ways from formal events to collaborative business-to-business networking. The Right Place accomplishes this through countless educational events for business leaders and facilitating industry councils that promote open collaboration and shared learning. INCREASED TAX BASE: The additional revenue received from business expansions completed by economic development organizations support, maintain, and improve local infrastructure and amenities like roads, parks, libraries, and emergency services. And although economic incentives are often used to secure a local business expansion in a community, those incentives are often short-term. The long-term benefits of a growing business in a community far exceed the short-term incentive investment. SELF-SUFFICIENCY: Strong, growing businesses build strong communities. And, astrongereconomicbase means public services are less dependent on state and federal resources, which can vary with each election cycle. As economic development organizations work with businesses to grow and expand, local economies have a sustainable, reliable tax base and revenue.
QUALITY OF LIFE: More local tax dollars and jobs raise the prosperity tide for the entire community, including the overall standard of living of the residents. With more and more talent selecting a location before a job, it is imperative that communities have the resources to continue investing in and improving quality of life. WHY THE RIGHT PLACE? Since 1985, The Right Place has led West Michigan’s economic growth strategy in many of these areas. Simply put, The Right Place is your single source for business success in the region. No other organization in the region provides the level of confidential and comprehensive business services growing companies need to succeed here in West Michigan. Our work has resulted in billions of new capital investment, and thousands of new and retained jobs over the past three decades. As we enter an election season with discussions of business and job growth taking center stage, let’s remember what economic development means and why it matters. Let’s continue to invest in the economic future of our communities.
BUSINESS RETENTION AND EXPANSION:
This is the base of all economic development efforts. Successful economic strategies focus first and foremost on existing businesses in the region. Businesses that are engaged and connected to the community are more likely to stay and continue investing in the local economy. This has been a cornerstone of The Right Place’s economic development strategy for over three decades. Each year, we meet with over 400 existing businesses in West Michigan, providing business growth services and support. BUSINESS ATTRACTION: Comprehensive economic development strategies complement business retention work with a robust business attraction strategy. Attracting new business to a community grows the overall economic “pie chart” of a community. The Right Place achieves this goal with a national and international business development program that ensures that growing businesses around the world are aware of the assets in West Michigan. JOB CREATION AND RETENTION: Job creation and retention are why economic development organizations exist. It is the ultimate outcome of our work. Economic development organizations serve a unique role in working directly with business owners in the region on their growth plans that lead new jobs in the community. Over the past three decades, The Right Place has spurred the creation and retention of over 45,000 jobs in West Michigan. ECONOMIC DIVERSIFICATION: A diversified economic base reduces a community's vulnerability to the market fluctuations of a single business sector. Economic development organizations work to identify new market opportunities in local economies and build strategies to grow new, local business sectors. Over the years, The Right Place has worked with regional business leaders to build the region’s medical device industry, aerospace and defense industry, and many others. COMPETITIVENESS: Economic developers keep their communities and regions globally competitive by bringing new resources, opportunities, and ideas to area businesses. This is accomplished in a wide variety of
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WHY ECONOMIC DEVELOPMENT MATTERS
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