Economic Development How can economic developers help encourage the growth of service industry firms

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Economic DevelopmentHow can economic developers
help encourage the growth of service industry
firms in the community they serve?

• Presentation by
• Robert D. Watts
• robert.watts_at_usm.edu
• 10/26/08

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Local Economic Development

• Most local economic growth is generated by small
  and medium-sized businesses that are already
  established in the community

IBRD IDA Working for a World Free of Poverty
http//web.worldbank.org
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Growth

• Providing advice
• Support and resources enable growth
• Retention and expansion strategies

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Plans to Promote Economic Growth

• Business retention visits and surveys
• Technical assistance to business
• Financial advice
• Public procurement polices to buy local
  campaigns

• IcIc and PricewaterhouseCoopers. 1999. Inner City
  Business Development Benchmarking Federal
  Spending and Guidelines for Action.

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More Promotion of Economic Growth

• Provision of sites and premises
• Export clubs
• Case studies

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Put Plans to action

• Establish inputs from visits and surveys
• Utilize the technical assistance to market your
  business for economic growth
• Maximize profit from the financial advice

• Manhattan Institute for Policy Research.
• http//www.manhattan-institute.org/html/cb_3.htm

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More Plans of Action

• Promote business contracts to attain local
  campaigns
• Invest and expand from visions or blueprints set
  for sites and premises
• Share experiences to promote growth

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Strategy

• Forming focused leadership
• Creating a supportive business environment
• Enabling competitive business clusters
• Fostering a competitive inner city workforce
• Creating a positive, yet balanced, image of the
  inner city
• Encouraging savings and wealth accumulation

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Be a Community Builder

• Community Builder -find grants, how-to-kits,
  practical tools and support
• Volunteering-recruit and inspire others by past
  success of community building experience
• Community Leaders provide training programs and
  stories of achievements of leaders
• Community Participation becoming involved in
  managing local community organizations,
  government boards, or local councils

Community Builders. Retrieved May 1999
http//www.communitybuilders.nsw.gov.au/builder
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Development

• Work with, not against, and market forces
• Market forces consistently with local city
  council regarding economic development
• Support zoning that will maintain industrial
  office and retail property
• Recognize the importance of professional and
  non-industrialized jobs

City Hall. http//www.cityhall.sandynet.org
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More Development

• Encourage home occupations by reducing city
  permit requirements and fees
• Support private recreation facilities
• Be persistent in improving the appearance and
  effectiveness of local downtown
• Recognize that having a livable community is one
  of the best attractions for economic development

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Potential Goal

• We must know the processes that shape our
  communities of business owners, managers,
  workers, and families in order to encourage
  economic growth

Plummer, Paul, Taylor, Michael 2003. Promoting
local growth the role of entrepreneurship and
human capital. Education Training, Issue 8/9,
pages 558-563. http//www.emeraldinsight.com/Insig
ht/viewContentItem
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References

• http//web.worldbank.org
• IcIc and PricewaterhouseCoopers. 1999. Inner City
  Business Development Benchmarking Federal
  Spending and Guidelines for Action.
• http//www.manhattan-institute.org/html.
• Community Builders. Retrieved May 1999
  http//www.communitybuilders.nsw.gov.au/builder.
• City Hall. http//www.cityhall.sandynet.org
• Forni, Mario Paba, Sergio, 2001. "Knowledge
  Spillovers and the Growth of Local Industries,"
  CEPR Discussion Papers 2934, C.E.P.R. Discussion
  Papers.
• Randall W. Eberts, 1990. "Public infrastructure
  and regional economic development," Economic
  Review, Federal Reserve Bank of Cleveland, issue
  Q I, pages 15-27.
• http//www.ideas.repec.org
• Emerald Insight. http//www.emeraldinsight.com/Ins
  ight/viewContentItem
• Blakely, E.J. (1994) Planning Local Economic
  Development Theory and Practice. Thousand Oaks
  Sage
• Blair, J.P. (1995). Local Economic Development
  Analysis and Practice. Thousand Oaks Sage
• http//www.udel.edu/FREC/PUBS
• Visual References
• http//www.images.google.com/images

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• THANK YOU FOR YOUR TIME AND COOPERATION
• ANY QUESTIONS?