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io • INTRODUCTION <br /> An important strategy in growing and developing a community's industrial base is to <br /> promote the retention and encourage the growth of its existing industries. Growing <br /> already established businesses is more cost effective than attracting new firms to the <br /> community and it creates a pro-business environment that attracts additional investment <br /> to the area. A business retention and expansion survey (BRE) can help a community to <br /> better understand its local economy and guide it in developing policies and strategies that <br /> promote both private and public investment. <br /> METHODOLOGY <br /> From June through August staff conducted on-site interviews with twenty six of <br /> approximately thirty of Elk River's local industrial business owners and officers. <br /> Interviews were often supplemented by a tour of the facility. <br /> To provide relatively consistent data throughout the survey, interviews were conducted <br /> using a questionnaire. Although the survey attempted to generate quantitative data, the <br /> diverse nature of the city's industrial companies requires that much of the information be <br /> gathered in a qualitative format. With a baseline survey established, perhaps a more <br /> quantitative approach can be developed for future surveys. <br /> Three primary types of information were sought in the survey. First, the survey <br /> requested information on industry trends and experiences of customers and suppliers in <br /> sothe marketplace. Such information provides insight into the various industries and may <br /> provide indicators of future struggles or growth. <br /> Secondly, several questions were asked regarding the company's employment levels and <br /> its experiences in the tight labor market. The low unemployment rate is a relatively new <br /> phenomenon to the private and public sectors, and understanding how it impacts Elk <br /> River's local economy is a critical component to economic development. <br /> Finally, respondents were asked to comment on the impact of the city's policies, assets, <br /> and location on business development in the area. Such insight should help the city <br /> better identify its strengths and weaknesses with regard to community development. <br /> FINDINGS <br /> I. MARKET DATA <br /> Industries and Products <br /> One half of the companies surveyed manufacture products to their customers <br /> specifications. Primary examples include the machining of components for medical or <br /> industrial equipment or the formation of molds or dies. <br /> 3 <br />