Since its inception in 2004, the Lubbock Economic Development Alliance (LEDA) has promoted economic growth via partnerships with corporations and individuals to provide a business-friendly environment and a skilled workforce in the Lubbock area. In the competitive market for quality corporate locations and expansions, proactive development efforts such as those LEDA has engaged in are essential to optimizing economic performance.

The Perryman Group estimated the total economic benefits of LEDA projects based on the incremental jobs directly associated with incentives as well as total jobs related to companies LEDA has worked with (as of the time of the projects). The current annual economic benefits of jobs incentivized by LEDA projects include approximately $2.32 billion in gross product each year and more than 19,600 jobs in the Lubbock area (including multiplier effects), and companies which have received assistance from LEDA generate approximately $5.67 billion in gross product in the area each year and 47,085 jobs.

Business activity generates tax receipts, and the annual fiscal benefits of job creation and retention associated with incentivized jobs related to LEDA projects and their downstream effects total approximately $123.51 million for the State, with $98.93 million for local government entities in the Lubbock area. These local benefits which occur every year are approximately equal to the total taxpayer resources collected through the half cent sales tax and invested by LEDA over time. When attached jobs are also included, benefits rise to $308.86 million for the State and $244.64 million for local government entities in the area, far exceeding LEDA-invested funds and generating an annual return of over 240% to local taxing authorities.

LEDA has effectively engaged in economic development efforts building on regional strengths, and the returns to the community have been substantial. When multiplier effects are considered, LEDA has played a role in the creation or retention of more than 28% of current jobs and almost 28% of output (gross product) in the area. This success also provides momentum and sets the stage for ongoing economic prosperity.

For more details please refer to the full report.