Last month, the Gwinnett Chamber joined dozens of public and private sector partners to launch "Let”s Do Business Gwinnett," an unprecedented economic stimulus plan for Gwinnett County designed to assist homeowners, small businesses, and the construction and real estate industries by stabilizing housing prices and stimulating local consumer, business and public sector spending. If successful, Gwinnett County could benefit from a potential economic impact of more than $1.8 billion to the local economy over the next five years. The initiative is focused on two key elements:
Increased Spending on Residential Property
Gwinnett County government, banks, mortgage companies, the Community Foundation for Northeast Georgia, the Impact! Group, and the Gwinnett Housing Authority have collaborated on a package that essentially "continues" a similar version of the federal homebuyer tax incentives that expired April 30 for homes and lots purchased in Gwinnett County. They include an approximately $5,000 down payment incentive for new constructed homes priced up to $205,000. Also, through a coalition of Gwinnett banks, special financing and products are being offered that homebuyers can”t get anywhere else in the market, including special low-interest loans for select houses as low as 3.49% for homes purchased in Gwinnett.
Increased Private and Public Sector Spending
The second component of the plan is a campaign in response to the estimated $20 million in daily business that is being lost to companies outside of Gwinnett specifically, but also Metro Atlanta. The campaign exists to encourage all Gwinnett businesses and local governments to consider buying from Gwinnett businesses before buying outside the county and region. Under the new program, participating companies can go to www.letsdobusinessgwinnett.com and pledge to examine their books and work to shift a portion of their out-of-Gwinnett spending back to Gwinnett.
According to similar programs in comparable counties/regions, if the "Let”s Do Business Gwinnett" program can achieve a 5 percent shift in purchasing, that could mean as much as approximately $1 million each day or $365 million each year that will impact Gwinnett County”s economy. As this money moves through the community it “multiplies” and would also result in significant job growth.