Economic Development, as defined by the International Economic Development Council, is the “practice of improving a community’s economic well-being and quality of life” through a broad range of activities that “attract, create, and retain jobs”, and “foster a resilient, pro-growth tax base and an inclusive economy”.
What is the goal of an Economic Development Plan?
An economic development plan will serve as a guiding document for the Town to direct future capacity and resources towards economic development. It will include a set of actionable policy, program, and capital recommendations that help build/reinforce a municipality’s economic strengths and assets, and that address any barriers/challenges to business activity.
The Process of Creating an Economic Development Plan