YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Via state assistance, the status is expected to attract and retain jobs in the county, where the unemployment rate is better than the state average but personal income struggles.
Enhanced enterprise zones, where eligible businesses can receive tax credits based on job creation and investment, are specified geographic areas designated by local governments and certified by the DED. Designation is based on demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local development.
Vernon County’s unemployment rate in 2005 was 5 percent, compared to 5.4 percent statewide. However, between 2000 and 2004, there was a net loss in employment of 245 jobs.
Personal income per capita in 2004 was $24,051, compared to the statewide figure of $30,475.
“I know community leaders will take advantage of this and work diligently with private-sector businesses looking to expand or relocate in an area with a tremendous work force,” DED Director Greg Steinhoff said in a news release.
The state’s Enhanced Enterprise Zone program was implemented in 2004. In March last year, portions of Neosho and Newton County received Enhanced Enterprise Zone status.
This story originally appeared in SBJ’s March 26 free e-news Daily Update. Click here to register.[[In-content Ad]]
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