Economic growth by the numbers

December 23, 2010
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Over the last eight years, Grand Rapids city commissioners have approved 306 real and personal property tax abatements requests and Brownfield Redevelopment applications. Those economic incentives are reportedly worth $1.8 billion in investment, nearly 13,000 new jobs and residents, and almost $7.4 million in new tax revenue to the city.

This year featured the second-highest number of approved projects and new tax revenue coming to the city from those projects since 2003. 2010 also had the fourth-highest amount invested and the third-highest number of new jobs coming from new projects over that 8-year timeframe.

Here is a yearly breakdown of that activity.


Year
2010
2009
2008
2007
2006
2005
2004
2003
Total

 

Number of
Projects

51
24
34
64
42
29
25
37
306

 

Investment
(in millions)

$235,641
$207,119
$259,641
$360,965
$159,123
$345,971
$145,758
$131,254
$1,845,103

 

New Jobs/
Residents

1,964
480
1,178
2,592
1,147
3,127
1,362
1,126
12,976

 

Total New
Revenue

$1,594,423
$432,738
$866,546
$1,683,546
$613,079
$1,374,203
$464,858
$337,800
$7,367,193

Source: City of Grand Rapids Economic Development Office, November 2010.

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