playground structure, cloudy sky, no people present

Why Communities Invest in Economic Development

Economic development is more important than ever during times of economic retraction and downturn as communities strategize for business growth and resiliency. Economic developers and the programs they implement are an investment in growing and sustaining local economies. They help support the local businesses who contribute to the workforce and the municipality’s coffers as it provides resources to fund services residents need to have a good quality of life. A key path to growing your revenues is investing in economic development to ensure that your community’s businesses are successful.

Benefits of Economic Development Include:

  • Maintain, increase, & diversify tax base
  • Increase revenues faster than cost of municipal services increase
  • Business Retention
  • Economic vitality and diversification for commercial and industrial areas
  • Maximize property through highest & best use
  • Create and retain jobs, increase per capita income
  • Self-sufficiency in the face of state and federal budget issues
  • Recognition of local products
  • Beneficial partnerships between local governments, businesses, & community members

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