With 25,000 fewer jobs throughout Montgomery County than there were in September of 2019, the County Council is seeking ways to jump start the economy.
“It’s really a breathtaking statistic,” said Council President Andrew Friedson Monday during his weekly meeting with the news media. “We need to double down, triple down” to stimulate the economy, he said.
Although the area has turned around and gained about 9,500 jobs recently, “We need to be competitive. We need to regain our footing in the region as the economic powerhouse of the Greater Capital area,” he said.
More than a month ago, Friedson proposed a $20 million job creation package, which has the support of the majority on council. Nicknamed the JOBS (Jobs, Opportunities and Business Support) Initiative, it is designed to create up to 1,000 jobs, especially in equity focused areas along the I270 and Route 29 corridors and eastern downcounty.
it includes a $10 million job creation fund that gives employers $10,000 for new jobs created that include a salary of at least $100,000. The employer would get $12,000 per job if the job is located in an equity focus area.
The employer would have to create a minimum of five jobs that pay $100,000. That amount would be capped at $500,000 per company.
According to Friedson, for every job that pays $100,000, the area’s economy receives a $470,000 boost. “It’s over a four to one investment.”
If all money in the funds is spent, it would create about 1,000 jobs and generate about $160 million in additional income, according to Friedson.
The $7 million innovation fund awards up to $100,000 to companies developing innovative technology, design or process. It is designed for prototype development and pilot projects so county entrepreneurs could more easily move to commercialization.
The $3 million equity fund provides grants of up to $80,000 for early and growth-stage small businesses with owners from equity focus areas to help reduce their barriers. The grants will be administered by the Montgomery County Economic Development Corporation.
The JOBS Initiative bill will be discussed at the council’s May 7 meeting.
