In economic base analysis, the Basic Industry Multiplier (BIM) is the ratio of the total population in a local area to employment in basic industries. These industries attract income from outside the local area, and jobs added in basic industries contribute to local service job creation.
An Industrial Development Board (IDB) is a governmental or quasi-governmental entity established to promote and support economic development within a specific jurisdiction. Its primary role is to attract, retain, and expand businesses and industries to enhance the local economy, create jobs, and improve the quality of life for residents.
According to the U.S. Department of Commerce, a small business is defined as a business employing less than 100 people. Small businesses play a disproportionately important role in innovation as well as in economic and employment growth in the United States.
