Economic growth and development defined


Economic development can be defined as “a sustained community effort to improve both the local economy and the quality of life by building the area’s capacity to adapt to economic change” (Loveridge and Morse). Economic growth represents an increase in jobs and income in the community. It refers to the expansion of total economic activity in the community. While economic development can involve job and income growth, it also involves sustainable increases in the productivity of individuals, businesses and resources to increase the overall well-being of residents and maintaining or even enhancing the quality of life. Economic development refers to the enhancement of economic activity in the community. Economic growth is generally a short run concept while economic development is a long term commitment.

The State of Ohio has many Economic Development endeavors. For example the Treasurer of Ohio has several specifically for small business owners, farmers and homeowners such as GROWNOW, RE-ENERGIZE OHIO, Ag-LINK, ECO-LINK, and RENEW REBUILD OHIO.

Champaign County is indeed fortunate to have the Champaign Economic Partnership (CEP) led by Marcia Bailey. The CEP is a partnership of private businesses, local government and the Champaign County Community Improvement Corporation, dedicated solely to advancing economic development and job creation in Champaign County, Ohio. Check out their webpage at http://www.cepohio.com/

John Hale

Urbana

References:

University of Wyoming, What is Economic Development? Not dated. http://wyocre.uwagec.org/econdev1.php

Treasurer of Ohio, Economic Treasurer Economic Development Programs. http://www.tos.ohio.gov/Economic_Development

References:

University of Wyoming, What is Economic Development? Not dated. http://wyocre.uwagec.org/econdev1.php

Treasurer of Ohio, Economic Treasurer Economic Development Programs. http://www.tos.ohio.gov/Economic_Development

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