Maury forman
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![Page 1: Maury forman](https://reader038.fdocuments.net/reader038/viewer/2022100517/55591999d8b42a88038b4dcf/html5/thumbnails/1.jpg)
The Basics of Economic Development
Maury FormanAugust 22, 2010
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Economic Development
Activities which promote increased revenues or retain and/or create permanent jobs in the private or public sector within a specific geographic boundary that diversifies the
local economy, improves the quality of life and lead to producing positive cash flow, terminating in the area.
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Text
Economic Development is...
A process of promoting the investment of capital to encourage maintaining or gaining the beneficial use of
property and equipment, and which results in new and/or retained jobs within the community. This usually results in increased buying and selling of goods and services
within the community.
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Why do economic development?
• Create Jobs
• Raise Incomes
• Increase Tax Base
• Help Local Industries
• Stabilize the Economy
• Avoid Obsolescence
• Develop Resources
• Revitalize Community
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It’s Not Just About Jobs
• Investment
• Tax base growth
• Return on investment
• Market growth
• Personal income growth
• Export growth
• New business starts
• Innovation
• Assessed valuation growth
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20th Century Stool Theory of Economic Development
Economic Development
Economic Development
CommunityDevelopment
Business Retention & Expansion
BusinessAttraction
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21st Century Stool Theory of Economic Development
Economic Development
Economic Development
Capacity Building Technical Assistance
EntrepreneurialDevelopment
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What you are thinking at this very moment
• I am learning some new things in this
presentation
• I can’t believe I gave up a Sunday afternoon for
this
• I’d like to buy this guy a drink later on
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The Pillars of Development Theory
Economic Development
• Business Attraction• Business Retention• Business Development• Business Expansion• International Business
CommunityDevelopment
Social SystemsCultural/RecreationalEconomic ClimatePolitical ClimatePhysical Infrastructure
Workforce Development
School to Work programsYouth EntrepreneurshipTraining & Skill DevelopmentWelfare to WorkSocial Entrepreneurship
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Port Districts
Revolving and Micro-Loan Funds
Government (Federal, State, Cities, and Tribal)
EconomicDevelopmentDistricts
CommunityAction Programs
Convention & Visitor Bureaus
High SchoolsCommunity CollegesVocational Schools
County Chambers
EDCs, Business Community,SBDC
Utilities
Property Development Recruiting
Infrastructure Support DevelopmentBusiness
Development Coalition Building
Business Climate Quality of Life
Workforce Development
Tourism
Community Development
Business DevelopmentCoalition Building
Funding Business Climate
Access to Capital Technical Assistance
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You see, Timmie