IDA Results as of June, 2015
New projects in the City of Gadsden
29 IDA projects are operating today in the City of Gadsden. They:
• Created 2,440 jobs (this is 50% of the manufacturing employment in Etowah County.)
• Have a $65,000,000 payroll.
• Generate $1,300,000 per year in new OLF revenues.
• New OLF revenues alone provide a 3-to-1 return on the city’s $425,000 annual investment in the IDA.
Retained projects in the city
The IDA helped save 1,915 jobs and $1,860,000 in OLF revenues for the city, at 3 industries which were at risk of closing.
Additional city benefits
Besides ongoing OLF revenues from employee payrolls, the city also receives:
• One-time OLF revenues from plant construction payrolls.
• Sales taxes resulting from the spending of employee wages in local businesses.
• Sales taxes on company purchases of materials and supplies.
• Use taxes on company purchases of machinery and equipment.
• Property taxes on land, buildings and equipment.
• Building permit and business license fees.
Projects outside the city
The IDA located 10 projects in Etowah County outside Gadsden, which employ a total of 490. The IDA also was influential in helping recruit 2 projects to adjacent counties, which employ another 900 local residents. Many of them spend their payroll money in Gadsden businesses, which generates sales tax revenues.
Projects since 1985 which have closed
The IDA recruited 22 other industries which subsequently closed, and they generated new tax revenues during the time they were operating.
Independent indicators of the IDA’s effectiveness
The IDA has been featured in these economic development periodicals:
• Site Selection magazine named the IDA one of the nation's top development groups.
• Business Facilities magazine chose the IDA for its Economic Development Achievement Award.
• Economic Development Tomorrow cited the IDA as a model of professional practice.
• Office innovations at the IDA are a case study in Computer Applications in Economic Development.
• The IDA’s recruitment techniques were highlighted in Marketing Cities in the 1980’s and Beyond.
Economic growth indicators
(Etowah County) December, 1984 December, 2014
Unemployment rate: 13.4% 5.1%
Total employment: 36,880 41,354
Electric power service points: 41,343 50,957
Average household income: $20,173 $50,994