Being competitive in the current economic climate requires a global perspective and a comprehensive approach. A key role for economic development organizations is to help businesses make the transition from targeting domestic markets to taking advantage of international opportunities. Education, housing, health care, transportation, and the general quality of life are important to the economic health of a region. Economic development strategies should be organized by regions and industry sectors. The strength of a single local economy depends on the economic strength of surrounding areas.
Economic strategies can achieve economies of scale by being directed to regional areas.
A clearer understanding of supplier-producer relationships can assist government in its efforts to boost the economic base and productivity levels of a region. How an economic development strategy is managed or implemented can be as important as the substance of what is done. To be successful, an economic development effort must first define who the customer is, and then meet the needs of those it is designed to serve. Partnerships are an effective tool toward developing a set of priorities for economic development. Economic development agencies need to work closely with other partners, such as businesses, nonprofits, and community organizations, to develop a path toward the future.