TEXARKANA -- Despite looming threats of a recession, local economic leaders expressed confidence in the Texarkana region's resilience during a harsh financial climate, as well as the Twin Cities' ability to attract new industry.
President and CEO of AR-TX REDI Rob Sitterley said his office has not seen a decrease in interest in investment in the region.
"In many communities our size, this would certainly be the case. However, we do things differently in Texarkana, USA, which makes our region incredibly competitive, regardless of the economic trends," he said. "Our economic development marketing and outreach efforts over the last two years have resulted in our region having more exposure than ever before."
Multiple businesses from a variety of industries across the globe are still contacting AR-TX REDI about possible investment in the region, Sitterley said.
"We have plenty to promote and be proud of in our region, and the rest of the country and world is quickly getting the message," he said.
The geographic location of the region is another feather in Texarkana's cap in terms of economic interest, according to Sitterley.
"When it comes to companies in our region's target industries -- advanced manufacturing, defense, logistics and distribution, medical services -- Texarkana is in our very own 'Goldilocks Zone.' Our region has world-class road and rail transportation, and our central location provides us close proximity to suppliers and consumers throughout the country," he said.
Additionally, the low cost of living enjoyed by the area is also appealing to new business.
"Both our costs of living and doing business are among the lowest in the country, and we are home to two of the nation's top public university systems, and a school of advanced manufacturing at our top-ranked community college, that are expertly training the next generation of talent," he said.
Denis Washington, interim president of Texarkana USA Chamber of Commerce, echoed this sentiment. He said the current economic climate should not deter new businesses from targeting the area.
"Businesses already want to come to our region because it is a low-cost market," he said. "It is already significantly less than metro areas. The biggest key is finding the workforce and whether a business will bring that workforce with them or hire locally in Texarkana."
The rail space and airport also attract industry, according to Washington.
Despite the advantages to the region, inflation and an increase in cost of goods have caused some companies to be gun shy when it comes to growth. Sitterley said his organization has prepared for that obstacle with multiple incentives.
"The affordability of our region demonstrates tremendous value to businesses, especially in a time when the costs of goods have increased the way they have. REDI and our economic development partners on the local and state government level understand the costs associated with building a facility, and we have a suite of incentives to offset much of those expenses," he said.
Projects that qualify will have opportunities for cash grants for training new employees, discounted utility rates, local and state tax abatements and credits, and free land, he said.
"The bottom line is that there will always be companies that are a perfect fit for our community. In a case where companies are scaling back expansion plans intended for a larger, more expensive community, Texarkana may now be the perfect fit," he said.
Both Washington and Sitterley said they have seen these sorts of economic conditions before and are confident Texarkana can weather the storm.
"Well, just in my past experience as a commercial banker for 35 years in Texarkana, we have seen these circumstances arise before, and Texarkana churns right along," Washington said. "It didn't deter the rest of us from doing businesses in the retail space or auto dealers. Texarkana, Nacogdoches and Paris have shown they are rather resilient during hard times. Other markets struggle, but we churn along right along."
Sitterley said his previous work in Florida, which was shortly after the 2008 recession, prepared him to be effective during tumultuous times. He said in that role he was relentless at pursuing new business opportunities for the region.
"REDI and its partners are pursuing opportunities with that same level of relentlessness, along with innovative strategies that continue to bring economic success to the region," he said. "Regardless of an expanding or contracting economy, there will always be opportunities for those who pursue them with strategy and focus."