Economic Development is the development of economic wealth of countries, regions or communities for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.
The term "Economic Development" is often used in a regional or local sense. In this way, Economic Development focuses on the recruitment of business operations to our area, assisting in the expansion or retention of business operations within our area or assisting in the start-up of new businesses within our area
In addition to economic models, the needs of various demographic groups guide Economic Developers' actions. A local Economic Developer may:
- Act towards decreasing unemployment by attracting businesses with large labor needs, such as call centers;
- Recruit manufacturers with large capital investments, such as steel or chemical plants;
- Lobby for more workforce training money;
- Concentrate on business start-ups, specifically those based on intellectual property developed by a regional university.
In its broadest sense, Economic Development encompasses three major areas:
- Policies that local governments undertake to meet broad economic objectives such as price stability, high employment, expanded tax base, and sustainable growth. Such efforts include monetary and fiscal policies, regulation of financial institutions, trade, and tax policies.
- Policies and programs to provide infrastructure and services such as highways, parks, affordable housing, crime prevention, and educational programs and projects.
- Policies and programs explicitly directed at job creation and retention through specific efforts in business finance, marketing, neighborhood development, small business start-up and development, business retention and expansion, technology transfer, workforce training and real estate development.
These website links can help you, if you have an interest in Economic Development in and around the City of Logan: