Powell’s 2025 economic development story

Published on January 29, 2026

In only its second year, the City of Powell’s Economic Development Department is already generating measurable results and real financial returns for the community.

A Year in Numbers

In 2025, the City’s Economic Development team managed 402 active projects, a 12.9% increase over 2024. These projects included business attraction efforts and business retention and expansion work.

That activity helped bring 30 new businesses or startups to Powell, a 170% increase over the prior year. The direct economic impact included:

• 496 full-time equivalent jobs

• $17.45 million in new payroll

• $85.25 million in capital investment

In addition, business expansion projects created 14 new jobs and added $910,000 in payroll, bringing total new payroll in the City of Powell to $18.36 million in 2025 alone.

Supporting Existing Businesses

Economic development ensures existing businesses can grow and succeed. In 2025, the City conducted 166 business retention and expansion (BRE) visits, a 40.6% increase over 2024, providing direct support to local employers.

Those efforts continue to pay dividends. Businesses choosing to reinvest locally strengthen Powell’s economy, stabilize employment, and expand the tax base.

Revenue That Supports City Services

The impact of economic development extends well beyond individual projects. New payroll and the income taxes derived from it are cumulative, meaning each year’s growth builds on the last.

In just two years, the combined efforts of the City of Powell’s Economic Development Department and the Powell Development Corporation (PDC) have generated $482,200 in new income tax revenue. These help support city services, infrastructure, and long-term community needs.

Strategic Investment That Produces Returns

Powell’s approach to economic development is intentional and data-driven, and the return on investment reflects that:

• $628,980 in grants leveraged $12.12 million in capital investment, representing an 1,826% return on investment

• Total economic development ROI reached 1,202.63%

• Tax Increment Financing (TIF) projects are estimated to generate $5.13 million in payments in lieu of taxes (PILOTs) over 30 years (non-school), supporting infrastructure without increasing the residential tax burden

Delivering Results at a Regional Scale

When compared to surrounding communities, many with larger populations and longer-established economic development programs, Powell’s results meet or exceed regional benchmarks. Achieving this level of impact in just two years underscores the effectiveness of the City’s strategy and partnerships.

Growth With Purpose

Economic development in Powell is about strengthening the local economy, reinvesting in the community, and ensuring the City has the resources needed to serve residents well into the future.

Just two years in, the results speak for themselves — and Powell is just getting started.

Powell Development Corporation