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Coldwater, November 2, 2016 – The City of Coldwater has been recognized for its work to foster entrepreneurial growth and economic development in the annual eCities study conducted by researchers at iLabs, University of Michigan-Dearborn’s Center for Innovation Research. Coldwater was honored as a five star community for the second year in a row.
“It’s an honor for Coldwater to be listed among the many high caliber five/four star communities in the State of Michigan,” said Jeff Budd, City Manager. “This recognition exemplifies the hard work of our staff, as well as many individuals and businesses within our community. Local investments and planning initiatives over recent years will continue to serve as the foundation for our ability to grow and prosper, and carry on our vision for years to come.”
Five-Star Communities (*denotes best practice community)
Five-star communities have commercial constructions worth over $875 million, having issued over 2000 construction permits. They have more than $29 billion in combined real and personal properties. They have more than $21 million in additions to assets in the past year and with about 10% of the employed population being self-employed.
Four-Star Communities (*denotes best practice community)
Four-star communities has seen over $342 million in commercial construction which account for close to 50% of the total construction value and 16% of the construction permits. Additionally, they have additions to their assets worth more than $30 million. 68% of their population is over 25 years of age and 47% have attended some college.
The eCities study surveyed 76 communities from 25 counties in Michigan that are home to more than 22 percent of Michigan residents and 28 percent with at least a bachelor’s degree. These communities count for nearly one-fifth of the state’s entrepreneurs who earned more than $1.9 billion self-employed income in total. About 60 percent of these communities have a local business database, more than a quarter provide business improvement grants and more than 40 percent have full-time economic development employees.
“The eCities project highlights how local governments from across the state of Michigan are cultivating and supporting economic development. These communities show how local governments can work in distinct and strategic ways to energize public spaces, while investing in businesses and job development,” said Tim Davis, director, iLabs.
The annual eCities research project, which began in 2007, uses data supplied by the participants, as well as other public records to assemble a six-factor, 32-item index of entrepreneurial activity, looking at such factors as clustering, incentives, growth, policies, community and education. The study focuses on entrepreneurship because of its importance to expansion and diversification of Michigan’s regional economies and the impact small businesses have on job creation. To date, more than 200 communities across Michigan have participated in the study.