SEDCO highlights unemployment rate drop

The reports on revenues and employment presented during the regular Sherman Economic Development Corporation meeting Tuesday morning were filled with favorable numbers for the Board of Directors and the city.

SEDCO’s sales tax revenues were up for December 2012 from both the previous month and what they were in December 2011. Executive Vice President Frank Gadek also highlighted the recent growth in jobs the area has experienced.

“We’ve shown some increases in the overall labor force numbers, which is a good thing,” Gadek said. “Also the unemployment rate has dropped down.”

The unemployment rate for the city of Sherman was just six percent in December, a significant drop from November’s 6.7 percent figure and the 7.6 percent unemployment rate the city had four months ago. Sherman’s unemployment rate was also lower than Grayson County’s 6.1 percent and getting closer to the state’s 5.8 percent rate.

The statement of revenues and expenditures for November showed that SEDCO had one significant incentive payout in the amount of $10,000 to Titan UTV, in accordance with their agreement.

The Board also held an executive session to discuss requests for economic incentives for five projects currently in development. Upon reopening the meeting, no action was taken on any items discussed during executive session.

During his monthly report, President Scott Connell said he and the SEDCO staff have been busy since the December Board meeting.

“We’ve had some good activity,” Connell said. “We did several followups on projects. Sunny Delight, Capio Partners, ActiTech, they’re all progressing as we had anticipated. It’s exciting to see all of that happen — always recognizing that the impact comes once these things get going. We’re starting to see some activity again for requests in the last week, so we’re busy this week getting some things out.”

Connell said Eco Green Recycling — the company SEDCO contracted with in November to establish operations in Southmayd — has moved into their building and have brought some equipment. The company is currently hiring staff through Workforce Solutions Texoma and will bring in a second wave of equipment later this month.