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During the last
thirty-plus years, the field of economic development has changed significantly.
Once an ad hoc art and practice, it is gradually becoming more of a science,
an industry and a profession. Today, the field has its own journals and
trade associations. It is taught in universities and colleges. Certificates
are awarded to those who undergo appropriate training. Regional, national,
and international conferences are held from Frankfurt, Germany, to Raleigh,
North Carolina. In order for the business community of North Central Florida
to compete on national as well as international levels we must refocus our
economic development sites on targeted industry.
Many lay people mistakenly believe that economic development is simply a
hands-on profession. The economic developer promotes sites, visits existing
industries, runs a revolving loan fund, and so forth. But this is only the
field's external face.
The business climate is affected by both major cost factors (e.g., land,
labor, taxes, regulations) and non-cost factors (e.g., quality of life,
attitudes toward business). Government has a big impact on business climate
(and hence, economic development practice), for it is that combination of
services provided by the public sector, such as education, infrastructure,
taxation, and regulation, which creates the context within which companies
operate. Moreover, government delivers other direct programs to companies
in the form of grants, low interest loans, debt insurance mechanisms, and
business advisory services.
Indeed, a recent trade association publication that surveyed economic developers
found them in general agreement that:
- The issue of educational quality and workforce preparation will
become increasingly critical.
- Changes in information technology, communications technology, and
the growth of the Internet will have a major impact on the profession.
- Existing business development will be central to economic developers
in the years ahead.
- Economic developers will have to know more about global markets.
- The ability to forge political consensus within a community will
be critical to successful economic development efforts.
- Because of the scale of investments needed and the speed of economic
change, the New Economy places a premium on collaboration. No one can afford
to go it alone.
Yet, in many respects the challenge is the same. Economic developers invest
to build up their location and promote their assets and opportunities to
prospective investors, both inside and outside the community. Please review
the information contained in the links provided on this page for more information
on regional economic development.
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