Chamber Hosts National Economist William H. Fruth of POLICOM Corporation
Economist Addresses "Where the Money Is...In the Bowling Green - Warren County Economy"
Jessica M.L. Thompson, Marketing & Communications Director
BOWLING GREEN, KY-William H. Fruth, economist and president of POLICOM Corporation, gave a presentation-"Where the Money Is... In the Bowling Green - Warren County Economy"-at the Bowling Green Area Chamber of Commerce today. The Chamber hosted the event to provide the community with an expert's research and insight on the local economy.
Fruth's presentation was based on his company's analysis of the local economy, the Historical, Comparative Economic Analysis Report, which examines the composition, history and trends of the economy in the Bowling Green Metropolitan Statistical Area (MSA) and Warren County. The Chamber will use the report as a gauge of the community's past and present economic structure, and as a tool for future economic development planning.
"The Chamber is focused on supporting local businesses and generating more wealth for South Central Kentucky," said D. Gaines Penn, 2012 Chamber Board of Directors chairman. "Bill's research is yet another way that we are providing valuable information that will help business and community leaders, who can utilize the research to identify industry sector trends and forecast future growth."
During his presentation, Fruth explained factors that impact the economy such as average wages, population, earnings adjusted for inflation and employment. He also identified industry sectors in Bowling Green/Warren County that are most prevalent, produce the highest earnings and drive the economy. Then, using this research, he gave insight on how business and community leaders can grow the economy here.
"The Bowling Green - Warren County area has the potential to develop a very dynamic economy, which will increase the incomes of all of its residents," said Fruth. "Through an aggressive economic development program and utilizing the assets of the local educational institutions, the community can not only attract quality companies to the area, but also develop 'home grown' businesses."
Also, Fruth explained the value of "primary employers," which are those that sell goods and services outside the economy, thereby importing new money to the community. Because of the impact of this new money on the local economy, he emphasized that it is important to maintain low business costs and to provide a skilled workforce to ensure profitability. These "primary employers" are what the Chamber refers to as targeted businesses.
"By conducting more than 50% of their business outside of Kentucky, targeted businesses generate valuable new dollars for our local economy," said Chamber President and CEO Ron Bunch, CEcD. "This is why our Chamber continues assisting our existing businesses' growth and actively marketing our assets to prospects. More than 85 percent of new jobs created in Kentucky in the past two years were created by existing business expansions, making the Chamber's existing business program an integral component to economic development success."
Bunch added, "The POLICOM report provides value to our Chamber partners because it gives them access to a nationally recognized economist's research and analysis of the historical and current status of our economy. We are using this research ourselves as a data-based approach to evaluating where we've been and how we should move forward, and our hope is that Chamber partners will utilize this research to evaluate their own business sectors and to identify opportunities for their own success."
Fruth's presentation is part of the Chamber's efforts to provide business resources to its partnership at a minimal cost. Contact the Chamber at 270-781-3200 for information from the presentation and report. Another valuable resource for partners-and that is open to non-Chamber partners as well-is the Business at its Best: Seminars for Business Success series.
The Business at its Best: Seminars for Business Success series, sponsored by President's Club Platinum Star Partner Citizens First, includes presenters from Bowling Green Technical College, Hitcents.com, the Small Business Development Center at Western Kentucky University (WKU) and the WKU Gordon Ford College of Business, all of whom will provide information and best practices on topics such as human resources, marketing, technology and entrepreneurship. The next seminar-"Infusing Training and Technology into Small Business" led by Bowling Green Technical College-will be held on Tuesday, April 17, beginning at 7:30 a.m. at the Chamber. Online registration is required at www.bgchamber.com. The cost to attend is $15 for Chamber partners and $25 for non-Chamber partners.
About the Bowling Green Area Chamber of Commerce:
Incorporated in 1935, the Bowling Green Area Chamber of Commerce is a 5-Star Accredited Chamber by the U.S. Chamber of Commerce and was named the 2009 Chamber of the Year by the American Chamber of Commerce Executives. As the fourth largest chamber in Kentucky, the Chamber serves as a premier business advocate for its more than 1,300 partners and is the driving force for economic development in South Central Kentucky. Its primary goals are to promote growth and success in the business community, reaching its small business partners and those in large industries alike. With leadership programs, governmental relations projects, educational initiatives and involvement opportunities, the Chamber aims to support the community and its neighbors in order to enhance the business climate and continue to grow the region.