Carlsbad Department of Development Received State Certification: What This Means for Businesses
1 Dec 2022
Carlsbad Department of Development (CDOD) was announced as one of seven community-based Economic Development Organizations (EDOs) recognized for state certification by the New Mexico Economic Development Department (NMEDD) because of the high level of expertise and technical support CDOD delivers to the community.
“We are honored to have been named a certified economic development organization,” said Jason Shirley, President of the CDOD Board of Directors. “This designation is a testament to the hard work of our very talented staff, as well as the great relationships and support of our community. We are proud to be recognized as an economic driver for the state of New Mexico.”
Economic Development is a “Team Sport” in New Mexico
“The certification recognizes more than ever that no one can go it alone anymore,” said EDD Cabinet Secretary Alicia J. Keyes. “Economic development is a team sport, and the state needs to work hand-in-hand with strong community partners to create better paying jobs across New Mexico and build family wealth.”
To break it down, businesses relocating, starting up, or expanding to Carlsbad not only have the expertise of CDOD to leverage success, they have the support and attention of the state. Through the Certified EDO program, The New Mexico Economic Development Department supports CDOD in building capacity within their organizations so that they are able to provide economic development services and support their communities. The program emphasizes the importance of having a strong, well-rounded, and well-prepared EDO at the local level.
What Can a Business Expect When Partnering with CDOD?
The Carlsbad Department of Development actively works to retain and grow local businesses, recruit new ones, and expand economic opportunities for all our residents in Carlsbad and Eddy County. We provide direction, assist with creating business plans, facilitate key introductions, and help business owners and entrepreneurs navigate the process of securing appropriate business licenses, zoning, and incentives.
Over the past year, Eddy County showed the largest economic growth in New Mexico, according to numbers released by the NMEDD. For the third quarter of fiscal year 2022, Eddy County generated growth of $1.113 billion in matched taxable gross receipts (MTGR), year over year, delivering nearly 12 percent of the total MTGR for New Mexico while having under 3 percent of the state’s population.
Business Retention and Expansion
CDOD expertly supports existing businesses because we recognize they are vital to our local economy. We offer problem-solving services to help them succeed and grow. This might be as simple as offering advice or helping to update a business plan, but we are also skilled at more complex technical assistance. We also help companies access financial assistance, such as the CDOD Revolving Loan Fund and Industrial Revenue Bonds, to enable renovations, equipment upgrades, or infrastructure improvements. We make it easy to understand and apply for the tax credits and state incentives that help businesses grow.
Equally as important to supporting existing businesses is the ability to attract new businesses to the area. CDOD promotes site selection by featuring available properties, demographic and workforce data, zoning information, and market snapshots on our website. We also have an eye toward housing development to support workforce needs.
Support for Entrepreneurs and Small Businesses
CDOD is a valuable resource for entrepreneurs and small business owners, providing advice, guidance, and resources for those starting new businesses. We offer vital services for early-stage businesses, such as business planning, site selection, and locating financing. From learning to manage cash flow uncertainty to making the necessary community connections, we have the knowledge to help get you up and running in the local economic community.
With Carlsbad’s balanced approach to industrial growth, area residents and leaders are primed for more. The business and industry activities occurring in Eddy County provide extraordinary economic opportunities.
CDOD is Ready to Assist
targeted result of CDOD’s activities is the improvement of our community’s quality of life. Economic development goes hand-in-hand with community development projects such as adequate housing, parks and recreation, and downtown initiatives. Our Lake Carlsbad Recreation Area is a true asset. Carlsbad is dedicated to a continuous circle of improvement for residents and businesses, ensuring continued growth in the region.
If you have questions about a project of your own to discuss, now is the time to reach out. There is plenty of room for additional businesses to succeed in Carlsbad. In addition to manufacturing and real estate development, the CDOD works to promote the creation of homegrown businesses by assisting entrepreneurs with startups or buying into regional franchises. Call us today at 575-887-6562 or email us!