Why is Economic Development Important to a Community?

Economic development can continue in several key ways to the livability of a community, helping to sustain the quality of life we all desire:

1. Economic development activities increase the local tax base, creating new revenues to support municipal services and infrastructure that further enhance local neighbourhoods.

2. Economic development activities create new jobs for residents, contributing to residents’ ability to live in the community and add to its social fabric.

3. Economic development activities support existing businesses, ensuring neighbourhood businesses remain successful.

4. Economic development activities attract new investment to the community, diversifying the tax base and building resilience to weather change. This supports the community’s long-term sustainability.

5. Economic development activities engage the business community to provide leadership and support for municipal objectives.

Source: BCEDA (British Columbia Economic Development Association)

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