EconomicDevelopmentCouncil.com’s concept of Economic Development is a process by which individuals, communities, organizations, companies, local, state, and federal officials and agencies can improve the economic, political, and social well-being of themselves and all of “we the people”. The term Economic Development, has been used frequently by economists, politicians, and others going into the 20th and now 21st century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing Economic Development. We also believe Economic Development has a direct relationship with the environment and environmental issues.
Whereas Economic Development is a policy intervention endeavor with aims of economic and social well being of communities and people, we believe economic growth is also a phenomenon of market productivity with a rise in gross domestic product. Consequently, we believe, "economic growth is only one aspect of the process of economic development".
Most of us are aware that Economic growth deals with an increase in the level of output, but Economic Development is related to increase in output, coupled with improvement in social and political welfare of people within a region. Therefore, we believe Economic Development encompasses both growth and welfare values.
There are numerous other organizations whose primary function is not economic development that work in partnership with economic developers. They include the news media, foundations, utilities, schools, health care providers, faith-based organizations, and colleges, universities, and other education or research institutions. We support all of their efforts to contribute as well.
At EconomicDevelopmentCouncil.com, we believe policies of economic development should encompass three major areas:
Programs that provide infrastructure and services such as highways, parks, affordable housing, crime prevention and K-12 Education.
Job creation and retention through specific efforts in business finance, marketing, neighborhood development, workforce development, small business development, business retention and expansion, technology transfer and real estate development professionals.
We know that one growing understanding in Economic Development is the promotion of regional clusters and a thriving metropolitan economy. In today’s global landscape, location is vitally important and becomes a key component in competitive advantage.
EconomicDevelopmentCouncil.com also realizes that International trade and exchange rates are also a key issue in economic development. Part of that includes currencies and many are often either under-valued or over-valued resulting in trade surpluses or deficits.
We know that one unintended consequence of Economic Development is the intense competition between communities, states, and nations for new economic development projects in today's globalized world. With the struggle to attract and retain business, competition is further intensified by the use of many variations of economic incentives to potential business such as: tax incentives, investment capital, donated land, utility rate discounts, and many others. We pay significant attention on the various activities undertaken by Economic Development organizations and agencies to help them compete and sustain vibrant communities.
Additionally, we also believe in the use of community profiling tools and database templates to measure community assets versus other communities is also an important aspect of Economic Development. Job creation, economic output, and increase in taxable basis are the most common measurement tools. When considering measurement, too much emphasis has been placed on economic developers for "not creating jobs." However, the reality is that economic developers do not typically create jobs, but facilitate the process for existing businesses and start-ups to do so.
EconomicDevelopmentCouncil.com makes sure that there are sufficient economic development programs in place to assist businesses to achieve their goals. We help facilitate programs, strategies and solutions that are usually policy-created and can be local, regional, statewide and national in nature.