Return on Investment Is $48 for Each Dollar Funded
PENSACOLA, Fla. – A recent study by the University of West Florida Haas Center indicates the value of the Pensacola Bay Area Chamber of Commerce economic development efforts in the city of Pensacola exceeds $48 million from 2007-2009.
During the same time period, the Chamber’s foundation and Pensacola-Escambia Promotion and Development Commission (PEDC) received $1 million from the City of Pensacola, making the return on investment $48 for each dollar funded.
“The Chamber’s economic development efforts provide a significant return on investment to the City of Pensacola,” said Blaise Adams, chairman of the board of the Pensacola Bay Area Chamber of Commerce. “It’s encouraging to see such an impact on the city in such a difficult economic climate.”
In 2007-2009, the Pensacola Chamber generated more than $6 million in grant funding for various city projects, including $3.3 million for the Port of Pensacola, $2 million for the downtown technology campus, $650,000 for Pensacola Innovation Network/Lambda Rail, and $60,000 for workforce training at Armstrong Industries.
Total economic impact, including direct, indirect and induced spending at the city level was $48 million. The Chamber was also responsible for adding 210 direct jobs and 120 indirect jobs in the city of Pensacola. The analysis doesn’t take into account the projects that the Chamber assisted with outside the city limits such as the expansions of Navy Federal Credit Union or Pall Life Sciences.
“The grant dollars stimulate the economy by not only funding the specific projects but indirectly through increases of employment and the purchases of goods and services by businesses and their employees,” said Dr. Rick Harper of the UWF Haas Center who conducted the study.
The Pensacola Bay Area Chamber of Commerce is the lead privatively-led economic development entity responsible for the expansion, attraction and start-up of businesses in Escambia County. The Pensacola-Escambia Promotion and Development Commission (PEDC) is managed by the Chamber and serves as an industrial development authority under state statute with a board of directors comprised of Pensacola City Council members, Escambia County Board of Commissioners, the mayor of Century and the chairman and vice chairman of the Pensacola Bay Area Chamber of Commerce. The Chamber Foundation is a 501c3 entity that receives economic development funding from public and private sector partners. |
