A new study reveals “It Pays to Have a Business District” — San Diego’s business improvement districts generate major economic benefits for their businesses and the region, according to a report by the National University System Institute for Policy Research.
The Hillcrest area is one of many districts throughout the city in which businesses at some point voted to pay annual assessments to keep up the commercial area.
Read the most recent report on San Diego Business Improvement District’s.
Key findings include:
- With approximately 12,000 merchants and $12.5 million in annual revenues, business improvement districts are the largest self-sustaining small business program in San Diego.
- From fiscal years 2008 to 2010, San Diego business improvement districts generated a $47.4 million regional economic impact.
- Every year, BID spending sustains approximately 233 jobs.
- Most BID members receive greater than a 5:1 return on investment for their annual assessments.
“Business improvement districts (BIDs) generate positive economic benefi ts for member businesses and for the greater San Diego County area. Strong evidence suggests that for more than forty years, BIDs have created jobs, supported small business owners, and renewed some of San Diego’s oldest commercial corridors. With high unemployment and state government budget cuts continuing for the foreseeable future, local policy makers should consider exploring new ways to expand participation in the BID program. In this policy brief, the National University System Institute for Policy Research (NUSIPR) evaluates financial data from BIDs in the City of San Diego and measures their economic impact within the region.”
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