Economic Development 101
Background
Introduction to Economic Development
Defining Economic Development
- No single definition for economic development, and no single strategy, policy, or program for achieving successful economic development.
- Typically described in terms of objectives. Most commonly described as: creation of jobs and wealth, and the improvement of quality of life.
- Can also be described as a process that influences growth and restructuring of an economy to enhance the economic well being of a community.
Economic Development encompasses three major areas:
Economic Climate
Policies to meet broad economic objectives including inflation control, high employment, and sustainable growth.
Services and Assistance
Policies and programs to provide services – building infrastructure to catalyze job retention & growth and providing assistance to employers, particularly those in underserved communities.
Programs
Policies and programs directed at improving the business climate and job growth through specific efforts – business finance, marketing, community/neighborhood development, business retention/expansion, technology transfer, export assistance, real estate development.
Many Partners in the Economic Development Ecosystem
- Washington State Department of Commerce, including Industry Sector Leads
- Other State & Federal Agencies
- Associate Development Organizations/Economic Development Councils
- Ports (some are Associate Development Organizations)
- Counties
- Cities
- Tribes
- Universities
- Workforce development partners
- State industry cluster/trade associations (AFA, WTIA, LSW, WA Maritime Blue)
- Association of Washington Business, Washington Roundtable, local Chambers of Commerce, private businesses, banks and Community Development Financial Institutions
- Washington Small Business Development Center and US Small Business Administration
- Utilities & Railroads
- Other coalitions/regional EDOs/Economic Development Districts/Metropolitan Planning Organizations
- Labor partners
- And many more: Visitor & Convention Bureaus, redevelopment agencies, Impact Washington, incubators
Economic Development Strategies
- Business Retention/Recovery & Expansion - #1 economic development activity
- Business Recruitment/Site Selection
- Industry Clusters
- Small Business Development
- Entrepreneurship/Venture Capital
- Economic Development Finance
- Incentives
- Downtown Development
- E-Commerce
- Infrastructure
- Real Estate Redevelopment
- Economic Development Marketing/Shop Local Campaigns
- Rural Economic Development
- Tourism
- Neighborhood Economic/Community Development
- Export/Trade Development
- Workforce Development
- Other: Regulatory/Business Climate Improvements, Quality of Life, Smart Growth, Sustainable Development, Brownfields
Resources
Supported by:
Economic development is a dynamic and collaborative field that brings together public, private, and nonprofit partners to strengthen local economies and improve quality of life. Whether you are new to the field or looking to deepen your understanding, these resources provide foundational knowledge on key concepts, tools, and strategies used by economic development professionals.
From business recruitment and workforce development to community revitalization and rural innovation, economic development work in Washington State reflects the unique needs and opportunities of its diverse communities. The materials below offer practical insights, real-world examples, and introductory frameworks to support your learning and application.
We encourage you to explore these resources and continue engaging with WEDA’s network, events, and training opportunities to build your expertise and impact.