Economic Development Corporation, Inc.
Cross Plains, Texas 76443
Phone (254) 725-6397 Fax (254) 725-6114
is Economic Development?
No single definition incorporates all of
the different strands of economic development. Typically economic
development can be described in terms of objectives. These are most
commonly described as the creation of jobs and wealth, and the
improvement of quality of life. Economic development can also be
described as a process that influences growth and restructuring of
an economy to enhance the economic well being of a community. In the
broadest sense, economic development encompasses three major areas:
• Policies that
government undertakes to meet broad economic objectives including
inflation control, high employment and sustainable growth.
• Policies and
programs to provide services including building highways, managing
parks and providing medical access to the disadvantaged.
• Policies and
programs explicitly directed at improving the business climate
through specific efforts, business finance, marketing, neighborhood
development, business retention and expansion, technology transfer,
real estate development and others.
The main goal of economic development is
improving the economic well being of a community through efforts
that entail job creation, job retention, tax base enhancements and
quality of life. As there is no single definition for economic
development, the re is no single strategy, policy or program for
achieving successful economic development. Communities differ in
their geographic and political strengths and weaknesses. Each
community therefore, will have a unique set of challenges for