The Value of Working with Economic Development Professionals
At the local level, the private sector is intrinsically linked to the economic development organizations in the communities in which they are located. For the corporate CEO, this relationship can be valuable in terms of expanding the business, marketing the region for investment, attracting new talent, and developing a pipeline of qualified workers. Notably, economic development organizations (EDOs) strive to improve the business climate in their communities by collaborating with diverse stakeholders to create quality jobs, enhance the local tax base, and generally improve the quality of life in the community.
Acting as advocate for business interests with public sector officials, economic development professionals also serve as analysts, providing useful quantitative and qualitative information to private sector leaders and policy makers, and are the primary catalysts in a community for leveraging different types of investments. As each community has their own unique set of assets and challenges, the structure of an EDO will vary based on different constituencies, funding streams, and goals. So, while the term “EDO” will be used broadly in this paper, the EDO in any given community may be a local or city government office, a state agency, a special authority designated to oversee the development of an extensive public project, an urban public-private partnership, or a chamber of commerce. These EDOs are the essential resource for corporate CEOs regarding issues ranging from site selection assistance, grant financing and other incentives, networking and matchmaking, locating resources to help businesses expand to attract and retain talent, driving the creation of a skilled workforce, and energizing placemaking initiatives.