5 Things to Know about Economic Development

Economic development can mean a lot of different things for businesses, states, and local governments. Momentum West is here for you and your community to help guide you through economic development policy and programs. The five things you need to know about economic development that we can help you with are:

1. Economic development is different from economic growth - economic growth is concerned with job creation, tax base growth, and product output growth. Economic development creates quality communities and work environments, increases business competitiveness, and allows for entrepreneurial spirit and innovation.

2. Economic development is about regional, not national, focus - Each county in our region is unique and offers various labor quality, business incentives, and amenities. Treating each county and the region like the rest of the nation does not lead to the specialized policy and programs needed to stimulate our communities.

3. Economic development is long-term, not short-term -  creating great quality workers and developing local businesses takes time. Momentum West is here to see you through each political cycle with your long-term success in mind.

4. Some sectors are more important than others - Momentum West knows your communities are unique and have amenities that make it a great place to do business, but not all businesses will work with your resources. We are here to see that you benefit from every development program without compromising your community's character.

5. There are many different strategies to economic development and all of them can lead to success and failure -  What worked in a neighboring community or another city across the country may, or may not, work for your community. Existing businesses, community amenities, and local labor force are all important factors in what can work for your community.