While no two small towns are alike, they are in a unique position in regard to economic development. Most often, they seek economic growth while at the same time maintaining their small-town character.
Across the country, small towns are revitalizing by using innovative community and economic development strategies. As a result, many have created great social, civic, and economic centers that preserve vital elements of their history and culture. The following three steps are important in accomplishing this:
1. Before taking any action, a small town should recognize its identify as a small town. Determined in part by local cultural nuances and residents’ preferences, this action will shape the town’s economic growth goals and strategies.
2. To set itself apart, a small town should find and capitalize on a branding niche, whether it is historic buildings, a unique character, a significant location or some other feature.
3. While identifying growth goals, small towns should ensure their fiscal sustainability by balancing their projected revenues with their projected expenditures.
With 35 years in the business, RSG has assisted many small towns with their economic growth goals and the planning required to achieve them. If your small town is familiar with the difficulties of balancing economic growth while preserving its local character, contact RSG today.
Written by Hitta Mosesman, a Principal at RSG.