Economic development refers to the process of improving the economic well-being and quality of life for a community by creating and retaining jobs, increasing the tax base and promoting sustainable economic growth.
Economic development can be accomplished through a variety of strategies and activities, such as:
- Attracting new businesses and industries to a community
- Supporting the growth and expansion of existing businesses
- Developing and implementing policies and programs to support small businesses and entrepreneurs
- Building and improving infrastructure, such as transportation and telecommunications systems
- Providing training and education programs to prepare workers for the jobs of the future
- Encouraging sustainable development practices
- Promoting tourism and cultural activities
Economic development is often led by government agencies and organizations, but can also involve private sector businesses, community organizations, and other stakeholders. The goal of economic development is to improve the standard of living for all members of a community, by creating opportunities for employment, income growth and wealth accumulation, and by improving the overall quality of life.