Economic Development

What is Economic Development?

Economic Development is a complex, multi-dimensional process. There are a number of definitions of economic development but no one definition encompasses all of the various aspects of the profession. Basically, there is no single policy, program, strategy or template for achieving economic success in a community or region because each has different strengths and weaknesses and will therefore have various challenges.

Economic Development is a process that influences the growth and well being of a community through such means as job creation, job retention, improved tax base, and a reasonable quality of life.

Economic Development can offer a wide array of strategies to:

• secure a healthy economy in communities,
• helping small business grow,
• leading major development projects
• securing outside investments through business attraction
• retaining existing opportunities,
• securing access to capital
• marketing and communication

Source: Economic Developers Association of Canada’s Comprehensive Guide to Economic Development (2007)

Economic Development is a process that aims to improve the quality of life of the community's residents through investment and job creation. Through this process, opportunities are pursued that bring prosperity and economic security to all who live in the community. Economic development can mean different things to different people. To youth, it means employment opportunities when they enter the work force; to those now employed, it means employment alternatives leading to rising family incomes; to the municipal council, it means increased payrolls in the community, resulting in increased tax revenues to provide better services to the populace; to other its may mean improved educational or recreational or health services in the community.

Source: The Resource Manual for Community Development Corporations