What is Economic Development?
Economic development is the intentional practice of improving a community’s economic well-being and quality of life. It includes a broad range of activities to attract, create, and retain jobs, and to foster a resilient, pro-growth tax base and an inclusive economy. The practice of economic development comprises of a collaborative effort involving industry, government and myriad community stakeholders.
What does an Economic Development Organization Do?
Economic developers often, but not always, work within an organization solely purposed to support economic development, referred to as Economic Development Organizations, or EDOs. Communities may have one or more EDOs, as independent organizations or part of a government entity, a public-private partnership, a chamber of commerce, or a non-profit or non-governmental organization. Some community organizations, such as utilities, corporations or higher-education institutions, may also have offices or divisions within them tasked with supporting economic development.
The Lake Houston Area Economic Development Partnership and the Partnership Lake Houston merged to begin operating under the same Partnership Lake Houston roof. Their combined efforts have resulted in a great quality of life for the Lake Houston Area residents.
Funding for EDOs, as well as specific economic development projects, may come from several sources, including federal, state and local government, foundations and NGOs, businesses and other private funds. EDOs may be accredited, certifying operational excellence.