They must also pertain to current needs and future plans. Finally, the explicit act of setting goals is an essential part of planning for the future. The overall goal should be to improve the quality of life for all residents of the community. However, this is much too broad a goal as people plan for the future. All five goals have economic aspects.
Economic growth involves the expansion of the economy as it now stands.
The creation of more Setting Community Economic Goals jobs, the expansion of the tax base, the increase in the number of dollars circulating in the community, and the rise in per capita income are all parts of economic growth. Economic development is the formation of new capacities to get old projects done in new ways and new projects done that were previously never undertaken. Setting up a local industrial development corporation is an example of a development activity that builds this new capacity. This occurs when out-migration stops as more jobs are created, or new income is earned, and as local resources are put to work more productively. When new businesses employ people in slack periods and established businesses expand the permanent work force, it results in more economic stability.