2023 Results

2023 Hit All the Marks

Looking at the numbers, our data tells a compelling story of economic growth and diversity within our region.

Our organization remains intentional in its commitment to focus on primary-sector companies across a diverse industry base.

Guided by our Strategic Playbook and fortified by strategic partnerships, we are laser focused on targeted industries of AgTech, BioSciences and Autonomous Systems by allocating additional time and resources to nurture and expand these sectors that align with our region’s strengths. In 2023, four of our 18 successful projects were in these sectors, with more in the pipeline for 2024.

Supporting Success

We define success in terms of job creation, capital investment and additional square footage. These metrics, along with conservative analysis, give us the data to understand how primary-sector projects drive the region’s economic growth.

In 2023, the GFMEDC assisted 18 projects that created 186 new jobs. The capital investment was $25 million with an additional 164,000 additional square feet.

Breakdown of the 18 projects:

Driving Continued Results – A Strategic Playbook

Ultimately, our investors support the organization because they’ve come to expect a strong return on their investment. And, to continue the trajectory of regional growth, the GFMEDC developed a Strategic Playbook to ensure there is a road map for continued success. We think you’ll be impressed when you dig deeper into our progress toward our goals.

In the meantime, here are the key takeaways of the Playbook:

• Facilitate regional growth in the targeted sectors of Biosciences, AgTech, and Autonomous/UAS and ensure projects the organization supports add to regional flourishing.
• Co-create a workforce infrastructure and sustainable funding model capable of supporting and perpetuating the region’s desired economic growth.
• Increase our operating revenue by retaining current investors and securing new investors.
• Serve as a lead data and analytics organization to ensure we have the systems and partnerships to provide useful and relevant information for decision-making.

These goals are backed with key milestones and tactical objectives to create a roadmap for success.

Strategic Playbook

Economic Impact

The GFMEDC owns a unique mission to support primary-sector companies. Achieving our mission means more jobs, more capital investment and a stronger regional economy which benefits all. We are happy to report our work is producing results.

In fact, our efforts provide a return to all businesses, governments and citizens, whether they are a current investor or not. That’s because the growth of all primary-sector companies positively impacts all other businesses and organizations regionally. Check out our economic impact section to see some of the results.

More on Economic Impact

 

Source for Impact Data: Bangsund, Dean A. 2023. Analysis of Recent GFMEDC Business Expansions on FM Area Economy