Expert: County?s economy still strong
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Fruth?s company, Policom Corp., performs economic strength rankings which list communities of similar population and their relative economic standings. Warren County is a micropolitan community, which is defined as having a population over 10,000 and under 50,000. Fruth gleans his information from the Bureau of Economic Analysis, a division of the U.S. Department of Commerce.
Surprisingly, considering the over 3,500 manufacturing jobs which have left the community in nearly seven years, McMinnville and Warren County rank fifth among 20 Tennessee communities studied by Policom.
However, Warren County director of economic development Jeff McCormick is quick to point out the full effect of the Carrier closing may not have had time to filter through the Bureau of Economic Analysis statistics.
?The way the Bureau of Economic Analysis works, that might not be a realistic picture right now because of Carrier,? McCormick said. ?Their numbers run a couple of years behind and they may not show the effect of Carrier yet.?
But even though the rankings may change next year, the information is still significant. What the Policom study is designed to measure is how consistent a community?s economic growth has been over the years, and that is one area where Warren County has remained strong, despite some economic setbacks.
Communities which show consistent growth rate rank higher than those which do not in the Policom study.
?Areas with unstable, boom-and-bust economies are difficult places to conduct business. Residents of these areas are subject to economic uncertainty and stress,? the study says.
McCormick also pointed out other economic factors come into play.
?If you look at retail sales, they haven?t dropped,? McCormick said, ?and that?s part of this economic study. It?s not just manufacturing, it?s the economy as a whole.?
McCormick says Warren County shouldn?t lose sight of its economic strengths, much of which lies in its existing industry which still includes significant employers like Bridgestone and Yorozu. He also points to the recent growth of smaller homegrown industry such as Morrison Tool and Fab, which has currently reached a significant milestone of 300 employees.
One of the things Fruth emphasized in his economic plan is the importance of mid-sized industrial employers, noting that five or six such companies can easily approach the impact of one plant the size of Carrier ? and with comparatively less economic impact should one decide to leave.
McCormick said even though everyone involved in industrial recruitment recognizes Warren County citizens are facing difficult times economically, it is vital for the county to continue to invest in developing its infrastructure in order to recruit industry, whether large or small. He says the Industrial Development Board is working diligently to accomplish that goal, but needs the financial support of the community to do so.
For more information on the Policom Economic Strength Rankings visit the company Web site at www.policom.com.