2006-2007 EDAWN Annual Report
Executive Summary
The 2006-07 fiscal year was a year of great success and planning for the Economic Development Authority of Western Nevada (EDAWN). While exceeding annual and five-year goals for economic impact and membership, EDAWN was also ‘charting the course’ for the next five years.
In 2006-07, by assisting companies locate and expand in the region, EDAWN exceeded its goals with a record $402 million in economic impact. The 38 companies assisted by EDAWN this fiscal year bring 1,657 new jobs and occupy three million square feet of real estate.
This year also was the culmination of EDAWN’s five-year goals set in 2002. Since that time EDAWN assisted 171 companies who generated $3.5 billion in economic impact and created 7,600 new jobs. A great boost to the local economy.
New five-year goals have been set this year in accordance with economic development plus (ED+) - the concept of attracting businesses in key business sectors that pay higher than average wages and benefits in addition to having environmental values and give back to the community. In addition to the traditional economic impact and job creation goals, EDAWN will aim to create an image of the Greater Reno-Tahoe region as a center of excellence in one of the region’s new targeted business sectors.
For the first time in EDAWN history, the number of local companies assisted with expansion or retention projects exceeded the number of businesses relocating to the area. A key component to identifying these businesses is the Business Builders program. Business Builders, EDAWN’s volunteer program that identifies and assists local key businesses with challenges and successes, also broke records year. Volunteers conducted 181 interviews with area executives and added 54 new certified volunteers. This year, Business Builders combined the efforts of volunteers for EDAWN and Northern Nevada Development Authority (NNDA) to produce the first region-wide industry reports. This is an important step in gaining a greater understanding of the area business climate as business challenges and successes do not change at county lines. Two industry surveys of top executives in the region were conducted and the resulting findings were published. Executives representing the region’s eight key industries - advanced logistics, advanced manufacturing, business and financial services, clean energy, life sciences and bio-agriculture, regional health systems and software - reported they plan to add almost 4,000 jobs, 3.5 million square feet of real estate and almost $2 billion in capital investments over the next three years.
The key to EDAWN’s success lies with the involvement of our investors representing both the public and private sector. Our investors understand that improving our community’s economy and quality of life requires the collaboration and participation from leaders across all industries. Without our investors’ financial support and ongoing participation EDAWN could not have reached a third record-breaking year of economic impact. For every dollar spent, EDAWN created a return of $108.50 in economic impact.
Support from the private sector increased by 12 percent over the year from $1.3 million to just under $1.5 million. Eighty eight percent of EDAWN members retained their membership from the previous year. They were joined by many new investors bringing the total number of organizations supporting EDAWN to nearly 400 – the largest showing of private sector support to date.
Perhaps the most important undertaking EDAWN completed this year was ‘charting the course’ for the region’s new economy. EDAWN began important tasks prescribed by the Target2010 strategic plan thus positioning the region to attract a nationwide business audience.
This year, marked the second half of the initial $3.4 million investment Nevada Governor Kenny Guinn and the Nevada Legislature granted to EDAWN on behalf of the Greater Reno-Tahoe economy. This investment significantly shaped the course of the region’s economic future by making possible the completion of Target2010, EDAWN’s strategic plan, and the creation of the Can Do business brand - a regional business brand to increase the region’s ability to attract top companies in key business sectors with a single marketing message.
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Additional Annual Reports
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