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EDA Packet 51117
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6 - Economic Development Authority
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5.11.17
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EDA Packet 51117
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Opportunities and Challenges: <br />In order to achieve the goals previously identified, several opportunities and challenges <br />were identified in order to inform future action steps. <br />Opportunities: <br />The top three growth industries in Washington County between 2013 and 2015 are: 1) <br />Health Care Services, 2) Wood Products Manufacturing and 3) Professional and <br />Technical Services. An opportunity exists to research and seek to attract <br />complementary businesses like suppliers, vendors or large customers of the existing <br />growing industry sectors in Washington County. <br />Small businesses are vital to Washington County's economy. 86% of the Washington <br />County businesses have less than 20 employees. Washington County is home to <br />17,847 self-employed businesses or "non -employers" in 2014 (defined as businesses <br />without employees that are subject to federal income tax). An opportunity exists to <br />support and grow the existing businesses and business owners. <br />Washington County has a significant number of major transportation corridors including: <br />1-35, 1-94, 1-694, 1-494, US Highway 8, 10 & 61, MN Highway 5, 36, 95, 96, 97, 120 and <br />244. Additionally, Washington County has transit corridors including the Rush Line <br />Corridor, the Gateway Corridor and the Red Rock Corridor. An opportunity exists to <br />participate in transit and transportation corridor planning efforts and to advocate for state <br />and federal transportation and transit investments in Washington County. <br />Washington County has a highly -valued quality of life, rich diverse communities and <br />many assets and amenities. An opportunity exists to market and promote these <br />amenities to site selectors and businesses looking to expand or relocate. <br />Washington County has a growing population and a growing labor force. An opportunity <br />exists to leverage the quality of this growing labor force to attract new business <br />development. <br />Challenges: <br />In order to leverage the opportunities cited above into new tax base and jobs, an array of <br />technical and financial services should be developed. <br />Currently, businesses who are searching for sites may not know about the assets and <br />advantages of locating in Washington County. A county wide "business brand" that is <br />cohesive, strong, and unique will help Washington County stand out to businesses, in <br />addition to a robust spectrum of promotion tools. The CDA Economic Development <br />Director can serve as a critical point of contact for referral to opportunities in <br />communities. <br />Technical and financial resources for small businesses is limited compared to services in <br />other counties. The "Open to Business" program is operating communities in 6 counties. <br />n <br />
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