Economic Development Reference Guide

What is Economic Development?

No single definition incorporates all of the different strands of economic development. Typically economic development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic well being of a community. In the broadest sense, economic development encompasses three major areas:

• Policies that government undertakes to meet broad economic objectives including inflation control, high employment, and sustainable growth.

• Policies and programs to provide services including building highways, managing parks, and providing medical access to the disadvantaged.

• Policies and programs explicitly directed at improving the business climate through specific efforts, business finance, marketing, neighborhood development, business retention and expansion, technology transfer, real estate development and others.

The main goal of economic development is improving the economic well being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life. As there is no single definition for economic development, there is no single strategy, policy, or program for achieving successful economic development. Communities differ in their geographic and political strengths and weaknesses. Each community, therefore, will have a unique set of challenges for economic development.

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• Economic Development Finance Programs
February 17-19 | Lansing, MI

• Economic Development Credit Analysis
March 3-5 | Los Angeles, CA

• Economic Development Strategic Planning
March 18-19 | Springfield, MO

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