Business Retention and Expansion Study for Collingwood's Industrial/Employment Sector

Introduction

BACKGROUND

Over the past several decades, a healthy and diverse business community has been the economic backbone of Collingwood and remains vitally important to the overall well being of the community. With the nature of competition, technology and consumer choices continually changing, it is necessary for businesses to respond to these changes in a timely manner. If not, the potential loss of employment and the accompanying hardships experienced by Collingwood, not only in terms of tax dollars, but also in terms of financial impact on other Collingwood businesses (retail pull), would be significant. Therefore, Collingwood municipal government must address the current and future needs of the businesses in this municipality as a part of their on-going strategic economic development activities.

In light of the fiscal reality affecting most municipal budgets, it has become even more important that the public sector dollars available for economic development be used to gain the greatest return on investment. The municipality must also acknowledge that Collingwood cannot take for granted economic success, but that work is required for its continued success. The significance of dedicated leadership and well-funded economic development programs has never been greater.

Other municipalities regularly contact many of our local business executives about relocating. In return, these communities are offering our industries shovel ready, and municipally owned industrial land at reasonable prices. Therefore, it has become imperative for Collingwood to develop strategies aimed at maintaining a healthy economic base.

One such strategy has been to focus on retaining those businesses established in Collingwood and to create an environment, which encourages growth and retention of these firms. Expansion of existing facilities will have a ripple effect on the community's economy. Expanding and retaining industry is the simplest and most efficient way to increase local employment and production.

The results of a reverse multiplier will inject employment dollars back into the community through a trickle effect.

Companies with products (hard or soft) for sale beyond Collingwood or Ontario’s borders create jobs that are paid for by out-of-province customers. This adds new money to the local economy, enlarging the local pie rather than dividing it. This benefits the community on a global perspective.

Ultimately, if retention and expansion efforts prove effective, and a healthy, positive business environment prevails, the stage will be set for new business attraction. Reasonable operating costs, a good infrastructure, and a local government with the reputation of responding to the needs of its existing businesses, increase the odds that business attraction efforts will succeed.

An examination of Collingwood’s economic development efforts reveals a pattern of limited public resources made available for economic development initiatives at local levels. In addition, limited emphasis on business retention will result in the potential for loss of some businesses from the Collingwood community.

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