Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. The business development team at the Orlando Economic Partnership works to attract, and retain jobs for the Orlando region. While the work of economic developers often falls under the radar, creating and sustaining jobs for a region is a critical component to a successful economy and community.
These are the top six reasons why economic development plays a critical role in any region’s economy.
1. Job creation
Economic developers provide critical assistance and information to companies that create jobs in our economy. We help to connect new-to-market and existing companies with the resources and partners they need to expand, such as CareerSource Central Florida, utilities, and county and city partners.
2. Industry diversification
A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry. While tourism plays an important role in creating jobs in the Orlando region, economic development efforts help to grow industries outside of tourism, including Innovative Technologies and Digital Media, Life Sciences & Healthcare, Aviation, Aerospace & Defense, Advanced Manufacturing, and Business Services.
3. Business retention and expansion
A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. Our economic development team executed 73 business retention and expansion visits to local companies just last year to assist with their operational needs.
4. Economy fortification
Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.
5. Increased tax revenue
The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.
6. Improved quality of life
Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.
This week, the Orlando Economic Partnership is joining with other economic development organizations to celebrate International Economic Development Week. International Economic Development Week, hosted by the International Economic Development Council, is dedicated to creating awareness for economic development programs that impact the community and increase the quality of life. Learn more on the International Economic Development Council’s website.
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