Many people are familiar with the term “economic development,” but not everyone knows what it entails. Understanding the ins and outs of economic development can be confusing, especially if you’re new to the topic. The Greater Fergus Falls team wants to change that! A lot of what we do relates to economic development, so we thought we’d cover some of its basic elements. This article will give you a better understanding of what it is, why it matters, and how it works.
What is Economic Development?
Simply put, economic development is the process of boosting the wealth within a community by generating new “outside” dollars. This can be done in various ways; people often equate it with bringing in new businesses. While it’s certainly part of it, there are many more pieces to the puzzle.
Those that work in the economic development field are just as dedicated to retaining existing businesses and helping them expand. They’re also passionate about workforce training and giving employers and individuals the tools they need to succeed in the job market.
Other focuses of economic development include:
Accommodating workforce growth with new and affordable housing options
Attracting young professionals to the area
Improving utility and transportation infrastructures
Connecting businesses and employees with workforce training and education
Helping employers stay competitive in the job market
Each focus area works hand-in-hand to benefit the region as a whole.
Why Does Economic Development Matter?
Economic development drives economic growth in any given region, which is crucial to creating a prosperous economy and community. However, the full scope of economic development is often far broader than many people expect.
Economic development pertains to:
Business retention and expansion