Focusing on Paris and Lamar County's future is the main purpose of an upcoming workshop with the Paris Economic Development Corp. board and representatives from the city council, the county and those in a leadership capacity.
Paris Economic Development Corp.'s purpose is to promote, stimulate and enhance the local economy. Our focus is on creating a pro-business environment favorable to industrial development. Since all sectors of our economy are intertwined, we must pay close attention to retail, healthcare and commercial development of all types. A diversified and vibrant economy allows our city and region to grow and our citizens to prosper.
To our advantage, Paris is a regional market that pulls retail trade in from a large geographical area. A survey of those who attended the Lamar County Chamber of Commerce's $10,000 give-a-way drawing on Dec. 21 shows us that shoppers travel long distances to do business in Paris. Consumers from outside the city bring retail dollars into the Paris economy. Sales tax generated from these consumers reduces the cost to local residents of city services such as water, sewer and public safety. Therefore, retail trade and growth is very much a part of the overall economic prosperity and quality of life in our community.
PEDC's economic development program is funded by a quarter cent "Type A" local sales tax that is created by state law and was approved by a vote of the citizens of Paris in the early 1990s. PEDC's funds are used for industrial development and cannot be used to directly incentivize retail or health care development, nor can it be used to build parks or sidewalks. We focus on keeping and attracting primary jobs that help grow our economy.
Economic development is a process that requires time and patience. To a large extent, consumers drive our local, state and national economies. So what happens when the average consumer feels uncertain about their financial future and decides to hold off buying that new refrigerator or pair of blue jeans? The economy slows down. When the economy slows down the process of economic development slows down. It is the age old concept of supply and demand. It is hard for companies to justify building new facilities or buying new equipment when consumers are spending less. This ripples up and down the industrial supply chain, from the grocery store all the way to the soup or diaper plant.
The retail market is an excellent indicator of the overall health of our local economy and the confidence of consumers. A comprehensive, thorough and up-to-date market analysis is crucial to achieve PEDC's economic development goals. To proactively sell the business advantages of Paris and Lamar County we must have current and accurate demographic and economic data that reflects the strength and reach of our economy, as well as the availability of a skilled workforce. This is why PEDC contracted with a company called Retail Attractions. They will deliver an up-to-date market analysis to PEDC in mid-January, along with their observations and recommendations for our consideration. Sometimes it is important to hire an outside expert who has a national perspective, specific industry knowledge and contacts to assist in developing a strategy for growth.
PEDC wants to understand the dynamics of our local economy and focus our efforts to support "filling the missing pieces" in our local retail offerings, so Paris consumers and those who regularly shop in Paris from outlying areas will not have to travel to Texarkana, Sherman or Dallas to purchase the goods and services not currently offered in Paris. A strong retail presence enhances PEDC's ability to attract and retain primary jobs in our region.
Retailers don't just show up and start building. Cities all over the country are competing for the decreasing number of retail deals that are done. Communities that do not aggressively market their local retail potential are simply passed over. The fact that the "squeaky wheel" gets the attention is very true in economic development, especially for small rural communities. Our community must market all of our local attributes with every available means. Marketing communities is one of the most competitive aspects of economic development and even small communities are pursuing opportunities in the national and global economy. PEDC knows this from our experience in recruiting manufacturing and industrial prospects.
Retail growth increases sales tax revenues and ad valorem values immediately. Retail growth is a foundational part of our local economy and it cannot be neglected. The retail sector is extremely competitive and consumers are finicky. Retail growth is not a zero sum game. With growth in the retail sector everybody can benefit. When new retail comes to town, there is an immediate synergistic effect. Consumers are drawn to that synergy and they spend their money where they have lots of options and choices from restaurants to shops of all types.
As I've said before, the citizens of Paris and Lamar County can rest assured that PEDC's staff and board of directors are focused on keeping and growing our primary jobs. But, in today's economic development competition, this requires that we use every advantage, think strategically and be smart about using our limited resources to produce the biggest result.
Steve Gilbert is the executive director of the Paris Economic Development Corp. Visit www.paristexasusa.com for additional information, call 903-784-6964 or stop by the PEDC office at 1125 Bonham St. (the Santa Fe depot building).