Why Invest in Economic Development in Good Times?

Here are some common comments that we hear:

  • "We have a low unemployment rate."
  • "We can't handle the growth we have."
  • "We currently have a worker shortage."
  • "Faster growth will hurt our quality of life".

What are the answers? How can we respond to those questions?

Revenue Increase

Improve Community Competitiveness

Communities that don't invest in economic development when the economy is strong risk being unprepared when it slows down. Strategies that help communities stay competitive in the long term include:

  • Economic base diversification
  • Strategic planning
  • Infrastructure improvements
  • Worker training and upskilling
  • Disaster preparedness

Expand the Pie

A strong economy is the best time to invest in people and places for future payoff and continue growing the tax base. Strategies that leverage economic growth to expand opportunities include:

  • Helping marginalized populations enter the workforce
  • Helping businesses tap into diverse labor pools
  • Helping entrepreneurs and small businesses start and expand
  • Improving educational systems and offerings