GEOStrategy

Economic development is defined as a program, group of policies or activity that seeks to improve the economic well-being and quality of life for a community by creating and/or retaining jobs that facilitate growth and provide a stable tax base. It is often defined in terms of its objectives:

• Job creation
• Enhanced economic well-being
• Improved quality of life
  

The federal government undertakes macro-economic fiscal and monetary policies: trade and tax, regulation of financial institutions, price stability, etc. State and local governments focus on policies that improve the business and financial climate of the region: business finance, neighborhood development, business recruitment and retention, technology transfer, workforce development, tourism and investment marketing, etc. These are the primary foci of economic development initiatives. Methodologies for success used by our firm are the same as those espoused by the International Economic Development Council and the National Development Council:

• Programs must be built on local competitive advantages;
• A clear understanding of the local economy’s strengths, weaknesses, and critical issues is essential;
• Cooperation and collaboration of local leadership and public-private partnerships between different players in a community is necessary for successful adoption and execution of a strategic plan for economic development.