Best Practices
BEST PRACTICES FOR ECONOMIC DEVELOPMENT
The following strategies represent “best practices” that Regional Councils should foster and support in order to strengthen regional economic development.
Sustainable Development
Sustainable development is a process, not a result, beginning with attractive and efficient infrastructure. The livability and accessibility of a region serve as a platform for workforce and business retention, as well as growth. Funding for infrastructure projects should be seen as a shared responsibility by government and the private sector.
Workforce Development
The success of a region’s business community depends on the quantity and quality of its labor force. Uneducated, unskilled, or technologically outdated workers create adverse business climates and increased unemployment, impairing the economic stability and prosperity of the entire region. Commitment to education and vocational programs from elected officials and the private sector are critical to sustaining a skilled labor force. Moreover, in today’s rapidly changing age of information and technology, workers need outlets for recertification and systems training. Schooling and placement programs at the local level, through community colleges, vocational schools, or business incubators, are necessary tools for increasing and maintaining a productive workforce.
Workforce Retention
Workforce retention and attraction start at home, literally: affordable housing, quality of life, and lifestyle concerns matter in today’s economy. Weighing heavily on a region’s ability to retain a qualified workforce are the shifting preferences of younger people towards places with warmer climates, cultural and entertainment districts, and accessible transit options. In addition, the lack of affordable housing in already built-out regions can adversely prompt workers to relocate elsewhere. Economic development practitioners should consider Smart Growth principles that support mixed-used zoning, allowing for work-in-place scenarios, open space and arts districts, and proportionally fixed housing caps for new developments.
Vested Investment
The strength of a region lies largely with the investment of its local businesses. Corporations, both large and small, should identify that taxes alone do not create a community resistant to the demands and effects of the global economy. Community development corporations, business alliances, chambers of commerce, and local venture capitalists play a vital role in the sustainability of their regional marketplace. As good stewards, the private sector should contribute to the overall wellbeing of the community, vis-à-vis social and environmental programs.
Email Shannon Menard, Policy Manager or call 202.986.1032 Ext: 217