Economic Development Recovery and Resiliency Playbook - Flipbook - Page 9
Economic Development and
Its Role in Resiliency and Recovery
Ch.1
Economic development is the creation of wealth from which community
benefits are realized. It is an investment in growing the economy that
increases revenues for jurisdictions so they can provide services, amenities,
and opportunities for their residents in a way that aligns with the community’s
vision and values. While economic development may not be a panacea for
every issue facing a community, it is the driving force behind developing
and implementing a strategy to create the preferred future of a jurisdiction
— whether you are talking about a city, county, state, or nation. Many local
governments understand the value and potential impacts of investing in
local economic development eforts and already have established economic
development strategies and staf.
Economic development’s promise is rooted in the goal of building a better
future. With that in mind, jurisdictions engaging in this intentional work have to
be strategic in defining a community’s vision for a wide range of issues. These
issues include identifying which businesses fit with their culture, articulating
local housing and community infrastructure needs, addressing equity and
inclusion, understanding what skills and training are needed for the current
and future workforce, and how to create a sustainable, nimble economy
that is resilient in the face of economic disruption. (A glossary of acronyms is
provided on page 107 as a helpful reference.)
Economic development is not a one-size-fits-all-proposition. It is unique to
your community’s desires, values, competitive strengths, and challenges.
This Playbook is designed to help public-sector leaders think through these
issues and focus on resiliency and recovery in a proactive way that recognizes
this is not a linear process. While a community may be in recovery from one
disruption or disaster, its leaders will be thinking about how to rebuild in a
way that considers lessons learned and the changes necessary to make the
community more resilient to future disruptions or disasters. Preparedness,
response, and recovery activities are part of a resiliency cycle where
communities can be engaged in more than one of these at the same time.
Figure 1.1. Economic Development Recovery & Resiliency Cycle
The Economic Development
Recovery & Resiliency Cycle
PREPARE RESPOND RECOVER
Being prepared to respond to economic disruption,
planning for recovery, and fostering resiliency
creates a strong, sustainable local economy that
provides economic opportunity for all and improves
residents’ quality of life. A community may be in
multiple phases of the cycle simultaneously.
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