|One Southern Indiana Passes $1 Billion in Economic Development Capital Investment |
New Albany, Ind. (June 6, 2016) – One Southern Indiana (1si) has reached a significant milestone in its economic development program, and announced today that $1 billion has been committed for capital investment in Floyd and Clark counties since the organization’s founding nearly 10 years ago. The mile-marker was surpassed with the recent announcement of the McCrite Milling & Construction Co. Inc. project which utilized the services of 1si’s business retention and expansion program to assist with a $3.4 million expansion. This good news follows the recent announcement that POSCO, the fifth-largest steel producer in the world, intends to build a wire rod processing center at the Port of Indiana-Jeffersonville, which will amount to an investment of over $19 million in the project and the creation of up to 60 high-wage jobs by 2018.
Since July 2006, 1si has worked with businesses to secure $1,055,426,824 in new taxable capital and commitments to add 11,128 new jobs with a payroll of $397,324,348 annually in Southern Indiana. In addition, 1si provides economic development investors with a return on investment of $189.67 in new capital, as well as $74.95 in new annual payroll, for each $1 invested into the program in the region. Unlike most economic development entities, 1si’s economic development efforts are primarily privately funded and do not receive a dedicated funding stream from any public source, state or local.
The business retention and expansion program at 1si is dedicated to assisting existing businesses and guides them to resources such as local tax abatements, state-funded employee training, real estate and site selection assistance, workforce solutions and recruitment, specialized business growth resources and expertise, and business park infrastructure. The business attraction program focuses on presenting our region to interested corporations as the ideal location for a new business, with a focus on those providing high-wage employment.
“This is a tremendous achievement that would not have been possible without the support of our investors,” said Wendy Dant Chesser, president and CEO of 1si. “Matt Hall and our economic development staff at 1si have a combined 60 years of experience in attracting, retaining and growing businesses, all of which benefitted Southern Indiana. This is a tribute not only to our expertise but also the tremendous growth opportunities available in the region.”
1si Executive Vice President Matt Hall added, “The accomplishment of completing 138 projects with more than $1 billion in capital investment is not just an achievement for One Southern Indiana but, more importantly, it is a triumph for the community. We thank the companies that have chosen to invest in our community and create opportunities for Southern Indiana workers and their families.”
“The success of 1si is measured, in part, by the growth in the region’s tax base that results not only from the attraction of new business but also from business retention and expansion projects undertaken by the economic development team here,” said Scott Olinger, 1si’s Board of Directors chairman. “We are excited to celebrate the expansion of an existing business in our community and are proud that the investment made by McCrite Milling & Construction Co. Inc. is the one that pushed us over the top of $1 billion in capital investment since our founding in 2006.”
About One Southern Indiana
One Southern Indiana (1si) was formed in July of 2006 as the Chamber of Commerce and Economic Development organization serving Clark and Floyd Counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the southern Indiana/Louisville metro area.
Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in initiatives to preserve, protect and promote a business friendly environment free of obstacles to growth and development of commerce. http://www.1si.org
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