What is Economic Development?
Economic development is fundamental in making transformational impact. It’s a multifaceted process that involves creating an environment that fosters sustainable economic growth, increases employment opportunities, and improves the standard of living for residents.
“The mission of the GCEGC is to promote a vibrant, sustainable economy in Grant County that attracts and empowers business growth and innovation.”
To achieve this mission, we’ve identified five pillars where we concentrate our economic development efforts.
Supporting Local Business Expansion and Retention
As important as attracting new business is for a community and economy to grow, it has been found by the Small Business Administration, “60% of net new private sector jobs are from existing establishments.” When businesses are successful, they can create jobs, generate wealth, and contribute to the local economy. By regularly visiting local businesses, we identify their needs, provide financial assistance, and connect them with resources that can help them grow and expand. Supporting existing businesses can create a stable and diverse local economy.
Opportunities:
Fostering the Entrepreneurial Spirit
Entrepreneurship is about more than just starting a business; it's about taking risks, pursuing a passion, and making a difference. Our goal is to work to create a culture of entrepreneurship by providing aspiring entrepreneurs the tools they need, such as financial resources and consulting services to turn their ideas into successful businesses. Small businesses are a key driver of economic growth, and by fostering a culture of entrepreneurship, we can help create new job opportunities, promote innovation, and diversify the local economy.
Opportunities:
Building Up & Retaining a Skilled Workforce
A strong workforce is the backbone of any economy. Our efforts aim to improve the skills, knowledge, and abilities of workers to meet the needs of employers and support the growth of the economy. Working with local educational institutions and training providers, we ensure that residents have access to the training and education they need to secure high-paying, in-demand jobs. Building a strong workforce is essential for attracting and retaining businesses, driving innovation, and boosting productivity.
Opportunities:
Attracting Businesses
New businesses bring in fresh ideas, new technologies, and create job opportunities that can stimulate economic growth. Knowing the unique assets and advantages our county has to offer, we participate in recruitment trips and marketing events to establish our community as an attractive location for site selectors and businesses to set up shop. We also provide valuable resources and networking opportunities to guide new businesses in making informed decisions about their operations.
Opportunities:
Collaboration
Economic development is a collaborative effort. Through collaboration with local organizations, educational institutions, and other stakeholders, we work to promote economic development initiatives, coordinate resources, and foster partnerships that can lead to new opportunities for growth.
Opportunities:
Economic development is important in promoting prosperity and opportunity in our community. It’s a complex process that involves collaboration, cultivation of an educated and skilled workforce, and the attraction of new businesses and investment.
The impact of economic development can be far-reaching, extending beyond the creation of jobs and the growth of businesses. It can lead to development of new technologies, drive innovation and entrepreneurship, and contribute to the sustainability of the local economy. By prioritizing economic development, we can create a more vibrant community that offers greater opportunities and a higher quality of life for all members.
