Why Develop an Economic Development Strategy

Economic developers are responsible for creating a prosperous and vibrant community, and this can be accomplished in several ways. An economic developer might bring a new business to town, support existing local businesses and help them expand, invest in quality of life amenities for residents, promote career and technical training, and much more. Economic development is important to a community because it improves the health of the economy and well-being of its residents, making the community resilient even in times of hardship.

Economic Development plays an important role in any community, and that’s why thinking strategically about economic development activities is a worthy investment. Carefully planning economic development efforts results in proactive initiatives that can better serve residents by addressing major needs in a community or by taking full advantage of existing assets. Creating an Economic Development Strategy organizes economic development goals into actionable steps, assigns responsibility to various stakeholders, and provides a timline, all of which strengthen economic development efforts throughout the entire community. To see effective economic development strategies at work, vist our Case Studies.