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  • Bryan Tamburrino

The importance of Economic Development

Introduction

Economic development is an important part of a city or town's growth strategy. It's not just about attracting new businesses and high-paying jobs; it can also help keep existing residents in their communities as they gain experience and earn advanced degrees. Economic development helps create opportunities for entrepreneurs, too, who are able to start their own businesses with the knowledge that they'll be supported by their local community. Finally, economic development efforts can create pride among residents who are proud of how far their communities have come since the earliest days of settlement when people were struggling just to survive!


Economic development creates higher-paying jobs.

Economic development is the process of developing a city's business sector. It often involves attracting new businesses to your area, improving infrastructure and increasing the number of jobs available.

Economic development creates higher-paying jobs. These jobs in turn create more disposable income for residents, who then spend that money on goods and services in the community. This increased spending leads to more revenue for local businesses to reinvest into their operations or hire additional employees themselves—which means a better quality of life for all residents!


Economic development helps communities attract and retain residents.

Economic development helps communities attract and retain residents.

Economic development is important to communities because it can:

  • Attract new residents.

  • Retain current residents.

  • Keep young people in the community.

  • Keep older people in the community.

  • Keep young families in the community

Economic development stimulates private investment.

Economic development helps to stimulate private investment. Private investment is important to economic development, and vice versa. Economic development isn't a zero-sum game; it's not like one person wins and everyone else loses. It's more like a tug of war, where both teams are trying to pull in the same direction while also trying to pull their opponents off the ground. Private investors want economic growth so they can sell more products and services; therefore, they're interested in seeing an area develop its workforce so there will be enough people with purchasing power for those products and services.

Economic developers want businesses interested in moving into their area because then those businesses will hire local workers who generate tax revenue for the city or county (and maybe even more jobs!). They also want businesses that already exist here but need help expanding because that could mean even more new jobs down the road—and if those companies stay put instead of relocating somewhere else outside town limits then we don't have any risk of losing them altogether!


Economic development provides opportunities for local entrepreneurs.

Economic development is a process that creates jobs for local residents and businesses, new opportunities for startups and non-profits, and overall job growth. It has been proven to be one of the most effective ways to create economic growth in an area, especially when done through public-private partnerships.


Economic development helps create a sense of community pride.

Economic development is important to the health and well-being of a city or town. It helps create a sense of community pride that can be used to bring people together, build stronger relationships between residents, and increase civic participation.

A few examples of how economic development can help provide this kind of benefit include:

  • Businesses working on projects together to create something bigger than themselves—like the creation of an app that helps businesses grow faster than ever before in cities across America!

  • Events where different groups within a city come together for one common goal—like an annual festival celebrating local artisans from various backgrounds who live in town!

A robust economy benefits every part of a city or town, including the people who live there and the organizations that call it home.

Economic development helps a community grow in ways that benefit everyone. The benefits of economic development can be seen in the numbers:

  • An increase in jobs and business activity

  • A growth in population

  • More tax revenue to pay for services and infrastructure improvements

In addition to the obvious benefits, economic development also creates opportunities for social good by bringing new groups together with different perspectives and experiences. Research shows that people working together towards common goals are more likely to create positive change.


Conclusion

Economic development is an important part of any community. It helps create jobs that pay well, attracts investments and entrepreneurs, promotes civic pride and builds a sense of belonging among local residents. When you think about the economic benefits that come from a strong economy, it’s easy to see why so many people have dedicated their careers to this field



For more information about putting this information to work at your organization contact Bryan at (203) 954-5121 or bryan@tangibleconsult.com.

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