Good Example Of Economic Development In Kettering Essay
Economic development encompasses all the quantitative and qualitative developments in the economy that improves the living standard and economic health of a specific area. Kettering is a first- ring suburb of Dayton, Ohio that was founded in 1955. Economic growth geared in this area after 1952 and had its impact over the past decades. Owing to its centralized geographical location with numerous industrial companies, it flourished as a residential area. Kettering is the second largest city in the Montgomery County that can entice new businesses due to its regional unity and approaches to the state’s legislative agenda.
Housing, an important economic development asset of Kettering location, attracts and retains residents on account of the excellent quality of life, education system, park system and the varied types of housing offered with a wide variety of price ranges. Along with starter housing, redeveloping vacant and abandoned residential and commercial properties, and building new ones in the contemporary style, targeting the new entrants, can lead to diversifications with retail buying power in the housing market, tempting the employers to Kettering. Being one of the old communities, developing more buildings in the commercial areas with requirements like traffic, size of the building, location, and access to sites, and making properties available for development or redevelopment are necessary for future economic development efforts.
Kettering maintains positive public school image with excellent universities and technical training programs pulling new businesses and employees. This is helpful in retaining highly trained and educated people in the area. Health services are strong in Kettering region. Readily available infrastructures and financing can bring more research and development companies in medical technology and service delivery. Advanced manufacturing is a long-term strength of this area. This gives an ample opportunity for spin-off companies and testing facilities. Local government is the key to successful regional economic development. Kettering City government has a track record for solid financial management, which is one of the reasons Kettering is widely known as one of the best-run cities in the state of Ohio. Employers and employees select this area because of its resources, opportunities and potentials. Still, private-public partnerships are needed for Kettering’s future development. Incubators and related services are having powerful scope in the area as they can quickly merge commercial ideas and ventures into the Kettering fabric. This can ensure local economic development by efficiently re-using the existing buildings and uplifting local entrepreneurship and retention of ideas. This can be a low cost process that is capable of promoting suitable economic development attitudes within Kettering residents and existing employers so that they are motivated to expand or instead of relocating.
In the present scenario, the incentive programs like business loans, revenue sharing, and customer-oriented approach linking businesses to community resources like ‘BusinessFirst!’ program, Small Business Administration (SBA) 504 Loan for construction and renovation projects, Kettering Incentive Program for creating new jobs and other businesses, Ohio Job Creation Income Tax Credit and Ohio Investment in Training Program have encouraged the economic growth and success of the city. Kettering has successfully completed five redevelopment projects with vision and initiative irrespective of their vacant and blighted properties. Kettering’s Largest Employers include Kettering Medical Center ,Kodak, Reynolds and Reynolds Company, GE Capital and Intimate Brands. Kettering Medical Center, part of the Kettering Health Network has renowned facilities in the country with a first rate Heart Hospital, Level II Trauma Center and state of the art Oncology department. Reynolds is a market leader delivering information technology, software solutions and professional services that support automobile retailing. GE Capital, providing financial services, employs 1,600 people in the Kettering Business Park. Victoria’s Secret Direct operates their largest call centre operation out of their Kettering facility. Kodak’s Kettering facility employs approximately 500 people and focuses on commercial inkjet printers.
However, for the future economic growth of the city certain measures will be beneficial. Apart from renovation of the present properties, public-private partnerships in the city’s housing supply, developing a Kettering-specific marketing and public relations program, participating fully in regional economic development initiatives, supporting regional and local post-secondary education initiatives, capitalising on its great reputation in medical services, and on its less well-known reputation in advanced manufacturing technologies are keys for future economic development. The other predominant strategies for Kettering’s economic prosperity include encouraging the development of a flexible business incubator network and linking it with regional network, assuring a strong day-to-day business retention program within the city government, establishing an economic development ombudsman for one-stop intervention and providing access to any and all services of city, county, state, or federal governments that can attract and the progressive companies helping them to thrive and succeed.
The economic development manager has a crucial role in the economic development of any city. He should evaluate the needs of the city, and determine how to match the needs with the available resources in the best possible way. These officials should invite new investment, create a portfolio of available properties as investment opportunities and market the community’s attributes into the language of development, providing material and information for public and private investors. They also should develop a financial program of incentives to attract development, build a brochure of available sites and match potential buyers with sellers. Regular meetings with building officials would help to keep developers informed of relevant regulatory processes. They will have to facilitate planning to identify and establish economic development initiatives after promoting the development opportunities; secure funding for the development activities, assist local organizations, businesses and individuals with establishing economic development plans and projects; and promote the community in order to expand economic development opportunities. As an individual, they will need good health and excellent skills for managing the organization, time and stress. They should be optimistic, honest, diplomatic, committed and dedicated with excellent communication and public relations skills. All these skills help them to carry out their roles most effectively and efficiently.