Understanding Economic Development

Depending on the crowd or community (or professional) you speak with you’ll find that people have different definitions or ideas of what economic development is and how it affects the local community. The overall concept is that economic developments apply directly to anything done or that will be done within a community (or to it) in order to improve on and inspire a healthy economy. Because of an economic downturn in recent years that’s occurred nationwide, there has been an increasing demand on professionals that deal in economic development to clearly define their policy and practice to those with a handle on public policy – governments and residents included.

From the perspective of the public community that we serve, local economic development has to do with the dispersing and allocation of (very) limited resources. This can included resources such as land, municipal capital, entrepreneurship opportunities and of course labor. Specifically it has to do with the dispersing of these resources in a way that has a positive impact on the business, employment, profit lines and fiscal solvency.

The community aside, there is a broader perspective on economic development that has to do with those amid the governing body (either in cities or counties). Their goal is to influence the direction of private investment opportunities amid the businesses that make up the local economy. These investments are the heart of sustained economic growth within the community and it’s that sustain economic development that fuels labor, generates additional incomes and pours precious revenue back into the communities economic infrastructure.

Options can sometimes be limited with it comes to economic development and there may not always be options to private sector investment to drive the engine of economic growth. There are of course constant initiatives in various communities to help local residents and business owners bring about change. Ideally though the best changes can occur by supporting investments where the community needs them most – even if they’re from the private sector.

One thing that is an important subject to breach when discussing economic development is that it is far removed from community development. Community develop takes a different course and focuses on the processes that make a community a much better place to live and work overall. There is little focus on financial details. Economic development on the other hand focuses on those things with – to put it simply – drive wealth throughout the local community to gain added benefits from positive revenue streams.

There are limited primary approaches that can enhance local economic development and growth with the most prominent being an encouragement for small business startup and new businesses to launch in the area. The overall growth of new business contributes greatly to economic development.

Lastly, there’s a required focus on expanding the existing businesses throughout the community and county as growing businesses often inspire upstarts and entrepreneurs to launch new businesses – believing that growth is a sign of good economic development making it a viable place to open a business.

We make economic development virginia our business because we want your business to be a success. Henrico county is the ultimate place in Virginia for your business – where you can thrive in an easy, profitable, fun and convenient community. Discover professional living in henrico county.

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