It's Your Business: Nurturing innovation and resilience through economic development

Our community is one of makers and innovators. We have consistently adapted to changing times to foster new opportunities. Bloomington-based Showers Brothers Furniture Co. made 60% of the furniture in North America in the 1920s. In 1940, RCA purchased a Showers Brothers building on South Rogers Street to create RCA Plant One. RCA produced radios, tank transmitters, and receivers for the Army Signal Corps and other defense products in World War II, and then televisions. They employed 8,000 people at their peak and, in 1985, sold to General Electric. GE soon sold its consumer electronics to French company Thomson SA, which employed over 1,600 employees in Bloomington in 1990. When Thomson Consumer Electronics closed and laid off 1,200 employees in 1997, the community rallied to redevelop the site. In 2004, Cook Pharmica opened its facility on the site, which it later sold to Catalent in 2017.

These are just a few examples of how old industries have begotten new opportunities in Monroe County. Our local history has shown us that we cannot control the global economy, so our best bet has always been to diversify our employment base of quality jobs while supporting our current employers. Today the vast majority of jobs in Monroe County are in the private sector.

But opportunities usually don’t happen by accident. The heart of our work is creating economic vitality and quality jobs for our neighbors, to ensure Monroe County is the community of choice for employers, innovators, individuals, and families. Communities prosper when they foster a vision for the future, lean into their strengths, and coordinate their investments and efforts around that vision. Our July column outlined national and state investments leading to local opportunity, alongside our targets for fostering economic vitality across Monroe County. Economic development is a team sport that advances through public, private and nonprofit collaboration.

July column: It's Your Business: Aspirations the community can pursue to strengthen the future

How do you grow quality jobs and wages? The BEDC fosters quality job growth by supporting employers that sell goods and services outside of our region and bring income into the community. Organizations like the Blooington Economic Development Corp. are part of a field of practitioners that operate in almost every community across the state and U.S. We help existing and prospective employers identify land and buildings, navigate government approvals, apply for incentives, and problem-solve through connections with local partners and resources. The most recent example is our work with Phoenix Closures on their planned investment of $15 million in new equipment, which will lead to over 20 new quality jobs while continuing redevelopment of the former Otis Elevator site. Our appreciation goes to Monroe County Council for supporting the company’s growth.

We focus on the most promising industries to build on our local strengths — including biosciences, microelectronics, advanced manufacturing, defense, tech, creative arts and green energy industries. The BEDC’s current project pipeline includes potential for almost $300 million in investments and several hundred jobs.

However, business expansion and attraction efforts are only effective if you have sites for employers, alongside policies that pave the way for job growth and investment. Some of our recent work to advance site readiness includes increased collaboration with partners like the Monroe County Airport and the town of Ellettsville to identify how their developable land can be used for growing employment and investment. Land use and zoning are critical components of preparing for a strong future through site readiness, so we are also engaging in the Monroe County Development Ordinance process. For more information on development opportunities, see the BEDC’s latest business review under News and Press Releases at bloomingonedc.com.

Together, as a community in Monroe County, we will continue to write the story of resilience, progress and prosperity. We are a hub for talent and innovation on the corridor connecting Indianapolis to NSWC Crane and will grow into the future.

Jennifer Pearl is president of the Bloomington Economic Development Corp.

This article originally appeared on The Herald-Times: Nurturing innovation, resilience through economic development necessary