Ted Clem told Troy Rotarians that people often asked him when a new Mexican restaurant was coming to town, but that isn’t really his area of expertise.

Clem took on the role of president of the Pike County Economic Development Corporation in April. Clem is remembered by Troy University football fans for kicking a 50-yard field goal with no time on the clock to win the 1984 Division II National Championship. After graduation, Clem went into economic development and for the last 10 years, worked as a senior project manager for the Alabama Department of Commerce.

Clem told Rotarians he was still getting reacquainted with Pike County and wanted to discuss what economic development is and what his role encompasses as president of the PCEDC.

Clem said economic development is based on the idea that the sale of manufactured goods or services creates wealth. So, he said, his job is to recruit the business or industries that will create the most wealth.

He said, in general, the manufacturing industry creates the most wealth, so industry is what the PCEDC focuses on instead of retail.

Clem said the economy is like a big pot that all of the county’s wealth is poured into, the idea is to bring in new industries that will add money to the pot. And, when the pot is stirred, the money rolls over to other businesses in the county.

Clem said that for every $1 a manufacturer spends for labor, it creates an additional $3.92 in labor income in the county. And, for every $1 the manufacturing industry spends locally, it creates an additional $2.64 in additional spending for the community. Finally, he said for every one manufacturing job created, that job creates an additional 4.8 jobs.

Clem said the EDC is working to recruit more diversified industries, which will help grow the economy. He said the EDC also has to be forward looking when recruiting in order to keep the local economy stable.

“Economies change,” he said. “Economies have to adapt over time.”