26 OPPORTUNITY ZONE MAGAZINE | VOLUME 2 • ISSUE 1
Statistics – accounted for this sector . Another vital area has been small businesses , which traditionally has been a major source of new job creation in the country . An estimated 30 million small businesses are credited with creating two out of three new jobs each year , according to a report by the White House Opportunity and Revitalization Council .
OZs has made an increase in housing values , which has led to an estimated $ 11 billion in additional wealth for the nearly half of OZ residents who own their housing , the report says .
Private equity investment in OZ businesses grew 29 % compared to businesses in non-OZs between 2018 to 2019 , according to a report by the White House Council of Economic Advisers .
SUCCESS STORIES IN OPPORTUNITY ZONES
RevOZ ramps up job creation with new initiative
RevOZ Capital , which have launched a new Social Impact Initiative to increase economic development in urban centers across the country , estimates to have created 1,700 construction jobs from its projects .
“ Job creation is an important measurable when it comes to the social innovation we are targeting ,” said Lisa Bhathal Merage , managing partner of RevOZ Capital and chair of its Social Impact Council .
The jobs were created in a mix of industries – from temporary jobs in construction , design and engineering to permanent jobs in retail , housing , property management , minority-led start-ups , government services and non-profits .
Job creation is an important measurable when it comes to the social innovation we are targeting .
RevOZ , which has recently launched a new Social Impact Initiative , plans to invest into $ 1 billion of OZ developments in growing metro areas hit hard by Covid-19 , Merage said .
“ First and foremost , it ' s about marshalling new private investment into emerging cities across the country that for too long have not received adequate attention ,” she said .
Woodforest National Bank spur jobs in several funds
Another success story is created by Woodforest National Bank . Woodforest CEI-Boulos Opportunity Fund is anticipated to support the creation of over 1,800 permanent and construction jobs and create or preserve over 1,000 affordable housing units with a total of 11 investments that span across the bank ’ s 17-state footprint .
Woodforest is an anchor investor in both the Blueprint Texas and Blueprint Southeast Funds . There have been 300 jobs created to date for Blueprint Texas and 600 or more are anticipated , said Blueprint Local ’ s founder Ross Baird .
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