The Importance Of Economic Development Agencies

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Economic Development Agencies are the key government offices responsible for economic growth, business development and industry expansion. State and city economic development agencies, departments, corporations and partnerships work independently on behalf of the government and across sectors in public-private partnerships to leverage companies, offer financial support, provide technical and grant assistance, as well as promote innovation and competitiveness. Each local economic development agency will not only make it easier for a new business to start by identifying potential investment opportunities, but will also help it thrive in a sustainable way that is beneficial both for the business and for the local community. Economic development…show more content…
The economic development agencies support regional economic development by attracting capital and creating new jobs. The local economic development department identifies local thriving industries and helps them grow in line with the natural geographical position, the available resources and the immediate economic distress needs. Local economic development agencies put into practice federal funding programs, investment initiatives and technical expertise provided by the Economic Development Administration to stimulate commercial growth that can help the national economic agenda in-country and on global level. Economic development corporations promote the principles of the national mission vision based on innovation and competitiveness of small businesses. The state economic development agency is responsible for financial relief of economically endangered local areas by providing direct funding and by encouraging new business…show more content…
Public economic development agencies receive tailor-made support from collaborative private economic development organizations and create a pro-business government that not only knows where the resources are, but also how to utilize them for the optimal benefit of the community, the local economy, and the key business partners. Not only does a local economic development department represent federal initiatives from the Economic Development Administration and the Department of Commerce, but it also includes state business associations, academia and international trade partners to advance traditional industries and sustain emerging enterprises. By investing in infrastructure, city economic development offices identify new deals and generate new employment, maximizing the effectiveness of local small businesses on the international market. Local companies benefit from the provided information, business incentives, tax easements, business permits and authorizations, as well as from the trained human capital. Depending on the location, state economic departments allocate resources to develop promising industries, such as advanced manufacturing, aerospace, defense, transportation,

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