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2020 Lake Wales Area Resident and Visitor Guide Lake Wales a Great Place for Economic Development Economic Development Council Focus While the Lake Wales Economic Development Council strives to attract new businesses and industry leaders into the area another important economic goal is to aid in the expansion of existing businesses. When Lake Wales businesses grow the local economy directly experiences the benets from that expansion. The largest impact is the creation of new jobs that contribute to the health of the local economy. When businesses expand they order new equipment and build larger facilities required to increase production. The local economy indirectly benets from business expansion as average wages increase and people spend more at local restaurants retailers and shops. A great example of business expansion in Lake Wales is Kegel a company that manufacturers bowling lane machines and other bowling related services. Three years ago Kegel added a machine workshop which allowed them to in-source most of their manufacturing work to ll orders quickly and more efciently. Kegel is now able to manufacture much of their equipment in-house rather than relying on third-party vendors. The expansion has added 11 jobs Lake Wales market so far. Kegel also generates revenue and passes it into the local economy in the form of payroll and wages. The LWEDC provides assistance to companies looking to expand their operations like Kegel. The economic development council provides information on available tax exemptions and other similar local county state and federal incentive programs. The LWEDC works closely with other economic partners including The Central Florida Development Council and Enterprise Florida. The Central Florida Development Council markets the area from a county level. Enterprise Florida markets the area at the state level. Both partner agencies are instrumental in helping large rms relocate to the area. The Lake Wales EDC also works closely with Lake Wales city ofcials and can assist with identifying planning and permitting requirements and in some cases streamline or fast track the permitting process. Manufacturers Shipments Merchant Wholesale Sales Retail Sales Accommodations and Food Services 5000 10000 25000 15000 20000 Industry Sales Per Capita Polk County Florida U.S.