Key findings
- Twenty-four business visits were completed between August and December 2021. Out of the 24 businesses surveyed:
- Most of the businesses, 96%, are locally owned.
- A majority, 54%, reported growth in demand as the reason for increasing/decreasing employees over the last three years.
- Skilled manufacturing, unskilled manufacturing, and managerial positions caused the most recruitment issues for these businesses.
- For training, 96% of businesses trained their employees in-house, 67% sent their employees to training, and 54% relied on self-taught employees.
- Just over half, 54%, reported having written business transition plans, and 71% reported having written business plans.
- The Task Force developed five priority projects for near-term action:
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Improve technical training.
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Organize tours of businesses using automation.
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New state-level economic development policy to reward business retention and expansion based on other metrics than jobs created.
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Creative redesign of zoning laws.
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Create housing RLF (revolving loan fund) for PEC service area.
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About this summary report
People’s Energy Cooperative (PEC) launched a Business Retention and Expansion (BRE) program. This program has the potential to improve the climate for existing businesses, and PEC would benefit from the continued presence and growth of those businesses. Their BRE program has six objectives:
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Demonstrate support for local businesses.
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Help solve immediate business concerns.
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Increase local businesses’ ability to compete in the global economy.
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Establish and implement a strategic plan for economic development.
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Build community capacity to sustain growth and development.
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Learn business perspectives and plans for investments in automation, electric-vehicle technology, and distributed energy systems.
PEC officials, economic development leaders, and UMN Extension officials have worked together since the spring of 2021 to make the Business Retention and Expansion Program happen in the PEC service area. PEC funded the program.
Reviewed in 2022