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Business retention is key to job growth in the SCV

Posted: June 30, 2014 2:00 a.m.
Updated: June 30, 2014 2:00 a.m.
 

A key role of the Santa Clarita Valley Economic Development Corporation is to attract new companies to the Santa Clarita Valley that bring high-quality jobs.

With announcements of the relocation of companies such as Sunkist. and the SCVEDC’s recent trip to China to attract foreign investment, it might be easy to think business attraction is the only way to grow the number of jobs in the Santa Clarita Valley.

Thankfully, the SCV already has a large number of businesses operating successfully here. Many of these companies are in targeted industry clusters: aerospace and defense, medical devices, digital media and entertainment, advanced manufacturing and information technology. 

These companies work in some of the 28 million square feet of industrial and office space in the Santa Clarita Valley.
It is of critical importance that we nurture these companies and help them grow.

The first and most obvious reason for focusing on our local businesses is that when they add jobs, those jobs are, by definition, going to be jobs added in the Santa Clarita Valley.

In fact, national data shows that 80 percent of new jobs in a community come from existing businesses.
Since these companies comprise the work force and occupy the majority of space, statistically they are going to dominate job growth.

We also know that the majority of jobs in this country are at small businesses. These are businesses that are most often started by an entrepreneur — someone who had an idea or saw a need that wasn’t being met by the existing marketplace.

When these entrepreneurs branch out and start new companies, they almost always do so in their existing communities. They rarely relocate to start their brand new company because they leverage their existing relationships and local knowledge to launch their new endeavor.

Think about it: every company started small.

So when a community is fostering a positive business environment for its existing companies, it helps set the stage for future entrepreneurs to build new companies. 

The Santa Clarita Valley Economic Development Corporation helps our local businesses in a number of ways. We are dedicated to growing our industry clusters and support the local Aerospace and Defense Coalition.

Members of the coalition stay up to date on the latest research and news and work together on industry issues.

The coalition can undertake studies and develop training programs designed specifically for companies in the Santa Clarita Valley.

The SCVEDC also offers business assistance to our local businesses. We have helped companies with resolving regulatory conflicts, securing tax incentives, obtaining financing, and permitting issues as they work to expand.

We work hand in hand with Santa Clarita Valley firms to regularly examine opportunities to reduce their tax burden by taking advantage of R&D tax credits, manufacturing sales tax exemption and more.

Companies can contact the SCVEDC at any time for a confidential interview to identify potential needs and solutions. We connect these businesses with the right people to address the issue.

At the SCVEDC, we want local businesses to gain access to every opportunity for which they are eligible. Doing so grows jobs right here in the Santa Clarita Valley.

Holly Schroeder is president and CEO of the Santa Clarita Valley Economic Development Corporation.

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