The Tyler Economic Development Council (TEDC) was formed in 1989 to diversify the economic base of Tyler/Smith County and to create new job opportunities. TEDC is a 501(c)(3) corporation. Annual IRS Form 990 tax return is available in the office at 315 N. Broadway, Suite 300.
Since its inception in 1989, the TEDC has consistently and aggressively promoted business growth through a highly effective, four-point strategy:
The TEDC's focus is on primary employers; that is, companies that sell a majority of their products and services to markets outside our regional economy, thereby funneling those new dollars into our local economy. A two to three times economic growth factor is realized by Smith County retail and service sectors as a result of primary business expansion and the inbound revenue it generates.
Working with existing value-added companies is a number one priority with the TEDC, especially in light of national figures which show that 80% of all new jobs created by industry come from the expansion of existing firms. The TEDC works with local companies on an ongoing basis to assist and encourage expansion in Tyler/Smith County which stimulates the area economy and creates even more jobs.
The TEDC works with a broad range of companies on state, regional, and national levels to supply site and demographic information on the inherent advantages of relocation to Tyler/Smith County. In addition, a targeted marketing plan consisting of direct mail, video, and personal contacts has been systematically implemented to attract industry-specific companies which could benefit greatly from what Tyler has to offer. These include, but are not limited to:
TEDC is working with existing small business resources supported by the federal Small Business Administration and resources available through Tyler Junior College (TJC) and The University of Texas at Tyler.
In addition, the TEDC worked with TJC and Southwestern Bell Telephone to establish a small business incubator, which has averaged 90% occupancy since it opened in 1990.
The TEDC is continually working with local, state, and federal agencies to develop incentives and support services to give Tyler even more of an edge in the race for value-added companies. These incentives include:
In addition to the strategy aimed directly at business prospects, the TEDC maintains an automated database on community information, sites and buildings, office space, labor force, utility rates, transportation, and other key factors required to promote the area.