Martinsville-Henry County Economic Development Corporation

Heath: EDC making progress on goals

Jul 9, 2008
By KIM BARTO - Bulletin Staff Writer. The Martinsville-Henry County Economic Development Corp. is well on its way to accomplishing goals of helping create jobs locally, securing capital investment and aiding small businesses, according to a report by President and CEO Mark Heath.

Heath gave a monthly update to Martinsville City Council during its regular meeting Tuesday night. Last July, he said, EDC’s board of directors set goals for the organization to meet by the end of 2009.

In spite of the tough economic climate and recent job losses, Heath said, “We believe things are a lot better here than in thousands of communities across the country. We’re going to see some tough times, but there are bright spots.”

The EDC’s first goal was to increase jobs by 1,100 over three years from all sectors: 700 jobs from new industry, 300 jobs from existing industry and 100 from small businesses. As of April 30 of this year, Heath said, there were 190 new industry jobs, 108 existing industry jobs and 46 small business jobs created.

Since May 2007, he added, the EDC has announced $104.7 million in capital investment for the community, and the Office of Small and Minority Business Development has added $3.7 million in capital investment. That exceeds the three-year goal of $100 million in investment by 2010.

The Office of Small and Minority Business Development also hosted 19 educational opportunities with 421 attendees in the past year, exceeding the goal of 15 annual events. The office met with 164 small businesses in the same time period, 76 of which were companies in the start-up or planning stage.

Goals for tourism include increasing revenue from lodging, sales and restaurant taxes, and this goal was accomplished in all areas. For example, lodging tax revenue at the end of 2007 was $130,350, Heath said, a 6.5 percent increase from the previous year.

In March, the Tourism Office applied to become a certified film commission. The process will take three years to become approved by the Association of Film Commissioners International. If crews come to Martinsville to make movies and commercials, Heath said, “They consume a lot of local services, stay for a short time and don’t stress our infrastructure.”

The council will meet with the EDC for a work session July 31.