What is Economic Development?


What is economic development?

 
Economic development is the strategy and process of improving the economic well-being and quality of life in a community. At its heart, economic development is about building a prosperous regional economy that drives long-term growth opportunities for its citizens.






Why do developers work with companies to help them grow?

A diverse base of primary employers is the foundation of a healthy economy. Primary employers make a good or provide a service and export it out of the region, contributing to the region's Gross Domestic Product (GDP).





 


Why focus on "Driving Industries"?

Driving industries are companies within manufacturing that have an influential impact on our economy because they create the greatest number of jobs for our region. In our region, these industries are food processing, advanced manufacturing, aerospace, automation, automotive, and durable goods manufacturing. These industries provide a solid foundation upon which we can build a vibrant and resilient economy.


 


Why do communities invest in economic development?

 

How does the health of primary employers affect our region?

  • Sell product and return wealth to the community
  • Create good jobs that pay higher than average wages
  • Invest in the community, support the community and create tax revenue
  • Employ workers who choose to live, work, play, learn, shop, eat out, use public services and enjoy recreation and entertainment locally, creating revenue for local businesses
  • Create opportunities for visitors to enjoy the amenities and recreation in the community, bringing in more revenue