According to a regional impact study released by Collin College, the North Texas Enterprise Center (NTEC) generates $117,087,392 in total economic impact for North Texas. That is $117 million.
NTEC was established by the Frisco Economic Development Corporation to foster community job creation by facilitating an entrepreneurial climate, and support businesses with a long-term future in Frisco. The study was generated as part of an effort to examine whether the goal of enhancing “Frisco’s innovation culture through entrepreneurship” was being met and what contribution NTEC has made.
Two impact scenarios were conducted – one region was defined as Collin County and another region included a total five county impact including Collin, Dallas, Denton, Rockwall and Tarrant counties. Regarding the Collin County scenario – NTEC’s direct employment of 213 jobs in six industry sectors translates, through a multiplier effect, into an estimated total of 495 jobs in Collin County. The study revealed that twenty-four NTEC member companies spend $55 million on local labor, goods and services. Local suppliers then spend $32 million on labor, goods and services to meet those NTEC member company demands. Furthermore, NTEC member company and supplier employees then spend up to $30 million on local goods and services which creates a total economic impact in the regional economy of $117, 087,392, the study found.
The study showed that several NTEC companies are primary employers for Frisco. In general, local economies grow, or decline, based on the number of primary employers in the area. A primary employer is one that imports wealth into the community by securing customers from outside the local economy. Basically, these companies contract with customers outside of the Frisco area and dollars flow from outside into the Frisco economy. Along with actual numbers about the economic impact, the study revealed that having a business accelerator not only fosters entrepreneurial pursuits within the community, but also provides a strong sense of community with its member companies and is a source of community pride for Frisco.
NTEC is a member of the National Business Incubation Association (NBIA) – the world’s leading organization advancing business incubation and entrepreneurship. The report was prepared by Clay Randall, Economics Professor at Collin College. Check out the links NTEC Infographic and full study (pdf).
Latest posts by Editor (see all)
- Collin County population projected to double by 2030 - February 24, 2017
- JCPenny closing upto 140 stores - February 24, 2017
- Increased parking options in Historic Downtown McKinney - February 24, 2017