Programs that encourage institutions to purchase goods and services locally are another effective strategy for capturing the local dollar. Attract new employers Recruiting businesses and industries that are looking to move or expand into new locations is an important part of an overall economic development program. Effectively targeting industries can help a community diversify, raise income levels and fill voids. Enticing a manufacturer to locate in a community may involve the use of tax credits or infrastructure improvements. Access outside sources of capital Retirees bring with them resources that may spur activity throughout the community.
Transfer payments are an important source of income throughout the state.
In addition, the array of programs and services available from federal and state governments and other public sector agencies increase a small community's opportunity to grow. Quality of life Many communities find that increasing capacity is not just a quantitative goal, but a qualitative ideal. It may be more important to increase the skills of current employees than to increase the number of low-skill jobs. Grassroots organizations and volunteers are extremely important to the economic developer trying to foster change. Copyright 1999 University of Missouri.