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Building a Prosperous Community

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Communities can thrive and grow, or they can struggle and decline, but what causes these two outcomes? Attracting and nurturing businesses and organizations is essential to creating vibrant economies, successful communities, and a higher quality of life. Political leaders and average community residents should know about economic and community development; shared knowledge and full participation from everyone will ultimately help communities flourish. In Rebooting Local Economies, the authors use their experience helping domestic and global communities prosper to offer a practical guide for others who want to help communities reach their goals and thrive; each chapter gives real-life examples and suggests concrete actions anyone can take within any community. In a constantly changing environment, communities and even larger regions can attain and maintain prosperity through better jobs, public services, and amenities. Chapter 4 builds on the previous chapter, exploring how to create a prosperous community through economic development once there is a solid foundation. A model is given to visualize money flow and wealth within a community. Economic development can be defined differently by different communities; communities should try to avoid economic development outcomes that happen "to them" and try to achieve those that happen "for them." Certain factors, such as transportation infrastructure and available sites, can attract a business to a community; a practical approach to attracting businesses is offered. The economic development stool describes three ways prosperity can increase: business recruitment, business retention and expansion, and new startups. Each of these methods, as well as community enterprise, is discussed. Guidelines on how to organize and fund economic development are also provided.
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