The Magnolia Economic Development Corp. places a strong emphasis on working with our existing employers in the Magnolia area. In fact, nearly 15% of the MEDC’s budget is dedicated to business retention and expansion (BRE) expenditures.
By the end of FY 2011, the MEDC, partnering with state and university officials, will have invested nearly $250,000 in workforce training programs specifically for our existing companies. In 2009-2010, we offered local and state training incentives that enhanced the skills of more than 120 employees of existing companies in classes chosen solely by local HR managers.
Our efforts have been fruitful for our local companies and our community. Since 1998, 14 local companies have expanded a total of 19 times. These expansions created 500 new jobs and nearly $160 million in new capital investments.
According to Stephen Weaver, plant manager for CMC Steel (NYSE: CMC),
“Our rolling mill in Magnolia is the most efficient and productive operation of its kind in the CMC family. Our success is directly related to the quality and skill of the local workforce in Magnolia.”
After the ribbons have been cut, and the initial public excitement fades, the Magnolia Economic Development Corporation will continue to work with and for our existing companies to make sure they have every available resource to be as productive and as profitable as possible.