and regional job creation and retention. Such programs continue to lead the way as the nation works towards our common objective: a stronger, more resilient, more inclusive economy for all. Wyoming has benefited from investments made into the economy through these economic development programs and initiatives.
Economic Development Administration (EDA)
The EDA invested approximately $238 million in FY 15 in locally-driven economic development projects nationwide. Grantees expect these investments will help create or retain approximately 35,000 jobs and generate $4.2 billion in private investment. Some of these projects have been in Wyoming. For example, Eastern Wyoming Community College in Goshen received $1.5 million.
Manufacturing Extension Partnership (MEP)
Since 1988, MEP has worked with nearly 86,620 manufacturers, leading to $96.4 billion in sales and $15.7 billion in cost savings, and has helped create and retain more than 797,994 jobs. For every one dollar of federal investment, the MEP Program generates nearly $17 in new sales growth for manufacturers and $24 in new client investment. This translates into $2.4 billion in new sales annually. The University of Wyoming in Laramie received $500,000 in funding from the MEP.
Rural Development (USDA-RD)
In 2016, Rural Development supported about 157,660 projects through more than $29.3 billion to help rural families, businesses, and small communities thrive. The South Thermopolis Water and Sewer District in Thermopolis received $640,000 through their programs.
These are just a few of the reasons we celebrate National Economic Development Week. In addition to what is happening at the federal and state level, we know that hyper-local initiatives are helping Wyoming businesses to grow and thrive. From local incentives to mentorship to innovative tax breaks and loan programs, businesses throughout the state are benefiting from associations with people and organizations who are passionate about economic growth. This is a story worth telling. Now, we need your help to show what economic development is really all about. It’s about jobs, improved living standards, new opportunities, and a brighter future. So, grab your flags, head to a local business and visit our Facebook page to share their story.
A recap of our contest this week…
We are encouraging economic developers to grab orange “That’s WY” flags and plant them at local businesses and projects that have benefited from economic development efforts. Take pictures or shoot a video with the flag and share it on social media with #WYEconDevWeek #ThatsWY.
Next, post the picture or video on the WEDA Facebook page and share it with friends and community members. Ask them to like, comment, and share with their friends. Our goal is to get as many people in the state as possible to see these successes and get excited about what’s happening in Wyoming.
Prizes will be given out to two winners - the picture with the most likes and the picture with the most comments.
Remember, this is supposed to be fun so get creative and have a good time!