Lake County's economic outlook lean for 2010
There are reasons for optimism, but there also is no sugarcoating that the prospects for business growth in Lake County will be tough this year.
"We just have to maintain our stability," said Steven Anderson, president and CEO of Lake County Partners, the county's economic development arm. "It won't be easy."
At a luncheon presentation Tuesday for GLMV Chamber of Commerce members, Anderson noted the difficulties of securing business loans, continuing foreclosures and lack of cash for incentives among the obstacles in 2010.
Lake County Partners is exploring several avenues and is retooling to better market the area and attract business, he said.
"Some call it a jobless recovery," Anderson said of the current climate. "Some say it's not even real. We have to be more productive and much more competitive."
The organization, for example, wants to double or triple the number of small business loans from the 12 made in 2009, and is working for changes in other programs to ease the process.
Evolving programs, such as allowing businesses to buy and sell tax credits for so-called "innovation zones" also could spark some activity, although Anderson predicted the county will experience very modest growth overall.
Retail development will be particularly tough this year, he said.
Anderson, who was hired in late December, said the organization is changing its approach by working more closely with local chambers of commerce and is heavily involved in developing a technology or innovation corridor.
He added the county has many available sites, but prospects find assessing the merits "highly confusing."
Providing an easily understandable, side-by-side analysis of Lake County versus its competitors is another element in the works.
Anderson said a well-educated work force, high household income, established hospital and emergency service systems, and good schools are among the county's assets.
Lake County Partners has identified 19 projects in its "pipeline," according to Anderson, and the success of four or five could result in 2,000 to 3,000 new jobs here.
He did not provide specifics, but identified the prospects as: a delivery and distribution company; a manufacturer of technology devices; a pharmaceutical company; a wind turbine manufacturing company; and, the expansion of a hospital facility.
Anderson said the wind turbine business wouldn't generate a tremendous number of jobs, but would represent an investment of about $100 million.
One deal would involve a tax abatement, "because Wisconsin has offered them $3 million in cash," he noted.