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Thursday, September 15, 2011

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Amen! Deals like this get the politicians' faces in the news, but don't matter nearly as much as the blocking and tackling needed to remove barriers to growth of existing companies. Between 1990 and 2009, 81% of all jobs created here in Ohio were created by existing companies. Even if we assume a really generous impact multiplier of 3 or 4, the 50 JMC jobs will create no more than 200 jobs in an economy of 3.6 million -- probably fewer because some of the indirect jobs will be filled by existing workers working harder. Meanwhile, workers in the old location will either have to uproot their households or look for a new job.
Spending incentive money and time on all the things necessary to help existing companies grow is much less glamorous and probably much harder, but far more beneficial to a regional economy in the long run.

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