To begin with, 70-80% of job growth in any community is generated by the businesses already located there and not by attraction efforts!
Economic development in our local economies can seem like a mysterious science, filled with secret deliberations and a healthy dose of luck. Nothing gets us more excited than splashy headlines or personal success stories that speak of the new jobs, services or products created locally. Most of us think of economic development as the attraction of new businesses to the area and the encouragement of entrepreneurship.
Both are important, but there is one more critical component to a sustainable economic development strategy – the retention and growth of existing businesses. It is vital that communities invest in business retention and expansion for assorted reasons.
