According to U.S. Census figures, Olympia is the 23rd fastest growing area in the United States. Moreover, it’s the only city in Washington State to make the top 25. Part of this growth could be attributed to the migration of Seattle residents southward as real estate prices continue to soar in the emerald city. But a closer look shows that Olympia, and all of Thurston County, is in a renaissance led by influential people and businesses within the county.
At the Thurston County Economic Development Council’s Awards and Gala event, Michael Cade, executive director, shared interesting information about the future growth of Thurston County, including the astounding fact that in the next 15 years we need to add 50,000 new jobs to keep up with population growth.
“The development we’re seeing in downtown Olympia is happening at levels we haven’t experienced in 35 years,” says Carrie Whisler, assistant vice president and commercial relationship manager with Olympia Federal Savings (Oly Fed). “It’s exciting to see a wonderful mix of new residential construction along with the creation of new commercial spaces that will bring more new businesses to Olympia and the South Sound.”
Working Together So We All Thrive
The county’s ability to grow and sustain the number of jobs needed in the next two decades is dependent upon existing businesses and organizations helping and encouraging new businesses in the area.
Whisler, who is also president-elect with the Thurston EDC board of directors, shared, “The more we can support entrepreneurship, innovation and creative business ideas and partnerships, the more opportunities we have to create homegrown employment opportunities, philanthropic giving and tax revenue to support the health and vitality of our local infrastructure.”
Oly Fed shares in this view, and realizes that a symbiotic relationship is what allows everyone to thrive. “Our success as a long time financial institution here in the community is a result of our local economy’s growth,” says Ryan Betz, marketing and public relations manager at Oly Fed. “We are only successful if the people and businesses around us are successful, which is why we are so dedicated to giving back.”
Oly Fed gives 10-15 percent of their profits back to the community every year through gifts and sponsorships. In addition, they hold cash splashes and market mixers, both geared toward helping local business owners succeed. “Our support grows every year because our business has continued to grow,” Ryan adds. “The two go hand-in-hand; however, it is our people-first philosophy that will always be our top priority”
Each year, the EDC gives awards for New Business of the Year, Small Business of the Year, Non-profit of the Year and Corporate Employer of the Year. This year, Olympia Federal Saving was named Corporate Employer of the Year. These awards are given to organizations committed to the community, who support non-profits and the regional Thurston County economy, and have a strong local customer base.
“When we started to look at the business practice of Olympia Federal and how they impact business and quality of life in Thurston County, it was very obvious they a very worthy recipient,” Cade says. “They are involved in the community and support a lot of non-profits, but beyond that, they really have a business model that supports businesses and entrepreneurs in Thurston County. It was an award we were glad to give them.”
What’s Needed for Continued Growth
“During this past year we have seen an increase in loan requests from small businesses,” Whisler said. “Whether purchasing real estate or adding staff, acquiring equipment or buying another vehicle, many of our local business customers have added so many new clients they need to bolster the internal framework of their organization to support these growing customer needs.”
This makes sense if you know the three pillars an area needs to grow and sustain an economy. Cade explains that these are:
1.) Labor:A workforce that is trained, nimble and has access to resources to support entrepreneurial and innovative economic development.
2.) Land:You need to have available land for growth, whether it’s new, buildable land or re-developments and vacancies.
3.) Capital: You have to have capital available for the community to take advantage of and use as a tool to create employment opportunities, create markets, and expand market base and market share.
Organizations and businesses like Oly Fed and the EDCare important to making sure our county has these three pillars. The EDC helps through training and education, as well as, providing opportunities for growth. They have several programs to help new and existing businesses, including their popular ScaleUp program. This 12-step program teaches people how to grow their business responsibly. A cohort of business owners participate together, which helps increase network ties within the community. Another EDC program, PTAC, helps businesses win government contracts.
And why are those small businesses so important? Cade explains that while public sector jobs used to account for 60 percent of the jobs in Thurston County, over the past few years that has shifted. Now, private sector jobs are the main provider of incomes at 56-59 percent and growing. And of these private sector jobs, 94 percent are from companies that have less than ten employees. That’s a lot of small business.
Financial institutions like Oly Fed are important to help with small business capital. Since they are a portfolio lender that typically does not sell its loans, Oly Fed ensures money stays within Thurston County, helping to boost the economy even further.
Ken Pekola, commercial real estate lender for Oly Fed, says he is seeing a rising number of redeveloped older buildings in downtown Olympia. Buildings once used as large department stores, such as Sears-Roebuck, are now being developed into multi-use sites with small business beneath and housing above. “These are amazing projects for the community because they supply jobs as well as housing,” explains Pekola. “The first few developments are great examples for other property owners of how these big, old buildings that are sitting empty can be turned into profit centers.”
With all the help and support within our community, the future looks bright here in Thurston County. If you are looking to start or grow your business, visit the Thurston County Economic Development Council’s website and the Olympia Federal Savings website for more details and information on their programs.
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