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INCREASING EXPORTS: METROCONNECT A craft brewer looking to break into Japan.
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As a way to grow international trade and investment across San Diego, EDC and founding partners relaunched the World Trade Center San Diego (WTCSD).Īs an EDC affiliate, WTCSD is driving connections between San Diego and the global market. Given these numbers, it’s safe to say that global connectivity is a critical component of San Diego’s overall economic health. Approximately 128,000 of the region’s jobs are supported by exports, and 55,000 San Diegans are employed by foreign-owned enterprises. Ultimately, GO-Biz awarded Hunter an $850,000 tax credit to help with facility expansion, equipment purchases and hiring, supporting the company in adding 111 jobs. EDC worked in lock-step with Hunter–the largest private employer in San Marcos–to ensure the irrigation manufacturer presented a competitive application.
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With a projected in-state investment of $58 million, Hunter Industries was an ideal candidate for the Cal Competes Tax Credit. In 2016, EDC supported five companies that were awarded a combined $3,475,000 in tax credits to create 111 jobs over the next five years. This is why EDC connects local businesses with the California Competes Tax Credit, a discretionary incentive managed by the Governor’s Office of Business and Economic Development (GO-Biz). Let’s face it-companies can grow faster when they are being rewarded for their growth. Upon news of the merger, Mayor Faulconer made a personal call to BD executives to ensure the company had what it needed to stay in San Diego. EDC connected the newly-integrated company to resources to ensure it continued to flourish in San Diego, protecting the jobs of more than 3,000 people in the region. When BD-the world’s largest medication management company-announced they were acquiring San Diego-based CareFusion, many thought that would signal the loss of one of San Diego’s home grown companies.