In the ever-evolving landscape of economic development, communities in our Region are constantly seeking ways to foster growth, create jobs, and build resilient economies. While attracting new businesses often grabs the headlines, a quieter yet very effective approach lies in nurturing what's already there: existing businesses. Business Retention and Expansion (BRE) is a cornerstone strategy for the Greater New Haven Chamber that focuses on supporting and growing local enterprises to ensure long-term prosperity. As we move into 2026, with economic uncertainties like supply chain disruptions and workforce shortages persisting, BRE has never been more critical.
What is Business Retention and Expansion?
At its core, BRE is a proactive economic development strategy aimed at identifying the needs of existing businesses, addressing their challenges, and helping them expand within the community. BRE emphasizes building relationships with the businesses that already call the New Haven area home. This could include everything from providing workforce training programs to providing funding resources or offering support for facility expansions.
The Importance of BRE in Today’s Economy
This year will be remembered for the every-changing economic environment, marked by technological advancements, shifting global trade dynamics, and continuing talent development shortages. Businesses face inflationary pressures, regulatory changes, and the need for digital transformation. Couple that with the pressures from other states like South Carolina, Texas, and Tennessee to relocate, these companies need targeted support, to mitigate or prevent relocations, downsizing, or closures, which leads to job losses and reduced tax revenues.
The BRE effort at the Chamber helps to foster a supportive, business-growth ecosystem. Over the last 6 years, more than 450 businesses have been provided support, funding, workforce development training and education, key connections and more. As we gather feedback from these business visitations it provides business intelligence in other key areas of the Chamber’s work in the public policy arena, small business support, or support to our Region’s economic development professionals. We make sure these businesses find an open and supportive environment to grow and sustain their business. The result? Stronger businesses that contribute to community stability, innovation, and growth.
Looking Ahead: BRE Trends in 2025 and Beyond
As we look to the future, BRE will increasingly incorporate housing growth, sustainability, and innovation. Digital tools, including AI-driven analytics, will enhance outreach to customers and predictive modeling for business needs. The focus will be on proactive measures amid economic shifts.
We are grateful to the Regional Water Authority for their support of our business retention and expansion work. In the six years since its inception, we have seen BRE as not just a strategy but more as an investment in our community's future.
We Want to Hear From You!
We are here to listen and help you find solutions to whatever challenges you face.
If you are a business in the New Haven Region and would like to schedule a confidential visit to discuss your business needs or expansion plans, please reach out to me.
