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What is economic development?

Several times a month someone asks me what economic development is, or does. While economic development is unique to each community, there are basic building blocks intended to create a continual cycle of development. The Wyoming Economic Development Association has produced a series of “building blocks” to guide communities in Wyoming. Each level provides a foundation for the next. Most economic developers work on developing all tiers simultaneously.

The first level of the building blocks is Leadership/Civic Development & the role of public policy. A local government that is supportive of development is critical. Effective leaders can mobilize the community to plan for and support positive growth. Public policy choices made by all levels of government drive the business climate that determines the attractiveness of a particular locality to business prospects. Every person has a different opinion of what positive growth looks like, but we can all agree that some growth and continual improvement are necessary to a community’s vitality.

Level two of the building blocks consists of Quality of Life, Workforce Development, and Infrastructure Development. What makes our community worth living in? Again, everyone has a different answer to this. Some examples are comprehensive planning and vision; cultural and recreational opportunities; adequate and affordable housing; health care; schools; police and fire protection; and curb appeal. Companies do not relocate to communities that do not have basic infrastructure or available workforce. If a company is looking to relocate to a community, but there is not affordable and adequate housing, there is no place for the workforce to live. If the housing and workforce are present, but there is no infrastructure to support the business, they will look elsewhere.

Level three is Existing Business Development and Entrepreneur Development. It is quite difficult to attract new business if the ones that we already have are not supported and taken care of. The majority of new jobs created will come from businesses already located within a community. America and Wyoming are the land of entrepreneurship. Entrepreneurs often have an affinity for the community they live in and are likely to support local programs and other businesses.

Finally, level four is New Business Recruitment. Only when all other building blocks are in place, a community is ready to recruit new business. These new businesses will add jobs and diversify or enhance the existing business base. For further information on the development of Hot Springs County, or to submit your ideas, please contact me at 307-864-2348.

 

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