Economic development is a term that has been used in a variety of ways in NH. No single definition incorporates all of the different strands of economic development. Typically, economic development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic well-being of a community. In the broadest sense, economic development encompasses three major areas:
- Policies that government undertakes to meet broad economic objectives including inflation control, high employment and sustainable growth.
- Policies and programs to provide services including building highways, managing parks and providing medical access to the disadvantaged.
- Policies and programs explicitly directed at improving the business climate through specific efforts, business finance, marketing, neighborhood development, business retention and expansion, technology transfer, real estate development and others.
The main goal of economic development is improving the economic well-being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life. As there is no single definition for economic development, there is no single strategy, policy or program for achieving successful economic development. Communities differ in their geographic and political strengths and weaknesses. Each community therefore, will have a unique set of challenges for economic development. Source: International Economic Development Council
Resources
- Economic Development Primer, written by William Furth-Policom Corporation: Flow of Money-How local economies grow and expand
- New Hampshire Department of Resources and Economic Development (NH DRED) (click here)
- NH DRED January 17, 2013 Legislative Presentation
- New Hampshire Division of Economic Development
- Regional Development Corporations, Financial Partners
The New Hampshire Business Resource Center works with banks, equity and angel investors, regional development corporations and government agencies. - Blog piece: A Resurgence of Manufacturing?
