STEDF 2011 COMPLETED PROJECTS HAD $219M IMPACT
The St. Tammany Economic Development Foundation recently completed a study of the economic impact of the 21 projects it completed in 2011, with the result a staggering $219 million.
The study, conducted by Borland Econometrics, included only completed projects and did not include the 40-plus development efforts currently underway by the Foundation.
Ranging from a $10,000 investment by Control Zone Solutions to the $75 million investment made by Associated Wholesale Grocers, the gamut of projects STEDF completed last year covered a variety of economic sectors resulting in an investment impact of $155.5 million. Manufacturing projects accounted for $19.9 million; wholesale trade for $83 million; construction, $500,000; miscellaneous services $3.91 million; finance, $50,000; eating and drinking establishments, $1 million; hotels and lodging, $25.1 million, and health services, $22 million.
In addition to the investments made in each of those sectors by STEDF clients, the payroll impact was $20,572,656. Manufacturing accounted for $1.4 million in payroll; wholesale trade for $14.6 million; construction for $834,000; miscellaneous services for $475,280; finance for $238,680; eating and drinking establishments for $576,100; hotels and lodging for $1.08 million, and health services for $1.3 million.
Combined, the sectors added 2,269 new direct or indirect jobs, with an average salary of $38,168 per year.
Once the study was complete, STEDF evaluated its own budget in terms of impact per dollar spent. Out of STEDF’s 2011 budget of $403,510, each dollar spent by the Foundation led to $543 in total economic impact. For every dollar of STEDF’s budget, $51 in new local wages resulted; for every $1,000 of STEDF’s budget, six new jobs were created; and, for every $1,000, local sales tax revenue reached $3,967.
“Our task of stimulating the local economy by retaining and attracting new businesses has clearly been successful,” said Brenda Reine Bertus, executive director of STEDF. “This is the first time we have undertaken a study of this depth, but it is clear that our work is paying off – literally – in myriad ways in St. Tammany Parish. We’re proud of our work, and look forward to continued success for our community.”
STEDF is the lead economic development organization for St. Tammany Parish. The organization is charged with attracting new business and employment opportunities to St. Tammany Parish. The organization seeks to improve the quality of life in the parish by strengthening and supporting the business climate in the area. For more information, visit www.stedf.org.