Scribd Logo
Upload

Welcome to Scribd!

  • 46 views

    What Is Economic Development

    Uploaded by

    Nna Yd UJ
    Economic development aims to improve the economic well-being and quality of life in a community through creating and retaining jobs and facilitating growth. It typically involves objectives like job and wealth creation as well as quality of life improvements. Successful economic development focuses on sustained economic growth through private sector investment and initiatives to encourage needed investments. It takes forms like business attraction, retention and expansion, and creation to generate new jobs and income.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    What Is Economic Development

    Uploaded by

    Nna Yd UJ
    46 views2 pages
    Economic development aims to improve the economic well-being and quality of life in a community through creating and retaining jobs and facilitating growth. It typically involves objectives like job and wealth creation as well as quality of life improvements. Successful economic development focuses on sustained economic growth through private sector investment and initiatives to encourage needed investments. It takes forms like business attraction, retention and expansion, and creation to generate new jobs and income.

    Original Description:

    It is about the study of economic development

    Original Title

    What is Economic Development

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Economic development aims to improve the economic well-being and quality of life in a community through creating and retaining jobs and facilitating growth. It typically involves objectives like job and wealth creation as well as quality of life improvements. Successful economic development focuses on sustained economic growth through private sector investment and initiatives to encourage needed investments. It takes forms like business attraction, retention and expansion, and creation to generate new jobs and income.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    46 views2 pages

    What Is Economic Development

    Uploaded by

    Nna Yd UJ
    Economic development aims to improve the economic well-being and quality of life in a community through creating and retaining jobs and facilitating growth. It typically involves objectives like job and wealth creation as well as quality of life improvements. Successful economic development focuses on sustained economic growth through private sector investment and initiatives to encourage needed investments. It takes forms like business attraction, retention and expansion, and creation to generate new jobs and income.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    What is economic development?

    These various definitions were taken from a variety of Internet sites, for which Lakeland
    staff does not claim credit. This is meant to be a thinking piece to consider what
    economic development is, as we proceed toward defining it for our own planning efforts.

    **

    IEDC defines the term as a program, group of policies, or activity that seeks to improve
    the economic well-being and quality of life for a community, by creating and/or retaining
    jobs that facilitate growth and provide a stable tax base.

    **

    Typically economic development can be described in terms of objectives. These are most
    commonly described as the creation of jobs and wealth, and the improvement of quality
    of life.

    **

    Economic development is a concerted effort on the part of the responsible governing


    body in a city or county to influence the direction of private sector investment toward
    opportunities that can lead to sustained economic growth. Sustained economic growth
    can provide sufficient incomes for the local labor force, profitable business opportunities
    for employers and tax revenues for maintaining an infrastructure to support this continued
    growth. There is no alternative to private sector investment as the engine for economic
    growth, but there are many initiatives that you can support to encourage investments
    where the community feels they are needed the most.

    It is important to know that economic development is not community development.


    Community development is a process for making a community a better place to live and
    work. Economic development is purely and simply the creation of wealth in which
    community benefits are created. There are only three approaches used to enhance local
    economic development. They are:

    ™ Business Retention and Expansion - enhancing existing businesses


    ™ Business Expansion - attracting new business
    ™ Business Start-ups - encouraging the growth of new businesses

    **

    1
    Economic development usually takes three forms:

    •Business attraction
    •Business retention and expansion
    •Business creation

    All three forms of economic development aim to create new primary jobs that pay more
    than the prevailing wage, increase the amount of income coming into the community
    from outside its market area, and create greater capital investment in the community. The
    strategy is to achieve this in a number of diversified industries.

    **

    It involves not only jobs, but other more narrowly focused issues like availability of
    housing, health care, good schools, parks, higher education, and everything in between.
    In short, anything that makes your community more attractive and livable fits under the
    umbrella of economic development. It also means taking care of businesses that already
    exist. Why does economic development cast such a wide shadow? It’s because creating a
    job in a community isn’t as simple as saying, “Howdy, we’ve got some cheap land over
    here and awfully low taxes.” It’s about creating a vibrant community in which people
    want to live and work. Economic development in this context is holistic. It doesn’t
    separate out the job from the community. Both have their place

    **

    Economic development should not be an isolated activity taking place within the borders
    of a jurisdiction. It is an activity which is regional or county-wide, and sometimes even
    broader. Successful economic development activities are carried out through partnerships
    with other governments, associate development organizations, and local business groups
    such as the chamber of commerce. Economic development is better described than
    defined. Economic development as job creation, job retention, job training programs,
    public and private capital investments, and business and community capacity-building to
    allow the business or community to do the job themselves.

    **

    It is the process of improving a community’s well-being through job creation, business


    growth, and income growth, as well as through improvements to the wider social and
    natural environment that strengthen the economy.

    **

    It is the process of creating and sustaining wealth.

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy