What is Economic Development?An approach for success.Economic Development is the process of developing, diversifying and maintaining suitable economic, social, and political environments, in which balanced growth may be realized, increasing the wealth of the community. Economic development is at the heart of every great community. |
Key Elements:
- Process: Economic development is a process, not a project. It is a series of steps that build on one another to create a desired outcome.
- Diversification: into different markets, or attracting different industries, can reduce the impact of any single event in one market or industry on the local community.
- Suitable: The community or region must determine what it believes is suitable for its particular circumstances. Population characteristics, resources, and the desires of residents will affect the types of Environments: economic, political, and social environments. Economic development does not happen in a vacuum, but is affected by other elements or environments.
- Balanced growth: is an important consideration.
- Wealth: Each community or region defines wealth differently. While wealth is often determined in financial terms, it may also include factors such as job creation, direct project costs, additional assessment base and/or lifestyle considerations.
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Economic Development Matters