People think that the opening of the new local Woodward facility was a big deal. They are wrong?. It was a very big deal. It was a very big deal economically, and it was a very big deal psychologically.
The economic impact will be greater than? people think. The ultimate impact will be a multiple of the initial added payroll. Economists even use the term "multiplier" to describe this well-known phenomenon.
More jobs will be created than just Woodward jobs. More new money will be spent than just Woodward money.
How will this process unfold? The new employees who spend their money will in turn create additional jobs in our community, even more jobs as the money is spent and re spent.
Some estimates are that, in a community such as ours, ?the eventual expansion of the local economy could be twice the initial impact. The eventual economic impact of the Woodward decision will be a multiple of the initial impact.
But we must also not underestimate the magnitude of the psychological impact. Woodward ?did not uproot and move elsewhere. You can bet that a lot of money and favors were proffered to entice such a move, but Woodward instead sank its roots even deeper into this community. Woodward cast its lot, dedicated its future, to here and to us.
Maybe they have more faith in our community than some of us seem to have. Maybe we should follow their example.
I'm Bob Evans, and that's my perspective.
