Basic Economic Development Strategies .ppt

Basic EconomicDevelopment Strategies Alan Barefield Southern Rural Development Center Economic Development What is Economic Development? Difference Between Economic Development and Economic Growth Definition Interpretations Definition Interpretations Levels of Economic Growth Economic Growth Deals with economies Growth is profitable Shared Economic Growth Deal with equity Is fair for all involved Sustained Economic Growth Addresses the long-term consequences Is healthy for the community and the environment RCCI Principles Economic development is not a bad thing Profitable growth is necessary for sustainability Shared and equitable growth strengthens communities Long-term sustainable growth ensures our communities will be here for the next generation Benefits of Strategic Planning Outline steps to follow Promote efficient use of resources Improve coordination Build concensus Increase public awareness Strengthen competitive position Encourage forward-thinking “CARE For Your EconomySources of Jobs/Income Creation Attraction Retention Expansion Creation Strategies Provide a supportive entrepreneurial climate Provide technical training and assistance Host a one-stop permit center Be knowledgeable of capital sources Develop a small business incubator program Attraction Strategies Recruit compatible new businesses Target specific sectors and types of industries Location factors Markets Labor Raw materials Transportation Industrial site Utilities Financial capital Other factors Retention Expansion Strategies Goal is to retain and expand existing businesses Firm visits to assess needs and opportunities Immediate followup – especially “Red Flags” Response and direct assistance to firms Local EconomicDevelopment Strategies Home Based and/or Micro Businesses Main Street Revitalization Manufacturing Value-added Agribusiness Retiree Recruitment Tourism Development Service Business Development E-commerce For Success: Think Strategically Forward thinking Address the ne