Why Economic Development is Important?

Economic development is about creating freedom for people and removing obstacles to greater freedom. Greater freedom enables people to choose their own destiny. Obstacles to freedom, and hence to development, include poverty, lack of economic opportunities, corruption, poor governance, lack of education and lack of health.  It’s all about building healthy economies in order to have healthy communities.

These are just a few of the ways in which economic development helps communities:

1. Job Development

Economic development provides benefits, better wages, and opportunities for advancement.

2. Increased Tax Base

The additional revenue provided by economic development supports, maintains, and improves local infrastructure, such as parks, roads, emergency medical services and libraries.

3. Economic Diversification

A diversified economic base helps expand the local economy and reduces a community’s vulnerability to a single business sector.

4. Business Retention

Businesses feel appreciated by the community and, in turn, are more likely to stay in town, contributing to the economy.

5. Productive Use of Property

Property used for its “highest and best use” maximizes the value of that property.

6. Self-sufficiency

A stronger economic base means public services are less dependent on intergovernmental influences and alliances, which can change with each election.

7.  Recognition of Local Products

Successful economic development often occurs when locally produced goods are consumed in the local market to a greater degree.

8. Quality of Life

More local tax dollars and jobs raise the economic tide for the entire community, including the overall standard of living of the residents.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s