Top 5 Reasons to Invest in Economic Development
Across the country, you will find hundreds of Economic Development Organizations (EDOs) buzzing about National Economic Development Week. EDOs representing cities, states, regions and even the U.S. Economic Development Administration are speaking out about the work they do and the purpose they serve.
Created by the International Economic Development Council in 2016, the goal of Economic Development Week (EDW) is to increase awareness for local programs that create jobs, advance career development opportunities, and increase the quality of life.
When citizens see businesses opening and commercial developments, there are often organizations that have worked towards, assisting and facilitating in the process. This is where economic development organizations play a crucial role in how communities take shape.
Below we are highlighting 5 reasons businesses, investors, and government should think economic development.
1. ENHANCE THE WELL-BEING OF CITIZENS
When citizens have job security and ample employment opportunities, the positive effects can be seen throughout the community. EDOs assist in creating jobs and attracting the businesses that employ them. EDOs often work with industry leaders to ensure that the workforce is equipped to meet the evolving needs of job providers.
2. ATTRACT AND RETAIN BUSINESSES
In an expanding global market, competition between communities continues to grow. EDOs work to attract new businesses and developers. EDOs are intimately aware of the needs and challenges facing local businesses and work to help overcome those hurdles. EDOs develop long-term relationships with companies offering on-going support that helps strengthen local ties.
3. IMPROVE QUALITY OF LIFE
Not only do businesses create jobs, but they also provide the goods and services essential to a thriving community. EDOs target businesses and investors that deliver the amenities desired by the community they serve. EDOs have a deep understanding of their business climate and can help ensure that an economy is diverse and sustainable.
4. EXPAND TAX BASE
Businesses unequivocally contribute to local, state, and federal tax revenue. Having a robust, sustainable economy means a reliable source for public services, infrastructure, and other government functions. EDOs act as a liaison to emerging and existing businesses. EDOs work closely with governmental entities to ensure that public programs meet local business needs.
5. REPRESENT COMMUNITY BEST INTERESTS
As the global economy has developed, the options for businesses and investors has too. Getting the attention of large scale projects requires having national visibility and connecting with developers and decision-makers. EDOs provide a public face that welcomes business investment to a community. EDOs understand the strengths and voids of a community and act as a stabilizing force for economies of all scales.
For more information about National Economic Development Week visit the International Economic Development Council website below.
