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2014 Year End Report

At each year’s end, KEDC reflects on its Strategic Plan as a whole as well as the Mission and Vision Statements to determine how its accomplishments and activities are moving the organization forward.  At the end of fiscal year 2013-14, KEDC has contributed to the economy by working with companies that have invested in Kilgore as well as retained and created jobs.
 
KEDC Mission Statement
To enhance a business climate that is conducive to job creation and retention, improving the standard of living for Kilgore residents. 
Short-term accomplishments through KEDC Economic Development Performance Agreements 
★    371 jobs retained. 
★    131 jobs created. 
The 2013-14 jobs numbers are slightly higher than last years at 492 and 22 percent higher than the three year average of 412, indicating an upward tick in job activity.  
Long-term Achievements 
Job growth in the Longview MSA from 2001-14 is at 18 percent with a per capita personal income growth of 25 percent, placing the MSA, of which Kilgore is a member city, at number six on Forbes’ list of America’s Booming Small Cities for 2014.
 
KEDC Vision Statement  
A strengthened and diverse economy that is considered to be a prime business location.   
Short-term Accomplishments through KEDC Economic Development Performance Agreements 
Agreements with companies involved in the energy sector accounted for 50 percent of the six contracts this fiscal year.  Over the past three years, the energy sector has accounted for 40 percent of the agreements. 
★    Companies invested $18.7 million. 
★    KEDC reimbursements are expected to be up to $1 million for an ROI of 51 percent and a payback period of three years.
The amount companies committed to investing rose from $11 million to $19 million for an annual increase of almost 73 percent and a three year average increase of 36 percent, also indicating an uptick in investment activity.
Long-term Achievements 
While the energy industry plays an important role in Kilgore’s economy, diversification remains the vision of the KEDC board of directors. And while many of the top ten taxpayers are oil & gas related businesses, it is important to note that 60% of the largest non-government/education employers are not.
 
Click HERE for the complete report.