What is the perfect economic development strategy? It depends on the community.
People often describe the economic development strategy of corporate tax breaks and subsidies as an old strategy that fails to work in today’s environment. One of the newer economic development ideas suggests that creating vibrant neighborhoods with many amenities will attract the type of workforce that will in turn bring in established businesses and create new ones.
At RSG we know that there is no silver bullet for any community’s or region’s economic development. Each effort requires consideration for both a city’s individual characteristics and broader trends.
Sometimes an appropriate subsidy can serve as a catalyst to turn a neighborhood or local industry around, especially if it supports a policy goal. Contact us today to learn how we can help you craft and implement the perfect economic development strategy for your town.
Written by Dima Galkin, an Associate at RSG