Iowa’s Main Street Program Exceeds All Expectations in 2007

Return-on-investment is 80 to 1; Created 147 new businesses and 368 new jobs

August 13, 2007 -- (Des Moines, Iowa) – The Main Street Iowa program surpassed all of its business recruitment, job creation, investment and volunteer recruitment goals during Fiscal Year 2007, according to data compiled by the Iowa Department of Economic Development (IDED).

In the last session, Iowa Governor Chet Culver signed legislation increasing funding for Iowa’s Main Street program by $400,000, bringing the total budget to approximately $958,000. This new appropriation is a significant increase nearly doubling the program's budget.

"Strong city centers are vital to creating strong communities," said Governor Chet Culver. "Iowa's Main Street program really sets the national standard for downtown revitalization. This past session, I signed legislation to nearly double Main Street Iowa's budget, because I believe in its ability to transform communities, create jobs and boost local economies. It's a wonderful example of citizens, businesses and government working together."

According to the department, $80 was invested by the private sector for every $1 of state investment in the program. The program’s efforts helped to create 147 new businesses and 368 new jobs. Private sector investment in Main Street Iowa communities totaled more than $52.7 million. And volunteers contributed more than 150,000 hours of time, providing approximately $2,189,695 of value.

“This data shows that Iowa’s Main Street program is worth every penny spent,” said IDED Director Michael Tramontina. “We are extraordinarily pleased by the progress this program has made over the past year. Main Street Iowa is improving Iowa communities and creating economic opportunities for people across our state.”

Main Street Iowa staff provides support to local Main Street organizations through training and technical assistance.

“Our local community programs over-achieved in every measurable area,” said Thom Guzman, director of the State of Iowa’s Downtown Resource Center. “None of these community improvement projects would be possible without the hard work and dedication of local Main Street investors, leaders and volunteers. These everyday folks do remarkable things.”

Since the program’s inception on July 1, 1985, Iowa’s Main Street communities have experienced:

* A net gain of 2,966 business starts, relocations or expansions
* A net gain of 8,159 new full time equivalent jobs downtown
* 6,753 building rehabilitation projects
* Invested over $400 million in private sector funds for downtown building rehabilitation
* Sold 2,477 downtown buildings
* Invested more than $220 million in private sector downtown property acquisition
* Invested over 1,449,117 volunteer hours, providing $21,070,161 of labor value, using the Independent Sector’s equation of the value of volunteer service

Source: Iowa Governor

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