The City of Troy has been recognized for its successes and efforts in contributing to Michigan’s entrepreneurial growth and economic development in the annual eCities study conducted by researchers at iLabs, University of Michigan-Dearborn’s Center for Innovation Research. Troy was honored as a five-star community along with 183 other communities across the state.
“The City of Troy is proud to be a participant in the eCities program and appreciates the University of Michigan Dearborn utilizing eCities to encourage best practices in economic development,” Mayor Dane Slater said. “Troy is proud to be a five-star community and I believe this recognition highlights the value of Troy’s collaborative economic development activities.”
Troy Business Connect is the City of Troy’s business development/engagement initiative. Troy’s focus is on the retention and growth of our existing businesses. In collaboration with both public and private sector partners, the City of Troy is able to provide a broad range of resources to address business needs and promote business growth. This business development approach corresponds directly to the City’s overall mission statement, “We believe a strong community embraces diversity, promotes innovation, and encourages collaboration. We strive to lead by example within the region. We do this because we want everyone to choose Troy as their community for life. We believe in doing government the best.” By leveraging Troy’s unique community assets, partnerships and available tools to promote business growth, the City is creating an environment for investment.
The eCities study analyzed publicly available data from 277 communities from 54 counties in Michigan. Researchers focused on the five-year changes in property values, community assets and tax rates, which can demonstrate the growth, investments and cost of doing business within the community. For example, over the five-year period, these communities increased their capital assets by an average of 2 percent per year by purchasing public safety equipment and improving sidewalks and other infrastructure.
“While accounting for only about 15 percent of the cities and townships in Michigan, the 277 communities analyzed are home to nearly 70 percent of the population and 85 percent of the state’s commercial property,” Davis said. “By analyzing these high-performing communities, our goal is to showcase what cities and townships are doing to spur growth and how we can continue to support their efforts in developing business and encouraging entrepreneurs.”
The City of Troy will be recognized Tuesday, November 14, during the eCities Panel Discussion, which will discuss how talent, business policy and access to capital have impacted community growth in Michigan. The panel, moderated by DBusiness Magazine and DBusiness Daily News editor R.J. King, will feature Beth Ardisana, CEO, ASG Renaissance; Antonio Luck, managing director, Endeavor Detroit; Anthony Tomczak, chief procurement officer, DTE Energy; and Amelia Zamir, cofounder and principal of acquisitions, Method Development. The event is free, but registration through the UMDearborn College of Business website (umdearborn.edu/cob) is required.
The annual eCities research project, which began in 2007, previously used data supplied by the participants. This year’s shift to reviewing publicly available data was implemented to simplify the process for communities.