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:
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