W hen the term economic development is mentioned, it sparks a wide array of definitions, models, and perceptions in the mind. The phrase is used to describe anything from job creation and business growth, to improving quality of life and vibrancy, and everything in-between. It has also become a favored, and in some cases, bemoaned, term during political seasons. So, what is it about this term that raises so many ideas and opinions? What is economic development? And, more importantly, why does it matter?
WHAT IS ECONOMIC DEVELOPMENT?
WHY IS ECONOMIC DEVELOPMENT IMPORTANT? For any community to prosper, its citizens must have employment opportunities, and its government must be able to generate revenue to provide the quality of life services its citizens desire. Economic and personal prosperity starts with a quality job. Without a stable source of income, an individual’s freedoms and growth potential is dramatically reduced. Few other things in life have such an impact on a person’s life than a job. This is why economic development organizations like The Right Place are so focused on job creation in our community. This is accomplished by working with both existing businesses in West Michigan and attracting new businesses fromoutside the region. The result of this work is the retention and creation of new jobs, increased local investment, diversification of the local economy, and the increase of the local tax base to support a community’s quality of life. Here are just a few of the ways in which economic development is critical to a region:
Economic development is the strategy and process of improving the economic well-being and quality of life in a community. At its heart, economic development is about building prosperous regional economies that drive long-term growth opportunities for all of its citizens. Amy Liu, Vice President and Director of the Metropolitan Policy Program at The Brookings Institution describes the goal of economic development as: “To put a regional economy on a trajectory of higher growth (growth) that increases the productivity of firms and workers (prosperity) and raises standards of living for all (inclusion), thus achieving deep prosperity—growth that is robust, shared, and enduring.” With definitions and goals as broad as these, it’s easy to see why the term economic development is applied to so many areas. It is because economic development is at the core of nearly every aspect of our community.
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WHY ECONOMIC DEVELOPMENT MATTERS
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