WEDC PROGRAM DELIVERABLES (KPIs)
WEDC employs a variety of measures to gauge the effects of its economic development investments, which range from tax credits for investments in early-stage companies to export readiness programs, industry cluster advancement strategies and downtown redevelopment financing. Tallied here are the total measurable outcomes of WEDC’s FY23 economic development investments, including capital investment and job impact data as required in this report:
| RECIPIENT | ASSISTED BY WEDC |
ASSISTED BY WEDC KEY STRATEGIC PARTNERS |
TOTAL | FY23 GOAL |
|---|---|---|---|---|
| Businesses | 4,805** | 3,571* | 8,376 | 3,714 |
| Communities | 181 | – | 181 | 213 |
| Partner Organizations | 79 | 85 |
* The number was reduced by 20% to account for potential overlap with WEDC businesses assisted.
** Numbers of businesses assisted and grants awarded include one-time COVID-19 programs.
FINANCIAL AWARDS
| Award Type | # of Awards | Award Amount | Leverage Ratio* |
|---|---|---|---|
| Bonds | 1 | $2,800,000 | |
| Grants | 225** | $20,245,874 | 23:1 |
| Investor Credits | 44 | $95,572,278 | 4:1 |
| Loans | 8 | $2,706,000 | 5:1 |
| Tax Credits | 49 | $41,390,854 | 30:1 |
| Total | 327 | $162,715,006 | 13:1 |
| FY23 LEVERAGE GOAL | 8:1 |
* WEDC includes a project’s total project investment as reported by the company in this leverage ratio calculation in order to capture the complete impact of a project.
** Numbers of businesses assisted and grants awarded include one-time COVID-19 programs.
Capital investment supported by WEDC awards
$1.5 billion
A note about capital investment:
The benefits of WEDC’s investments do not end with the capital investment made by the company receiving financial assistance. When a company spends millions of dollars on an expansion project, for example, much of that money is pumped into the local economy through the direct purchasing of contractor services.
JOB IMPACT
| YEAR | JOBS TO BE CREATED | JOBS TO BE RETAINED | TOTAL JOBS IMPACTED* | FY23 GOAL |
|---|---|---|---|---|
| FY23 | 3,653 | 9,755 | 13,408 | 7,325 |
* Jobs impacted totals are derived from contracts executed between July 1, 2022, and June 30, 2023. These include executed contracts from both current and previous year commitments and agreements with Key Strategic Partners.
A note about job impact:
WEDC does not create jobs, but the businesses we assist do.
Not all WEDC financial assistance contracts include a job impact requirement. For those that do, this measurement reflects the number of jobs that will be either created or retained as a direct result of the investment. That job impact number is recorded in the contract and the award is contingent upon its attainment.
It takes time—sometimes years—for the positive direct effects of a WEDC investment to be realized. The question, then, is when are the jobs in question actually impacted? And when do they get counted? WEDC reports the total impact of the jobs in the year the contract is executed, and tracks performance progress to that impact goal throughout the life of the project. Typically, a contract with job creation goals lasts five years.