According to a new property research report, 8% of Norwich jobs last year were with businesses located in the Stanley Israelite Business Park. These firms also brought in revenue of more than $520m
Norwich Community Development Corporation created the report and its vice president, Jason Vincent, declared the result a “pretty big success”. More than half of the businesses in the park were analyzed and were found to have generated $18.47m for the city, $4.72m of which was utilities and property taxes.
Norwich's branch of Byrnes Agency's general manager, Alexis Margerelli-Hussey, predicts that there will be even more revenue in the future since the main goal is for industrial growth in the park, so that businesses will want to keep their headquarters.
Little more than a third of the park can be used for building, so few new businesses can move into the park. However, businesses are rebuilding sites to make them better suited for multiple businesses. In the summer of last year, Consumers Interstate told the public that four of its lots would be put up for sale. Three more companies moved into the park last year: Sheffield Pharmaceuticals, Norwich Beverage Co., and Nutmeg Companies.
Businesses that have relocated may need to update their Business Cards, meaning that the park may be able to generate revenue from local companies offering services like digital business card printing.
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