Groundbreaking of two new business expansions in Brooklyn Park made possible by new state investments in the Minnesota Job Creation Fund and the Corridors of Commerce initiative.
This afternoon, at the intersection of Highway 169 and Highway 610, Governor Mark Dayton and DEED Commissioner Katie Clark Sieben broke ground on the site of two new business expansions in Brooklyn Park. When the new North Cross Business Park is completed, it will be home to the newly-expanded PERBIX Machines and Wurth Adams Nut & Bolt, employing 345 Minnesota workers and creating dozens of new jobs.
These new business expansions were made possible in part by Governor Dayton’s investments in the Minnesota Job Creation Fund and the Corridors of Commerce initiative:
Minnesota Job Creation Fund – In 2013, Governor Dayton and the Legislature invested $24 million in the new Minnesota Job Creation Fund, providing financial assistance to businesses looking to expand and create new jobs in our state. Altogether, Wurth Adams and PERBIX received $730,000 from the Fund for expansion projects totaling $28.6 million – delivering a 39 to 1 return on the state’s investment and creating 32 new jobs.
Corridors of Commerce – Over the last two years, Governor Dayton and the Legislature have invested $331 million in the Corridors of Commerce initiative – funding transportation projects that are crucial to continued economic development across Minnesota. In 2013, MnDOT awarded up to $130 million of that funding to extend Highway 610 from County Road 81 and Elm Creek Boulevard to Interstate 94, opening up a crucial transportation corridor to support additional business expansions in the area – including Wurth Adams, PERBIX, Olympus, and others.
WURTH ADAMS NUT & BOLT EXPANSION
In June 2014, Wurth Adams Nut & Bolt announced it would move its headquarters to Brooklyn Park in a $27.5 million expansion that will create 20 jobs. The company distributes nuts, bolts and other types of fasteners to manufacturing customers worldwide, and needs additional office and warehouse space to meet its growing business needs.
DEED is partnering with Wurth Adams on the expansion, awarding the company $590,000 from the Minnesota Job Creation Fund. The company must meet job creation goals and other performance measures in order to receive the funding.
What Governor Dayton is saying:
"I thank Wurth Adams for this very important expansion, and for the new jobs it will create. The investments by the Minnesota Job Creation Fund and the Corridors of Commerce have helped finance Wurth Adams' expansion and the urgently needed improvements to Hwy. 610."
In July 2014, PERBIX announced its expansion, moving its operations to Brooklyn Park and creating 12 new jobs. The company will invest $1.1 million in the project, which will serve as its headquarters and general operations location. About 75 employees will move to the new North Cross Business Park location.
To help with the expansion, DEED awarded PERBIX $139,000 from the Minnesota Job Creation Fund. PERBIX will receive the funding once it has completed the expansion and added the jobs.
What Governor Dayton is saying:
“The Minnesota Job Creation Fund is adding fuel to the state’s growing economy and helping businesses like PERBIX grow. I congratulate PERBIX on its expansion and thank the company for its commitment to Minnesota.”
THE LATEST ON MINNESOTA’S GROWING ECONOMY
An article in Finance & Commerce this weekend noted that “Minnesota’s economic expansion [is] expected to continue.” This news comes after a slate of great news for Minnesota’s economy. Here is what you need to know:
-8,500 – DEED announced that Minnesota added 8,500 new jobs in June.
-159,700 – Minnesota has added 159,700 new jobs since Governor Dayton took office in January 2011.
-4.5% – Minnesota’s unemployment rate is 4.5%, the lowest it has been in over 7 years (February 2007).
-2.8 million – With more than 2.8 million jobs, Minnesota now has more jobs than ever before. And for the first time in state history, private sector employment has surpassed 2.4 million.