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2014 Mid Year Report

So far in fiscal year 2013-2014, there has been a need for speed.
KEDC staff has been able to increase the number of leads developed consistently for the past number of years.  However, it continues to take more resources to develop and respond to those leads.  For example, the percentof leads developed internally has risen from 13% to date to 49% so far this fiscal year.
Internal marketing has replaced leads formerly shared with KEDC by the State Economic Development and Tourism office and SWEPCO/American Electric Power and brokers.  In other words, KEDC has become proficient in creating its own work. In responding to those leads, three other trends have emerged:
  1. Industry is requiring unique solutions to its needs.
  2. Industry is requiring more solutions to its needs.
  3. Industry is requiring faster solutions to its needs.
As KEDC has become more adept in developing internal leads, responses have become more specific in nature, and require more resources in terms of money, time and expertise.
Our accomplishments in terms of deal closures, number of leads and industry outreach remain consistent with last fiscal year.  FY 2012-13 was up from the three previous years, and KEDC is continuing to maintain that level.  In summary, KEDC board of directors and staff have contributed to the local economy during the past six months in the following ways:
  • Approved four Economic Development Performance Grants.
    • Companies in contract with KEDC invested $2.7 million.
    • Companies in contract with KEDC created 41 new jobs and retained 268.
    • KEDC’s investment in these contracts will earn a rate of return of 53% with a payback period of three years.
  • Developed 53 leads.
  • Made contact with 40 existing primary employers.
For the entire report, please contact Jana Russell at (903) 983-3522 or jrussell@kilgore-edc.com