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The Cost of New Business

In our present day economy, with the job growth rate sluggish and high unemployment numbers, cities and regions are fighting for new and existing business growth now more than ever. This is by all means reasonable because those business create jobs for citizens, stimulate further capital investment, and helps spur other further BRE (Business Retention and Expansion) efforts.

The benefits of any sort of economic development project trigger a long line of ripple effects for employment, spending, taxation, quality of life, and expanded public services.

Consider this, if X Industry decides to build a new facility in your city bringing with it 200 new jobs,  you and I will be taxed to finance the public services for the new acquisition. X Industry will demand the necessary water, sewage, and roads on their property as well as the public services of policemen, firemen, etc.

The local government, as it should, will conduct a fiscal impact analysis to calculate how it will properly finance those new service demands. To do this, the government will consider the current average cost per unit of its citizens (person, household, or acre of land) and apply it to the average cost per service unit needed as a result of X Industry's location. The answer produced gives a strong indication of what the tax structure may look like in the future for taxpayers. Remember the government collects the majority of its revenues through taxes.

Industry recruitment and expansion is not a bad thing. In fact, there are more positives associated with economic development projects than bad. However, as taxpayers, it's always good to be informed of tax revenue allocation. In this case, tax money funding the public services that we use everyday, new industries included.

Thanks for Reading,

Matthew



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