Economic Development: The Basics

We like to think of economic development as "Building Blocks".  Each block in the foundation supports subsequent blocks.

Leadership and Policy

All economic development starts with the desire of local people to improve their economic conditions.  Local leadership and the implementation of supporting policy is the core building block of economic development.  It is upon this foundation that a strong program can be built.

Quality of Life

One of the greatest success measures of community is the quality of life it affords it's citizens.  How we design our vision, goals, and policy in our community directly impact the quality of life component.

Workforce Development

The driving force behind our economy is the quality of our workforce and it's ability to turn a profit for their companies.  Workforce is a direct result of education and ethic; having the basic knowledge of how to do a task coupled with the willingness to see it through.  Our community is built upon the skills and capability of those who live in the community and they support these foundational principles.

Infrastructure Development

Economic developers used to believe that the raw land on the fringe of the community was "industrial".  That is no longer the case. Businesses seeking to expand need infrastructure including water, sewer, power, natural gas, and telecommunications.

Existing Business Development

While it is tempting for economic developers to focus on the new and exciting relocation leads, the nuts and bolts of economic development reside in the businesses we already have.  Many try to focus on the "big splashes" in our economy. However the statistics show 50 - 80% of job creation is within the existing core businesses in the community.  Each new job created in an existing business, doesn't require more public infrastructure, more traffic or more housing. Typically, this job growth draws employees from within the current job pool, helping employees to improve their earnings and enhance their life.

Entrepreneur Development

What would America be without entrepreneurs? Our entire economic system has been built on the backs of people who dreamed of a better way, and then made it happen!  An economic development program provides a gateway for entrepreneurs to learn about the many resources available to start their businesses.  Whether the product or service has a local or global market, the key is the circulation of dollars within the community.

Recruiting New Business

Relocating new businesses is the big splash in economic development. It's what everyone wants to see in the headlines.   It's what many people have come to expect.  But as stated, it's part of a successful program, not the whole program. Positioned at the top of the pyramid also implies that it takes successes at all levels before it works and that is true as well.  If the local economic development program is firing on all cylinders, your ability to successfully attract new business will be greatly enhanced.  Good recruitment programs take time and are the result of great planning and even better positioning.

 

 

 

Information provided by WEDA (Wyoming Economic Development Association)