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Economic development means different things to different people. This section of our Web site aims to answer some questions often asked about economic development.
What is economic development?
Economic development usually takes three forms:
- Business attraction
- Business retention and expansion
- Business creation
All three forms of economic development aim to create new primary jobs that pay more than the prevailing wage, increase the amount of income coming into the community from outside its market area, and create greater capital investment in the community. The strategy is to achieve this in a number of diversified industries.
In Tucson, TREO’s purpose is to synergize and coordinate all economic development activities and programs within the region under one umbrella. This mission is critical to reduce duplication of efforts and prioritize limited resources.
With this mission and purpose in mind, TREO has developed and adopted an Economic Blueprint to act as a guide in the development of a competitive global economy. Within the Blueprint framework, TREO is focused on the following:
- To create opportunities that will give a greater number of people better access to wealth through economic growth.
- To increase the tax base of governments/communities in order to provide higher quality services to citizens.
- To diversify the economic base, thereby cushioning the community against economic shocks.
In the Tucson region, TREO focuses on business attraction, expansion and company formation as a method to create wealth. The region’s eight chambers of commerce and many other service providers focus their efforts on business support services, workforce assistance, training, networking, educational programs and advocacy.
Learn more about economic development:
Special thanks to Tom Clark of the Metro Denver Development Corp. for writing this
piece originally, and allowing TREO's adaptation and use. |