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Columnists: Flo Johnston| Barry Saunders | Jim Wise


Published: Oct 13, 2010 02:00 AM
Modified: Oct 12, 2010 03:02 PM

Stimulus funds help us today and tomorrow
 
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In this political season, it's easy to ask "what have you done for me lately?" It's a fair question that deserves further thought and even foresight. I say this with the American Recovery and Reinvestment Act, (ARRA also know as "Stimulus") dollars in mind, and the jobs that have been created or saved in Durham because of millions of dollars invested in our local and regional economy.

Like many communities, Durham has suffered from the recession, and thanks to more than $8 million from various federal agencies, the city has managed to plug critical operations that would have suffered or been cut, such as the DATA bus service. ARRA funding has helped save and create almost 300 jobs. Training continues to help laid-off workers and young people to find jobs.

I understand that if you're unemployed and can't pay your bills, it's difficult to look beyond the immediate. Economists agree that it will take longer than a year or two to recover the millions of jobs that have been lost over the last three to four years. In fact some jobs as we know them may never return. That is why it's important to take a longer-range view.

While Durham and the Triangle have benefited from freshly paved roads, newly weatherized homes that will be more comfortable and energy efficient, and programs that help homeowners "green" their homes for longer-term benefit, all thanks to stimulus dollars, the impact to forward-thinking businesses should also be taken into account.

Just last month, I attended an announcement at Cree Inc., a Durham company leading the way worldwide for use of energy-efficient, environmentally friendly LED lighting. This announcement was related to incentives provided to Cree by Durham County and the state of North Carolina that will help bring jobs to Durham.

Earlier that week Vice President Joe Biden highlighted Cree as one of the top ARRA projects due to its award of a clean energy manufacturing tax credit of $39.1 million to expand their facilities here in Durham. This award meant that Cree could buy new equipment, add capacity and lower the production costs of the LED lights it produces.

Why is this important? Just last year, Cree announced that the company planned to hire 575 jobs through 2012. The company has hired 600 and has announced plans to hire another 250. While the jobs created in Durham are important, the long-term economic impact is much greater. The bigger contribution to the state, the city and the county through employee spending, company spending, as well as property, income and sales taxes argue for the positive impact of the economic stimulus. Revolutionary businesses, like Cree, have choices about where to locate their jobs, and the financial award influenced their decision to locate those jobs in Durham.

Cree is just one successful example of how ARRA funding continues to lay a foundation for economic growth. This country is slowly digging itself out of the worst recession since the Great Depression. We must continue to look beyond the here and now and focus on the bigger picture, our long- term future. Our economy will recover. The decisions we make now at the ballot box are the fork in the road for our future. Let's make the right choices for now and tomorrow.

William V. "Bill" Bell is the mayor of Durham.
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