Grow & Diversify, Businesses & Jobs in Koochiching County
Timber and tourism have long been – and will continue to be – the main economic drivers in Koochiching County. The Boise layoffs in 2013 underscored the fragile nature of an economy built primarily on natural resources, an increasingly competitive global market place, and dependence on a single major employer. Recent economic development efforts have focused on both business recruitment and business retention to provide jobs and diversify the local economy. A balanced approach is prudent and, as pointed out in the Newmark Economic Adjustment Strategy:
*80 % of all economic growth in a community from its existing business base
*It costs 100 times more to recruit new business
This Driver will focus on building on both business retention and business recruitment to grow jobs and diversify the economy throughout the county. This Driver is challenging and will take a long-term commitment from many but we have a compelling story to tell in Koochiching and many resources to draw from.
The County, the communities within the county, local lenders, the Small Business Development Center, Chambers of Commerce, local businesses and entrepreneurs, local schools and Rainy River Community College.
Initial steps will include identifying local businesses and entrepreneurs that have the potential for growth; incorporate the target industries and companies identified in the Newmark Report with existing databases and industry contacts and develop an expanded marketing strategy.
Phone : (218) 283-8585
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