Bannock Development Corporation is prospecting California for new business opportunities as part of a direct marketing campaign.
Through Idaho Power Company’s “Energy for Growth” marketing grant program, representatives of the corporation held seven meetings with contacts ranging from food processing and advanced manufacturing to artificial intelligence.
Bannock Development said the corporation learned that high living costs were driving talent out of Silicon Valley and increasing the cost of business for various industries.
According to Bannock Development research, California commercial real estate costs are also increasing due to increased demand by new Silicon Valley industries. It found that regulatory and tax burdens were also high.
“High operating and living costs are prompting these primary employers and employees to look at our area for stability,” said Bannock Development Corporation Chairman Rick Phillips.
The corporation targeted industries based on their need for the resources found in Idaho and Bannock County, including Idaho State University.
“Several of the companies visited were very interested in Bannock County, Idaho and Bannock Development is following up to get site visits here”, said Idaho Power Regional Economic Development Representative Mark Lupo.
Bannock County Commissioner Steve Hadley was also part of the prospecting team. “We met with some great companies who were enthusiastic about our interest in them and locating them to Bannock County”, said Hadley.