Top Reasons that Economic Development is Important to an Area’s Economy

For any community to survive, the citizens must have employment opportunities, and the government should generate revenue to provide the residents with services. When a society does economic development effectively, it helps grow jobs and investments in a community. For instance, numerous companies invest in Team Volusia Economic Development Corporation. This is an example of how organizations and local governments can work together for the better of the community. Keep reading to find the benefits of economic development in the community.

Creation of Jobs

Economic developers provide key assistance and information to organizations that create job opportunities in an area. The developers help to connect companies with the resources and the partners needed to expand.

Diversification of Industries

Economic development helps to diversify an area’s economy and reduces its vulnerability to a single industry. Although job creation in the Daytona area is a result of tourism, economic development efforts have also played a massive role in growing other industries outside of tourism.

Enhanced Quality of Life

Economic development leads to better infrastructure, and job creation improves an area’s economy while raising living standards for the residents of that area.

High Tax Revenue

As a result of the more presence of companies in a region, the tax revenue becomes higher to help with the community projects and improve the local infrastructure of that region.

Business Retention and Expansion

When companies expand their operations, they create more jobs for the region’s residents. Business recruitment is key to many economic development strategies. However, business retention and expansion should be a vital economic development policy to ensure the health of all existing businesses in the community. This means that every community’s approach to economic development should include a solid business retention and expansion program to contribute to the net change in local employment.