Retaining and expanding local companies is critical for economic development

The bulk of all new jobs created in the United States is made by efforts to retain and expand businesses. For this reason, economic developers prioritize investment, policy, and attention to the needs of existing local companies.

As such, the Greater San Marcos Partnership (GSMP) focuses on developing our local businesses just as much as we recruit new companies. One of the primary goals of our region's economic development strategy – Optimizing the Local Talent Base – is specifically built around the business retention and expansion needs found here in Hays and Caldwell counties.

The work of business retention and expansion is trifold: it requires the consistency of workforce development, the building of relationships, and the collaboration of shared information to be at its absolute best. As an organization, GSMP works in all three fields to help facilitate expansion and the growth of new jobs.

For workforce development, GSMP works with regional institutions and established companies in building new workshops, identifying new training tracks, conducting job fairs, and developing upskilling programs for our residents. GSMP collaborates with a wide variety of workforce development partners to accomplish this task and builds networks that strengthen the business community here in the Texas Innovation Corridor.

Speaking of which, relationship building is a quintessential part of GSMP's mission. Under the direction of Barbara Thomason, our Director of Business Retention, Expansion, and Workforce Development, GSMP conducts what are known as "BRE visits" throughout our region. These visits happen with businesses of all shapes and scales – regardless of whether a company is a GSMP investor or not.

During these visits, GSMP works with existing companies to identify their growth opportunities and connect them with resources at the federal, state, and local levels to expand investment and job opportunities. In fiscal year 2021, GSMP assisted in six recorded company expansions and more than 200 BRE visits within our footprint.

It's our mission as an organization to facilitate business growth and expansion. A rising tide lifts all boats, and as such, a thriving business community raises all businesses in our footprint.

Collaboration is critical to make these expansions a success. As such, I am pleased to announce that we are increasing our capabilities in this field with the hiring of Maggie Gillespie, who will be directly assisting Barbara in our business retention and expansion and improving our abilities to collaborate with our regional partners.

Maggie joins GSMP from the City of Buda. Her leadership in business development in the city's downtown district tracked more than $13 million in reinvestment, 81 new business starts, and more than 280 new jobs created. We look forward to utilizing her collaborative talents to scale that success throughout Hays and Caldwell Counties, solidifying the Texas Innovation Corridor as the most important place in the country to live and do business.

By emphasizing the work of business retention and expansion and supporting the Vision 2025 goal of Optimizing the Local Talent Base, GSMP can facilitate job growth through the businesses established here in our region. When combined with company attraction and recruitment, it makes for a powerful double-edged approach to building new investment and new opportunities for all of our residents.

If you have questions about how GSMP is supporting the businesses we have in our region, I'd be delighted to elaborate further. Please email me at jasong@greatersanmarcostx.com or reach me on Twitter @JasonGiulietti.